Chevron and ENN Sign LNG Sales and Purchase Agreement

Chevron to supply up to 0.65 million metric tonnes of liquefied natural gas annually for 10 years

Perth, Western Australia., August 30, 2016 – Chevron Corporation (NYSE: CVX) today announced that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed a binding LNG Sales and Purchase Agreement (SPA) with ENN LNG Trading Company Limited (ENN) for the delivery of liquefied natural gas (LNG) to China from Chevron’s global supply portfolio. Under the terms of the SPA, ENN will receive up to 0.65 million metric tonnes per annum (MTPA) of LNG over 10 years, with the first delivery expected to start in 2018 or the first half of 2019.

“Chevron’s commitment to gas is clear. We’ve been in the natural gas business for more than 100 years, and we’re positioned to become one of the top LNG suppliers in the world,” said Mike Wirth, executive vice president, Chevron Midstream and Development. “This SPA further demonstrates our work to expand our customer base, our strong customer relationships and our commitment to partnerships around the world.”

ENN LNG Trading Company Limited is one of the subsidiaries of ENN Energy Holding Ltd., which is one of the largest natural gas distribution companies in China. ENN Energy Holdings Ltd. operates in 150 cities across 17 provinces and autonomous regions, with over 12 million residential and 56 thousand industrial/commercial customers. ENN’s Zhoushan LNG receiving terminal is being constructed and expected to be in operation by 2018.

The SPA delivery requirements are expected to be fulfilled by Chevron’s growing LNG portfolio, including the company’s Australian LNG interests at Gorgon, Wheatstone and the Northwest Shelf.

Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 60 years. With the ingenuity and commitment of thousands of workers, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island, is a significant investor in exploration offshore Australia and provides operational support to exploration assets operated by its affiliates in New Zealand. www.chevronaustralia.com

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