Chevron Celebrates Wheatstone

A new world-class natural gas operation set to deliver decades of prosperity to Australia

PERTH, Western Australia, 1 December 2017 – Chevron Australia and its joint venture participants today commemorated the Wheatstone Project near Onslow, Western Australia.

Chevron Corporation Chairman and Chief Executive Officer, John Watson was joined at the Wheatstone plant site by Western Australian Premier, Hon. Mark McGowan MLA, other government dignitaries, joint venture partners, customers, community leaders and Chevron management.

Speaking at the event exactly six years since the first ground-breaking at the Wheatstone plant site, Chevron Australia Managing Director Nigel Hearne congratulated the thousands of people who contributed to the safe delivery of the first liquefied natural gas (LNG) cargo.

“Thousands of people have worked together to safely deliver Wheatstone – both in Australia and across the globe. Wheatstone is a legacy asset that will be an important contributor to the Australian economy for the next 40 years, providing significant economic, social and community benefits.

“Wheatstone is a great example of the success possible through collaboration with our customers, joint venture partners, government, community, suppliers and our workforce,” said Hearne.

Hearne added, “Wheatstone, along with the Gorgon Project, forms part of a new generation of facilities positioning Australia as a leading and reliable supplier of affordable natural gas to the world."

Wheatstone is Australia’s first third-party natural gas hub enabling future development of the vast natural gas resources offshore Western Australia. At full capacity, the Wheatstone Project’s two train LNG facility is expected to contribute around six percent of the Asia Pacific region’s total future LNG production, delivering 8.9 MTPA of LNG for export to customers in Asia.

The Project’s domestic gas plant also has the capacity to produce 200 terajoules per day of domestic gas for the Western Australian market. When combined with domestic gas from the Chevron-operated Gorgon Project, there is capacity to produce 500 terajoules per day which is 50 percent of current domestic gas supply in Western Australia1.

The Chevron-operated Wheatstone LNG facility is a joint venture between Australian subsidiaries of Chevron (64.14 percent), Kuwait Foreign Petroleum Exploration Company (KUFPEC) (13.4 percent), Woodside Petroleum Ltd (13 percent), and Kyushu Electric Power Company (1.46 percent), together with PE Wheatstone Pty Ltd, part owned by JERA (8 percent). Chevron holds an 80.2 percent interest in the offshore licenses containing the Wheatstone and Iago fields.

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 operates the Gorgon and Wheatstone LNG and domestic gas projects; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; and is a significant investor in exploration.

1.  ACIL Allen economic modelling (2015)

NOTICE

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “budgets,” “outlook,” “focus,” “on schedule,” “on track,” “goals,” “objectives,” “strategies” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and expenditure reductions; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts, crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries, or other natural or human causes beyond its control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from other pending or future litigation; the company’s future acquisition or disposition of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 22 of Chevron’s 2016 Annual Report on Form 10-K. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.

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