UPDATE: Chevron Requests Authorization to Temporarily Suspend Operations at Frade Field

Chevron Corporation

announced today that its subsidiary Chevron Brasil Upstream Frade Ltda. has requested authorization for a temporary suspension of field production operations at the Frade Field in the Campos Basin in Brazil. The decision to request the temporary shut-in of production is a precautionary measure based on very recent information. Chevron has identified a small new seep in the field and subsidence in the area. The company will conduct a comprehensive technical study and prepare a complementary study to better understand the geological features of the area, working with our partners and seeking necessary approvals from National Petroleum Agency (ANP). The decision was endorsed by Chevron's partners. The company has filed its request before the appropriate regulatory agencies and anticipates a response in a short timeframe. Frade field currently produces a total of approximately 60,000 barrels per day (approximately 30,000 barrels net). Following an order from ANP in December, Chevron suspended water reinjection in four wells in the field.