Vietnam Fact Sheet | April 2012

Vietnam Fact Sheet

Highlights of Operations
Chevron's work in Vietnam focuses on the country's future and how best to meet its energy needs. Chevron is partnering with PetroVietnam and the government of Vietnam on an offshore natural gas project and pipeline that are designed to supply new gas-fired power plants to generate electricity for industries, commercial enterprises and homes in southern Vietnam. Our lubricants and asphalt are sold in Vietnam. And we are engaged in programs that help communities in Vietnam reach their full potential.

Business Portfolio Exploration and Production

In Vietnam, Chevron's exploration and development activities are managed by our subsidiary Chevron Vietnam, Ltd. We are working with PetroVietnam, Vietnam Electricity, the government of Vietnam and others to develop an offshore gas project and transportation pipeline. This project is known as the Block B Gas Project. Plans call for the pipeline to deliver natural gas from the offshore fields to existing and new gas-fired power plants in the Mekong Delta. Exploring for Natural Gas in the Malay Basin Chevron is the operator in two production-sharing contracts (PSCs) in Vietnam. They are in the northern part of the Malay Basin, off the coast of southwest Vietnam. Chevron has a 42.4 percent interest in a PSC that includes Blocks B and 48/95. Chevron also has a 43.4 percent interest in a PSC that covers Block 52/97. Supplying Future Natural Gas Power Plants The Vietnam Block B Gas Project is designed to supply the natural gas from our PSCs in the Malay Basin to existing and proposed power plants in southern Vietnam. The project includes installation of wellhead and hub platforms, a floating storage and offloading vessel, field pipelines, a living-quarters platform, a central-processing platform, and a pipeline to shore. The targeted maximum total daily production is 490 million cubic feet of natural gas and 4,000 barrels of condensate. The expected total cost for the offshore development and pipeline project is more than $4.3 billion. Front-end engineering and design continued in 2011, and an environmental impact assessment was approved by the government in April. In 2011, work continued in preparation for a 2012 drilling program to further evaluate the potential of these blocks. Evaluation of Block 122, offshore eastern Vietnam, was completed, and the company exited the block. In conjunction with the offshore development, the company has a 28.7 percent nonoperated working interest in a pipeline project that would deliver natural gas from the development to the utility companies in southern Vietnam.

Our Lubricants and Asphalt Businesses

Our subsidiary Chevron Lubricants Vietnam Ltd. manufactures and sells motor oils and marine, industrial and specialty products through 55 distributors to more than 12,000 retail outlets nationwide. We also sell directly to large industrial and marine customers. Our lubricating oil blending plant is in Haiphong, in northern Vietnam.

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Chevron operates and owns 49 percent of Chevron Bitumen Vietnam Ltd. The joint venture imports, stores and distributes asphalt for road building and planned infrastructure developments in Vietnam. The company's Haiphong terminal has wharf facilities with a storage capacity of 5,000 metric tons. Southern provinces are served by a 6,000-metric-ton terminal in Ho Chi Minh City.

In the Community
In Vietnam, Chevron is investing in programs and partnerships to promote sustainable human progress and economic development. We partner with three programs to expand access to education, to empower women and to better address basic human needs in the Mekong Delta.

National Fund for Vietnamese Children Chevron leads a consortium of businesses that aims to increase educational opportunities for elementary school children. Our partnership with the National Fund for Vietnamese Children has granted scholarships to more than 2,200 children since 2009. In 2010 and 2011, the consortium also sponsored improvements to schools in the city of Can Tho and the provinces of Kien Giang, Ca Mau, Bac Lieu and Hau Giang. Save the Children Chevron works with Save the Children in the Mekong Delta to help women develop their own small businesses. In 2011, the program had 983 clients who were provided access to financial services, including loans and financial-skills training. Nearly 400 people from low-income households received training in animal husbandry, home gardening, aquaculture and service businesses. Habitat for Humanity Vietnam Chevron and our project partners support Habitat for Humanity Vietnam, which provides housing and micro finance loans for home repairs and renovations to low-income households. The Housing, Water and Sanitation Improvement and Credit Project built six houses and provided loans to approximately 85 households in Kien Giang Province from 2010 to 2011. And in 2011, Chevron Vietnam employees helped build two homes in Tien Giang Province.

Record of Achievement
Going back as far as 1924, our lubricantsthen under the Texaco brandwere sold throughout what was known as Indochina. By the 1950s, Caltex gasoline, diesel fuel and kerosene were being imported at a modern terminal in Saigon, now Ho Chi Minh City. Following a hiatus, we returned to Vietnam in the 1990s to renew product sales and begin exploration activities. We launched our exploration efforts in Vietnam in 1996 by signing our first production-sharing contract with Vietnam's national oil company, PetroVietnam. Since then, we have been involved in successfully testing four geological trendsareas that indicate the potential for hydrocarbons that can be developed. These trends include Kim Long in 1997, followed by Ca Voi and Ac Quy in 2000, and North Kim Long in 2008. Initial exploration was conducted by Unocal, whose interests were acquired by Chevron as part of a corporate merger in 2005. Our wholly owned subsidiary Chevron Lubricants Vietnam Ltd. began operations in 1998. Its lubricants and oil blending plant in Haiphong opened in 1999. Chevron Bitumen Vietnam Ltd., headquartered in Haiphong, was licensed in 1996. In 2007, the joint venture expanded the business to the southern provinces, adding 6,000 tons in storage capacity.

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Contact Us Chevron Vietnam Ltd.

Jim Ollen Chief Representative Chevron Vietnam Ltd. Hanoi Representative Office 27 Ly Thai To, Suite B-128 Hanoi, Vietnam Telephone: +84 (4) 3935.1700 Fax: +84 (4) 3035.1701 Updated: April 2012

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This page from Chevron.com contains forward-looking statements relating to Chevrons operations that are based on managements current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as anticipates, expects, intends, plans, targets, projects, believes, seeks, schedules, estimates, budgets 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, some of which are beyond the companys 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 forwardlooking statements, which speak only as of the date of this report. 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 chemical margins; 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 equity affiliates; the inability or failure of the companys 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 companys net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from other pending or future litigation; the companys future acquisition or disposition of assets and 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; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading Risk Factors in Chevrons Annual Report on Form 10-K for the year ended December 31, 2011. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed in Chevrons Annual Report on Form 10-K for the year ended December 31, 2011 could also have material adverse effects on forward-looking statements. CHEVRON, the CHEVRON HALLMARK, CALTEX, TEXACO, DELO, HAVOLINE, ISOCRACKING, ISODEWAXING, ISOFINISHING, POWER DIESEL, REVTEX, STAR MART, STAR LUBE, TECHRON, TOWN COUNTRY, URSA, and XPRESS LUBE are registered trademarks of Chevron Intellectual Property LLC.

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