Independent environmental assessment in Permian and DJ basins positions Chevron in Responsibly Sourced Natural Gas (RSG) market

Chevron Corporation (NYSE: CVX) announced that the company’s participating North American upstream assets earned Project Canary’s highest ratings on operational and environmental performance. Project Canary’s independent analysis was conducted on Chevron assets in Texas and Colorado by the Denver-based climate tech and environmental assessment company.

As a result of the certification process, 82 wells achieved “Platinum” status and 3 wells received “Gold” status, Project Canary’s highest ratings and confirmation of Chevron’s industry-leading practices, including continuous monitoring. Chevron plans to market RSG from the certified assets in the second half of 2022.

“This certification is an important milestone in our journey to deliver affordable, reliable, ever-cleaner energy to a growing world. Chevron deploys several technologies to detect and measure methane emissions and certified responsibly sourced gas is part of our broader commitment to lowering the carbon emissions intensity of our operations,” said Steve Green, president, Chevron North America Exploration and Production. “In addition to demonstrating transparency, an independent assessment provides validation of our current practices and insights to inform and shape how we continue to achieve our lower carbon aspirations.”

The pilot project focuses on two sites in the Midland Basin of the Permian in Texas and three sites in Chevron’s Mustang Development Area of the DJ Basin in Colorado. The five sites produce a total of approximately 80 million cubic feet of natural gas per day. Project Canary's TrustWell™ program accounts for operational impacts on water, air, land, and community.

“The results of our independent assessment and certification of Chevron’s operations in the Permian and DJ basins demonstrate strong performance across its operating assets, positioning Chevron in the fast-emerging markets for differentiated gas,” said Chris Romer, CEO and co-founder, Project Canary. “Buyers of RSG certified by Project Canary can have confidence that each producing well has been reviewed and verified for aspects of Chevron’s environmental and social performance.”

In 2020, Chevron’s U.S. onshore production methane intensity was 85% lower than the U.S. industry average. The company continues to design, construct, and operate facilities with strategies to limit fugitive emissions. For example, it has reduced fugitive methane and volatile organic compound emissions in U.S. onshore operations through leak detection and repair, low-/no-emissions pneumatic devices, and centralized production facilities in addition to utilizing continuous monitoring. The company is also expanding its methane detection capabilities to identify the best opportunities to further lower emissions and is on track to reduce methane emissions intensity by more than 50% from 2016 levels by 2028.

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About Project Canary

Project Canary is a SaaS-based data analytics company focused on accurate corporate climate ESG data for emission-intensive industrial companies. We are the leaders in holistic environmental assessments (air, water, land, and community). Project Canary scores responsible operations, delivering independent emission profiles via high-fidelity continuous monitoring technology to provide actionable environmental performance data. Our sensor portfolio includes high-fidelity spectroscopy-based methane detection and emissions quantification for the oil and gas sectors, plus Aeris Technologies’ laser-based gas analyzers covering other emissions, including ethane, nitrous oxide, formaldehyde, ethylene oxide, benzene, and more. Formed as a Public Benefit Corporation, Project Canary’s Denver-based team of scientists, engineers, and seasoned industry operators identify and quantify areas to reduce emissions. www.projectcanary.com

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

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans 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,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” 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 news 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 and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; 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, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or 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 pending or future litigation; the company’s future acquisitions or dispositions 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, taxes and tax audits, tariffs, sanctions, 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 receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; 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 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

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