Gas

John Gass Corporate Vice President & President Global Gas

© 2006 Momentum for Growth

Profitable Growth

Solid Performance

Right Strategies

© 2006 Chevron Corporation 2 Abundant and Diversified Resource Portfolio

© 2006 Chevron Corporation 3 Global Gas Demand Poised for Continued Growth

200 -

180 - Central & South America Africa 160 - Middle East 140 -

120 - FSU

100 - Western Europe 80 - China 60 - Asia (excluding China) 40 - Trillion Cubic Feet per Year per Feet Cubic Trillion 20 - North America

0 - 2005 2020 2030

© 2006 Chevron Corporation Source Data: Center for Global Energy Studies 2005 4 The Right Strategies

Commercialize our „ Secure market access Equity Gas Resource for equity LNG Base by Targeting • Atlantic Basin North American and • Pacific Basin Asian Markets „ Grow GTL business

„ Drive base business performance

„ Build organizational capability

© 2006 Chevron Corporation 5 Securing Market Access for Equity LNG

Shtokman LNG North America ; Shortlisted West Coast Regas ; All major permits Casotte Landing Regas acquired ; FERC permit filed Olokola LNG Bontang LNG Sabine Pass Regas ; Nearing Engineering ; Successfully integrated ; Secured capacity and Design Phase into Chevron Plataforma Deltana LNG ; Significant discovery made North West Shelf LNG ; 5th train expansion Angola LNG sanctioned LNG Ships ; Entered Engineering ; Ordered and Design Phase Gorgon LNG Pacific Basin Atlantic Basin ; HOAs signed

Regas LNG Gas Projects Resources

© 2006 Chevron Corporation 6 Example: Building the Atlantic Basin LNG Value Chain

Casotte Landing Regas

Sabine Pass Regas

Regas LNG Gas Projects Resources

© 2006 Chevron Corporation 7 Top LNG Players 2005

0 1 2 3 4 5 6 7 8 bcfd Î Î Î Î Î Î Î Î Î

Shell

QP

Petronas

BP

XOM

Total

Oman

INPEX

ADNOC

NNPC

EGPC

BG

Brunei

© 2006 Chevron Corporation Source: WoodMac 8 Top LNG Players 2015

0 1 2 3 4 5 6 7 8 bcfd Î Î Î Î Î Î Î Î Î QP Shell NNPC

Sonatrach

BP

XOM

Woodside

Total

Petronas INPEX NIOC Oman BG © 2006 Chevron Corporation Source: WoodMac 9 Growing the GTL Business: Building on a Strong Technology Position

Top Tier Player Market Perception of Technology Certainty „ Strong Chevron partnership Tier 1 „ Proven technology

„ Strong intellectual property position Tier 2

Increasing Certainty Tier 3

© 2006 Chevron Corporation Source: WoodMac 10 Economics: The GTL Option

GTL

LNG IRR

| | | | | | 25 30 35 40 45 50 Oil Price US$

© 2006 Chevron Corporation Source: WoodMac, Middle East Sourced Gas 11 Growing the GTL Business

Qatar Nigeria ; Marketing ; EGTL under Oryx I construction products ; Pursuing Australia GTL additional Pacific Atlantic opportunities ; Evaluating options Basin Basin

GTL Gas Resources

© 2006 Chevron Corporation 12 Gas Project Queue

2003 LNG Regas GTL

Escravos GTL

U.S. Gulf Coast Regas

NA West West Africa North West Gorgon LNG Coast Regas Gas Pipeline Swan

Plataforma North West North West North West Angola LNG Deltana LNG Shelf T5 Shelf T4 Shelf T1 - T3

Engineering & Evaluation Construction Operate Design

© 2006 Chevron Corporation 13 Gas Project Queue

2006 LNG Midstream Regas GTL

New

NA West Escravos GTL Coast Regas

Oryx Base Casotte Sabine Pass North West Oils Landing Regas Regas Swan

LNG Ships LNG Ships Australia GTL Olokola LNG Bontang LNG 3 - 4 1 - 2

Shtokman West Africa North West Oryx 2 GTL Gorgon LNG LNG Gas Pipeline Shelf T4

NA East Plataforma North West North West Angola LNG Coast Regas Deltana LNG Shelf T5 Shelf T1 - T3

Engineering & Evaluation Construction Operate Design

© 2006 Chevron Corporation 14 Our Commitment

ƒ Shtokman LNG 2006

ƒ Casotte Landing Permitted 2006

ƒ Gorgon LNG FID 2006/07

ƒ Olokola LNG FID 2006/07

ƒ WAGP Start up 2006/07

ƒ Angola LNG FID 2007

ƒ NWS Train 5 Start up 2008

ƒ EGTL Start up 2009

© 2006 Chevron Corporation 15 Delivering Results

The lady sings after Chevron Applies to Build Gas Terminal Gorgon reaches a . . . in Pascagoula

high note Chevron’s Escravos GTL project ready for construction

FINANCIAL TIMES Agence France Presse Chevron in $384M double gas Chevron Australia Signs carrier deal 6 Billion Dollar LNG Supply Deal With Tokyo Gas Sonangol, Chevron and is seeking a Co-Venturers award KBR foothold in the U.S. and partners FEED contract for Angola LNG project . . . shortlists Chevron

© 2006 Chevron Corporation 16