press release chevron Canada limited announces execution of additional midstream services for development of the duvernay play

Calgary, Alberta, November 2, 2018 -- Chevron Canada Limited today announced it has executed agreements with Pembina Pipeline Corporation for additional midstream services in support of Chevron’s initial development program on its Duvernay leaseholdings in west-central Alberta.

These agreements will increase the gross midstream capacity for Chevron’s Duvernay development to 200 million cubic feet per day of natural gas, 10,000 barrels per day of propane-plus liquids and 50,000 barrels per day of condensate.

“I am pleased to announce that Chevron Canada has achieved another key milestone in the Kaybob Duvernay Program that further strengthens our long-term position and competitiveness in this leading North American shale play,” said Frank Cassulo, president, Chevron Canada Limited.

“This expanded midstream infrastructure will provide additional capacity to meet our growing gas-processing and liquids-handling needs in the Duvernay,” added Cassulo.

Chevron Canada announced in November 2017 that it was moving into development in the East Kaybob area following a successful three-year appraisal program. The East Kaybob area comprises approximately 55,000 acres of Chevron’s operated position, which totals approximately 330,000 gross acres. It is anticipated approximately 250 wells will be drilled and completed in the initial development area.

Chevron is committed to safely and responsibly developing Canada’s energy resources, including collaboration with Indigenous peoples and local communities to build long-term trusting and mutually beneficial relationships related to the Kaybob Duvernay development.

Chevron has a net 70 percent operated interest in approximately 330,000 acres in the liquids-rich Duvernay formation near Fox Creek, approximately 260 km northwest of Edmonton. KUFPEC Canada Inc., a wholly owned subsidiary of Kuwait Foreign Petroleum Exploration Company, holds the remaining 30 percent nonoperated interest.

about chevron Canada

At Chevron Canada, we utilize our global resources to provide the energy that drives human progress. Coupled with our determination and ingenuity, we are meeting today's complex energy challenges.

Since 1938, Chevron Canada Limited has been exploring for, developing, producing and marketing crude oil, natural gas and natural gas liquids. Headquartered in Calgary, Alberta, Chevron Canada has interests in oil sands projects and shale acreage in Alberta; exploration, development and production projects offshore Newfoundland and Labrador; a proposed liquefied natural gas (LNG) project and shale acreage in British Columbia; and exploration and discovered resource interests in the Beaufort Sea region of the Northwest Territories.

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Some of the items discussed in this press release are forward-looking statements about Chevron Canada Limited. Words such as “agreement to acquire,” "anticipates," "expects," "intends," "plans," "targets," “forecasts,” "projects," "believes," "seeks," "schedules," "estimates," “budgets,” “outlook” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance or events; and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict, such as closing conditions in the acquisition agreement. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press 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.

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