Chevron Supports Point Thomson Plan of Development

Chevron U.S.A. Inc., through its Chevron North America Exploration and Production Company division, announced that it fully supports the Plan of Development (POD) submitted by ExxonMobil to the Alaska Department of Natural Resources (DNR) on behalf of the Point Thomson working-interest owners for the development of the Point Thomson Field.

Chevron has been working diligently with the other Point Thomson working-interest owners to create a compelling solution that meets the state's objectives for the responsible delineation and development of the Point Thomson resource. The owners have agreed to a new governance protocol that ensures the POD will be implemented.

The company said it believes the POD meets the stated objectives of the DNR, including delineation of reservoirs, timely production and assurance that the Point Thomson working-interest owners will be successful in realizing the field's development. The plan also positions the Point Thomson Field to contribute natural gas volumes toward major gas sales in the future.

Chevron looks forward to working with the DNR and views the POD as the best opportunity to bring the Point Thomson Field to a full and timely development in a responsible manner while preserving value for the Point Thomson working-interest owners and the state of Alaska.

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