More than 90 years ago, Chevron initiated a strong and fruitful relationship with Latin America and its people. Since then, many success stories are part of the growth of the region and we are very pleased to present them in this material.

Our operations have grown steady. Today, the Latin America Business Unit is among the top regions for Chevron. Our success is the result of strong partnerships with the governments, its National Oil Companies but most of all, with the people. We are proud operators in challenging operations such as Frade in Brazil and the usage of an FPSO (Floating Production, Storage and Offloading unit) to develop this offshore field. In Eastern Venezuela, Chevron with Petroleos de Venezuela (PDVSA) participates in Petropiar, a successful project that integrates the Extra Heavy Crude value chain from production to market through an upgrading process that adds value to the extra heavy oil of the Orinoco Belt. Also, in Venezuela, Chevron holds gas licenses in Plataforma Deltana and Cardon III. Recently we have signed a Heads of Agreement to participate with 10% in the first train of LNG in the country. In Argentina, specifically in the Trapial Field, we have succeeded in ramping up production from a declining field. In Colombia, Chevron produces around of the 60% of the gas consumed domestically and, through its Ballena Field, feeds the Colombia-Venezuela bi-national pipeline built by PDVSA.

Exploration and Production Portfolio

Argentina

Chevron is the fourth-largest producer of oil in Argentina, with concessions in the Neuquén Basin. Our expanded waterflood operations are sustaining oil output at the large El Trapial Field. We produce oil and natural gas through our wholly owned subsidiary Chevron Argentina S.R.L. The company has working interests, ranging from 18.8 percent to 100 percent, in three production concessions.

Brazil

Chevron's work in Brazil continues to advance. Sustained development of the Frade and Papa-Terra deepwater fields is one of our key investments.

Located offshore Rio de Janeiro in the Campos Basin, Frade is among the largest deepwater heavy oil projects in the world and one of our company's biggest capital investments. We also are devoting substantial resources to the Papa-Terra project. When completed, Papa Terra would be our largest investment in Brazil.

Colombia

Chevron plays an integral role in meeting Colombia's energy needs, producing enough natural gas to supply approximately 65 percent of the nation's demand. Our production activities are focused on three natural gas fields – one offshore and two onshore – located in the province of La Guajira, northern Colombia.

Chevron, in partnership with Colombia's national oil company, Ecopetrol, operates the giant offshore Chuchupa Field in the Caribbean Sea as well as the onshore Ballena and Riohacha natural gas fields in the province of La Guajira, northern Colombia.

Trinidad and Tobago

LABU explores for and produces natural gas in the waters off the east coast of Trinidad and Tobago. As a company, we aim to build on our partnership with the country by developing its natural gas business.

That objective is being fueled by production from the Dolphin and Dolphin Deep natural gas fields located offshore in the East Coast Marine Area. Natural gas flows is supplied both to the domestic market, and is converted to liquefied natural gas through Atlantic LNG plant for export to markets in Europe and the United States. Additional developments to supply future gas are under way.

Venezuela

Chevron participates on onshore and offshore production projects in Venezuela. Through a partnership with Petróleos de Venezuela, S.A. (PDVSA), Venezuela's national oil and natural gas company, Chevron is involved in six important projects in the country.