New discovery demonstrates the potential of Chevron's exploration program in Sub-Saharan Africa

Chevron Corporation (NYSE:CVX) by its subsidiary Cabinda Gulf Oil Company Limited (CABGOC), today confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola. The well, drilled in the prolific Lower Congo Basin, encountered an oil and gas condensate column of more than 600 meters (2,000 feet) in the primary Pinda reservoir, with more than 90 meters (300 feet) of net pay in excellent reservoir quality.

The discovery will be assessed for potential development as a tie-back to Chevron’s existing facilities nearby, enabling a capital-efficient path to production.

"This discovery is another important milestone for Chevron’s over 70-year history in Angola," said Kevin McLachlan, Vice President, Exploration, Chevron. "By combining high-impact exploration with infrastructure-led opportunities close to existing facilities, we are growing our resource base, creating value, and demonstrating that our strategy is delivering, as well as our continued confidence in Angola’s resource potential."

Block 0 is operated by CABGOC, which holds a 39.2 percent working interest, and is co-owned by Sonangol E&P (41 percent working interest), TotalEnergies (10 percent working interest) and Azule Energy (9.8 percent working interest).

Beyond Angola, the discovery builds on a successful exploration program in Sub-Saharan Africa where Chevron is currently producing around 300 thousand barrels of oil equivalent per day net. Chevron’s existing resource base and active exploration program across the region is positioned to sustain and grow production into the future.

Chevron has continued to add high-quality exploration acreage to its existing portfolio in the past 12 months in the region. In Nigeria, the company farmed into two offshore blocks last year (PPL2000 and PPL2001) and was awarded a deepwater block PPL2010 in the country's latest bid round. Chevron has also had three near-field exploration successes – Meji NW-1, South Delta AA and Awodi-07– in Nigeria since late 2024, where it is continuing an ongoing exploration and appraisal program. In Guinea-Bissau Chevron has secured three blocks including the newly acquired Block 4B which closed on August 13^th, 2026, while in Equatorial Guinea it has secured an additional five-block reconnaissance licenses. Chevron is also excited about our ongoing exploration activities in Angola in Blocks 49 & 50, Block 33 and Block 14/23.

Aligned with its exploration strategy, Chevron is preparing a high-impact, multi-well exploration program across the region, including Namibia’s Nabba-1X well on PEL90 before year-end.

These initiatives underscore Chevron's confidence in the region's resource potential and its disciplined approach to building long-term value through high-impact, frontier exploration.

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. 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 aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses. More information about Chevron is available at www.chevron.com.

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Laura Hurst – Laura.Hurst@chevron.com