
Chevron Corporation (NYSE:CVX) today confirmed an oil discovery at the Bandit prospect in the Gulf of America, as announced by operator Occidental. The exploration well is located in Green Canyon Block 680, about 125

<p xmlns="http://www.w3.org/1999/xhtml">
Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CVX">CVX</a>) today confirmed an oil discovery at the Bandit prospect in the Gulf of America, as announced by operator Occidental. The exploration well is located in Green Canyon Block 680, about 125 miles south of the Louisiana coast.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The well encountered high-quality, full-to-base oil-bearing Miocene sands. The co-owners are currently evaluating results to determine next steps. The discovery has the potential for subsea tie-backs to an adjacent Occidental-operated facility and others in the nearby area.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bandit is operated by Occidental, which holds a 45.375 percent working interest, and is co-owned by Chevron subsidiary Chevron U.S.A. Inc. (37.125 percent working interest) and Woodside Energy (Deepwater) Inc. (17.5 percent working interest).

</p><p xmlns="http://www.w3.org/1999/xhtml">
"Bandit demonstrates our exploration strategy in action and reinforces the high-quality opportunities in the prolific deepwater Gulf of America," said Kevin McLachlan, Vice President, Exploration, Chevron. "We are working with our co-owners to advance appraisal and development planning in a disciplined manner, leveraging existing infrastructure to help deliver competitive barrels."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Chevron's exploration strategy is focused on disciplined investment across a resilient, balanced portfolio of infrastructure-enabled and frontier high-impact exploration opportunities. Chevron is the largest leaseholder and a leading producer in the Gulf of America, with a portfolio that includes operated and non-operated assets. Discoveries like Bandit build on Chevron's deepwater expertise.

</p><p xmlns="http://www.w3.org/1999/xhtml">
About Chevron

</p><p xmlns="http://www.w3.org/1999/xhtml">
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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.chevron.com&amp;esheet=54488395&amp;newsitemid=20260408874637&amp;lan=en-US&amp;anchor=www.chevron.com&amp;index=1&amp;md5=ee06004f4433d731712cf8b05cee5723" shape="rect">www.chevron.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">As used in this news release, the term "Chevron" and such terms as "the company," "the corporation," "our," "we," "us" and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF &#34;SAFE HARBOR&#34; PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">This news release contains forward-looking statements relating to Chevron's operations, assets and strategy that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "design," "enable," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "trajectory," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "future," "aspires" and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news 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.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company's capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 21 through 27 of the company's 2025 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260408874637r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260408874637/en/" rel="nofollow">https://www.businesswire.com/news/home/20260408874637/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Allison Cook 228-623-4616
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:acook@chevron.com" shape="rect">acook@chevron.com</a>

</p>

Chevron Confirms Oil Discovery at Bandit Prospect in Gulf of America

Chevron Announces Promising Oil Discovery That Could Boost Output

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Chevron Corporation (NYSE:CVX) today confirmed an oil discovery at the Bandit prospect in the Gulf of America, as announced by operator Occidental. The exploration well is located in Green Canyon Block 680, about 125</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Chevron has confirmed an oil discovery at the Bandit prospect in the Gulf of America, which showcases its strategic focus on deepwater exploration. This discovery may lead to enhanced production capabilities and leverage existing infrastructure, positively impacting Chevron’s operational potential and cash flow going forward.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Chevron confirms oil discovery at Bandit prospect in Gulf of America.</li><li>Discoveries include high-quality oil-bearing Miocene sands; appraisals underway.</li><li>Chevron holds 37.125% working interest in partnership with Occidental and Woodside.</li><li>This supports CVX’s exploration strategy in the deepwater Gulf.</li><li>The find could enhance Chevron&#039;s production capabilities leveraging existing infrastructure.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Occidental Petroleum (OXY)</strong>: Operates the Bandit prospect with significant interest.</li><li><strong>Woodside Energy (WDS)</strong>: Co-owner of the Bandit project with a 17.5% stake.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news falls under Corporate Developments as it relates to Chevron&#039;s exploration success, directly impacting its operational growth strategy in the Gulf of America.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Oil prices may rise if Bandit discovery leads to increased production.</li><li>Positive investor sentiment expected as Chevron enhances operational efficiencies.</li><li>Potential subsea tie-backs could reduce development costs and improve margins.</li><li>Expect Chevron&#039;s stock volatility as news surrounding appraisal results unfolds.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Bandit prospect located in Green Canyon Block 680, 125 miles from Louisiana.</li><li>Chevron holds a 37.125% working interest in the discover.</li><li>Occidental operates Bandit and holds 45.375% working interest.</li><li>High-quality Miocene sands were encountered during drilling.</li><li>Chevron is the largest leaseholder in the Gulf of America.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Stay bullish on CVX, expecting positive market sentiment from the discovery in the next few months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CVX">CVX</a>) today confirmed an oil discovery at the Bandit prospect in the Gulf of America, as announced by operator Occidental. The exploration well is located in Green Canyon Block 680, about 125 miles south of the Louisiana coast.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The well encountered high-quality, full-to-base oil-bearing Miocene sands. The co-owners are currently evaluating results to determine next steps. The discovery has the potential for subsea tie-backs to an adjacent Occidental-operated facility and others in the nearby area.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Bandit is operated by Occidental, which holds a 45.375 percent working interest, and is co-owned by Chevron subsidiary Chevron U.S.A. Inc. (37.125 percent working interest) and Woodside Energy (Deepwater) Inc. (17.5 percent working interest).

</p><p xmlns="http://www.w3.org/1999/xhtml">
"Bandit demonstrates our exploration strategy in action and reinforces the high-quality opportunities in the prolific deepwater Gulf of America," said Kevin McLachlan, Vice President, Exploration, Chevron. "We are working with our co-owners to advance appraisal and development planning in a disciplined manner, leveraging existing infrastructure to help deliver competitive barrels."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Chevron's exploration strategy is focused on disciplined investment across a resilient, balanced portfolio of infrastructure-enabled and frontier high-impact exploration opportunities. Chevron is the largest leaseholder and a leading producer in the Gulf of America, with a portfolio that includes operated and non-operated assets. Discoveries like Bandit build on Chevron's deepwater expertise.

</p><p xmlns="http://www.w3.org/1999/xhtml">
About Chevron

</p><p xmlns="http://www.w3.org/1999/xhtml">
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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.chevron.com&amp;esheet=54488395&amp;newsitemid=20260408874637&amp;lan=en-US&amp;anchor=www.chevron.com&amp;index=1&amp;md5=ee06004f4433d731712cf8b05cee5723" shape="rect">www.chevron.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">As used in this news release, the term "Chevron" and such terms as "the company," "the corporation," "our," "we," "us" and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF &#34;SAFE HARBOR&#34; PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">This news release contains forward-looking statements relating to Chevron's operations, assets and strategy that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "design," "enable," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "trajectory," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "future," "aspires" and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news 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.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company's capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 21 through 27 of the company's 2025 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260408874637r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260408874637/en/" rel="nofollow">https://www.businesswire.com/news/home/20260408874637/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Allison Cook 228-623-4616
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:acook@chevron.com" shape="rect">acook@chevron.com</a>

</p>

Chevron has confirmed an oil discovery at the Bandit prospect in the Gulf of America, which showcases its strategic focus on deepwater exploration. This discovery may lead to enhanced production capabilities and leverage existing infrastructure, positively impacting Chevron’s operational potential and cash flow going forward.

Chevron Confirms Oil Discovery at Bandit Prospect in Gulf of America

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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