1 Alaska NS Exploration What went well... and lessons learned

North Slope Exploration History o:\cpdn\hou130\mcbg\expl\common\division\budget\1998\dsbi0007.ppt Milne Point Sandpiper Island Northstar Pt. McIntyre Hammerhead Kuvlum Sourdough Badami Prudhoe Bay Kuparuk Alpine Endicott Pt. Thomson NPRA ANWR ALASKA CANADA Tarn Early Chevron Exploration Area Wide Chevron Exploration Infra Led Expl Prudhoe Bay Discovered Kuparuk & Milne Pt. Discovered TAPS Completed KIC well Drilled Exxon Valdez Oil Spill Alpine Discovered Phillips buys Arco Alaska Chevron Exploration Wells Prospects

3 North Slope Infrastructure

4 2001

5 North Slope Infrastructure

6 Pursue impact-size, stand-alone oil prospects Pursue smaller economic oil prospects with access to existing infrastructure Mature economic “satellite” opportunities in core areas to enhance overall commerciallity Position early on impact-size, stand-alone gas prospects as an option to an eventual North Slope gas export pipeline Chevron NS Exploration Strategies

7 Partner with major North Slope Operators Complexities of Arctic operations Permitting and regulatory complexities Diversification Lessons...

8 Align early and often No equity arguments Joint technical teams Data and interpretation sharing Lessons...

9 Prepare for hurdles Permitting Changing regulations Lessons...

10 Alaska NS Exploration What went well... and lessons learned