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Chevron Corporation
6001 Bollinger Canyon Road
San Ramon, CA 94583-2324
www.chevron.com
912-0947
Recycled/Recyclable
Cert no. SCS-COC-00949
CHEVRON CORPORATION 2008 ANNUAL REPORT
2008 Annual Report
Delivering
Energy Now
Developing Energy
for the Future
Acquire
Lease
Evaluate
Available
Leases
(ongoing)
Perform
Technical
Studies
Con rm
Discovery
Commence
Production
Make
Investment
Decision
Start
Construction
Conduct
Exploratory
Drilling
Evaluate
Development
Options
Conduct Front-End
Engineering and
Design
Select
Development
Plan
What It Takes — People, Partnership, Performance
Finding and developing a major crude oil and natural gas discovery is a complex process that can take more than
10 years to complete. For example, it can take two to four years to perform technical studies on a new lease, up
to two years to conduct front-end engineering and design, and up to three years to construct production facilities.
Vast sums of capital also are required: Chevron’s capital and exploratory expenditures have exceeded $95 billion
since 2002. A rigorous management system is in place to ensure that capital is directed to the most promising
prospects and used wisely in their execution. Developing a  eld also requires the successful application of the most
advanced technology available, innovative and experienced people, and partnerships based on mutual trust.
Here are the main steps involved from the time an available lease is  rst evaluated until we commence production.