Hebron Project Update

On August 20, 2008, the co-venturers in the Hebron Project executed formal agreements with the Government of Newfoundland and Labrador that will allow development activities for this offshore oil project to proceed.

The achievement of this major milestone was spearheaded by Chevron, which, as project operator, restarted negotiations with the Government of Newfoundland and Labrador in 2007 that ultimately led to the signing of formal binding agreements on the Hebron Project. Following the signing of these agreements, Chevron announced its intention to relinquish operatorship and support ExxonMobil as operator. Chevron's decision is expected to benefit all co-venturers through the realization of synergies by having Exxon operate both the Hebron and Hibernia offshore oil projects.

Effective October 1, 2008, ExxonMobil became operator of the Hebron Project.

Questions regarding the project, including employment and commercial opportunities, should be directed to the ExxonMobil office in St. John's, Newfoundland and Labrador, at (709) 752-6444.

For the latest information on Hebron, please visit the Hebron Project website.