SAN RAMON, Calif., January 17, 2012 – Chevron Corporation (NYSE: CVX) said that an extensive search and rescue effort continues for two contractors who remain missing after yesterday's fire aboard the K.S. Endeavor, a drilling rig offshore Nigeria operated by FODE Drilling Nigeria Limited. While Chevron's highest priority remains the rescue of the missing contractors, the company continues to devote the necessary resources to resolve the rig incident in a responsible and timely manner.

As previously reported, the K.S. Endeavor was drilling a natural gas exploration well for Chevron Nigeria Limited (CNL). The well is located in the Funiwa Field approximately six miles (10 kilometers) offshore and in approximately 40 feet (12 meters) of water.

Chevron reports that 152 workers on the rig and an associated barge were safely evacuated. They are now onshore and have been given medical examinations. Two remain hospitalized due to minor burns, while others are being held for further observation.

While a full investigation is still under way, Chevron said initial indications point to the possible failure of surface equipment during drilling operations that led to a loss of well control. The well continues to burn and the rig has partially collapsed. At this time, the company cannot estimate how long the fire will continue.