Chevron Credit Suisse 2008 Offshore Technology Conference

Cautionary Statement CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF FORWARD- “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 HARBOR” 1995 This presentation of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s forward- Chevron’ management’ current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as “anticipates,” petroleum, energy- anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets” and similar expressions are intended to expects,” intends,” plans,” targets,” projects,” believes,” seeks,” schedules,” estimates,” budgets” identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties forward- future and other factors, some of which are beyond our 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 forward- on forward- statements, which speak only as of the date of this presentation. Unless legally required, Chevron undertakes no obligation to update publicly any presentation. update forward-looking statements, whether as a result of new information, future events or otherwise. forward- future Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude oil and differ forward- natural gas prices; refining margins and marketing margins; chemicals margins; actions of competitors; timing of exploration expenses; the chemicals expenses; competitiveness of alternate energy sources or product substitutes; technological developments; the results of operations and financial condition of substitutes; financial equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the company’ joint- development potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the existing potential development, construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or start- company’ manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude-oil weather crude- production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); the potential liability for remedial actions or remedial assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future and existing environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or potential company’ disposition of assets; gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, government- industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the industry- U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the generally rule- factors set forth under the heading “Risk Factors” on pages 32 and 33 of the company’s 2007 Annual Report on Form 10-K/A. In addition, such Factors” company’ 10- statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not international discussed in this presentation could also have material adverse effects on forward-looking statements. forward- U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. and filings Certain terms, such as “resources,” “undeveloped gas resources,” “oil in place,” “recoverable reserves,” and “recoverable resources,” among others, resources,” resources,” place,” reserves,” resources,” may be used in this presentation to describe certain oil and gas properties that are not permitted to be used in filings with the SEC. In addition, the SEC regulations define oil-sands reserves as mining-related and not a part of conventional oil and gas reserves. oil- mining- 2 © 2008 Chevron Corporation

Conventional Energy is Critical to Meeting Future Demand Global demand will rise roughly 50% through 2030 Global Energy Demand Quadrillion BTU 730 Other Nuclear Coal Natural Gas Crude Oil 0 2004 2020 2030 Source: EIA 4 © 2008 Chevron Corporation

World’s Deepwater Basins Provide Attractive Opportunities Potential Deepwater Reserves – Top Ten Countries (Billion BOE) Yet to Find Reserves 5 Remaining Reserves 4 3 2 1 U.S. Mexico Brazil Nigeria Angola Egypt Australia Norway Indonesia Congo (GOM) Source: Wood Mackenzie 6 © 2008 Chevron Corporation

Focused Offshore Exploration Program in 2008 Deepwater Gulf of Mexico Nigeria Thailand Venezuela Congo Angola Australia Brazil Exploring the top Deepwater Exploration deepwater areas Other Offshore Exploration 7 © 2008 Chevron Corporation

Leader in Exploration Results Average Exploration success rate for 2002–2007 is 45% Cumulative Resources Added Reserve* Replacement Through From Exploration Exploration 2002-2006 Percent Billions of Barrels of Oil Equivalent 8 120 6 100 BP TOT COP 80 RDS 4 60 XOM 40 2 20 *Wood Mackenzie reserve replacement metric does not reflect the 2002 2003 2004 2005 2006 2007 Company’s reported proved reserves. 8 © 2008 Chevron Corporation

Moving Resources to Reserves - A Leading Portfolio of Oil & Gas Projects Arctic Canada United Kingdom Canada Tar Sands (2) Kazakhstan (3) Atlantic Canada U.S. Rockies China Azerbaijan Deepwater Gulf of Mexico (7) Venezuela (2) Vietnam Nigeria (7) Thailand Congo Indonesia (2) Angola (3) Australia (3) Deepwater Brazil (2) Includes Offshore 40 Projects Costing More than $1 Billion Each (CVX share) 9 © 2008 Chevron Corporation

Deepwater Projects are Among the World’s Most Challenging Deepwater Gulf of Mexico Sea Level Extensive salt canopy Empire State Bldg Gulf of Mexico 8,000’ Structural complexity Sediment Strong currents 16,000’ Salt Canopy Pressure differentials Sediment High temperatures 24,000’ Unpredictable conditions Target Zone 32,000’ 40,000’ 10 © 2008 Chevron Corporation

Applying Best-In-Class Seismic Technologies to “See” Under Salt Chevron Pre-Stack Depth Migration An industry leader in using sub-salt technology SALT Best-in-class sub-salt pre- SALT stack depth migration imaging tool SALT Enhanced sub-salt discovery success rate SUB-SALT DISCOVERY TAHITI FIELD 11 © 2008 Chevron Corporation

Leveraging Latest Generation Deepwater Drillship Technology Dynamically positioned Double hulled Two drilling systems in a single derrick Single trip multiple zone completions Maximum drill depth of 40,000 feet Maximum water depth of 12,000 feet Transocean’s Discoverer Clear Leader 12 © 2008 Chevron Corporation

Using Innovative Solutions to Resolve Deepwater Downhole Issues Single Dual 9 casing 5 casing strings strings Conventional Dual Gradient Mud Water Conventional Dual Gradient Mud Lift Same Bottom Hole Pressure Differential pressures in deepwater wells raise blowout risk Dual gradient system reduces risk without excessive casing strings Enables higher production flow rates Lowers project costs and minimizes non-productive downtime 13 © 2008 Chevron Corporation

Mitigating Rising Costs To Find and Produce Oil & Gas Industry Exploration & Production 220 Capital Cost Index 180 140 100 2000 2002 2004 2006 2008 Source: CERA Standardized equipment and designs Modularization Technology advances Effective contracting 15 © 2008 Chevron Corporation

Mitigating Rising Deepwater Rig Rates Worldwide Deepwater Rig Rates $Thousands/Day 500 Market Average Rate Chevron Avg. Contract Rate 400 300 200 100 2003 2004 2005 2006 2007 2008 Forecast Drilling units rated for >7,500 ft water depth Market data sources for similar type of rig: GDC, Fearnley Offshore, Rig Logix 16 © 2008 Chevron Corporation

Moving Exploratory Efforts Forward Top leaseholder in Gulf of Mexico Jack/St. Malo appraisals continue in 2008 Blind Faith Tubular Bells Miocene Trend Tahiti Knotty Head Puma Tonga Big Foot Wilcox Trend Perdido Exploration St. Malo Appraisal Jack Major Capital Project 18 © 2008 Chevron Corporation

Miocene Trend Development Blind Faith (75.0%WI) Deep draft semi-submersible Mooring operations underway Startup in 2008 Peak production of 70 MBOED Tahiti (58.0%WI) Truss-spar floating production Spar hull and topsides towed Awaiting new shackles to install Startup in 2009 Peak production of 135 MBOED 19 © 2008 Chevron Corporation

Wilcox Trend Development - Perdido Perdido Subsea Development Perdido Regional Development - (37.5% WI in host) Operated by Shell World’s deepest spar facility Startup in 2010 Peak production of 130 MBOED Courtesy of Shell 20 © 2008 Chevron Corporation

Wilcox Trend Evaluation - Jack Jack - 1st appraisal well 6 MBD test flowrate (40% of net pay) Record depths, pressures, duration Jack Field Jack - 2nd appraisal well Completion expected mid-2008 Perimeter Jack - 3rd appraisal well Planned to begin drilling in 2008 Jack # 2 Jack # 1 Houston, Texas from 29,000 feet 1 Mile 21 © 2008 Chevron Corporation

Nigeria Deepwater Development Agbami (68.2%WI) One of largest FPSO in the world Drilling & completion operations underway Startup in 2008 Peak production of 250 MBD in 2009 23 © 2008 Chevron Corporation

Angola & Congo Deepwater Development Tombua Landana – Angola (31.0%WI) Compliant piled tower platform hub Tower & subsea fabrication underway Startup in 2009 Peak production of 100 MBD in 2011 Moho Bilondo – Congo (31.5%WI) Floating production unit Achieved first oil April 2008 Peak production of 90 MBD in 2010 24 © 2008 Chevron Corporation

Strong Offshore Project Portfolio Will Improve Returns and Reserves 2008 Agbami Startup 2008 Blind Faith Startup 2008 NWS Train 5 Startup 2008 ACG III Startup 2008 Jack Appraisal Well 2 2008 Moho-Bilondo Startup 2009 Tahiti Startup 2009 Frade Startup 2009 Tombua-Landana Startup 2010 Perdido Startup 26 © 2008 Chevron Corporation

Chevron Credit Suisse 2008 Offshore Technology Conference

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