Pat Yarrington, CFO of Chevron Corporation, presented at the 2009 Barclays Capital CEO Energy/Power Conference in New York City on September 9, 2009. He discussed Chevron's strategic advantages including its leading exploration performance, top portfolio of projects, strong project execution track record, and engineering and technology leadership. Yarrington also highlighted Chevron's financial strength and focus on cost reduction during the current economic environment.

1. Barclays Capital
2009 CEO Energy/Power Conference
Pat Yarrington
Vice President and Chief Financial Officer
Chevron Corporation
New York City
September 9, 2009
© 2009 Chevron Corporation

2. Cautionary Statement
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This presentation of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s
current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as “anticipates,”
“expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets” and similar expressions are intended to
identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and
other factors, some of which are beyond the company’s 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
statements, which speak only as of the date of this presentation. Unless legally required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude-oil and natural-
gas prices; refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of crude-oil liftings;
the competitiveness of alternate energy sources or product substitutes; technological developments; the results of operations and financial condition of
equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential
failure to achieve expected net production from existing and future crude-oil and natural-gas development projects; potential delays in the development,
construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or manufacturing facilities or
delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be
imposed by the Organization of Petroleum Exporting Countries (OPEC); the potential liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations
and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or disposition of assets; gains and losses from
asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or
restrictions on scope of company operations; foreign-currency movements compared with the U.S. dollar; the effects of changed accounting rules under
generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” on pages 30
and 31 of the company’s 2008 Annual Report on Form 10-K. In addition, such statements could be affected by general domestic and international
economic and political conditions. Unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on
forward-looking statements.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC.
Certain terms, such as “resources,” “undeveloped gas resources,” “oil in place,” “recoverable reserves,” and “recoverable resources,” among others,
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, SEC
regulations define oil-sands reserves as mining-related and not a part of conventional oil and gas reserves.
© 2009 Chevron Corporation 2

3. Chevron
Well-Positioned for Today and the Future
 Strategic continuity
 Top queue of projects
 Industry-leading
execution
 Financial strength
 Aggressive cost
reduction
© 2009 Chevron Corporation 3

4. Global Energy Demand
2005 – 2030
Million Barrels of Oil Equivalent Per Day
81% increase
2030
15% increase Renewables
Nuclear
2030
Coal
2005 2005
Gas
Liquids
OECD Non-OECD
© 2009 Chevron Corporation Source: DOE EIA International Energy Outlook, updated May 2009 4

5. Asia Natural Gas Demand
2005 – 2030
Trillion Cubic Feet Per Year
%
117
Increase
from
2005
to
2030
2005 2015 2030
© 2009 Chevron Corporation Source: DOE EIA International Energy Outlook, updated May 2009 5

6. Long-Term Oil Supply Challenge
Million Barrels Per Day
120 -
EIA 2008
100 - Demand
2015 2030 Range
80 -
30 – 45 70 – 100
60 - MMBD MMBD
40 -
20 - 4 – 7%
Existing Capacity Production
0- Decline
2007 2015 2030
© 2009 Chevron Corporation Source: 2008 Updated NPC Global Oil and Gas Study 6

7. Chevron’s Strategic Advantages
Exploration Technology Focused
Leader Leader Downstream
Large Top
Resource Talent
Base
Top
Project
Queue
© 2009 Chevron Corporation 7

8. Superior Exploration Performance
Resource* Replacement Through Exploration 2002 – 2008
Percent Replacement
100
80
86 %
60
40
20
0
* Wood Mackenzie resource replacement metric does not reflect the Company’s reported proved reserves. It is the Wood Mackenzie estimate of
commercial plus sub-commercial reserves, as a percentage of production.
© 2009 Chevron Corporation Source: Wood Mackenzie Corporate Benchmarking Tool, updated July 2009 8

9. Leading Portfolio of Projects
$ Billion
40 Projects >1 Net Chevron Share
Project > $1B net Chevron share
$ Million
>90 Projects > 200 Net Chevron Share
© 2009 Chevron Corporation 9

10. Upstream Project Execution
Nigeria
Agbami
 Reached 250 MBD
milestone in August 2009
 At peak production –
over 4 months ahead of
schedule
 Estimated 900 MMBOE
recoverable
© 2009 Chevron Corporation 10

11. Upstream Project Execution
Kazakhstan
Tengiz
SGI/SGP
Expansion
 Producing above name plate
capacity of 240 MBD
 De-bottlenecking underway
© 2009 Chevron Corporation 11

12. Upstream Project Execution
Gulf of Mexico
Blind Faith
 Achieved first oil in
November 2008
 Reached name plate
capacity in March 2009
(70 MBOED)
© 2009 Chevron Corporation 12

13. Upstream Project Execution
Gulf of Mexico
Tahiti
 Achieved first oil in
May 2009
 Reached name plate
capacity in July 2009
(135 MBOED)
 Estimated 400-500
MMBOE recoverable
© 2009 Chevron Corporation 13

14. Upstream Project Execution
Brazil
Frade
 Achieved first oil in
June 2009
 Peak production –
90 MBOED in 2011
 Estimated 200-300
MMBOE recoverable
© 2009 Chevron Corporation 14

15. Upstream Project Execution
Angola
Tombua-
Landana
 First oil expected in
3Q 2009
 Peak production –
100 MBD in 2011
 Estimated 350
MMBOE recoverable
© 2009 Chevron Corporation 15

16. Engineering & Technology Leadership
Tahiti
 Deepest producing well in GOM
 Largest single-piece truss spar
Tengiz SGI/SGP
 Highest pressure and percent H2S for a
sour gas injection project
Agbami
 Highest production capacity FPSO
vessel
PNZ Large Scale Pilot
 First steamflood of carbonate reservoir
© 2009 Chevron Corporation 16

17. Longer-Term Growth
Australia LNG
Gorgon LNG Facility
Existing Pipeline
Planned Pipeline
 Environmental approvals in
Io/Jansz
place
Wheatstone
 Expect FID in 2H 2009 Iago
 3 Train LNG development
Gorgon North West
Wheatstone Barrow Island
Shelf
 Preferred onshore location Karratha
selected
 Entered FEED July 2009
 2 Train LNG development Onslow
Ashburton North
© 2009 Chevron Corporation 17

18. Leading Position in the
Deepwater Gulf of Mexico
Tubular Blind
Bells Faith
Tahiti Knotty
Head
Tonga
Big
Foot
St. Malo
Perdido Salt Canopy
Buckskin Jack
Chevron Lease
Chevron Project
© 2009 Chevron Corporation 18

19. Lower Tertiary Trend
Continues to Deliver Success
Jack/St. Malo
 Entered FEED 1H 2009
 120-150 MBOED production
capacity with >500 MMBOE
recoverable
Buckskin
 Impact-sized; potential anchor
for future development
 Appraisal planned in
2009 - 2010
© 2009 Chevron Corporation 19

20. Downstream
Advantaged Geographic Focus
North America
Asia-Pacific
% of Liquids
70 Demand Growth
% of Chevron
Major Refineries 80 Refining Capacity
© 2009 Chevron Corporation Source: EIA May 2009 International Energy Outlook and Company Data 20

21. Investing in Reliability, Yield, Flexibility
El Segundo Pascagoula
Crude flexibility, reliability, yield Reliability, utilization, yield
Richmond South Korea
Crude flexibility, reliability, Crude flexibility, reliability, yield
energy efficiency
© 2009 Chevron Corporation 21

22. Improving Returns in Marketing
Simplify Reduce Exit
product line operating costs markets
6 out of 9 2009 Exits Completed
$
900 Million Reduction in Capital Employed
© 2009 Chevron Corporation 22

23. Financial Highlights
First Half 2009
$
Earnings 3.6 Billion
ROCE
(trailing 12 months) 17.3 %
Debt Ratio 12.1 %
© 2009 Chevron Corporation 23

24. Consistent Dividend Growth
Cumulative Percent Increase
%
4.6 Quarterly dividend
increase in 3Q09
22 Consecutive
annual increases
 7.0% since 1987
 11.7% since 2004
%
~4 Current dividend yield
© 2009 Chevron Corporation 24

25. Aggressive Cost Reduction
Company-wide
2009 Target: Focus Areas
 Materials and Supplies
%
10  Transportation
 Contract Labor and 3rd Party
Reduction Services
in Operating /  Downstream Portfolio
SG&A costs*
 Upstream Workover Expenses
and Rigs
* Excluding fuel.
© 2009 Chevron Corporation 25

26. Delivering Long-Term Results
5-Year Total Stockholder Return as of 7/31/2009
11.1% 10.9%
5.5%
4.7%
1.9%
0
S&P 500
-0.2%
© 2009 Chevron Corporation 26

27. Chevron
Well-Positioned for Today and the Future
 Strategic continuity
 Top queue of projects
 Industry-leading
execution
 Financial strength
 Aggressive cost
reduction
© 2009 Chevron Corporation 27

28. Barclays Capital
2009 CEO Energy/Power Conference
Pat Yarrington
Vice President and Chief Financial Officer
Chevron Corporation
New York City
September 9, 2009
© 2009 Chevron Corporation