1. Financial Priorities &
Performance
Steve Crowe
Vice President and
Chief Financial Officer
© 2008 Chevron Corporation

2. Key Financial Priorities
Fund capital program
Maintain AA credit rating
Increase dividends annually
Repurchase shares
2
© 2008 Chevron Corporation

3. Record Earnings Again
$ Billions
$ Billions
2006 2007 18.7
20 17.1
Upstream 13.1 14.8 14.1
13.3
15
Downstream 4.0 3.5
10
Chemical 0.5 0.4
5
Other (0.5) 0.0
Net Income 17.1 18.7 0
2004 2005 2006 2007
3
© 2008 Chevron Corporation

4. A Diversified Portfolio
Strong Returns Across the Segments
$ Billions 2007
Capital Capital Employed
Employed ROCE
30% 3
Upstream 53
1
$11
Downstream 24 16% $4
$23
$20
Chemical 2 17%
$15
$6
Other 5 n/a
$84 23%
Ranked #2 in peer group 2
Upstream includes Goodwill of $5 Billion
1
Peer group includes: BP, COP, RDS, and XOM
2
Updated March 26th, 2008
3
4
© 2008 Chevron Corporation

5. 2004–2007 Uses of Cash From
Operations and Divestments
Cash & Other
Debt Reduction
4%
9%
Buybacks 15%
Capital
55%
Spending
Dividends 17%
$97 Billion
5
© 2008 Chevron Corporation

6. Capital Spending Reflects Our Growth
Opportunities
Reinvestment Ratios *
Percent
CVX XOM BP COP RDS
90
80
70
60
50
40
30
20
10
0
2004 2005 2006 2007
* Capital expenditures/net cash provided by operating activities per statement of cash flows
6
© 2008 Chevron Corporation

7. Investing for the Future
2008 Capital & Exploratory Expenditures
$ Billions
2.6
Chemical
0.3 & Other
Downstream
1.3
4.1
20.0 22.9
Upstream
17.5
Cash Interest Affiliate Total
CAPEX Capitalization Spending C&E
7
© 2008 Chevron Corporation

8. Discipline in Selecting and Executing
Value-Creating Projects
2008 Total Capital & Exploratory Expenditures: $22.9 Billion*
$ Billion
24
Agbami Pascagoula
Rest of World 15%
CCR
19
Angola LNG
20%
Asia-Pacific
South Korea
Athabasca Yield Project
14
Expansion
Africa 24%
Tombua
Blind Faith
9 Landana
Perdido Tahiti
North America 41%
Development
4
Piceance
Frade
-1
* Includes Chevron’s share of affiliates' expenditures, which does not require cash outlay by Chevron
8
© 2008 Chevron Corporation

9. Exceptionally Strong Balance Sheet
Debt
20% 17% 13% 8.6%
Ratio
12.9
11.3
9.8
Debt 7.2
$ Billions
2004 2005 2006 2007
Net
0.5 1.7 (1.6) (0.9)
Debt
9
© 2008 Chevron Corporation

10. Consistent Dividend Growth
300%
20 consecutive
annual increases
250%
Growth rate
200%
6.9% since 1987
150%
10.1% since 2002
100%
Current yield ~3%
50%
0%
1987 1991 1995 1999 2003 2007
10
© 2008 Chevron Corporation

11. Delivering Shareholder Value
Cash Returned to Shareholders
$ Billions
2004 – 2007
11.8
12
Buybacks
Buybacks
Dividends 9.4
10 $17.1 Billion
7.0 $66.07/Share
8
6.8
5.0
259 Million Shares
5.3
6
3.0
2.1
4 Dividends
4.8
4.4 $16.2 Billion
2 3.8
3.2
0
2004 2005 2006 2007
11
© 2008 Chevron Corporation

12. Disciplined Cost Management
Safe and Reliable
Operations
Energy Efficiency
Rig Strategy
Application of
Technology
12
© 2008 Chevron Corporation

13. Balancing Earnings Growth With
Current Profitability
Earnings Growth Current Profitability
Reliable and safe
Disciplined project
operations
selection
Attentive to cost
World-class project
structure
execution
Base business
Exploration success
capability
Excellent project queue
Earnings/returns
Technical/financial
mindset
resources
13
© 2008 Chevron Corporation