Chevron Starts Operations of 1 MW CPV Solar Field in Northern New Mexico

Chevron Mining Inc. (CMI), a subsidiary of Chevron Corp (NYSE:CVX) and
sister company Chevron Technology Ventures (CTV), a division of Chevron
U.S.A., announced the start of one of the country′s largest
concentrating photovoltaic solar facilities. The installation, located
on the tailing site of CMI′s molybdenum mine in Questa, New Mexico, will
demonstrate and evaluate an emerging solar technology and a practical
use of previously impacted land.

Chevron Technology Venture's Questa Solar Project is built near Chevron Mining Inc.'s molybdenum mine in Questa, New Mexico. (Photo: Business Wire)

'Chevron is one of the first companies in the U.S. to demonstrate CPV on
this scale. We′re fortunate that we have property in a part of the world
with a solar resource that is expected to be most conducive to this type
of technology,? said Des King, CTV president.

Chevron installed concentrating photovoltaic technology that uses lenses
to collect and focus direct sunlight onto layers of high efficiency
cells. This technology is expected to work best in areas like northern
New Mexico that have higher direct solar radiation.

The Questa solar field covers approximately 20 acres and includes 173
solar trackers, each about 18 feet by 21 feet in size. The project was
constructed with an excellent safety record with no recordable safety
related incidents or injuries.

'We made a concerted effort to use local resources and talent whenever
possible, and I am convinced that this kind of community engagement was
a crucial factor in getting the facility built safely and on time,? said
Mark Premo, CMI president.

The field includes Soitec′s concentrator photovoltaic system and has the
capacity to generate about one megawatt of electricity, enough to power
about 300 New Mexico homes. Electricity produced will be sold to Kit
Carson Electric Cooperative through a power purchase agreement.

'We′re pleased Questa is a potential starting place for an emerging
solar technology?, said Mayor Esther Garcia, 'This project goes a long
way in demonstrating the unique solar resource we have in this part of
New Mexico.?

Video
of the Questa Solar Project can be found on YouTube.

About Chevron Mining Inc

Chevron Mining Inc. is a diversified coal and metal mining company with
four US-based mines, including an underground coal mine in Alabama, two
surface coal mines in Wyoming and New Mexico, and an underground
molybdenum mine in New Mexico. The company is a wholly-owned subsidiary
of Chevron Corporation and is headquartered in Englewood, CO.

About Chevron Technology Ventures

Chevron Technology Ventures (CTV), a division of Chevron, USA, Inc.,
champions innovation, commercialization and integration of emerging
technologies and related new business models within Chevron. CTV is
pursuing this goal through business units involving biofuels, emerging
energy and venture capital.

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF 'SAFE HARBOR' PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995.

Some of the items discussed in this press release are forward-looking
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date of this press release. Unless legally required, Chevron undertakes
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as a result of new information, future events or otherwise.

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Chevron Mining Inc.

Questa Mine

Margaret Lejuste, 720-544-1378

mlejuste@chevron.com

or

Chevron
Technology Ventures

Kim Copelin, 713-825-2074

kcopelin@chevron.com