Government of Kazakhstan to Become Partner in Karachaganak Project

Chevron Corporation (NYSE:CVX) today confirmed that the Karachaganak
project partners have reached an agreement with the government of
Kazakhstan for it to become a 10 percent equity owner in the
Karachaganak project. The transfer of equity to the Kazakhstan
government is anticipated to occur on June 30, 2012.

'Chevron has a long and productive history in Kazakhstan,? said Chevron
Vice Chairman George Kirkland. 'We look forward to KazMunaiGas joining
the Karachaganak partnership and working together toward further
development of this field.?

The Karachaganak Venture is comprised of operators BG Group (32.5
percent) and ENI (32.5 percent), as well as Chevron International
Petroleum Company (20 percent) and Lukoil (15 percent).

Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources
of the future, including biofuels. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.

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

This press release of Chevron Corporation contains forward-looking
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accepted accounting principles promulgated by rule-setting bodies; and
the factors set forth under the heading 'Risk Factors? on pages 32
through 34 of the company′s 2010 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 press release could also have
material adverse effects on forward-looking statements.

For Chevron Corporation

Kurt Glaubitz, +1-925-790-6928