Chevron Issues Interim Update for First Quarter 2011

Chevron Corporation (NYSE: CVX) today reported in its interim update
that earnings for the first quarter 2011 are expected to be higher than
in the fourth quarter 2010. Upstream results are projected to improve
between sequential quarters, benefiting from higher crude oil prices,
offset in part by lower liftings. Downstream earnings in the first
quarter are expected to be slightly lower, reflecting reduced asset
sales gains, largely offset by higher U.S. margins.

Basis for Comparison in Interim Update

The interim update contains certain industry and company operating data
for the first quarter 2011. The production volumes, realizations,
margins and certain other items in the report are based on a portion of
the quarter and are not necessarily indicative of Chevron's full
quarterly results to be reported on April 29, 2011. The reader should
not place undue reliance on this data.

Unless noted otherwise, all commentary is based on two
months of the first quarter 2011 versus full
fourth quarter 2010 results.

UPSTREAM

The table that follows includes information on production and price
indicators for crude oil and natural gas for specific markets. Actual
realizations may vary from indicative pricing due to quality and
location differentials and the effect of pricing lags. International
earnings are driven by actual liftings, which may differ from production
due to the timing of cargoes and other factors.

¹ The Avg. Brent Spot Price is based on Platts daily
assessments, using Chevron′s internal formula to produce a quarterly
average.

U.S. net oil-equivalent production was lower during the first two months
of the first quarter, decreasing by 12,000 barrels per day compared with
the fourth quarter 2010 average, reflecting small declines across
multiple assets. International net oil-equivalent production declined
26,000 barrels per day during the first two months of the first quarter.
An increase in crude oil prices during this period reduced the company′s
production under cost-recovery and variable-royalty provisions on
certain international production contracts. Maintenance activity in
Angola and weather-related downtime in Australia and the United Kingdom
also adversely impacted production.

U.S. crude oil realizations increased $8.67 to $88.23 per barrel during
the first two months of the first quarter. International liquids
realizations improved by $12.24 to $91.33 per barrel, with the earnings
benefit from higher realizations partly offset by lower liftings. U.S.
and international natural gas realizations increased $0.50 and $0.15 per
thousand cubic feet, respectively.

DOWNSTREAM

The table that follows includes industry benchmark indicators for
refining, marketing and chemical margins. Actual margins realized by the
company will differ due to crude and product mix effects, planned and
unplanned shutdown activity and other company-specific and operational
factors.

Note: Prices, economics, and views expressed by CMAI are strictly
the opinion of CMAI and Purvin & Gertz and are based on information
collected within the public domain and on assessments by CMAI and Purvin
& Gertz staff utilizing reasonable care consistent with normal industry
practice. CMAI and Purvin & Gertz make no guarantee or warranty and
assume no liability as to their use.

For the full first quarter, worldwide refining margins improved compared
with fourth quarter 2010, with the exception of N.W. Europe. Marketing
margins were mixed, while chemical indicator margins improved between
periods.

During the first two months of the first quarter, U.S. refinery
crude-input volumes decreased 6,000 barrels per day due to maintenance
activities at mulitple refineries. Outside the United States, refinery
crude-input volumes were in-line with fourth quarter 2010 results.

Downstream earnings in the first quarter are expected to be negatively
impacted by mark-to-market effects on open derivative contracts tied to
underlying physical positions.

ALL OTHER

The company′s general guidance for the quarterly net after-tax charges
related to corporate and other activities is between $250 million and
$350 million. Due to foreign currency effects and the potential for
irregularly occurring accruals related to income taxes, pension
settlements and other matters, actual results may significantly differ
from the guidance range. Total net charges in the first quarter are
expected to be at the high end of the guidance range.

NOTICE

Chevron′s discussion of first quarter 2011 earnings with security
analysts will take place on Friday, April 29, 2011, at 8:00 a.m. PDT.A webcast of the meeting will be available in a listen-only mode to
individual investors, media, and other interested parties on Chevron′s
website at www.chevron.com
under the 'Investors? section.Additional financial and operating
information will be contained in the Earnings Supplement that will be
available under 'Events & Presentations? in the 'Investors? section on
the website.

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

This interim update 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 interim update.
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: changing
crude oil and natural gas prices; changing 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; 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 other
pending or future litigation; the company′s future acquisition or
disposition of assets and 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 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 interim update could also have
material adverse effects on forward-looking statements.

Chevron Corporation

Justin Higgs, 925-842-3962