Chevron Highlights 2010 Performance and Future Growth at Annual Meeting of Stockholders

Chevron Corporation (NYSE:CVX) today highlighted the company′s 2010
performance and discussed the company′s future growth at the 2011 Annual
Meeting of Stockholders.

'A combination of safe, reliable operations and superior execution
helped make 2010 an outstanding year both operationally and
financially,? said John Watson, chairman and CEO. 'As we look ahead to
the next decade, we remain committed to safety and delivering profitable
growth.?

Watson discussed Chevron′s strong 2010 financial and operational
performance, which produced earnings of $19 billion. The company
increased the quarterly dividend by 5.9 percent in 2010, marking 23
consecutive years of annual dividend increases. During this period,
dividends grew at an average annual rate of 7 percent. Chevron announced
another quarterly dividend increase in April 2011. Watson said that
Chevron led its peers in total stockholder return over the past five
years, besting the S&P 500 by more than 14 percentage points. The
company maintained its leading position in total stockholder return
through the first quarter of 2011.

Watson reinforced Chevron′s long-standing commitment to safe, reliable
operations. Chevron is an industry leader in safety and in 2010 achieved
the best safety performance in the company′s history. He also discussed
the partnerships Chevron has formed to address health, education and
economic development issues in the communities where the company
operates. Over the past four years, Chevron′s social investments around
the world have more than doubled.

George Kirkland, Chevron vice chairman and executive vice president for
Global Upstream and Gas, discussed Chevron′s world-class queue of
projects to meet the world′s future energy needs. Chevron plans on
investing $26 billion in 2011, with 87 percent of that amount expected
to fund upstream activities.

Kirkland noted that since late 2009, Chevron has added 14 million acres
to its portfolio, including the acquisition of Atlas Energy in the
northeast United States, and deepwater opportunities in Liberia and
China. Kirkland also discussed Chevron′s queue of major capital
projects, including Gorgon and Wheatstone in Australia. Over the next
three years, 25 projects with a Chevron share of more than $250 million
each are scheduled to start production, nine of which have a net Chevron
share that exceeds $1 billion. Chevron has four major capital projects
planned to start up in 2011. Additionally, over the next three years,
the company expects to make final investment decisions on 13 more
projects, each with a Chevron share in excess of $1 billion.
Construction on the Gorgon project is nearly 25 percent complete, with
startup expected in 2014, and Chevron remains on schedule to reach a
final investment decision this year on the Wheatstone project, with
startup planned for 2016.

Kirkland also discussed Chevron′s Downstream and Chemicals business,
which delivered improved earnings and competitive performance in 2010.
After completing a restructuring, Downstream and Chemicals has a lower
cost structure and a portfolio focused on core markets, including North
America and Asia. Last year, Chevron had three key downstream project
startups at plants in South Korea, in Qatar, and in Pascagoula,
Mississippi. Kirkland also discussed Chevron′s investments in projects
that improve energy efficiency, flexibility and product diversity,
including the 25,000-barrel-per-day base-oil plant in Pascagoula. When
complete in 2013, Chevron will be one of the world′s leading suppliers
of premium base oil. In addition, Chevron plans to deliver $700 million
in improvements to its refinery system by the end of 2012, through a
combination of improved efficiency, and controllable margin and yield
improvement.

Stockholders voted on 11 proposals and supported the board′s
recommendation on each of the proposals. As of May 25, 2011, the
preliminary report of the Inspector of Election was as follows:

• 
  Item 1: More than 1.2 billion shares, or approximately 90 percent of
  the votes cast, were voted for each of the 13 nominees for election to
  the board of directors.
  
• 
  Item 2: More than 1.6 billion shares, or approximately 99 percent of
  the votes cast, were voted to ratify the appointment of
  PricewaterhouseCoopers LLP as the independent registered public
  accounting firm.
  
• 
  Item 3: Approximately 98 percent of the votes cast were voted to
  approve, on an advisory basis, the compensation for the company′s
  executive officers.
  
• 
  Item 4: Approximately 84 percent of the votes cast were voted to hold
  advisory votes on named executive officer compensation every year.
  
• 
  Item 5: Approximately 25 percent of the votes cast were voted for the
  stockholder proposal regarding the appointment of an independent
  director with environmental expertise.
  
• 
  Item 6: Approximately 3 percent of the outstanding shares of Chevron
  common stock were voted for the stockholder proposal to amend
  Chevron′s bylaws regarding a human rights committee of the board.
  
• 
  Item 7: Approximately 6 percent of the votes cast were voted for the
  stockholder proposal regarding a sustainability metric for executive
  compensation.
  
• 
  Item 8: Approximately 24 percent of the votes cast were voted for the
  stockholder proposal regarding guidelines for country selection.
  
• 
  Item 9: Approximately 8 percent of the votes cast were voted for the
  stockholder proposal regarding financial risks from climate change.
  
• 
  Item 10: Approximately 41 percent of the votes cast were voted for the
  stockholder proposal regarding hydraulic fracturing.
  
• 
  Item 11: Approximately 9 percent of the votes cast were voted for the
  stockholder proposal regarding offshore oil wells.
  

Final voting results will be reported on Form 8-K, which will be filed
with the Securities and Exchange Commission and available at www.chevron.com.
Specific information about the proposals before Chevron stockholders
this year may be found in the Investor Relations section of the
company′s website under Stockholder Services ? 'Annual Meeting
Materials.?

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
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 press release.
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 in the 2010 of the Company′s Annual Report on Form 10-K. In
addition, such statements could be affected by general domestic and
international economic and political conditions. Other unpredictable or
unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.

Chevron Corporation

Morgan Crinklaw, 925-842-5649