Chevron Issues Interim Update for Second Quarter 2011

Chevron Corporation (NYSE: CVX) today reported in its interim update
that earnings for the second quarter 2011 are expected to be higher than
in the first quarter 2011. Upstream results are projected to improve
between sequential quarters, benefiting from higher crude oil prices.
Downstream earnings in the second quarter are also expected to be
higher, reflecting improved industry margins.

Basis for Comparison in Interim Update

The interim update contains certain industry and company operating data
for the second 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 July 29, 2011. The reader should not
place undue reliance on this data.

Unless noted otherwise, all commentary is based on two
months of the second quarter 2011 versus full
first quarter 2011 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 during the first two months of the
second quarter was in line with the first quarter 2011. International
net oil-equivalent production declined 76,000 barrels per day, largely
reflecting maintenance activity in Kazakhstan.

U.S. crude-oil realizations for the first two months of the second
quarter increased about $18 per barrel to $111.11, and International
liquids realizations improved approximately $13 to $108.46 per barrel.
U.S. natural gas realizations increased $0.28 to $4.32 per thousand
cubic feet, and international natural gas realizations increased $0.41
to $5.44 per thousand cubic feet.

International Upstream earnings in the second quarter are expected to
reflect higher exploration expenses.

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 second quarter, worldwide refining and marketing margins
improved relative to the first quarter. During the first two months of
the second quarter, U.S. and international refinery crude-input volumes
decreased 14,000 and 15,000 barrels per day respectively, due to
maintenance activity across multiple refineries. This maintenance
activity, plus higher fuel costs, is expected to negatively affect
earnings in the second quarter.

Chemical indicator margins were mixed between quarters.

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 and other
matters, actual results may significantly differ from the guidance range.

NOTICE

Chevron′s discussion of second quarter 2011 earnings with security
analysts will take place on Friday, July 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 STATEMENTS 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. Other unpredictable or
unknown factors not discussed in this interim update could also have
material adverse effects on forward-looking statements.

Chevron Corporation

Lloyd Avram, 925-842-3422