Chevron and Chubu Sign Wheatstone LNG Agreement

Chevron Corporation (NYSE:CVX) today announced that its Australian
subsidiaries have signed a non-binding Heads of Agreement (HOA) with
Chubu Electric Power Company Incorporated(Chubu) for the
delivery of liquefied natural gas (LNG) from the Chevron-operated
Wheatstone natural gas project in Australia.

Under the agreement, Chevron, together with Apache Energy and KUFPEC, is
expected to deliver 1 million tons per annum (MTPA) of LNG to Chubu for
up to 20 years.

Joe Geagea, president, Chevron Gas and Midstream, said today′s agreement
further strengthened the company′s relationship with Chubu, which is
also a foundation customer and participant in the Gorgon Project.

'Chubu is a long term customer of our Australian natural gas portfolio
and is due to receive 2.5 MTPA of LNG collectively from the Gorgon and
Wheatstone projects.?

Roy Krzywosinski, managing director, Chevron Australia, said, more than
70 percent of Chevron′s equity LNG from Wheatstone is now covered under
long-term off-take agreements with customers in Asia.

'Our Wheatstone and Gorgon projects are strategically positioned to
commercialize our significant natural gas position in Australia through
satisfying Asia′s rapidly growing demand for reliable, cleaner-burning
and safe energy.?

The Chevron-operated Wheatstone Project will become one of Australia's
largest resource projects. Located at Ashburton North, 7.5 miles (12
kilometers) west of Onslow in Western Australia, the foundation phase of
the project will consist of two liquefied natural gas trains with a
combined capacity of 8.9 MTPA and a domestic gas plant.

The onshore foundation project is a joint venture between the Australian
subsidiaries of Chevron (operator 72.14%), Apache (13%), Kuwait Foreign
Petroleum Exploration Company (KUFPEC 7%), Shell (6.4%) and Kyushu
Electric (1.46%).

Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; 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.

Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Australia. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'forecasts,?
'projects,' 'believes,' 'seeks,' 'schedules,? 'estimates,' 'budgets'
'outlook? and similar expressions are intended to identify such
forward-looking statements. These statements are based upon management's
current expectations, estimates and projections; 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. Among the important factors that could cause
actual results to differ materially from those in the forward-looking
statements are changes in prices of, demand for and supply of crude oil
and natural gas; actions of competitors; 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, or severe weather; 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: and general economic
and political conditions. 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.

Chevron Corporation

Gareth Johnstone, Singapore, +65 9728
8375