Chevron Issues Interim Update for Fourth Quarter 2012

Chevron Corporation (NYSE: CVX) today reported in its interim update
that earnings for the fourth quarter 2012 are expected to be notably
higher than third quarter 2012. Upstream results are projected to be
higher between sequential quarters, reflecting increased gains on asset
transactions and higher liftings. Downstream earnings in the fourth
quarter are also expected to be higher, largely reflecting a positive
swing in timing effects, despite a sharp decline in industry refining
margins.

Basis for Comparison in Interim Update

This interim update contains certain industry and company operating data
for the fourth quarter 2012. 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 February 1, 2013. The reader should
not place undue reliance on this data.

Readers are advised that portions of the commentary below compare
results for the first two months of the
fourth quarter 2012 to full third quarter
2012 results, as indicated.

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 reflect actual liftings, which may differ from production due
to the timing of cargoes and other factors.

U.S. net oil-equivalent production increased 39,000 barrels per day
during the first two months of the fourth quarter, reflecting recovery
from the impacts of Hurricane Isaac and an increase in production
associated with recently acquired acreage in the Permian Basin.
International net oil-equivalent production during the first two months
of the fourth quarter increased 107,000 barrels per day, mainly due to
the absence of planned maintenance in Kazakhstan and the United Kingdom.

International upstream earnings in the fourth quarter are expected to
include a gain of approximately $1.4 billion from a previously announced
asset exchange in Australia, compared to a gain of $600 million in the
third quarter associated with the sale of an equity interest in the
Wheatstone project.

U.S. crude oil realizations increased $0.27, to $97.61 per barrel during
the first two months of the fourth quarter, consistent with the typical
monthly lag on pricing in the Gulf of Mexico. International liquids
realizations increased $1.86, to $100.06 per barrel. U.S. natural gas
realizations increased $0.51 to $3.14 per thousand cubic feet, while
international natural gas realizations decreased $0.09 to $5.94 per
thousand cubic feet during the first two months of the fourth quarter.

DOWNSTREAM

The table that follows includes industry benchmark indicators for
refining and marketing 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.

For the full fourth quarter, U.S. and international refining margins
decreased significantly compared to third quarter 2012. International
marketing margins also declined, while U.S. marketing margins improved
from the previous quarter.

During the first two months of the fourth quarter, U.S. refinery
crude-input volumes decreased by 77,000 barrels per day compared to the
third quarter, driven primarily by the continued shutdown of the
Richmond, California refinery crude unit. A return to normal operations
at the Pascagoula, Mississippi refinery post Hurricane Isaac partly
offset the decrease. International refinery crude-input volumes
increased 9,000 barrels per day compared to the third quarter.

ALL OTHER

The company′s general guidance for the quarterly net after-tax charges
related to corporate and other activities is between $300 million and
$400 million. Due to the potential for non-ratable accruals related to
income taxes, pension settlements, environmental and other matters,
actual results may significantly differ from the guidance range. Total
net charges for the fourth quarter are expected to be notably higher
than the general guidance range.

NOTICE

Chevron′s discussion of fourth quarter 2012 earnings with security
analysts will take place on Friday, February 1, 2013, at 8:00 a.m. PST.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,? 'forecasts,?
'projects,? 'believes,? 'seeks,? 'schedules,? 'estimates,? 'budgets,?
'outlook? 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, many 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
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 required by existing or future
environmental regulations and litigation; significant investment or
product changes required by 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 29
through 31 of the company′s 2011 Annual Report on Form 10-K. In
addition, such results 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

Justin Higgs, 925-842-6175