Upstream Andand Gasgas George Kirkland Executive Vice President Upstream & Gas

UpstreamUpstream andand GasGas George Kirkland Executive Vice President Upstream & Gas

99 2.6 MMBOED Production Target 99 Bibiyana Startup 99 Tengiz Staged Oil Startup 99 Agbami Progress 99 Blind Faith Progress 99 Frade Progress 99 Nigeria GTL Progress

Tahiti Progress

99 Superior Safety Performance 99 Thailand Contract Extension 99 Angola LNG FID 99 Chuandongbei PSC Signing 99 Agbami FPSO Arrival on Location 99 Gorgon Environmental Approvals 99 Exploration Success 99 Competitive Margins and Returns 99 NWS Train 5 Progress

Reserves Replacement

Thousands of Barrels Equivalent Per Day

(62) (16) 2,667 2,619 (43)

2006 Actual Empresa Price Base Major Capital 2007 Actual Mixta Production Projects Impact

Earnings/BOE (A/T) Competitive ROCE 1

$/barrel ROCE 50% $20 40%

$15 30%

$10 20%

10% $5 2007 Rank: #2 2006 Rank: #2 0% $0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

Competitor Group: XOM, BP, COP and RDS Competitive ROCE calculated based on Chevron estimates and public information handled on a consistent basis. Excludes special items. Reconciliation to non-GAAP earnings measure for Chevron is available at www.chevron.com under Investors.

1 2007 ROCE updated on March 26, 2008

Grow profitably in core areas and build new legacy positions

Achieve world-class operational performance

Maximize and grow the Base Business

Lead the industry in selection and execution of Major Capital Projects

Achieve superior Exploration performance

Identify, capture and effectively incorporate new core positions

Regional Exploration & Production Companies

North America Europe, Eurasia and Middle East 800 MBOED 620 MBOED

11 billion BOE net proved reserves

2.7 million BOED net production capacity

Leading positions in key oil and gas basins Africa and Asia-Pacific Latin America 700 MBOED 580 MBOED

West Norway Alaska Greenland Alaska West of Shetlands Canada

East Coast Gulf of Mexico Canada Deepwater Libya Gulf of Thailand

Northwest West Africa Australia Focus Areas Deepwater Brazil Test Areas Deepwater New Entry

70 Resource Growth Resource Distribution Billion70 BOE Billion BOE 60

60 12% 50 Europe, Eurasia 50 and Middle East 40 40 Asia-Pacific 30 30

20 20 Americas

10 10 Africa 0 0 YE 2004 YE 2007 * Resource is defined as unrisked proved, probable and possible reserves plus potential recoverable resources contingent on commerciality. Includes oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission. © 2008 Chevron Corporation 11 Proved Reserve Changes 2004–2007 and 2010 Projected

Millions of Barrels

1,465 2,748 605 1,413

11,252 10,777 ~11,300

YE 2004 Production Price Effect Unocal Net YE 2007 Projected Additions YE 2010

Does not include oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission.

Millions of Barrels

1,100

3,000 2,400

~11,300 10,777

YE 2007 Production MCP Base Adds & YE 2010 Actual Contract Projection Extensions Does not include oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission.

Gas portfolio is growing and becoming a key component of Chevron’s overall production.

Gas Production as % Europe, Eurasia of Total Chevron and Middle East Net Production 18 Tcf 45%

40%

35% Americas 35 Tcf 30%

Africa Asia-Pacific 25% 26 Tcf 67 Tcf 2007 2010 2015 2020

* Unrisked Circles represent geographic coverage and not the size of the resource.

Commercialize our equity resource base while growing a high-impact global gas business

Progressing the queue of more than 10 world-class gas projects

Building a global portfolio of LNG supply

Progressing the construction of our first GTL plant

Enabling gas business growth through midstream capabilities

Angola LNG FID

Gorgon LNG environmental approval and capacity expansion

Bibiyana startup

Angola LNG Plant site schematic Thailand contract extension and gas sales agreement signed with PTT

Chuandongbei sour gas PSC signed with CNPC

Piceance tight gas entered development phase Site works for the Angola LNG Plant

Chevron “leads its peers on our underlying exploration reserve replacement metric, having replaced an outstanding 120% of its production between 2002 and 2006 through new field exploration success alone.” RADAR report by Wood Mackenzie, January 2008

Reserve* Replacement Through Exploration, 2002-2006 Percent 140 Chevron 120

100 BP 80 Total COP Shell 60 ExxonMobil 40

0 *Wood Mackenzie reserve replacement metric does not reflect the Company’s reported proved reserves.

Average Exploration success rate for 2002–2007 is 42% 8 7 Billions of Barrels 6 of Oil Equivalent 5 4 3 2 Cumulative Resources 1 Added From Exploration 0 2002 2003 2004 2005 2006 2007

2002 2003 2004 2005 2006 2007

Year-End Mean Resource Estimates

Underlying Finding Cost $/BOE 9

8 Competitors 7 XOM 6 BP RDS 5 COP 4

3 Competitor 2 Range

0 2002 2003 2004 2005 2006 Wood Mackenzie, December 2007 (Exploration Costs/Resources Found)

Norway Barents White Hills Rosebank Ells River

Orphan Deepwater Gulf of Mexico Libya Gulf of Nigeria Thailand Venezuela Congo Brazil Angola Northwest Australia Seismic Exploration Wells Appraisal Wells

Definite cost increases, Despite cost increases, our but not uniform opportunity queue remains robust IHS/CERA Upstream Capital Costs Function of local markets Index (2000 = 100) and varies between certain items 200 3Q 2007: 198 180 Combating increases 3Q 2006: 167 through: 160 140 z Effective contracting 120 z Standardization of designs and materials 100

z Modularization 80 2000 2002 2004 2006 2008

z Technology advances Source: Cambridge Energy Research Associates

Worldwide Deepwater Rig Rates Equivalent Rig Years $M/day Under Contract 500 6 Market Average Rate Chevron Average 400 Contract Rate

4 300

200 2

100

0 0 2003 2004 2005 2006 2007 2008 Drilling units rated for >7,500 ft water depth Forecast Market data sources for similar type of rig: GDC, Fearnley Offshore, Rig Logix

$/BOE Competitors 28 BP MRO COP MUR RDS OXY 24 XOM TOT HES $19.40 20 Competitor 16 Range

8 2002 2003 2004 2005 2006 2007 Ranking 3/10 3/10 2/10 3/10 2/10

Source: AG Edwards; includes production costs, exploration expense, DD&A and other expenses

McAllen Ranch Field PNZ 200 200 Production MMCFPD Production MBOEPD 160 180 120 10% decline 160 80 30% decline 1% decline 140 40

0 120 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007

San Joaquin Valley Business Unit Duri Steamflood, Indonesia 280 Production MBOPD 250 Production MBOEPD 240 260 6% decline 230 16% decline 220 240 2% decline 210 3% decline 200 220 190 200 180 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007

World’s largest thermal operations: San Joaquin Valley and Duri Field

Well-positioned for future opportunities, such as Ells River, Petropiar (Hamaca) and PNZ

Heavy Oil Center of Excellence develops and deploys technology applications, tools and best practices

Amauligak Rosebank Lochnagar AOSP Expansion 1 AOSP Expansion 2 TCO SGI/SGP Karachaganak III Blind Faith Hebron Tengiz Expansion Tahiti Piceance Chuandongbei Gas Perdido Chuandongbei Gas ACG II-III Big Foot Jack Petropiar Upgrader St.Malo Plataforma Deltana Platong II Tubular Bells Vietnam Gas Gendalo - Gehem Frade North Duri Papa Terra

Agbami Nigeria GTL Usan Moho Bilondo Bonga SW Aparo Tombua Landana NWS Train 5 Greater Gorgon Nsiko Angola LNG Wheatstone Olokola Lucapa Nigeria EGP 3 All projects shown are >$1B Chevron share

Amauligak Rosebank Lochnagar AOSP Expansion 1 AOSP Expansion 2 X TCO SGI/SGP Karachaganak III Blind Faith Hebron Tengiz Expansion Tahiti Piceance Chuandongbei Gas Perdido Chuandongbei Gas X ACG II-III Big Foot Jack X Petropiar Upgrader St.Malo Plataforma Deltana Platong II Tubular Bells Vietnam Gas Net Production - MBOEPD Gendalo - Gehem 1200 Frade North Duri MCP Papa Terra Base

800 Agbami Nigeria GTL Usan Moho Bilondo Bonga SW Aparo Tombua Landana NWS Train 5 400 Greater Gorgon 2007 Nsiko Angola LNG Wheatstone Olokola Lucapa 2004 Nigeria EGP 3 0 All projects shown are >$1B Chevron share

Amauligak Rosebank Lochnagar AOSP Expansion 1 AOSP Expansion 2 TCO SGI/SGP Karachaganak III X Blind Faith Hebron Tengiz Expansion X Tahiti X Piceance Chuandongbei Gas Perdido Chuandongbei Gas ACG II-III Big Foot Jack Petropiar Upgrader St.Malo Plataforma Deltana Platong II Tubular Bells Vietnam Gas Net Production - MBOEPD Gendalo - Gehem 1200 X Frade X North Duri MCP Papa Terra Base

800 2009 X Agbami X Nigeria EGP 3 Nigeria GTL X Moho Bilondo 2008 Usan X Tombua Landana X NWS Train 5 400 Greater Gorgon Bonga SW Aparo Angola LNG Wheatstone Nsiko Lucapa 2004 Olokola 0 All projects shown are >$1B Chevron share

Amauligak Rosebank Lochnagar X AOSP Expansion 1 AOSP Expansion 2 TCO SGI/SGP Karachaganak III Blind Faith Hebron Tengiz Expansion Tahiti Piceance X Chuandongbei Gas X Perdido X Chuandongbei Gas ACG II-III Big Foot Jack Petropiar Upgrader St.Malo Plataforma Deltana X Platong II Tubular Bells Vietnam Gas Net Production - MBOEPD 1200 Gendalo - Gehem 2011 Frade North Duri MCP X Papa Terra Base 2010

800 Agbami Nigeria EGP 3 X Nigeria GTL Moho Bilondo X Usan Tombua Landana NWS Train 5 400 Greater Gorgon Bonga SW Aparo Angola LNG Wheatstone Nsiko Lucapa 2004 Olokola 0 All projects shown are >$1B Chevron share

Blind Faith – Gulf of Mexico 9 Drill and complete 3 wells in initial development plan 9 Set topsides on hull and complete integration 9 Tow to location 1Q 2008 Drill and complete 4th well 2Q 2008 First oil 2Q 2008

Tahiti – Gulf of Mexico 9 Drill all 6 wells in initial development plan 9 Topsides modules ready to install 9 Tow spar hull to field 1Q 2008 Subsea installation Phase 1 complete 2Q 2008 Set topsides on hull 3Q 2008 Subsea installation Phase 2 complete 1Q 2009 First oil 3Q 2009

Agbami – Nigeria 9 FPSO arrived in Nigeria at year-end 2007

FPSO and subsea hookup in progress

Complete 5 producers and 1 injector by first production date

First oil by 3Q 2008

Tengiz Sour Gas Injection/ 2nd Generation Plant – Kazakhstan

9 Staged oil startup and sour gas injection

Construction and commissioning of oil, gas and sulfur plants 3Q 2008

Full production facilities startup 3Q 2008

Wyoming Tengiz China Carter Creek Sour Production Chuandongbei Sour Gas Plant Facilities Project Excellent safety, One of a kind with New opportunity reliability and excellent to apply our sour environmental performance production record capabilities and technologies

2007-2011 Growth NWS Train 5 Chuandongbei Gas Project Bibiyana North Duri Steamflood Platong II

Net Production MBOEPD 2012+ Growth 800 base growth Gorgon 600 Wheatstone

400 Vietnam Gas Development Gendalo – Gehem 200

0 '05 '06 '07 '08 '09 '10 '11

2007-2011 Growth Tengiz SGI/SGP Azeri-Chirag-Guneshli Phase III PNZ – Large Scale Steamflood Pilot

Net Production MBOEPD 2012+ Growth

600 base growth Tengiz Expansion Karachaganak III Expansion 400

200

0 '05 '06 '07 '08 '09 '10 '11

2007-2011 Growth Agbami Tombua Landana Moho Bilondo Usan Nigeria GTL Nigeria EGP 3 Net Production MBOEPD

800 base growth 2012+ Growth

600 Angola LNG Bonga SW/Aparo 400 Bonga SW/Aparo Olokola LNG 200 Negage 0 Lucapa '05 '06 '07 '08 '09 '10 '11 Lucapa

2007-2011 Growth Frade Papa-Terra

2012+ Growth Net Production MBOEPD Plataforma Deltana 300 base growth Starfish Petropiar Expansion 200

100

0 '05 '06 '07 '08 '09 '10 '11

2007-2011 Growth Blind Faith Tahiti Piceance San Ardo Perdido AOSP Expansion 1 Net Production MBOEPD

1000 base growth 2012+ Growth 800 Big Foot Tubular Bells 600 Tonga AOSP Expansion 2 400 Jack Hebron 200 St. Malo Amauligak

0 '05'06'07'08'09'10'11

100% Peak Net Production MBOED Chevron WI Startup Project Production Current Operator % Project 3.5 @ $70/bbl MBOEPD Project Phase 2007 Tengiz SGI/SGP √ 50 250 Prod 3.0 Bibiyana √ 98 85 Prod San Ardo √ 100 15 Prod 2008 2.5 2008 Agbami √ 68 250 Const Blind Faith √ 75 70 Const NWS Train 5 17 95 Const 2.0 N Duri Steamflood √ 100 70 Const Moho Bilondo 32 90 Const 1.5 Callanish-Brodgar 16-25 45 Const ACG III 10 340 Const 2009 1.0 2009 Tombua Landana √ 31 100 Const Tahiti √ 58 135 Const Frade √ 52 90 Const 0.5 Piceance √ 100 70 Const Nigeria EGP 3 √ 40 140 Const 0.0 2010 Perdido 33-60 130 Const 2007 2010 Nigeria GTL √ 75 35 Const AOSP Expansion I 20 100 Const

Production CAGR >3% 2005-2010

Reserves Replacement 2008-2010 Ratio >100%

TCO SGP Full Capacity 2008 Blind Faith Startup 2008 Agbami Startup 2008 NWS Train 5 Startup 2008 Tahiti Startup 2009 Frade Startup 2009 Tombua-Landana Startup 2009

C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup

Bibiyana Gas Development Bangladesh Chevron 98.0 0.3 85 Production 2007

NWS Train 5 Australia Other 16.7 2.1 95 Construction 2008

North Duri Steamflood Indonesia Chevron 100 1.3 70 Construction 2008 Development (all phases)

Platong II Thailand Chevron 69.8* 3.1 65 Construction 2011

Chuandongbei Gas Area China Chevron 49.0 TBD 80 Design TBD

Greater Gorgon Offshore 440 Australia Chevron 50.0 TBD Design TBD Development & LNG Capacity

Wheatstone Australia Chevron 100 TBD TBD Evaluation TBD

Gendalo - Gehem Indonesia Chevron 80.0 TBD TBD Design TBD

Vietnam Gas Development Vietnam Chevron 42.9* 4.3 85 Evaluation 2012

*Represents a weighted average of Chevron’s interest across multiple blocks C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level © 2008 Chevron Corporation 43 Upstream Major Capital Projects Caspian and Middle East Regions

C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Tengiz Sour Gas Injection/ Kazakhstan Chevron 50.0 7.2 250 Production 2007 Second Generation Plant Azeri-Chirag-Guneshli (ACG) Refer to Azerbaijan Other 10.3 340 Construction 2008 Development III Operator

Large-Scale Steamflood Pilot PNZ Chevron 50.0 0.2 10 Construction 2007

Tengiz Expansion Kazakhstan Chevron 50.0 TBD TBD Design TBD

Refer to Karachaganak Expansion III Kazakhstan Other 20.0 235 Evaluation 2012+ Operator

C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level © 2008 Chevron Corporation 44 Upstream Major Capital Projects West Africa Region – Angola/Congo

C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup

Benguela Belize Lobito Tomboco (BBLT) Deepwater Angola Chevron 31.0 2.5 200 Production 2006 Development

Tombua Landana Deepwater Angola Chevron 31.0 3.8 100 Construction 2009 Development

Moho Bilondo Deepwater Refer to Congo Other 31.5 90 Construction 2008 Development Operator

Chevron Angola LNG Angola 36.4 TBD 110 Construction 2012 (co-operator)

Negage Angola Chevron 31.0 TBD TBD Evaluation TBD

Lucapa Angola Chevron 31.0 TBD TBD Evaluation TBD

C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level © 2008 Chevron Corporation 45 Upstream Major Capital Projects West Africa Region – Nigeria

C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Agbami Deepwater Nigeria Chevron 68.2 5.4 250 Construction 2008 Development Usan Deepwater Refer to Nigeria Other 30.0 180 Construction 2011 Development Operator

Nigeria GTL Nigeria Chevron 75.0 2.9 35 Construction 2010

Nigeria EGP3 Nigeria Chevron 40.0 2.8 140 Construction 2009

Bonga SW/Aparo Deepwater Refer to Nigeria Other 19.7* 150 Design 2012 Development Operator 500 Olokola LNG Plant Nigeria Other 19.5 TBD Design TBD capacity

Olokola Gas Supply Nigeria Chevron 40.0 TBD 360 Design TBD

*Equity is pending execution of the pre-unit agreement. C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level © 2008 Chevron Corporation 46 Upstream Major Capital Projects Latin America Region

C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup

Frade Deepwater Brazil Chevron 51.7 2.8 90 Construction 2009 Development

Papa-Terra BC-20 Deepwater Brazil Other 37.5 TBD 80 Evaluation 2011 Development

Plataforma Deltana Venezuela Chevron 60.0 TBD TBD Evaluation TBD

Petropiar Expansion Venezuela Other 30.0 TBD TBD Evaluation TBD

Trinidad Starfish and Other 50.0 TBD TBD Evaluation TBD Tobago

C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level © 2008 Chevron Corporation 47 Upstream Major Capital Projects North America Region

C&E Peak Prod Current Project Location Operator WI % $Billion MBOED Phase Startup Mid Piceance Chevron 100 7.3 70 Construction 2009 Continent San Ardo Steamflood SJV Chevron 100 0.3 15 Production 2007 Tahiti Deepwater GOM Chevron 58.0 4.7 135 Construction 2009 Blind Faith Deepwater GOM Chevron 75 1.4 70 Construction 2008 33.3 – Perdido Region Deepwater GOM Other 4.5 130 Construction 2010 60.0 Athabasca Oil Sands Project Canada Other 20.0 10.2 100 Construction 2010 (AOSP) Expansion 1 Jack GOM Chevron 50.0 TBD TBD Evaluation TBD St. Malo GOM Chevron 41.3 TBD TBD Evaluation TBD Big Foot GOM Chevron 60.0 TBD TBD Evaluation TBD Tonga GOM Chevron 20.5 TBD TBD Evaulation TBD AOSP Expansion 2 Canada Other 20.0 TBD TBD Evaluation TBD Tubular Bells GOM Other 30.0 TBD TBD Evaluation TBD Hebron Canada Chevron 28.0 TBD TBD Evaluation TBD Amauligak Canada Other 32.5 TBD TBD Evaluation TBD C&E is estimated 100% gross project C&E Peak production is estimated 100% gross production when project is at its maximum level © 2008 Chevron Corporation 48