Corporate Overview

John Watson Chairman and Chief Executive Officer

Chevron’s Priorities

Maintain execution momentum Advance upstream long-term growth Improve downstream profitability Deliver stockholder value

© 2011 Chevron Corporation 2 Chevron’s Safety Journey

Disciplined Standard Execution Processes Management Tenets of System Chevron Operation Each The Safety Policy Drive Chevron employee and and industry contractor is Chevron Way Leadership accountable for accountability, best practices Developed across the results and structured risk empowered to Policy to common enterprise language to assessment deliver Ethical protect people and mitigation and the guide daily commitment to operations safety and environment protecting the environment

© 2011 Chevron Corporation 3

Strong Safety Culture

Total Days Away From Work Rate 2004 – 2010 0.20 Do it safely

or not at all. 0.15

There is always 0.10 time to do it right.

0.05

0.00 2004 2005 2006 2007 2008 2009 2010

© 2011 Chevron Corporation 4

2010 Financial Performance

$ Earnings 19.0 Billion ROCE 17.4% % Dividend Increase 5.9 2Q 2010 $ C&E Spending 21.8 Billion Year-End Debt Ratio 9.8%

© 2011 Chevron Corporation 5

Downstream Restructuring On Track

Improved  New organizational financial performance structure in place  Portfolio actions underway  Cost reductions identified

© 2011 Chevron Corporation 6

Upstream Delivered On 5-Year Production Guidance

Net Production Thousand Barrels of Oil-Equivalent Per Day

Price and Growth Fiscal Terms % 3.1per year (170)

416 2,517 2,763

2005 Actual 2010 Actual @ $57/bbl @ $79/bbl

© 2011 Chevron Corporation 7

Earnings Growth Outpaces Peers

Indexed First Call EPS Basis: 2005 = 100

200

1

150 1 2 2 100 3 50

0 2005 2006 2007 2008 2009 2010

1 CVX Ranking Relative to Competitors Competitor Range 1 being the highest indexed First Call EPS BP, COP, RDS, XOM

© 2011 Chevron Corporation Source: Thomson Reuters First Call Research. 8 Top-Tier Long-Term Results

5-Year Total Stockholder Return as of 12/31/2010 (Annualized) 13.6%

7.7% 6.7% 6.4%

S&P 500 2.3% 0

(3.2)%

© 2011 Chevron Corporation 9

Consistent Strategies

Gas and Downstream Renewables Upstream Midstream and Chemicals Technology and Efficiency Grow profitably Commercialize Improve returns Differentiate Invest in profitable in core areas gas resource and grow performance renewable energy and build new base while earnings across through and energy legacy positions growing high the value chain technology efficiency impact business solutions

© 2011 Chevron Corporation 10 Increasing Global Energy Demand

Million Barrels of Oil Equivalent Per Day

250 57% increase 2030 200 15% increase Renewables Nuclear 2030 150 2010 2010 Coal

100 Gas 50 Liquids 0 OECD Non-OECD

© 2011 Chevron Corporation Source: DOE EIA International Energy Outlook, May 2010. 11 Our Gas Resources Are Aligned With Asian Growth

Natural Gas Demand Chevron Natural Gas 2005 – 2035 Resources >150 TCF Percentage increase vs. 2005 levels Europe, Eurasia 200% & Middle East Asia 9% 150% Asia 17% Africa 100% Pacific 51% Worldwide 50% 23% Americas 0% 2005 2010 2015 2020 2025 2030 2035

© 2011 Chevron Corporation Source: DOE EIA International Energy Outlook, May 2010. 12

Key Messages

 Do it safely… or not at all  Strong track record  Compelling future growth  Deliver top-tier total stockholder returns

© 2011 Chevron Corporation 13