1. Corporate OverviewDave OReillyChairman & CEO March 11, 2008 2008 Chevron Corporation

2. EffectiveRight ProfitableExecutionStrategiesGrowth 2 2008 Chevron Corporation 3. 2007 HighlightsSafety improvement Injury Rate continued Base business improvement Major capital projects Refinery upgrades completed Portfolio rationalization2002 2007 3 2008 Chevron Corporation 4. Strong 2007 Financial Performance Record Earnings$18.7 Billion ROCE 23.1% Capital & Exploratory Spending $20 Billion Year-end Debt Ratio8.6% Quarterly Dividend Increase11.5% in 2Q 2007 Shares Repurchased $7 Billion Total Shareholder Return 30.5%4 2008 Chevron Corporation 5. Delivering Superior Shareholder ReturnsJanuary 1 December 31, 200735Chevron TSRs 30.5% 30 (end of 2007)25.4%24.3% 25 23.4% 1 yr30.5% 20 5 yr27.0%13.2% 15 10 yr 12.7% 10 15 yr 15.6%5.4% 5 20 yr 16.1% 0 CVXCOP XOM RDSBP S&P5 2008 Chevron Corporation 6. Todays Operating EnvironmentGeopoliticalDynamics A NewConstrainedGrowth inEnergySupplyEnergy Demand Equation ChallengedNew Resources6 2008 Chevron Corporation 7. National Petroleum Council Findings: The Hard Truths DemandGlobal energy demand will increase by 50-60% through 2030.Coal, oil, and natural gas will remain indispensable to meeting total projected energy demand.7 2008 Chevron Corporation 2007 National Petroleum Council Report: Facing the Hard Truths About Energy A Comprehensive View to 2030 of Global Oil and Natural Gas 8. National Petroleum Council Findings The Hard Truths SupplyThe world is not running out of energy resources.However, there are accumulating risks to continuing expansion of conventional oil and natural gas production.Expansion of all economic energy sources will be required, including coal, nuclear, biomass, other renewables, and unconventional oil and natural gas. 8 2008 Chevron Corporation 2007 National Petroleum Council Report: Facing the Hard Truths About Energy A Comprehensive View to 2030 of Global Oil and Natural Gas 9. World Economic Growth Shifting to Asia Share of World GDP 20052030 37%54% Asia-Pacific 20%12%U.S. 22%13% Europe 21% Rest of World21%$56 Trillion$165 Trillion Source: Global Insight 9 2008 Chevron Corporation 10. Oil & Gas Demand Up 90% in Asia-PacificShare of OEG Demand 20052030 23%29% Asia-Pacific 23%18%U.S. 18%14% Europe 36% Rest of World39%133 million 199 millionBOEDBOEDSource: IEA World Energy Outlook 2007 10 2008 Chevron Corporation 11. Well-Positioned to Address New Energy EquationStrong Asia-Pacific PositionGrowth inEnergy DemandIndustry-Leading Project QueueConstrainedExploration SuccessSupply Refinery Flexibility and Focused GrowthChallenged Technology LeadershipNew Resources Portfolio DiversityGeopolitical Organization StructureDynamics11 2008 Chevron Corporation 12. The Right Strategies for Chevron Develop leading Upstream: Grow profitablyin core areas and build newintegrated positionslegacy positionsin growth areas ofGas: Commercialize our equitythe worldresource base while growing ahigh-impact global business Downstream: Improve returnsand selectively grow with a focuson integrated value creation Renewable Energy: Invest inrenewable energy technologiesand capture profitable positions 12 2008 Chevron Corporation 13. Focus and Execution Are KeySafety andReliabilityCapitalStewardshipCostManagement13 2008 Chevron Corporation