© Chevron 2007

Deep Water Gulf of Mexico

Credit Suisse Investor Group, St. Regis Hotel, HoustonNovember 20th, 2008

Brian SmithGeneral Manager, Major Capital ProjectsJames CearleyGeneral Manager, Exploration

Deep Water Exploration & ProjectsChevron North America Exploration and Production

2© Chevron 2008

Cautionary Statement

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF

“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This presentation 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,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets”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, some of which are beyond our 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 presentation. 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 crude oil and natural gas prices; refining margins and marketing margins; chemicals prices and margins; actions of competitors; timing of exploration expenses; 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 net 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 OPEC (Organization of Petroleum Exporting Countries); the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or disposition of assets; gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, 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 32 and 33 of the company’s 2007 Annual Report on Form 10-K/A. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements.

U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as “resources,” “undeveloped gas resources,” “oil in place,” “recoverable reserves,” and “recoverable resources,” among others, may be used in this presentation to describe certain oil and gas properties that are not permitted to be used in filings with the SEC. In addition, SEC regulations define oil-sands reserves as mining-related and not a part of conventional oil and gas reserves.

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Why Deep Water?

Future oil demand is likely to remain strong

Deep water is where the remaining big reserves are located

Deep water drilling will account for 25% of Global Deepwater offshore oil production by 2015, compared to just 9% now

Innovative technologies will allow economic developments

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Chevron Manages a World-Class Portfolio of Projects

Australia

Chevron’s Major Deepwater Operations

Philippines U.S.A.

Canada

Faroes

Nigeria

Angola

Brazil

and Deepwater Operations

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Chevron Manages a World-Class Portfolio of Projects

Australia

Chevron’s Major Deepwater

Philippines U.S.A.

Canada

Faroes

Nigeria

Angola

Brazil

and Deepwater Operations

Projects shown are >$1Billion C&E net Chevron share except for BBLT

North Duri

• Tombua Landana

• BBLT• Angola LNG

• Gorgon• Wheatstone

• Gehem• Gendalo

• TCO SGI/SGP• Karachaganak II & III

• ACG I-III

Plataforma Deltana

AOSP Expansion

• Tahiti• Perdido• Jack• St. Malo• Blind Faith

• Agbami • Nigeria EGTL

• Usan• Nsiko• Bonga SW/ Aparo

• Olokola LNG

• Chad

Piceance Basin

Amauligak

• Frade• Papa-Terra BC-20

Chevron’s Major Capital Projects

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Wate

r D

ep

th (

f)

'50-'

54

'55-'

59

'60-'

64

'65-'

69

'70-'

74

'75-'

79

'80-'

84

'85-'

89

'90-'

94

'95-‘

99

’00-’

05

0

1500

3000

4500

6000

7500

9000

10,500

11,300

Industry Production from Deep Water is Moving Deeper at an Increasing Pace

1,0

63’

1,4

72’1,6

80’

EmpireState

BuildingEiffelTower

CompliantTower

Exploration

Production

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Drilling in depths that only yesterday seemed impossible…

“Tahiti”Gulf of Mexico

Under 4,000’ of water and five miles below the seabed

Technology is Pushing the Envelope on Water Depths

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Storms and hurricanes

Loop and eddy currents cause vortex induced vibrations and motions to drill strings

Unpredictable high pressure gas charged stringers and faults near surface

Mobile/flow-able/dissolvable 10,000’ thick salt canopy with unpredictable layers of highly variable trapped sediments

Unpredictable base of salt –rapid pressure differentials

“Thief zones” of significantly lower pressure which cause lost circulation – fluid loss

Ultra-deep reservoir with high temperatures, high pressures and low natural flow-ability

Sea Level

8,000’

40,000’

16,000’

24,000’

32,000’

Allochthonous Sigsbee Salt Canopy

Cretaceous

Upper Tertiary Sediments

Autochthonous Salt

Basement

Suprasalt Sediment

Gulf of Mexico

Empire State Building ~500 Meters

Lower Tertiary

Deep Water Gulf of MexicoTechnical Challenges in Drilling

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Deep Water Gulf of MexicoGOM Deepwater Well Complexity

Gulf of Mexico DeepwaterCasing Program:

36” – 7 3/4”

Conventional Deepwater Casing Program:

30” – 7”

A Bird’s Eye View

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0

100

200

300

400

500

600

700

800

900

1000

MM

BO

E

Chevron continues to have a strong position in Deep Water discovered fields

Top 50 Gulf of Mexico Deep Water FieldsField size distribution from Wood Mackenzie database

Tah

iti

Gre

at

White

Jack

Knott

y H

ead

Mad

Dog

St.

Mal

o

Tubula

r Bel

ls

Big

Foot

Petr

oniu

s

Pum

a

K2

Gen

esis

Gotc

ha

Blin

d F

aith

Tonga

Triden

t

Chevron Interest

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PerdidoSt. Malo

Tahiti

Blind Faith

Jack

Knotty Head

Big Foot

Puma

Tubular Bells

Tonga

Exploration AppraisalAppraisal Major Capital ProjectsMajor Capital Projects

HoustonNew Orleans

Chevron’s Deepwater Gulf of Mexico Portfolio

Tahiti Development

Jack Discovery

Blind Faith Development

Perdido Fold Belt Development

2007 -2010

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Major Capital Projects – Gulf of MexicoTahiti Field Development

Field Development with Spar and Drill Centers

CVX operated (58%)

Total capital: $4.7 Billion

2 subsea drill centers producing to a truss Spar

Water Depth: 4000’

125 MBOPD/70 MMCFD peak production

400-500 MMBOE potentially recoverable

Current Activity: Hull and Topsides installed. HUC underway

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Major Capital Projects – Gulf of MexicoTahiti Spar Transported to Texas

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Major Capital Projects – Gulf of MexicoTahiti Spar Transported Offshore and Uprighted

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Major Capital Projects – Gulf of MexicoTopsides Installation Completed August 8th, 2008

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Major Capital Projects – Gulf of MexicoBlind Faith Project

Tahiti

Perdido Fold Belt

New Orleans

Blind Faith

Hull fabrication, Finland

Topsides construction, Louisiana

CVX operated (75%)

Subsea wells producing to a Semi-submersible facility

Water Depth: 7,000’

60 MBOPD/60 MMCFD peak production

First Oil: 2008

100 MMBOE potentially recoverable

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Topsides Lift at Kiewit

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Blind Faith – Ready to Leave Kiewit

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Blind Faith – Under Tow, on Location, control room and first oil

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Perdido RegionalDevelopment

AC 856Total/Nexen ,,,,

TridentGreat White

’

Tobago

Silvertip

Whale

Great WhiteChevron = 33.3%

Shell(Op), BP

TobagoChevron = 57.5%Shell(Op), Nexen

SilvertipChevron = 60%

Shell(Op)

Whale (Explor)Chevron = 100%

TridentChevron (Op) = 70%Statoil, ENI, Devon

Perdido RegionalHost &Export Pipeline

• Chevron has interest in multiple discoveries and in the Regional Development Host

• 8,000’- 9,500’ water depth

• 215 miles to shore

• 65 miles to nearest infrastructure

• Development drilling and facilities fabrication underway

Tahiti

Perdido Fold Belt

New Orleans

Blind Faith

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Perdido Fields Layout

Southwest Cluster

Regional Direct Vertical Access Host

Frio Pilot

Tobago

Silvertip

Key Features : • Well Count

•26 Producers•5 Injectors

• Name Plate Capacity•100,000 BOPD•200 MMCFPD•40,000 BWPD•80,000 BWPD Water Injection

Subsea Separator/Boosting System (SBS)

Water injectors

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Perdido Hull Offshore

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Miocene & Lower Tertiary Discoveries in the Deepwater Gulf of Mexico

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Drilled to a total depth of 28,175 feet

Completed and tested in 7,000 feet of water, and more than 20,000 feet under the sea floor

During the test, sustained a flow rate of more than 6,000 barrels of crude oil per day

Testing represented approximately 40 percent of the total net pay measured in the well

Emerging Lower Tertiary TrendJack #2 Well Test Results

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Deep Water GOM Wells are among theMost Technically Challenging in the World

Deepest successful well test in the U.S. Gulf of Mexico with Jack 2 (28,175’), a well situated in 7,000 feet (2,135 meters) of water and extending more than 20,000 feet (6,100 meters) beneath the seafloor

New drilling depth record (34,189’) for the U.S. Gulf of Mexico at Knotty Head

World record for successfully drilling a well in the deepest water depth (10,011’) in the Perdido Fold Belt

Examples where we push the envelope…

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Success Requires Expertise inCritical Technologies

US

Mexico

1300

’ (40

0 m

)

1300

’ (40

0 m

) 10000’ (3000 m)10000’ (3000 m)

7,500’ (2300 m)7,500’ (2300 m)

6,000’ (1800 m)6,000’ (1800 m)

Regional GeologySeismic ImagingDrilling

Extensive Salt CanopyStructural ComplexityFew Wells

TechnologyChallenge

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Regional Velocity Model Development Scale Velocity Model

The latest seismic acquisition technologies, analysis of the sediment velocity field and detailed salt modeling are key to delivering high quality images in the Deepwater.

Development Scale Subsalt ImagingDetailed velocity modeling results in significantly improved images

Data Courtesy of WesternGeco

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Deep Water Drilling & CompletionsMeeting Future Technology Challenges

Drilling and completions technology

Integrated technology solution

Seismic imaging

Reservoir modeling

Rock mechanics

Drilling operations

Real-time monitoring

Live video camera and feed from rig

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Deep Water Technology BreakthroughNew Deep Water Drillship

Most advanced drillingcapabilities

Dynamically positioned,with double-hull

Two drilling systemsin a single derrick

Stronger and more efficienttop drive so wells can bedrilled deeper

Other unique features willtarget drilling wells up to40,000 feet of total depth

Variable deckload of over 20,000 metric tons; capableof drilling in water depths of up to 12,000 feet

Transocean’s Discoverer Clear Leader

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Deep Water Facilities/InfrastructureMeeting Future Technology Challenges

Compliant Tower Future Floating Production System Model

~500 M

eter

s

Reliability of Facilities/Systems

Flow Assurance of Product

Long Distance Tiebacks

Well Intervention Cost Reduction

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Deepwater is a complex, risky, and costly environment. Many technical challenges remain to be solved.

The industry is focused on finding solutions and providing the needed creativity and collaboration.

Capable People

World Class Safety Performance

Innovative Technology

Strong Partnerships

Summary

32© Chevron 2008