UBS Global Oil & Gas Conference

Paul SiegeleVice President – Strategic Planning

© 2009 Chevron Corporation

© 2009 Chevron Corporation 2

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 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

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, 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 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, 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 30 and 31 of the company’s 2008 Annual Report on Form 10-K. 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.

Industry will be challenged to meet long term energy demand

We have the right strategies to profitably deliver long term growth

Our exploration success is unmatched

Our project queue is industry-leading

We are well-positioned for growth and performance

© 2009 Chevron Corporation 3

Key Points

Long-Term Global Energy Demand

4Source: DOE EIA 2008 International Energy Outlook

Non-OECDOECD

© 2009 Chevron Corporation

Million Barrels of Oil Equivalent Per Day

203019% increase

85% increase

2030

2005 2005

RenewablesNuclear

Coal

Gas

Liquids

Long-Term Oil Supply Challenge

5

Million Barrels Per Day

Source: 2008 Updated NPC Global Oil and Gas Study© 2009 Chevron Corporation

4 – 7%

Production

Decline

EIA 2008Demand

Range

120 -

0 -

100 -

80 -

60 -

40 -

20 -Existing Capacity

201530 – 45

MMBD

203070 – 100

MMBD

2007 2015 2030

Strategic Continuity

Renewables: Invest in renewable energy

technologies and capture profitable positions

Downstream: Improve returns and selectively

grow with a focus on integrated value creation

Gas: Commercialize our equity gas resource

base while growing a high-impact global business

Upstream: Grow profitably in core areas

and build new legacy positions

6© 2009 Chevron Corporation

Develop

leading

integrated

positions in

growth areas

of the world

© 2009 Chevron Corporation 7

2009 Investment Priorities

Advance growth initiatives

Maximize cost reductions for

projects in evaluation and FEED

Adjust pace of spending on

upstream base business

Sustain downstream reliability

and improve feedstock flexibility

22.8$

Billion

2009 C&E Budget

Advantaged Downstream Pacific Rim Position

North America

Asia-Pacific

80% of Chevron

Refining Capacity65% of Liquids

Demand Growth

8© 2009 Chevron Corporation

Major

Refineries

Source: EIA June 2008 International Energy Outlook and Company Data

Downstream Investments to

Reduce Cost and Increase Efficiency

© 2009 Chevron Corporation

Safe & Reliable Operations

Reduce Incident Costs

Flexibility

Reduce Raw Material Costs

9

Strong Worldwide Upstream Portfolio

© 2009 Chevron Corporation 10

11.2 BBOE

Proved Reserves

2.7 MMBOED

Net Production Capacity

Asia-Pacific

700 MBOED

Africa &

Latin America

600 MBOED

North America

750 MBOED

Europe, Eurasia & Middle East

650 MBOED

Areas of

Operation

Superior Exploration Performance

Resource* Replacement Through Exploration 2002 – 2007Percent Replacement

* Wood Mackenzie resource replacement metric does not reflect the Company’s reported proved reserves. It is the Wood Mackenzie estimate of

commercial plus sub-commercial reserves, as a percentage of production.

106 %

11© 2009 Chevron Corporation Source: Wood Mackenzie Corporate Benchmarking Tool, updated December 2008

120

100

80

60

40

20

0

Industry-Leading Upstream Project Portfolio

Gendalo-Gehem

ACG II-III Tengiz Expansion

Karachaganak III

Tengiz Future Expansion

AOSP Expansion 1

AOSP Expansion 2

Moho-Bilondo

Tombua-Landana

Angola LNG

Lucapa

North Duri

Piceance

NWS Train 5

Greater Gorgon

Wheatstone

Browse

Hebron

Petropiar

Upgrader

Delta Caribe Platong II

Vietnam Gas

ChuandongbeiBlind Faith

Tahiti

Perdido

Big Foot

Jack/St.Malo

Tubular Bells

Agbami

Nigeria GTL

Usan

Bonga SW/Aparo

Nsiko

Olokola

Nigeria EGP3A

Amauligak

All projects shown are

> $1B Chevron share

Rosebank

Lochnagar

Frade

Papa Terra

© 2009 Chevron Corporation 12

Major Capital Project

Net ProductionMBOED

Major Capital Project Production Growth

44

153

453

650

0

250

500

750

2007 2008 2009 2010

© 2009 Chevron Corporation 13

Next Project Wave To Increase

Reserves and Production

Tahiti – Deepwater GOM

• Achieved first oil in May 2009

• Full capacity of ~135 MBOED by end of 2009

• Estimated recoverable resources: 400-500 MMBOE

Frade – Deepwater Brazil

• Startup expected during 2H 2009

• Peak oil production of 90 MBD in 2011

• Estimated recoverable resources: 200-300 MMBO

Tombua-Landana – Deepwater Angola

• Startup expected during 2H 2009

• Peak oil production of 100 MBD in 2011

• Estimated recoverable resources: 350 MMBO

© 2009 Chevron Corporation 14

Future Legacy Development

Australia LNG

Gorgon Expect FID during 2009

3 Train LNG development

Wheatstone Preferred onshore location

selected

Expect FEED during 2009

2 Train LNG development

15© 2009 Chevron Corporation

Onslow

North West

Shelf

Wheatstone

Io/Jansz

LNG Facility

Existing Pipeline

Planned Pipeline

Ashburton North

Barrow Island

Karratha

Gorgon

Future Legacy Development

Lower Tertiary Trend – Gulf of Mexico

Jack/St. Malo Entering FEED

Hub co-development in 7,000'

water depth

Facility production capacity –

120 - 150 MBOED

Final concept design figure pending

16© 2009 Chevron Corporation

St. Malo

Jack9 miles

17

Chevron’s Strategic Advantages

ExplorationLeader

TechnologyLeader

Resource Base

Large

Project Queue

Top

TalentTop

Downstream

Focused

© 2009 Chevron Corporation

© 2009 Chevron Corporation

Delivering Long-Term Results

Five-Year Total Stockholder Return as of March 31, 2009

-0.8%

0

S&P 500

-4.8%

12.5% 12.3%

4.8%

3.2%

18

Discussion

© 2009 Chevron Corporation