1. Corporate Overview
Dave O’Reilly
Chairman & CEO
March 11, 2008
© 2008 Chevron Corporation

2. Effective
Right Profitable
Execution
Strategies Growth
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© 2008 Chevron Corporation

3. 2007 Highlights
Safety improvement Injury Rate
continued
Base business
improvement
Major capital projects
Refinery upgrades
completed
Portfolio rationalization
2002 2007
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© 2008 Chevron Corporation

4. Strong 2007 Financial Performance
Record Earnings $18.7 Billion
ROCE 23.1%
Capital & Exploratory Spending $20 Billion
Year-end Debt Ratio 8.6%
Quarterly Dividend Increase 11.5% in 2Q 2007
Shares Repurchased $7 Billion
Total Shareholder Return 30.5%
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© 2008 Chevron Corporation

5. Delivering Superior Shareholder Returns
January 1 – December 31, 2007
35
Chevron TSRs
30.5%
30 (end of 2007)
25.4%
24.3%
25 23.4%
1 yr 30.5%
20
5 yr 27.0%
13.2%
15
10 yr 12.7%
10
15 yr 15.6%
5.4%
5
20 yr 16.1%
0
CVX COP XOM RDS BP S&P
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© 2008 Chevron Corporation

6. Today’s Operating Environment
Geopolitical
Dynamics
A New
Constrained Growth in
Energy
Supply Energy Demand
Equation
Challenged
New Resources
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© 2008 Chevron Corporation

7. National Petroleum Council Findings:
The Hard Truths — Demand
Global energy demand will
increase by 50-60%
through 2030.
Coal, oil, and natural gas
will remain indispensable
to meeting total projected
energy demand.
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© 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 — Supply
The 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.
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© 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
2005 2030
37% 54%
Asia-Pacific
20% 12%
U.S.
22% 13%
Europe
21% Rest of World 21%
$56 Trillion $165 Trillion
Source: Global Insight
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© 2008 Chevron Corporation

10. Oil & Gas Demand Up 90% in Asia-Pacific
Share of OEG Demand
2005 2030
23% 29%
Asia-Pacific
23% 18%
U.S.
18% 14%
Europe
36% Rest of World 39%
133 million 199 million
BOED BOED
Source: IEA World Energy Outlook 2007
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© 2008 Chevron Corporation

11. Well-Positioned to Address
New Energy Equation
Strong Asia-Pacific Position
Growth in
Energy Demand Industry-Leading
Project Queue
Constrained Exploration Success
Supply
Refinery Flexibility and
Focused Growth
Challenged
Technology Leadership
New Resources
Portfolio Diversity
Geopolitical Organization Structure
Dynamics
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© 2008 Chevron Corporation

12. The Right Strategies for Chevron
Develop leading Upstream: Grow profitably
in core areas and build new
integrated positions
legacy positions
in growth areas of
Gas: Commercialize our equity
the world
resource base while growing a
high-impact global business
Downstream: Improve returns
and selectively grow with a focus
on integrated value creation
Renewable Energy: Invest in
renewable energy technologies
and capture profitable positions
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© 2008 Chevron Corporation

13. Focus and Execution Are Key
Safety and
Reliability
Capital
Stewardship
Cost
Management
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© 2008 Chevron Corporation