1. Merrill Lynch
Global Energy Large Cap Conference
John Watson
Executive Vice President, Strategy and Development
New York City – December 2, 2008
Strategic Continuity
© 2008 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 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, marketing and chemicals 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, 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 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,” “unrisked resource,” “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.
© 2008 Chevron Corporation 2

3. Key Accomplishments
2008 Year-To-Date
Safety improvement
Base business
improvement
Major capital
projects
Portfolio
rationalization
© 2008 Chevron Corporation 3

4. Strong Financial Performance
First 9 Months 2008
$
19.0
Earnings Billion
27.4 %
ROCE
(Rolling 12 months)
%
7.4
Debt ratio
Dividend %
12.1
increase in 2Q08
© 2008 Chevron Corporation 4

5. Delivering Results
2008 Total Stockholder Return Through Nov 21st
© 2008 Chevron Corporation 5

6. Rewarding Our Shareholders
© 2008 Chevron Corporation 6

7. Strategic Continuity
Upstream
Grow and build new
legacy positions
Downstream
Improve returns
Renewable
Energy
Capture profitable
positions
1993 2008
540 MBD
65 MBD
© 2008 Chevron Corporation 7

8. Tactical Flexibility
• Added focus on base
business and reliability
• Aggressive cost
control – leveraging
market conditions
• Further application
of technology
© 2008 Chevron Corporation 8

9. Resilience to Changing Markets
© 2008 Chevron Corporation 9

10. Present Challenges / Future Opportunities
1980s 2008
© 2008 Chevron Corporation 10

11. Chevron’s Strategic Advantages
Technology
Exploration Focused
Downstream
Leader
Leader
Large Advantaged
Access
Resource
Base
Top
Project
Queue
© 2008 Chevron Corporation 11

12. Downstream
Sharpening the Focus
© 2008 Chevron Corporation 12

13. Advantaged Geographic Focus
North America
Asia-Pacific
% of Energy
50 Demand Growth
% of Chevron
75 Refining Capacity
Major Refineries
© 2008 Chevron Corporation 13

14. Portfolio High-Grading
Asset Sales
Scandinavia
Netherlands
North America
Benelux
Nigeria Ecuador
Asia-Pacific
Uganda
Brazil
Peru
Kenya
Western
Paraguay
Africa
Uruguay
Credit Card Manufacturing Retail Fuels
© 2008 Chevron Corporation 14

15. Improving Refinery Reliability
• Superior capabilities
– Hiring experts
– Reliability specialists
– Reliability University
© 2008 Chevron Corporation 15

16. Improving Refinery Reliability
• World-Class
processes
– Regular asset
reliability briefs
– Focus on risk
elimination
© 2008 Chevron Corporation 16

17. Improving Refinery Reliability
• Advanced equipment
– Risk detection
– Remote monitoring
– Design for reliability
© 2008 Chevron Corporation 17

18. Increasing Integration Value
PNZ Heavy El Segundo
© 2008 Chevron Corporation 18

19. Increasing Integration Value
Hawaii
Asia High-Mercury
Singapore
Thailand
South Korea
© 2008 Chevron Corporation 19

20. Increasing Integration Value
Caspian Blend Pembroke
© 2008 Chevron Corporation 20

21. Improving Marketing Returns
© 2008 Chevron Corporation 21

22. Investing For Higher Margins
By Increase Increase
crude high-value
2010
flexibility product
yields
to reduce
crude
cost
by $0.50/bbl
© 2008 Chevron Corporation 22

23. Upstream and Gas
The Growth Leader
© 2008 Chevron Corporation 23

24. Upstream Project Performance
Nigeria
Agbami
Current production
exceeds 100,000
barrels per day
© 2008 Chevron Corporation 24

25. Upstream Project Performance
Kazakhstan
Tengiz
Expansion
Full facilities start-up
© 2008 Chevron Corporation 25

26. Upstream Project Performance
Gulf of Mexico
Blind Faith
First production
© 2008 Chevron Corporation 26

27. Upstream Project Performance
Brazil
Frade
On track for
2009 first oil
© 2008 Chevron Corporation 27

28. Upstream Project Performance
Gulf of Mexico
Tahiti
Commissioning
in progress for
2009 first oil
© 2008 Chevron Corporation 28

29. Upstream Project Performance
Angola
Tombua
Landana
Start-up expected
in 2009
© 2008 Chevron Corporation 29

30. Best Upstream Earnings Per Barrel
© 2008 Chevron Corporation 30

31. Best Exploration Performance
© 2008 Chevron Corporation 31

32. Growing a Leading Resource* Portfolio
© 2008 Chevron Corporation 32

33. Low Costs
© 2008 Chevron Corporation 33

34. Technology Leader
Thermal Recovery
• World’s largest • Well positioned for
thermal operations: the future:
– San Joaquin Valley – PNZ expansion
– Duri Field – Ells River
– Petropiar
expansion
© 2008 Chevron Corporation 34

35. Technology Leader
Sour Oil & Gas
Wyoming Kazakhstan China
Carter Creek Tengiz sour Chuandongbei
sour gas plant production sour gas
© 2008 Chevron Corporation 35

36. Base Business Performance
Continuing Focus
© 2008 Chevron Corporation 36

37. 2004-2007
Positioned for Growth
TCO SGI/SGP
ACG II-III
Petropiar
Upgrader
Projects >$1B Chevron Share
© 2008 Chevron Corporation 37

38. 2008-2011
Growth Leadership
AOSP Expansion 1 TCO SGI/SGP
Piceance ACG II-III
Chuandongbei
Petropiar
Platong II
Upgrader
Blind Faith
Tahiti
Perdido North Duri
Frade
Papa Terra
Agbami Moho Bilondo
Nigeria EGP 3 Tombua Landana
Nigeria GTL
Usan NWS Train 5
Projects >$1B Chevron Share
© 2008 Chevron Corporation 38

39. 2012+ Growth
North America Asia-Pacific
• Big Foot • Gorgon
• Tonga • Wheatstone
• Jack / St. Malo • Gendalo-Gehem
• Tubular Bells
• Hebron
Eurasia Africa
• Tengiz Expansion • Angola LNG
• Bonga SW / Aparo
• Karachaganak
Phase III Expansion • Negage
• Lucapa
© 2008 Chevron Corporation 39

40. Chevron’s Strategic Advantages
Technology
Exploration Focused
Downstream
Leader
Leader
Large Advantaged
Access
Resource
Base
Top
Project
Queue
© 2008 Chevron Corporation 40

41. Merrill Lynch
Global Energy Large Cap Conference
John Watson
Executive Vice President, Strategy and Development
New York City – December 2, 2008
Strategic Continuity
© 2008 Chevron Corporation

42. Appendix
© 2008 Chevron Corporation 42

43. Appendix 1
Reconciliation of Chevron’s Non-GAAP Earnings
TOTAL UPSTREAM
9 mos 2008 2007 2006 2005 2004 2003
Adjusted Earnings * $ 18,608 $ 15,166 $ 13,142 $ 11,724 $ 8,622 $ 6,369
Special Items:
Asset Impairments &
Revaluations (400) (350) -- -- -- (133)
Asset Dispositions 350 -- -- -- 1,217 109
Tax Adjustments -- -- -- -- -- 118
Environmental Remediation
Provisions -- -- -- -- -- --
Restructurings & Reorganizations -- -- -- -- -- (60)
Litigation Provisions -- -- -- -- (55) --
Total Special Items (50) (350) -- -- 1,162 34
Cumulative Effect of Changes in
Accounting Principles -- -- -- -- -- (205)
Reported Earnings $ 18,558 $ 14,816 $ 13,142 $ 11,724 $ 9,784 $ 6,198
Net Production Volume (MBOED) 2,526 2,619 2,667 2,517 2,509 2,637
Reported Earnings per BOE $ 26.81 $ 15.50 $ 13.50 $ 12.76 $ 10.65 $ 6.44
* Adjusted Earnings are also known as Operational Earnings.
Earnings of competitors are adjusted on a consistent basis as Chevron to exclude certain special item effects based on publicly available information.
© 2008 Chevron Corporation 43

44. Appendix 2
Calculation of Chevron’s Upstream Cost per BOE
2007 2006 2005 2004 2003
Production Cost $ 8.81 $ 7.09 $ 6.71 $ 5.74 $ 5.24
Other Operating Expenses/(Income) $ 2.15 $ 1.23 $ 0.66 ($ 0.33) $ 1.11
Exploration Expenses $ 1.38 $ 1.47 $ 0.84 $ 0.80 $ 0.62
DD&A $ 7.10 $ 6.32 $ 5.12 $ 4.04 $ 3.94
Total Upstream Operating Costs
per BOE $ 19.44 $ 16.11 $ 13.33 $ 10.25 $ 10.91
Notes:
1. The 2003 through 2006 upstream costs per BOE for Chevron (as well as the competitor group) are quoted from A.G. Edwards report
“Upstream Matrix Performance Analysis (1997-2006), Eleventh Edition”.
2. For competitors, the 2007 costs per BOE shown in slide 33 are calculated on a consistent basis, using publicly available information and
adjusting for special items to normalize these costs.
© 2008 Chevron Corporation 44