1. UBS Global Oil & Gas
Conference
Paul Siegele
Vice President – Strategic Planning
© 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.
© 2009 Chevron Corporation 2

3. Key Points
 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

4. Long-Term Global Energy Demand
Million Barrels of Oil Equivalent Per Day
85% increase
2030
19% increase Renewables
Nuclear
2030
Coal
2005 2005
Gas
Liquids
OECD Non-OECD
© 2009 Chevron Corporation Source: DOE EIA 2008 International Energy Outlook 4

5. Long-Term Oil Supply Challenge
Million Barrels Per Day
120 -
EIA 2008
100 - Demand
2015 2030 Range
80 -
30 – 45 70 – 100
60 - MMBD MMBD
40 -
20 - 4 – 7%
Existing Capacity Production
0- Decline
2007 2015 2030
© 2009 Chevron Corporation Source: 2008 Updated NPC Global Oil and Gas Study 5

6. Strategic Continuity
Upstream: Grow profitably in core areas
Develop and build new legacy positions
leading Gas: Commercialize our equity gas resource
integrated base while growing a high-impact global business
positions in Downstream: Improve returns and selectively
grow with a focus on integrated value creation
growth areas
of the world Renewables: Invest in renewable energy
technologies and capture profitable positions
© 2009 Chevron Corporation 6

7. 2009 Investment Priorities
Advance growth initiatives
$
22.8 Billion
Maximize cost reductions for
projects in evaluation and FEED
2009 C&E Budget
Adjust pace of spending on
upstream base business
Sustain downstream reliability
and improve feedstock flexibility
© 2009 Chevron Corporation 7

8. Advantaged Downstream Pacific Rim Position
North America
Asia-Pacific
Major % of Liquids % of Chevron
Refineries 65 Demand Growth 80 Refining Capacity
© 2009 Chevron Corporation Source: EIA June 2008 International Energy Outlook and Company Data 8

9. Downstream Investments to
Reduce Cost and Increase Efficiency
Safe & Reliable Operations
 Reduce Incident Costs
Flexibility
 Reduce Raw Material Costs
© 2009 Chevron Corporation 9

10. Strong Worldwide Upstream Portfolio
North America Europe, Eurasia & Middle East
750 MBOED 650 MBOED
Asia-Pacific
700 MBOED
Africa &
Latin America
600 MBOED
Areas of 11.2 BBOE 2.7 MMBOED
Operation Proved Reserves Net Production Capacity
© 2009 Chevron Corporation 10

11. Superior Exploration Performance
Resource* Replacement Through Exploration 2002 – 2007
Percent Replacement
120
100
106 %
80
60
40
20
0
* 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.
© 2009 Chevron Corporation Source: Wood Mackenzie Corporate Benchmarking Tool, updated December 2008 11

12. Industry-Leading Upstream Project Portfolio
ACG II-III Tengiz Expansion
AOSP Expansion 1 Karachaganak III
Rosebank
AOSP Expansion 2 Tengiz Future Expansion
Lochnagar
Amauligak
Hebron
Piceance
Blind Faith
Petropiar
Tahiti Chuandongbei
Upgrader
Perdido Delta Caribe Platong II
Big Foot Vietnam Gas
Jack/St.Malo North Duri Gendalo-Gehem
Tubular Bells
Frade Agbami
Papa Terra Nigeria GTL
Usan
Moho-Bilondo
Bonga SW/Aparo NWS Train 5
Tombua-Landana
Nsiko Greater Gorgon
Angola LNG
Olokola Wheatstone
All projects shown are Lucapa
> $1B Chevron share Nigeria EGP3A Browse
© 2009 Chevron Corporation 12

13. Major Capital Project Production Growth
Major Capital Project
Net Production
MBOED
750
650
500 453
250
153
44
0
2007 2008 2009 2010
© 2009 Chevron Corporation 13

14. 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

15. Future Legacy Development
Australia LNG
Gorgon LNG Facility
Existing Pipeline
Planned Pipeline
 Expect FID during 2009
Io/Jansz
 3 Train LNG development Wheatstone
Wheatstone
Gorgon North West
 Preferred onshore location Shelf
selected Barrow Island
 Expect FEED during 2009 Karratha
 2 Train LNG development
Onslow
Ashburton North
© 2009 Chevron Corporation 15

16. Final concept design
Future Legacy Development figure pending
Lower Tertiary Trend – Gulf of Mexico
Jack/St. Malo
 Entering FEED
 Hub co-development in 7,000'
water depth Jack 9 miles
 Facility production capacity –
120 - 150 MBOED
St. Malo
© 2009 Chevron Corporation 16

17. Chevron’s Strategic Advantages
Exploration Technology Focused
Leader Leader Downstream
Large Top
Resource Talent
Base
Top
Project
Queue
© 2009 Chevron Corporation 17

18. Delivering Long-Term Results
Five-Year Total Stockholder Return as of March 31, 2009
12.5% 12.3%
4.8%
3.2%
0
-0.8%
S&P 500
-4.8%
© 2009 Chevron Corporation 18

19. Discussion
© 2009 Chevron Corporation