Chevron Announces Final Results of Elections for Merger Consideration

Chevron Corporation (NYSE: CVX) announced the final results of elections made by Unocal stockholders for the form of merger consideration to be received in the merger of Unocal and Chevron. The final results of elections are as follows:

          Cash Elections: Unocal stockholders who validly elected to receive
          all cash will receive $29.755634 in cash and 0.58582169 of a share
          of Chevron common stock for each share of Unocal common stock with
          respect to which that election was made;

          Stock Elections: Unocal stockholders who validly elected to receive
          all Chevron common stock will receive 1.03 shares of Chevron common
          stock for each share of Unocal common stock with respect to which
          that election was made;

          Mixed Elections:  Unocal stockholders who validly elected the mixed
          election will receive 0.618 of a share of Chevron common stock and
          $27.60 in cash for each share of Unocal common stock; and

          Non-Elections: Unocal stockholders who did not make a valid election
          will receive 0.618 of a share of Chevron common stock and $27.60 in
          cash for each share of Unocal common stock.

The all-cash election and all-stock election were subject to proration calculations to preserve an overall per share mix of 0.618 of a share of Chevron common stock and $27.60 in cash for all outstanding shares of Unocal common stock taken together. The cash portion of the merger consideration is expected to be paid on Wednesday, August 17, 2005. Under the Agreement and Plan of Merger dated April 4, 2005 among Unocal Corporation, Chevron Corporation and Blue Merger Sub Inc., as amended by Amendment No. 1 to the Agreement and Plan of Merger, fractional shares of Chevron will not be issued. In lieu thereof, stockholders will receive cash.

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