Chevron Issues Interim Update for Q1

Relative to fourth quarter earnings, the company expects results in the first quarter to benefit from a gain on the sale of the company's interest in manufacturing assets in the Netherlands, partially offset by the effects of lower refinery utilization attributable to downtime on the U.S. West Coast and lower prices for crude oil and natural gas liquids on Upstream.

The interim update contains certain industry and company operating data for the first quarter. The production volumes, realizations, margins, and other identified items in the report are based on a portion of the quarter and are not necessarily indicative of Chevron's quarterly results to be reported on April 27, 2007. The reader should not place undue reliance on this data.

Unless noted otherwise, all commentary is based on two months of the first quarter 2007 versus full fourth quarter 2006 results.