Chevron Announces 12.1 Percent Increase in Quarterly Dividend

The Board of Directors of Chevron Corporation declared a quarterly dividend of $0.65 cents per share, payable June 10, 2008, to stockholders of record as May 19, 2008. The amount represents a 12.1 percent increase in the company's quarterly dividend and marks the 21st consecutive year Chevron has increased its annual dividend payment.

Artumas Group Inc. releases a Q2 update of E&P Operations in the Rovuma Basin in Tanzania and Mozambique.

2-D seismic acquisition at Mnazi Bay Concession in Tanzania is underway, targeting completion of data acquisition in mid-June and processing and interpretation by September. Selected contractor Geokinetics Inc. will subsequently undertake a 103 km 3-D seismic data acquisition over the Mnazi Bay and Msimbati gas fields.

The seismic data will support a Tanzania development and exploration drilling program targeted to commence in 4Q:2008, subject to availability of drilling rigs and material progress in securing large-scale commercialization projects. Two high potential vertical well locations have been identified for development drilling over the Mnazi Bay field.

Artumas and joint venture partners have refocused the initial seismic acquisition program to 560 km of 2-D data on the Rovuma Onshore Block in Mozambique. All required personnel and contractors are in-country. Seismic line-clearing has begun, with seismic recording scheduled for the June-November timeframe and data processing & interpretation to be completed in 1Q:2009. Artumas' partner, Anadarko Petroleum, reports that the 3300 sq. km. 3-D seismic acquisition program over the Area 1 Offshore Block should be complete mid-May, with data processing and interpretation beginning in 3Q:2008. Initial exploration drilling continues to be targeted for 2Q/3Q:2009.