A Message from our CEO

In 2005, the people of Chevron were tested by multiple hurricanes and the challenge of a major acquisition, yet we delivered world-class performance across our business. That performance reflected an enduring commitment to our employees, customers, stockholders, partners and the communities in which we operate.

I am particularly proud of the men and women of Chevron who showed tremendous courage and commitment in their response to last year's natural disasters when many of them, like so many others, lost everything.

At the core of our corporate responsibility performance are the company's ongoing business investments to develop affordable, reliable energy supplies in a safe, environmentally responsible way. Highlights of our business performance are included in our 2005 Annual Report, titled Human Energy. We leverage those investments in a manner intended to create social and economic value in the communities and countries where we do business. Our progress in doing that – and areas for improvement – are highlighted in this report.

We made progress in a number of areas. Among our accomplishments were our safest year ever; a relaunch of The Chevron Way, our statement of values that drive all our actions and business decisions; deployment of a global HIV/AIDS policy; the development of a Human Rights Statement; and meeting our goal for greenhouse gas emissions. We're particularly pleased to note that Lloyd's Register Quality Assurance determined that our management system for operational excellence in health, safety and the environment met or exceeded the ISO 14001 and OHSAS 18001 international standards.

Going forward, we will continue to focus on areas of improvement, with safe operations being foremost among them. We deeply regret that six people died in 2005 working on behalf of Chevron. We will not rest until we achieve our goal of zero injuries across the company. We also recognize and share the concerns of governments and the public about climate change, and we will continue to implement the climate change strategy we developed four years ago. Human and institutional capacity building will remain at the center of our community engagement programs, which contribute to economic growth. Other areas of focus include global implementation of our HIV/AIDS policy and the deployment of our new Human Rights Statement.

The past year was one of great change in the energy industry. Growing demand, difficult-to-access resources and complex operating environments make delivering reliable, affordable energy one of the biggest challenges we face as an industry and as a global community. As part of a continuing dialogue on this dynamic energy future, we launched a unique corporate advertising campaign. It includes an interactive forum at www.willyoujoinus.com to encourage a global conversation about the critical issues that will shape the future of energy, such as the development of new energy sources and energy conservation. Since its launch in September 2005, several hundred thousand people from 170 countries have visited the site.

We believe dialogue of this kind is the first step on the path toward real solutions. But, ultimately, the creation of a secure energy future will require responsible, informed leadership from everyone in the energy value chain – producing countries, consuming countries, energy companies, policy makers and communities. This leadership must be rooted in action. We stand ready to work with our stakeholders to build that future.

The success of our business rests on the confidence and trust put into our company by employees, stockholders, business partners and communities. The corporate responsibility efforts detailed in this report are focused on contributing to and enhancing that trust. We hope you'll find it informative and useful.

Sincerely,

Dave O'Reilly