speech

2008 Annual Meeting Remarks by David J. O'Reilly

David J. O'Reilly

By David J. O'Reilly, Chairman and CEO
Chevron Corporation

Summary Remarks

San Ramon, California, May 28, 2008

As you've seen, we're delivering on our commitments and moving in the right direction. 2007 was another great year.

Now let me talk about some of the key elements of our success — technology, partnerships and, most important, the people of Chevron.

Slide: Technology - Supporting World-Class Performance

Many people today think of Chevron as an "oil" company. But in many respects we're a "technology" company that produces energy. Technology creates opportunity for us by transforming not only how and where we produce energy, but also how much we produce.

Chevron's proven technology leadership in sour natural gas led to a new opportunity with the China National Petroleum Corporation. They sought our help in developing the Chuandongbei natural gas area in central China.

Sound technology strategies form the basis of superior performance and future business opportunities. And as mentioned, we opened two new Global Technology Centers to expand our research and development capability — one in Scotland and the other in Australia.

We also established alliances with government and academic institutions to pursue technology needed to convert nonfood sources into commercially viable biofuels. We are expanding this effort through our recently announced Catchlight Energy joint venture with Weyerhaeuser.

There's no doubt that our technology leadership helps distinguish us as a partner of choice. But it's only one ingredient. Our company has long been committed to creating social and economic value in countries where we do business. This month we published our sixth Corporate Responsibility Report, which underscores that commitment.

Slide: The Partner of Choice

No matter where we operate, Chevron's employees work to deliver world-class performance. They also work to build strong and lasting relationships with our host countries and local communities. As part of this pledge, we became the first Corporate Champion of the Global Fund to Fight AIDS, Tuberculosis and Malaria, contributing $30 million over three years to combat these diseases.

In 2007, we celebrated the fifth anniversary of the Angola Partnership Initiative, an example of what's possible in a public/private alliance dedicated to launching sustainable economic growth in developing countries.

In support of our Agbami project in Nigeria, we've instituted programs to train and develop Nigerian employees to international standards — from engineers to welders and fitters. By helping build Agbami's future workforce, we're also building human capacity in Nigeria.

Slide: The Partner of Choice (Global Fund)

We also continued to address climate change with the adoption of seven policy principles we feel are critical to develop flexible and economically sound climate change policies.

Slide: The Partner of Choice (7 Principles)

I was asked recently what the term "human energy" means to me. I think of 59,000 people — the men and women of Chevron — who commit their ingenuity and their integrity to produce safe and reliable energy around the globe every day.

Slide: Our People

We place special emphasis on our people because they are at the heart of our success.

The people of Chevron understand how important energy is to economic growth and human progress. And they take seriously the idea that with integrity and ingenuity there's no problem we can't solve and no challenge we can't overcome.

Slide: Energy Ingenuity

Since we met last year, we have had a very successful year.

We have the right strategies to create a strong platform for long-term growth — and to deliver value to our stockholders.

Cautionary Statement

Updated: May 2008