press release

Chevron Announces Successful Delivery of First Natural Gas from Dolphin Deep Field Offshore Trinidad and Tobago

SAN RAMON, Calif., July 21, 2006 -- Chevron Corporation (NYSE: CVX), on behalf of its affiliate ChevronTexaco Trinidad and Tobago Resources and partner BG Group, today announced the successful delivery of first natural gas from the Dolphin Deep development to the Atlantic LNG (ALNG) Train 3 and Train 4 processing facility in Point Fortin, Trinidad.

Discovered in 1998, the Dolphin Deep Field is located in Block 5a, about 52 miles off the east coast of Trinidad in the East Coast Marine Area (ECMA). Production from the Dolphin Deep Field is expected to average 220 million cubic feet per day (mmcfd).

The Dolphin Deep development consists of two wells with subsea completions tied back to the Dolphin platform. Produced natural gas from the Dolphin platform is transported via a 24-inch, 60-mile pipeline to the onshore Beachfield gas processing facility. From there, the natural gas is delivered to ALNG in Point Fortin on the southwest coast of Trinidad via the 47-mile state-owned onshore Cross Island Pipeline.

"We are very excited about delivering first natural gas from one of our key natural gas projects in the Latin America region," said John Watson, president of Chevron International Exploration and Production. "Getting our first gas flowing through new facilities for Atlantic LNG Train 3 and Train 4 demonstrates our commitment to this project and to building a beneficial partnership with Trinidad and Tobago."

"The successful delivery of first natural gas from the Dolphin Deep development underscores Chevron's commitment to growing the LNG business in Trinidad and Tobago and across Latin America. Chevron is looking forward to enhancing its participation in the region's growing natural gas industry," added Ali Moshiri, president of Chevron Latin America Upstream.

Dolphin and Dolphin Deep have contractual arrangements for the production of at least 475 mmscfd of natural gas, which include 80 mmscfd of natural gas to LNG Train 3 and 120 mmcfd of natural gas to LNG Train 4.

Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Editor's Note:

Chevron has several long-term natural gas exploration and production projects in Trinidad and Tobago that it plans to consolidate into LNG developments to supply international demand. These strategic projects include a 50 percent non-operated interest in the Dolphin, Dolphin Deep and Starfish fields in the offshore East Coast Marine Area. The cross-border resource base of Block 6d in the Dolphin field has particular strategic importance for long-term LNG developments. Chevron has had an agreement with Atlantic LNG since 2003 to sell natural gas from the Dolphin and Dolphin Deep fields to the third and fourth LNG processing trains of this consortium. Chevron's headquarters for Latin America Upstream are located in Caracas, Venezuela, with local offices in Trinidad and Tobago, Colombia, Brazil and Argentina. A high percentage of its personnel are national employees.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about Chevron's plans for Dolphin fields and its significance to the company's global gas business. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for, and prices of, crude oil and natural gas, the results of additional drilling and testing, results of evaluation of development alternatives, local political events, civil unrest, weather and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: July 2006