press release

Chevron Awarded FERC Approval for Casotte Landing Project

SAN RAMON, Calif., Feb. 15, 2007 -- Chevron Corporation (NYSE: CVX) today announced that it has received approval from the Federal Energy Regulatory Commission (FERC) to build the proposed Casotte Landing regasification facility in Jackson County, Miss., adjacent to the Chevron Pascagoula Refinery.

"This approval marks another milestone in Chevron's strategy to deliver clean-burning natural gas to markets where demand is increasing. An integral component of that strategy is securing attractive regasification capacity targeting key North American regions," Bruce Johnson, vice president Regasification Ventures, Chevron Global Gas said, "Casotte Landing provides another link in Chevron's gas network and will serve us well as supply projects come online over the next decade."

The proposed Casotte Landing project would process liquefied natural gas (LNG) for distribution to industrial, commercial and residential customers in Mississippi, Florida and the Northeast. The facility would have a nominal processing capacity of 1.3 billion cubic feet per day (Bcf/d) of natural gas, enough natural gas to provide energy to 1.6 million homes daily.

"Casotte Landing would integrate with the refinery in a way that is mutually beneficial to both operations," said Roland Kell, Pascagoula Refinery general manager. "There are many inherent synergies with locating a refinery and a natural gas import terminal together, including marine operations and closed-loop regasification. Chevron continues to develop and operate facilities with the highest safety standards."

Chevron also has contracted for 1 Bcf/d of regasification capacity at Cheniere's Sabine Pass LNG receiving terminal located in southwestern Louisiana. Construction at the facility is approximately 55 percent complete and the terminal is expected to be in operation in the second quarter of 2008, with Chevron's commitment beginning mid-2009. Together, Sabine Pass capacity and the Casotte Landing facility can be integrated into Chevron's extensive U.S. Gulf Coast pipeline, storage and terminal infrastructure.

Chevron Corporation is one of the world's leading energy companies. With more than 55,000 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 on Chevron is available at www.chevron.com.

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 activities related to commercializing its natural gas resource base. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates," "budgets" 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 supply of crude oil and natural gas; results of additional testing; selection and successful execution of development plans; actions of competitors; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest or severe weather; and general economic and political 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: February 2007