press release

Chevron Completes Major Energy Efficiency Project for State of Colorado; Taxpayer Savings of $20 Million Expected

Facility improvements to reduce energy costs by 25 percent and eliminate 8,000 metric tons of carbon dioxide emissions

DENVER, Aug. 21, 2007 -- Chevron Energy Solutions, a unit of Chevron Corporation (NYSE: CVX), today announced the completion of a comprehensive project for the state of Colorado that significantly improves the energy efficiency of key government facilities across the state.

The extensive upgrades to 20 state buildings are expected to reduce energy costs at the facilities by 25 to 30 percent, saving state taxpayers $924,000 annually and more than $20 million over the next two decades. The upgrades also will reduce the facilities' demand for energy from local utilities, leading to an expected reduction of about 8,000 metric tons in utility carbon dioxide emissions - equivalent to removing 1,500 cars from the road.

The $13.6 million project, coordinated through the state's Department of Personnel and Administration, began in 2003 and is funded entirely by the energy savings generated by the efficiency improvements.

Under the project, Chevron Energy Solutions completed extensive upgrades to 16 buildings in Denver, three in Lakewood and one in Grand Junction. The improvements included upgrading lighting systems; replacing boilers, chillers and piping (some dating to the 1920s); and installing new energy-management systems. Along with the annual energy savings, the state's building operations are benefiting from improved interior lighting quality and comfort, reduced maintenance needs, and removal of abandoned equipment and asbestos in some locations. In addition, a small portion of the energy savings is funding the installation of a 10-kilowatt photovoltaic solar system at the governor's residence.

"These upgrades demonstrate that it's possible to achieve major cost savings through high-efficiency equipment, while incorporating sustainable building materials and efficient design improvements," said Lance Shepherd, project manager, Office of the State Architect, and project champion. "Through our partnership with Chevron Energy Solutions, Colorado's state buildings are now among the most energy-efficient in the nation."

"Like many other states, Colorado is being challenged by growing energy demand, rising energy costs, budget constraints and other economic pressures," said Jim Davis, president, Chevron Energy Solutions. "Through this initiative, the state of Colorado is demonstrating that conservation and efficiency are the most economic sources of 'new' energy, and they reduce greenhouse gas emissions. We commend the state of Colorado for taking this positive action on behalf of its citizens."

As a result of the improvements, three of the buildings have been certified by the United States Green Building Council through its Leadership in Energy and Environmental Design - Existing Building (LEED - EB) program for adopting a rigorous set of sustainability standards that will significantly reduce the facilities' impact on the environment. The buildings - the State Services Building, Human Services Building and Judicial Heritage Complex, all located in the Colorado Capitol Complex in Denver - are the only government facilities in Colorado to have achieved this distinction.

Based on well-founded scientific standards, LEED emphasizes state-of-the-art strategies for sustainable site development, water consumption, energy efficiency, material selection and indoor environmental quality.

About Chevron Energy Solutions

Chevron Energy Solutions provides public institutions and businesses with environmentally sound projects that increase energy efficiency, reduce energy costs and ensure reliable, high-quality power for critical operations. The company employs proven technologies to meet customers' specific needs, including infrastructure technologies, energy controls, solar power, fuel cells and other systems. Its parent, Chevron Corporation, is one of the world's leading integrated energy companies. Chevron is investing across the energy spectrum to develop energy sources for future generations by expanding the capabilities of today's alternative and renewable energy technologies. Between 2002 and 2006, Chevron spent approximately $2 billion developing alternative and renewable energy technologies and on delivering energy efficiency services; the company expects to spend more than $2.5 billion in these areas between 2007 and 2009. For more information, please visit www.chevronenergy.com and www.chevron.com.

Updated: August 2007