press release

Chevron Completes Refinery Expansion Project to Increase U.S. Gasoline Production

SAN RAMON, Calif., Dec. 18, 2006 -- Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corp. (Chevron), announced today that its refinery in Pascagoula, Miss., has completed the expansion of its Fluid Catalytic Cracking Unit, which will increase the refinery's capacity to manufacture gasoline by roughly 10 percent to about 5.5 million gallons per day. This expansion was completed during a large-scale, planned 75-day project shutdown in the fourth quarter.

"This project is another successful example of our commitment to investing in the reliability and scale of our operations to increase gasoline supplies to U.S. markets," said Mike Wirth, executive vice president of Global Downstream for Chevron. "In the last two years, Chevron has increased its gasoline manufacturing capacity in the United States by 6 percent, or 1 million gallons per day."

The Pascagoula Refinery is Chevron's largest wholly owned petroleum refinery, processing an average of 330,000 barrels of crude oil per day and producing a variety of transportation fuels and other refined products.

"With growing demand worldwide, Chevron's investment plans for 2007 continue to focus on increasing reliable supplies of clean-burning transportation fuels," Wirth added.

Chevron can process more than 2 million barrels per day of crude oil through its share of 19 wholly owned or joint-venture fuel refineries and one asphalt plant. The company markets motor fuels through its more than 25,000 retail outlets worldwide under the Chevron, Texaco or Caltex brands.

Chevron Corporation is one of the world's leading energy companies. With more than 55,000 employees, Chevron conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and 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.

This news release contains forward-looking statements about Chevron's plans at the Pascagoula Refinery in Mississippi. The statements are based on 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 timing of the construction and commencement of the operation of the planned facilities; potential disruption of the construction and operations of the planned facilities due to accidents, political events or severe weather; future supply and demand for refined products; the competitiveness of alternate product substitutes; and local 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: December 2006