press release

Chevron Forms Research Alliance With Penn State University to Develop Next Generation of Coal Conversion Technologies

Chevron to provide up to $17.5 million over next five years to fund broad-based research

SAN RAMON, Calif., October 3, 2007 - Chevron Energy Technology Company, a Chevron Corporation (NYSE: CVX) subsidiary, today announced that it has formed a research alliance with the Penn State Institutes of Energy and the Environment to research coal conversion technologies.

The joint research initiative will focus on coal chemistry and conversion technology, advanced fuels, combustion, analysis methods, reactor science, separations, process technology, and CO2/greenhouse gas management and conversion. The alliance also will integrate research with educational and career opportunities for students and graduates specializing in coal conversion and energy technologies. Under the alliance, Chevron will provide up to $17.5 million over the next five years to the university.

"Chevron values technological excellence and R&D capability and is impressed with the quality of coal research done at Penn State over the last century," said Don Paul, vice president and chief technology officer, Chevron Corporation. "Chevron also has a rich history in coal through our Chevron Mining Company and its predecessor, P&M Coal. We will draw on the deep expertise of both institutions to push the front edge of technology and innovation into the 21st century. We look forward to a highly productive research relationship that will contribute to the technical innovations of clean coal and coal-to-liquid technology."

"Penn State has a long history of teaching, research and service in energy technologies, resources and policy in Pennsylvania and across the world," said Graham Spanier, president, Penn State University. "The Penn State Institutes of Energy and the Environment bring together many strong energy sciences and technology assets in our colleges and institutes. This alliance will join the best efforts of higher education and the private sector in trying to resolve critical energy issues."

Chevron is one of the world's leading integrated energy companies. The company has about 56,000 employees, and Chevron's subsidiaries conduct business in more than 180 countries. Chevron operates across the entire energy spectrum - exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; generating power; designing and marketing large-scale energy efficiency solutions and commercializing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.

Updated: October 2007