press release

Chevron Statement in Response to California AB32 Market Advisory Committee Report

SAN RAMON, Calif., June 1, 2007 -- Chevron (NYSE: CVX) issued the following statement in response to the California AB32 Market Advisory Committee Report issued earlier today:

"We are studying the specific proposals in the MAC report, but we fully support the intent to create market-based solutions to carbon reduction in California," said Chevron vice chairman Peter Robertson. "We are working to meet the objectives of AB32 in the most equitable, technically feasible and cost-effective manner possible. Chevron looks forward to working with the Governor and his administration to create an effective, market-based approach that will reduce carbon emissions while safeguarding the growth of California's economy."

Updated: June 2007