press release

Chevron to Sell Fuels Marketing Business in Brazil to a Subsidiary of Ultrapar Participações

SAN RAMON, Calif., Aug. 14, 2008 - Chevron Corporation (NYSE: CVX) today announced that two of its subsidiaries have entered into an agreement with a subsidiary of Ultrapar Participações S.A. (Ultrapar) to sell Chevron's fuels marketing business in Brazil for approximately $730 million plus a working capital adjustment. The final amount will vary based on exchange rate fluctuations and the actual working capital sold.

Under the terms of the agreement, Ultrapar will acquire a network of approximately 2,000 service stations operating under the Texaco brand, an equity interest in associated terminal operations, and Chevron's commercial and industrial fuels business. Other terms of the agreement were not disclosed.

"The proposed sale of our retail fuels marketing operations in Brazil is consistent with our ongoing effort to concentrate downstream resources and capital on strategic global assets," said Mike Wirth, executive vice president, Global Downstream, Chevron. "By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth."

"Brazil remains an excellent country in which to do business. We plan to continue growing our presence there by focusing on our lubricants and upstream operations," said Shariq Yosufzai, president, Global Marketing, Chevron.

Texaco is the fourth-ranked fuel brand in Brazil by sales volumes. Under the Texaco brand, Chevron sells an average of 120,000 barrels per day of fuel in Brazil.

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business across the globe. The company's success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercializes the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about 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 in Brazil. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" 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. 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: August 2008