press release

Chevron and USAID Pledge New Support for Better Outcomes in Angola

Agreement Latest in Company's Multimillion Dollar Initiatives in Angola

SAN RAMON, Calif., August 10, 2009 - Chevron Corporation (NYSE:CVX), the United States Agency for International Development (USAID) and the Cooperative League of the United States of America (CLUSA) today announced the basis for a new partnership aimed at supporting Angola's continued focus on developing a diversified and sustainable economy.

The Memorandum of Understanding, witnessed by U.S. Secretary of State Hillary Clinton in Luanda, Angola, focuses on supporting financial, educational, technical and training services to help improve the commercial viability of small to medium scale farmers and agricultural enterprises in Angola.

"This event underscores the innovative ways that the US government, American corporate partners, and NGOs are working together to diversify Angola's economy so that the Angolan people can better benefit from the country's natural wealth," said the US Ambassador to Angola, Dan Mozena.

"We are delighted to support productive partnerships that benefit the people of Angola," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production. "Today's agreement continues to build on our collective strengths and capabilities and emphasizes Chevron's commitment to helping deliver better social, environmental and economic outcomes in the places where we operate."

This Memorandum of Understanding will give continuity to the $56 million Angola Partnership Initiative established in 2002 between Chevron and other development partners including USAID to support education, food security, capacity building of government institutions, and small business development in Angola. The agreement also follows a 5-year, $5.6 million Agriculture Development and Finance Program (Pro-Agro) initiated in 2006, which has increased the yield, quality and market share of local products such as bananas and coffee.

Chevron's support for other existing development programs within Angola includes:

  • NovoBanco, a micro-finance institution established by Chevron and USAID that provides credit to small entrepreneurs and low-income households. Launched in 2004, the bank has extended over $40 million in loans, and reached over 30,000 entrepreneurs.
  • A $5 million anti-malaria partnership with the Ministry of Health in Angola as part of Chevron's

$30 million commitment with the Global Fund to Fight AIDS, Tuberculosis and Malaria.

Chevron is among the largest producers of energy in Angola with Angolans accounting for more than 85 percent of the company's local workforce. Among the company's major capital projects in Angola is the $3.8 billion Tombua-Landana Project which is projected to come online in the third quarter of 2009 and achieve peak production of about 100,000 barrels of crude oil per day by 2011 and the Sonangol-Chevron led Angola Liquefied Natural Gas facility which is expected to achieve first gas in 2012.

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 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 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 Angola. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates," "budgets" 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. Among the factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; timely completion of the development of the projects; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political 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: August 2009