press release

Yes on 87 Statement "False and Irresponsible"

SAN RAMON, Calif., Oct. 27, 2006 -- Chevron Corporation (NYSE: CVX) refuted a statement released by the Yes on 87 campaign on Friday claiming that the company said in an analyst call that Proposition 87 will have no impact on Chevron's oil production in California.

Chevron was asked about the potential financial impact on the company should Proposition 87 pass. The company responded with a financial estimate of the impact assuming current prices and production levels. There was no reference to any impact on future production volumes.

Chevron states, "The assertion by the Yes on 87 campaign is false and irresponsible."

Media and other interested parties are invited to listen to the webcast of today's analyst call at the following link:

Chevron Corporation is one of the world's leading energy companies. With more than 55,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at

Published: October 2006