Chevron Sells Minority Interest in Colonial Pipeline

SAN RAMON, Calif., – Chevron Corp. (NYSE: CVX) today announced that a wholly-owned subsidiary, Chevron Pipe Line Co., has sold its 23.44 percent ownership interest in the Colonial Pipeline Co. to an affiliate of Kohlberg Kravis Roberts & Co. L.P. The sale closed on October 8, 2010.

Chevron said in March 2010 that it was pursuing marketing and possible sale of its interest in Colonial consistent with the company’s ongoing efforts to align its portfolio of assets with its strategies.

Atlanta-based Colonial owns and operates a 5,500 mile (8,850 km) petroleum products pipeline system in the United States that transports products from supply centers on the Gulf Coast to customers located along the Eastern Seaboard. On average, Colonial delivers 100 million gallons (380 million liters) of gasoline, kerosene, diesel fuel, home heating oil and aviation fuels per day. Other shareholders include Koch (28.09 percent), ConocoPhillips (16.55 percent), Shell (16.12 percent) and IFM (15.80 percent).

Chevron 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 its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company 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. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.