Chevron Announces Record Setting Well Test at Jack

More than a Half Dozen Deepwater World Records Set Additional Appraisal Well to be Drilled

SAN RAMON, Calif., Sep. 5, 2006 -- Chevron Corporation (NYSE: CVX) announced today that it successfully completed a record setting production test on the Jack #2 well at Walker Ridge Block 758 in the U.S. Gulf of Mexico. The Jack well was completed and tested in 7,000 feet of water, and more than 20,000 feet under the sea floor, breaking Chevron’s 2004 Tahiti well test record as the deepest successful well test in the Gulf of Mexico. The Jack #2 well was drilled to a total depth of 28,175 feet.

The test was conducted during the second quarter of 2006 and was designed to evaluate a portion of the total pay interval. During the test, the well sustained a flow rate of more that 6,000 barrels of crude oil per day with the test representing approximately 40 percent of the total net pay measured in the Jack #2 well. Chevron and its co-owners plan to drill an additional appraisal well in 2007.

More than a half a dozen world records for test equipment pressure, depth, and duration in deepwater were set during the Jack well test. For example, the perforating guns were fired at world record depths and pressures. Additionally, the test tree and other drill stem test tools set world records, helping Chevron and co-owners conduct the deepest extended drill stem test in deepwater Gulf of Mexico history.

“Chevron continues to demonstrate its leading position employing deepwater exploration technology to develop new supplies of U.S. crude oil and natural gas with projects such as Jack,” said George Kirkland, executive vice president Upstream and Gas. “Our strong strategic position in the deepwater Gulf of Mexico will continue to be a platform for future growth for years to come.”

Gary Luquette, president North America Exploration and Production, added, “The results of the Jack test allow Chevron and its co-owners to better understand the deliverability of the emerging Lower Tertiary Trend, a trend where Chevron is the largest leaseholder.”

Chevron continued to emphasize safety as a priority during the Jack well test. The team achieved no days away from work incidents, and no spills.

Chevron announced discovery of the Jack prospect in September 2004. It is approximately 270 miles southwest of New Orleans and 175 miles offshore. Chevron is the operator with a 50 percent working interest. Devon (NYSE: DVN) and Statoil (OSE: STL) each own a 25 percent working interest.

Chevron is the largest lease holder in the deepwater Gulf of Mexico, and is currently developing the $3.5 billion Tahiti project located in Green Canyon Block 640. The project is scheduled to commence production in 2008.
Chevron Corporation is one of the world’s leading energy companies.

With more than 53,000 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 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 the U.S. Gulf of Mexico. 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. Among the factors that could cause actual results to differ materially are changes in demand for, and prices of, crude oil and natural gas, the results of drilling and testing, local political events, civil unrest, weather and general economic 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.

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