Chevron Issues 2006 Corporate Responsibility Report

* Better-than-targeted greenhouse gas emissions results
* Renewable energy added to corporate strategies
* 24 percent rise in community engagement investment

Chevron Corporation posted better-than-targeted results for greenhouse gas (GHG) emissions, added development of renewable energy technologies to its corporate strategies and invested more than $90 million in communities around the world, according to the company’s 2006 Corporate Responsibility Report, issued today.

“Chevron continued to advance its corporate responsibility objectives and deliver strong results during 2006, while at the same time working to meet the world’s growing energy needs safely, reliably and responsibly,” said Dave O’Reilly, chairman and CEO of Chevron. “Through its commitment to corporate responsibility, Chevron creates social and economic value in the communities and countries where we operate.”

The report provides details on the company’s environmental and social performance, highlights of which include:

Climate Change and Energy Efficiency
Chevron’s GHG emissions from its global operations totaled 61.9 million metric tons in 2006, nine percent below the target of 68.5 million metric tons set for the year. This was due in part to Chevron’s continued progress in increasing the energy efficiency of its worldwide operations. Chevron operations are now 27 percent more energy efficient than in 1992, delivering savings in energy costs and GHG emissions.

For the third consecutive year, the Carbon Disclosure Project, representing 225 leading institutional investors, ranked Chevron as one of the top five international oil and gas companies in its Climate Leadership Index for taking “best in class” actions to address climate change.

Renewable and Alternative Energy
Chevron is a leading producer of renewable energy in the oil and gas industry and one of the largest producers of geothermal energy in the world. Investing in renewable energy technologies is a new component of Chevron’s strategic plan. In 2006, the company created a biofuels business unit and invested in a biodiesel facility in Galveston, Texas. Chevron also announced several strategic research alliances with U.S. government and academic institutions to develop second-generation biofuels as part of plans to invest $2.5 billion in renewable and alternative energy and energy efficiency services between 2007 and 2009.

Community Engagement
Last year, Chevron invested a record $90.8 million in communities around the world, a 24 percent increase over 2005. Approximately 68 percent of the company’s community engagement programs focused on building human and institutional capacity in ways that stimulate economic growth and help communities prosper. Programs were targeted to meet basic human needs, provide education and career training, and support local businesses.

In June 2006, Chevron launched Energy for Learning, an $18 million program to help support public school education in U.S. Gulf Coast communities affected by hurricanes Katrina and Rita. Chevron continued to support community rebuilding efforts in Indonesia by providing training in Riau province, and the company has plans to create a polytechnic school in Aceh province. As part of a new community engagement model in Nigeria’s Niger Delta, Chevron is working with eight communities, representing more than 600,000 people, to help them design and manage community development programs.

Health and Safety
Last year Chevron recorded a 25 percent decrease in the number of safety incidents that require days away from work, the fifth straight year of improvement. A new cardiovascular health program was launched for employees, and training on Chevron’s global HIV/AIDs policy was released to all locations in 2006.

Human Rights
Chevron adopted a Human Rights Statement in 2006, to reaffirm the company’s long-standing commitment to support human rights. A training program for employees was also launched in 2006.

Stakeholder Engagement
An integrated Environmental, Social and Health Impact Assessment (ESHIA) process was released to systematically identify, analyze and develop measures to enhance project benefits and mitigate environmental, social and health impacts of major capital projects.

The full 2006 Corporate Responsibility Report is available at www.chevron.com/cr_report/2006/.