Chevron Signs Agreement To Sell Benelux Fuels Marketing Business To Delek

SAN RAMON, Calif., May 24, 2007 -- Chevron Corporation today announced the signing of an agreement by its subsidiaries in Belgium, the Netherlands and Luxembourg (Benelux) to sell their fuels marketing business to Dutch company Delek Benelux B.V., a subsidiary of Israeli company Delek Petroleum.

This sale, which is subject to regulatory approval, is expected to be completed during the third quarter 2007. The sale price is USD $460 million (approximately €342 million), exclusive of working capital adjustment estimated to be in the range of USD $30-95 million (approximately €20-70 million).

Under the share sale agreement, Delek will acquire Chevron’s Benelux fuel marketing operations, which include 803 Texaco®-branded service stations, two fuel terminals in Belgium and Luxembourg, interests in six joint venture retailers in the Netherlands, as well as other related assets.

Chevron will retain its lubricants, aviation, fuel and marine marketing, Oronite additives and upstream businesses in Europe.

Chevron Corporation is one of the world’s leading energy companies. With approximately 56,000 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.

This news release contains forward-looking statements about the planned sale of Chevron’s fuels marketing interests in the Netherlands, Belgium and Luxembourg. The statements are based on 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 the length of time required to complete the sale; the results of due diligence activities by the companies; successfully securing the necessary regulatory approvals; 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.

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