15 Aug 2008

Chevron Announces the Proposed Sale of its UK Equity Distributor Business to GB Oils

LONDON, UNITED KINGDOM – 15 August 2008 - Chevron Limited, an indirect, wholly-owned subsidiary of Chevron Corporation, today announced the signing of an agreement to sell its UK equity distributor business to GB Oils Limited, a subsidiary of DCC plc. The sale is for £21.9 million (€27.52 million) and is expected to be completed in the third quarter 2008.

GB Oils will assume ownership of a number of fuels, lubricants and fuel card businesses. The trading names of these businesses include Bates & Hunt, James D Johnson, Team Flitwick, GE Stevens, Able Energy, Vectis Oils, OJ Williams and Owen Fuels. As part of the proposed sale, a supply agreement will be entered into between GB Oils and Chevron. This agreement will provide supply security for both parties and enable GB Oils to maintain use of the Texaco brand.

“The Texaco brand has a strong presence in the United Kingdom,” said Shariq Yosufzai, Chevron’s President of Global Marketing. “As a sales, marketing, and distribution leader in the marketplace, GB Oils is a good match for our business. We are confident that GB Oils will continue to uphold the high quality and standards that Texaco customers have come to rely on for more than 90 years.”

Rhonda Morris, General Manager, Europe Marketing for Chevron added: “The sale of our UK equity distributor business to GB Oils, and associated supply agreement, reinforces our strategy of focusing on our core strength of providing branding and support to our network of 1,100 independently-owned, Texaco-branded service stations in the UK, as well as our authorised distributors. Chevron continues to look to expand the number of independently-owned retail sites trading under its Texaco brand and we can now claim to have the largest network of independent, branded forecourts in the country.”

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business across the globe. The company's success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron 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 and commercializes the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, California. More information about Chevron is available at www.chevron.com.

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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 sale of Chevron’s equity distributor businesses in the UK. 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. 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.

Contact:  Daniel Schraibman on +44 207 719 4459   danielschraibman@chevron.com