Chevron Reports First Quarter Net Income of $5.17 Billion, Up 10 Percent From First Quarter 2007

Increase in price of crude oil boosts upstream earnings but sharply reduces profits for downstream

SAN RAMON, Calif., May 2, 2008 - Chevron Corporation (NYSE: CVX) today reported net income of $5.17 billion ($2.48 per share – diluted) for the first quarter 2008, compared with $4.72 billion ($2.18 per share – diluted) in the 2007 first quarter. Earnings in the 2007 period included a $700 million gain on downstream asset sales in Europe.

Sales and other operating revenues in the first quarter 2008 were $65 billion, up from $46 billion a year earlier on higher prices for crude oil, natural gas and refined products.

Chevron Corporation,
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