Chevron Reports Second Quarter Net Income of $6 Billion, Up 11 Percent From $5.4 Billion in Second Quarter 2007

Sharp increase in price of crude oil boosts income for upstream operations but erases profit for downstream

SAN RAMON, Calif., August 1, 2008 - Chevron Corporation (NYSE: CVX) today reported net income of $6.0 billion ($2.90 per share - diluted) for the second quarter 2008, compared with $5.4 billion ($2.52 per share - diluted) in the year-ago period. Earnings in the 2007 quarter included a net gain of approximately $500 million on the sale of an investment and redemption of debt.

For the first half of 2008, net income was $11.1 billion ($5.38 per share - diluted), up 10 percent from $10.1 billion ($4.70 per share - diluted) in the first six months of 2007.

Sales and other operating revenues in the second quarter 2008 were $81 billion, compared with $54 billion in the year-ago quarter. First-half 2008 sales and other operating revenues were $146 billion, versus $101 billion in the corresponding 2007 period.

Chevron Corporation