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Chevron2008 4Q Earnings Supplement

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This document provides quarterly financial information for Chevron Corporation for the fourth quarter of 2008. It summarizes net income, revenue, production volumes, and pricing data for Chevron's upstream (exploration and production) and downstream (refining and marketing) business segments in the US and internationally. Key figures shown include a net income of $4.9 billion for the fourth quarter of 2008, with upstream operations generating $3.1 billion in net income and downstream operations earning $1.1 billion. International upstream production averaged 1.34 million barrels of oil equivalent per day for the quarter.

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Upstream Downstream All Diluted Basic Fourth Quarter 2008 U.S. Int'l. U.S. Int'l. Chem. Other Total $/Share $/Share Net Income 1,149 2,003 1,033 1,047 28 (365) 4,895 2.44 2.45 Foreign Exchange Gains/(Losses) 644 (27) (13) (126) 478 Net Income By Quarter Upstream Downstream All Diluted Basic U.S. Int'l. U.S. Int'l. Chem. Other Total $/Share $/Share Fourth Quarter 1,149 2,003 1,033 1,047 28 (365) 4,895 2.44 2.45 Third Quarter 2,187 3,995 1,014 817 70 (190) 7,893 3.85 3.88 Second Quarter 2,191 5,057 (682) (52) 41 (580) 5,975 2.90 2.91 First Quarter 1,599 3,529 4 248 43 (255) 5,168 2.48 2.50 Total 2008 7,126 14,584 1,369 2,060 182 (1,390) 23,931 11.67 11.74 Fourth Quarter 1,378 3,461 (55) 259 69 (237) 4,875 2.32 2.34 Third Quarter 1,135 2,296 (110) 487 103 (193) 3,718 1.75 1.77 Second Quarter 1,223 2,416 781 517 104 339 5,380 2.52 2.52 First Quarter 796 2,111 350 1,273 120 65 4,715 2.18 2.20 Total 2007 4,532 10,284 966 2,536 396 (26) 18,688 8.77 8.83 Total 2006 4,270 8,872 1,938 2,035 539 (516) 17,138 7.80 7.84 Total 2005 4,168 7,556 980 1,786 298 (689) 14,099 6.54 6.58 Earnings Supplement Chevron Corporation Fourth Quarter 2008 Page 1 of 2
2008 2008 4Q 1Q 2Q 3Q 4Q Year 4Q08 - 3Q08 4Q08 - 4Q07 U.S. Upstream Net Production: Liquids MBD 451 437 438 409 399 421 (10) (52) Natural Gas MMCFD 1,675 1,666 1,588 1,431 1,320 1,501 (111) (355) BOE MBOED 730 715 702 647 619 671 (28) (111) Pricing: Avg. WTI Spot Price $/Bbl 90.58 97.84 123.78 118.25 59.14 100.10 (59.11) (31.44) Avg. Midway Sunset Posted Price $/Bbl 79.13 85.50 111.25 105.54 45.07 86.78 (60.47) (34.06) Nat. Gas-Henry Hub. "Bid Week" Avg. $/MCF 6.97 8.02 10.94 10.27 6.96 9.04 (3.31) (0.01) Nat. Gas-CA Border "Bid Week" Avg. $/MCF 6.34 7.61 9.82 9.34 4.97 7.93 (4.37) (1.37) Nat. Gas-Rocky Mountain "Bid Week" Avg. $/MCF 3.33 6.87 8.41 5.85 3.46 6.14 (2.39) 0.13 Average Realizations: Crude $/Bbl 81.57 89.63 113.97 112.22 51.43 92.26 (60.79) (30.14) Liquids $/Bbl 79.04 86.63 108.67 107.22 49.13 88.43 (58.09) (29.91) Natural Gas $/MCF 6.08 7.55 9.84 8.64 5.23 7.90 (3.41) (0.85) Exploration Expense $MM, B/T 214 89 84 128 69 370 (59) (145) International Upstream Net Production: Angola 165 149 138 145 149 145 4 (16) Europe 126 116 121 112 116 116 4 (10) Indonesia 194 178 176 175 198 182 23 4 Kazakhstan/Eurasia 252 262 237 186 262 237 76 10 Neutral Zone 108 104 105 102 102 103 - (6) Nigeria 132 112 121 144 190 142 46 58 South America 113 107 103 100 86 99 (14) (27) Other 207 200 206 203 205 204 2 (2) Liquids MBD 1,297 1,228 1,207 1,167 1,308 1,228 141 11 Mined Bitumen MBD 18 28 24 26 31 27 5 13 Total MBD 1,315 1,256 1,231 1,193 1,339 1,255 146 24 Australia 383 357 364 361 423 376 62 40 Bangladesh 324 412 443 472 329 414 (143) 5 Europe 382 396 393 372 405 391 33 23 Indonesia 249 444 276 284 273 319 (11) 24 Kazakhstan/Eurasia 375 383 338 274 423 355 149 48 Philippines 118 115 134 127 135 128 8 17 South America 428 472 449 501 456 470 (45) 28 Thailand 910 938 939 933 768 894 (165) (142) Other 239 251 285 294 281 277 (13) 42 Natural Gas MMCFD 3,408 3,768 3,621 3,618 3,493 3,624 (125) 85 BOE - incl. Mined Bitumen MBOED 1,883 1,884 1,835 1,796 1,921 1,859 125 38 Pricing: Avg. Brent Spot Price (1) $/Bbl 88.44 96.71 121.71 115.09 55.48 97.25 (59.61) (32.96) Average Realizations: Liquids $/Bbl 80.43 86.13 110.44 102.73 46.79 86.51 (55.94) (33.64) Natural Gas $/MCF 4.32 4.83 5.44 5.37 5.10 5.19 (0.27) 0.78 Exploration Expense $MM, B/T 235 164 223 143 269 799 126 34 Downstream Market Indicators $/Bbl Refining Margins US West Coast - Blended 5-3-1-1 22.49 20.39 27.70 20.04 15.29 20.84 (4.75) (7.20) US Gulf Coast - Maya 5-3-1-1 23.42 26.35 35.89 28.25 18.47 27.22 (9.78) (4.95) Singapore - Dubai 3-1-1-1 7.33 6.64 8.73 6.89 4.55 6.70 (2.34) (2.78) N.W. Europe - Brent 3-1-1-1 1.27 0.41 2.57 5.52 4.48 3.26 (1.04) 3.21 Marketing Margins U.S. West - Weighted DTW to Spot 3.96 2.83 1.18 8.80 9.11 5.45 0.31 5.15 U.S. East - Houston Mogas Rack to Spot 3.58 3.16 2.69 1.99 3.64 2.76 1.65 0.06 Asia-Pacific / Middle East / Africa 2.67 3.32 1.85 4.88 7.02 4.28 2.14 4.35 United Kingdom 3.84 3.88 5.26 6.73 4.34 5.05 (2.39) 0.50 Latin America 7.41 7.06 9.07 5.40 (0.42) 5.26 (5.82) (7.83) Actual Volumes: U.S. Refinery Input MBD 838 894 816 922 930 891 8 92 Refinery Input: Asia-Pacific / Middle East / Africa MBD 775 726 730 714 731 726 17 (44) NW Europe MBD 207 210 179 214 211 203 (3) 4 Other MBD 48 31 43 48 31 38 (17) (17) Int'l Refinery Input MBD 1,030 967 952 976 973 967 (3) (57) U.S. Branded Mogas Sales MBD 620 601 596 601 606 601 5 (14) Chemicals Source: CMAI (2) Cents/lb Ethylene Industry Cash Margin 9.83 10.82 11.21 15.67 15.28 13.26 (0.39) 5.45 HDPE Industry Contract Sales Margin 13.63 14.88 14.69 23.38 22.45 18.87 (0.93) 8.82 Styrene Industry Contract Sales Margin 10.70 11.58 11.32 14.36 16.04 13.33 1.68 5.34 Other Items Foreign exchange effects $MM, A/T (2) (45) 126 303 478 862 175 480 Footnotes: (1) (2) Prices, economics and views expressed by CMAI are strictly the opinion of CMAI and Purvin & Gertz and are based on information collected within the public sector and on assessments by CMAI and Purvin & Gertz staff utilizing reasonable care consistent with normal industry practice. CMAI and Purvin & Gertz make no guarantee or warranty and assume no liability as to their use. 2007 The Avg. Brent Spot Price is based on Platts daily assessments, using Chevron’s internal formula to produce a quarterly average. Previously it was based on daily prices provided by WSJ Market Data Group. Chevron Corporation Earnings Supplement Fourth Quarter 2008 Page 2 of 2

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Chevron2008 4Q Earnings Supplement

  • 1. Upstream Downstream All Diluted Basic Fourth Quarter 2008 U.S. Int'l. U.S. Int'l. Chem. Other Total $/Share $/Share Net Income 1,149 2,003 1,033 1,047 28 (365) 4,895 2.44 2.45 Foreign Exchange Gains/(Losses) 644 (27) (13) (126) 478 Net Income By Quarter Upstream Downstream All Diluted Basic U.S. Int'l. U.S. Int'l. Chem. Other Total $/Share $/Share Fourth Quarter 1,149 2,003 1,033 1,047 28 (365) 4,895 2.44 2.45 Third Quarter 2,187 3,995 1,014 817 70 (190) 7,893 3.85 3.88 Second Quarter 2,191 5,057 (682) (52) 41 (580) 5,975 2.90 2.91 First Quarter 1,599 3,529 4 248 43 (255) 5,168 2.48 2.50 Total 2008 7,126 14,584 1,369 2,060 182 (1,390) 23,931 11.67 11.74 Fourth Quarter 1,378 3,461 (55) 259 69 (237) 4,875 2.32 2.34 Third Quarter 1,135 2,296 (110) 487 103 (193) 3,718 1.75 1.77 Second Quarter 1,223 2,416 781 517 104 339 5,380 2.52 2.52 First Quarter 796 2,111 350 1,273 120 65 4,715 2.18 2.20 Total 2007 4,532 10,284 966 2,536 396 (26) 18,688 8.77 8.83 Total 2006 4,270 8,872 1,938 2,035 539 (516) 17,138 7.80 7.84 Total 2005 4,168 7,556 980 1,786 298 (689) 14,099 6.54 6.58 Earnings Supplement Chevron Corporation Fourth Quarter 2008 Page 1 of 2
  • 2. 2008 2008 4Q 1Q 2Q 3Q 4Q Year 4Q08 - 3Q08 4Q08 - 4Q07 U.S. Upstream Net Production: Liquids MBD 451 437 438 409 399 421 (10) (52) Natural Gas MMCFD 1,675 1,666 1,588 1,431 1,320 1,501 (111) (355) BOE MBOED 730 715 702 647 619 671 (28) (111) Pricing: Avg. WTI Spot Price $/Bbl 90.58 97.84 123.78 118.25 59.14 100.10 (59.11) (31.44) Avg. Midway Sunset Posted Price $/Bbl 79.13 85.50 111.25 105.54 45.07 86.78 (60.47) (34.06) Nat. Gas-Henry Hub. "Bid Week" Avg. $/MCF 6.97 8.02 10.94 10.27 6.96 9.04 (3.31) (0.01) Nat. Gas-CA Border "Bid Week" Avg. $/MCF 6.34 7.61 9.82 9.34 4.97 7.93 (4.37) (1.37) Nat. Gas-Rocky Mountain "Bid Week" Avg. $/MCF 3.33 6.87 8.41 5.85 3.46 6.14 (2.39) 0.13 Average Realizations: Crude $/Bbl 81.57 89.63 113.97 112.22 51.43 92.26 (60.79) (30.14) Liquids $/Bbl 79.04 86.63 108.67 107.22 49.13 88.43 (58.09) (29.91) Natural Gas $/MCF 6.08 7.55 9.84 8.64 5.23 7.90 (3.41) (0.85) Exploration Expense $MM, B/T 214 89 84 128 69 370 (59) (145) International Upstream Net Production: Angola 165 149 138 145 149 145 4 (16) Europe 126 116 121 112 116 116 4 (10) Indonesia 194 178 176 175 198 182 23 4 Kazakhstan/Eurasia 252 262 237 186 262 237 76 10 Neutral Zone 108 104 105 102 102 103 - (6) Nigeria 132 112 121 144 190 142 46 58 South America 113 107 103 100 86 99 (14) (27) Other 207 200 206 203 205 204 2 (2) Liquids MBD 1,297 1,228 1,207 1,167 1,308 1,228 141 11 Mined Bitumen MBD 18 28 24 26 31 27 5 13 Total MBD 1,315 1,256 1,231 1,193 1,339 1,255 146 24 Australia 383 357 364 361 423 376 62 40 Bangladesh 324 412 443 472 329 414 (143) 5 Europe 382 396 393 372 405 391 33 23 Indonesia 249 444 276 284 273 319 (11) 24 Kazakhstan/Eurasia 375 383 338 274 423 355 149 48 Philippines 118 115 134 127 135 128 8 17 South America 428 472 449 501 456 470 (45) 28 Thailand 910 938 939 933 768 894 (165) (142) Other 239 251 285 294 281 277 (13) 42 Natural Gas MMCFD 3,408 3,768 3,621 3,618 3,493 3,624 (125) 85 BOE - incl. Mined Bitumen MBOED 1,883 1,884 1,835 1,796 1,921 1,859 125 38 Pricing: Avg. Brent Spot Price (1) $/Bbl 88.44 96.71 121.71 115.09 55.48 97.25 (59.61) (32.96) Average Realizations: Liquids $/Bbl 80.43 86.13 110.44 102.73 46.79 86.51 (55.94) (33.64) Natural Gas $/MCF 4.32 4.83 5.44 5.37 5.10 5.19 (0.27) 0.78 Exploration Expense $MM, B/T 235 164 223 143 269 799 126 34 Downstream Market Indicators $/Bbl Refining Margins US West Coast - Blended 5-3-1-1 22.49 20.39 27.70 20.04 15.29 20.84 (4.75) (7.20) US Gulf Coast - Maya 5-3-1-1 23.42 26.35 35.89 28.25 18.47 27.22 (9.78) (4.95) Singapore - Dubai 3-1-1-1 7.33 6.64 8.73 6.89 4.55 6.70 (2.34) (2.78) N.W. Europe - Brent 3-1-1-1 1.27 0.41 2.57 5.52 4.48 3.26 (1.04) 3.21 Marketing Margins U.S. West - Weighted DTW to Spot 3.96 2.83 1.18 8.80 9.11 5.45 0.31 5.15 U.S. East - Houston Mogas Rack to Spot 3.58 3.16 2.69 1.99 3.64 2.76 1.65 0.06 Asia-Pacific / Middle East / Africa 2.67 3.32 1.85 4.88 7.02 4.28 2.14 4.35 United Kingdom 3.84 3.88 5.26 6.73 4.34 5.05 (2.39) 0.50 Latin America 7.41 7.06 9.07 5.40 (0.42) 5.26 (5.82) (7.83) Actual Volumes: U.S. Refinery Input MBD 838 894 816 922 930 891 8 92 Refinery Input: Asia-Pacific / Middle East / Africa MBD 775 726 730 714 731 726 17 (44) NW Europe MBD 207 210 179 214 211 203 (3) 4 Other MBD 48 31 43 48 31 38 (17) (17) Int'l Refinery Input MBD 1,030 967 952 976 973 967 (3) (57) U.S. Branded Mogas Sales MBD 620 601 596 601 606 601 5 (14) Chemicals Source: CMAI (2) Cents/lb Ethylene Industry Cash Margin 9.83 10.82 11.21 15.67 15.28 13.26 (0.39) 5.45 HDPE Industry Contract Sales Margin 13.63 14.88 14.69 23.38 22.45 18.87 (0.93) 8.82 Styrene Industry Contract Sales Margin 10.70 11.58 11.32 14.36 16.04 13.33 1.68 5.34 Other Items Foreign exchange effects $MM, A/T (2) (45) 126 303 478 862 175 480 Footnotes: (1) (2) Prices, economics and views expressed by CMAI are strictly the opinion of CMAI and Purvin & Gertz and are based on information collected within the public sector and on assessments by CMAI and Purvin & Gertz staff utilizing reasonable care consistent with normal industry practice. CMAI and Purvin & Gertz make no guarantee or warranty and assume no liability as to their use. 2007 The Avg. Brent Spot Price is based on Platts daily assessments, using Chevron’s internal formula to produce a quarterly average. Previously it was based on daily prices provided by WSJ Market Data Group. Chevron Corporation Earnings Supplement Fourth Quarter 2008 Page 2 of 2