SAN RAMON, Calif., Sep 22, 2008 (BUSINESS WIRE) -- Chevron Corporation (NYSE:CVX) today announced that its subsidiary
Chevron Africa Holdings Limited has agreed to sell its affiliates in
Benin, Cameroon, Republic of the Congo, CA'te d'Ivoire
and Togo to Corlay Global S.A., a Panamanian company owned by an
African-based consortium composed of MRS Holdings Limited and Petroci
Holdings. All of the affiliates are wholly owned with the exception of
Chevron Togo S.A., in which Chevron has a 65 percent interest. Chevron's
upstream operations in the region are not affected by the sales.

The transactions are expected to close following receipt of required
local regulatory and government approvals. No additional details of the
transactions were disclosed. Chevron Corporation announced the sale of
its fuels marketing business in Nigeria on Sept. 19, 2008.

"This sale is in line with our ongoing effort
to concentrate downstream resources and capital on strategic global
assets," said Mike Wirth, executive vice
president, Global Downstream, Chevron. "We are
increasing efficiency and improving returns by shrinking our marketing
footprint to better align with our refining operations."

"We are very pleased to be selling these
businesses to Corlay Global S.A.," said Shariq
Yosufzai, president, Global Marketing, Chevron. "The
company and its shareholders have a long history of operating
successfully in western Africa."

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,
Calif. More information about 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

Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in
western Africa. Words such as "anticipates,"
"expects," "intends,"
"plans," "targets,"
"projects," "believes,"
"seeks," "estimates"
and similar expressions are intended to identify such forward-looking
statements. The statements are based upon 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.

SOURCE: Chevron Corporation

Chevron Corporation 
Lloyd Avram, 925-413-5985 
General Media Line, 925-842-0050

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