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Chevron Welcomes U.S.–Korea Free Trade Announcement

SAN RAMON, Calif., December 3, 2010 - Chevron Corporation (NYSE: CVX) today welcomed the announcement made by the Obama and Lee Administrations on their joint commitment to lay the foundation for completion of the Korea Free Trade Agreement (FTA) through the resolution of outstanding issues. Upon ratification, the Korea FTA will advance the economic agendas of both countries, create jobs and spur economic growth.

"We congratulate President Obama and President Lee on reaching an agreement which brings this important trade agreement closer to ratification in the U.S. Congress, and we extend our deepest thanks to both Administrations. Chevron looks forward to continue working to ensure expeditious Congressional approval," said Mike Wirth, Chevron's executive vice president, Downstream and Chemicals.

Chevron is a founding member of the U.S.-Korea Free Trade Agreement Business Coalition and worked closely with the U.S. negotiating team to ensure that strong investment protections were maintained. These protections create a stable environment for long term, high risk investments associated with the energy industry.

Chevron is one of the largest U.S. investors in South Korea. It has fostered strong alliances in the country's energy industry through its over 40-year partnership with GS Caltex, a partnership that built and developed the Yeosu refinery, among the world's largest.

Wirth added, "The FTA can serve to advance the GS Caltex partnership and expand cooperation between strategic partners that play a vital role in meeting the growing energy demand of the Asia Pacific region."

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company 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 the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

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