Following further damage assessments of its Pascagoula Refinery after a fire broke out at the facility on August 16, Chevron expects repairs to the refinery to be completed during the first quarter of 2008.

The fire damage was largely isolated to the refinery's No. 2 crude unit. Plans and preparations for the repair work are underway and progressing. Additional conversion units, which were already off line for planned turnaround activities, have since been re-commissioned to increase the production of gasoline and distillates from the facility.

The Chevron system of manufacturing plants and downstream infrastructure is being utilized to minimize the impact on the crude suppliers as well as optimize the refinery's utilization rates while the repairs are made.

The company has covered its supply requirements and fully anticipates continuing to meet all of its customer product commitments.

There were no injuries related to the fire and all refinery employees and contractors were accounted for following the incident.

Chevron is still in the process of conducting a thorough investigation of the cause of the fire in coordination with the appropriate local, state and federal agencies.

The Pascagoula Refinery is Chevron's largest wholly owned petroleum refinery, processing an average of 330,000 barrels of crude oil per day and producing a variety of transportation fuels and other refined products.

Chevron Corporation is one of the world's leading integrated energy companies. We have approximately 58,000 employees, and our subsidiaries conduct business in more than 180 countries. We operate across the entire energy spectrum – producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing 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.