UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Chevron Corporation

(Exact name of registrant as specified in its charter)

Delaware		1-368-2		94-0890210
(State or other jurisdiction of incorporation )		(Commission File Number)		(I.R.S. Employer No.)

6001 Bollinger Canyon Road, San Ramon, CA		94583
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (925) 842-1000

None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition

On April 9, 2009, Chevron Corporation issued a press release providing a first quarter 2009 interim update. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 9, 2009

EXHIBIT INDEX

99.1

Press release issued April 9, 2009.

		Chevron Corporation Policy, Government and Public Affairs Post Office Box 6078 San Ramon, CA 94583-0778 www.chevron.com

NEWS RELEASE

EXHIBIT 99.1
FOR IMMEDIATE RELEASE

CHEVRON ISSUES INTERIM UPDATE FOR FIRST QUARTER 2009

     SAN RAMON, Calif., April 9, 2009 — Chevron Corporation (NYSE:CVX) today reported in its interim update that earnings for the first quarter 2009 are expected to be sharply lower than in the fourth quarter 2008. Upstream earnings are expected to decline substantially, in part due to lower prices for crude oil and natural gas. Downstream earnings are also anticipated to be much lower than in the previous period, with average margins on the sale of refined products off significantly.

     Basis for Comparison in Interim Update

     The interim update contains certain industry and company operating data for the first quarter 2009. The production volumes, realizations, margins and certain other items in the report are based on a portion of the quarter and are not necessarily indicative of Chevron’s quarterly results to be reported on May 1, 2009. The reader should not place undue reliance on this data.

     Unless noted otherwise, all commentary is based on two months of the first quarter 2009 versus full fourth quarter 2008 results.

UPSTREAM — EXPLORATION AND PRODUCTION

     The table that follows includes information on production and price indicators for crude oil and natural gas for specific markets. Actual realizations may vary from indicative pricing due to quality and location differentials and the effect of pricing lags. International earnings are driven by actual liftings, which may differ from production due to the timing of cargoes and other factors.

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						2008																2009
																						1Q thru				1Q thru
						1Q				2Q				3Q				4Q				Feb				Mar
U.S. Upstream
Net Production:
Liquids		MBD					437				438				409				399				433				n/a
Natural Gas		MMCFD					1,666				1,588				1,431				1,320				1,358				n/a
Total Oil-Equivalent		MBOED					715				702				647				619				660				n/a
Pricing:
Avg. WTI Spot Price		$/Bbl					97.84				123.78				118.25				59.14				40.49				43.19
Avg. Midway Sunset Posted Price		$/Bbl					85.50				111.25				105.54				45.07				29.75				34.44
Nat. Gas-Henry Hub “Bid Week” Avg.		$/MCF					8.02				10.94				10.27				6.96				5.35				4.91
Nat. Gas-CA Border “Bid Week” Avg.		$/MCF					7.61				9.82				9.34				4.97				4.42				4.01
Nat. Gas-Rocky Mountain “Bid Week” Avg.		$/MCF					6.87				8.41				5.85				3.46				3.63				3.20
Average Realizations:
Crude		$/Bbl					89.63				113.97				112.22				51.43				33.37				n/a
Liquids		$/Bbl					86.63				108.67				107.22				49.13				33.09				n/a
Natural Gas		$/MCF					7.55				9.84				8.64				5.23				4.45				n/a
International Upstream
Net Production:
Liquids		MBD					1,228				1,207				1,167				1,308				1,356				n/a
Natural Gas		MMCFD					3,768				3,621				3,618				3,493				3,620				n/a
Mined Bitumen		MBD					28				24				26				31				25				n/a
Total Oil Equivalent — incl. Mined Bitumen		MBOED					1,884				1,835				1,796				1,921				1,985				n/a
Pricing:
Avg. Brent Spot Price 1		$/Bbl					96.71				121.17				115.09				55.48				43.34				44.42
Average Realizations:
Liquids		$/Bbl					86.13				110.44				102.73				46.79				37.78				n/a
Natural Gas		$/MCF					4.83				5.44				5.37				5.10				4.33				n/a

     Total U.S. oil-equivalent production during the first two months of the first quarter improved 41,000 barrels per day mainly due to increased production in the Gulf of Mexico that was associated with ongoing restoration activities following the hurricanes last September and the ramp-up of production at Blind Faith.

     International oil-equivalent production increased 64,000 barrels per day. The liquids component of oil-equivalent production increased 48,000 barrels per day primarily due to the continued ramp-up of production from the expansion project at the Tengiz Field in Kazakhstan and at the Agbami Field offshore Nigeria. Also contributing was the impact of lower crude-oil prices on the company’s share of production associated with production-sharing contracts and variable-royalty agreements. International natural-gas production increased nearly four percent.

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     U.S. crude-oil realizations for the first two months of the first quarter declined about $18 per barrel to $33.37. International liquids realizations fell approximately $9 to $37.78 per barrel. U.S. natural-gas realizations decreased $0.78 to $4.45 per thousand cubic feet while average international natural-gas realizations fell $0.77 per thousand cubic feet to $4.33.

     U.S. upstream results in the first quarter are expected to include charges of approximately $100 million for write-offs mainly associated with exploration activities, while the fourth quarter included a gain of approximately $600 million from an asset-exchange transaction. Also in the fourth quarter, international upstream earnings included a nearly $650 million benefit from foreign-exchange effects.

DOWNSTREAM — REFINING, MARKETING AND TRANSPORTATION

     The table that follows includes industry benchmark indicators for refining and marketing margins. Actual margins realized by the company may differ significantly due to location and product mix effects, planned and unplanned shutdown activity and other company-specific and operational factors.

						2008																2009
																						1Q thru				1Q thru
						1Q				2Q				3Q				4Q				Feb				Mar
Downstream
Market Indicators:		$/Bbl
Refining Margins 2
U.S. West Coast — Blended 5-3-1-1							20.39				27.70				20.04				15.29				23.67				19.20
U.S. Gulf Coast — Maya 5-3-1-1							28.64				39.17				29.54				18.96				14.97				14.74
Singapore — Dubai 3-1-1-1							7.44				9.75				7.70				6.07				6.66				5.49
N.W. Europe — Brent 3-1-1-1							0.39				3.05				4.34				6.79				4.99				4.21
Marketing Margins
U.S. West — Weighted DTW to Spot							2.83				1.18				8.80				9.11				0.01				0.83
U.S. East — Houston Mogas Rack to Spot							3.16				2.69				1.99				3.64				2.14				2.19
Asia-Pacific / Middle East / Africa							3.32				1.85				4.88				6.87				4.61				n/a
United Kingdom							3.88				5.26				6.73				4.34				2.12				n/a
Latin America							7.06				9.07				5.40				(0.42	)			3.59				n/a
Actual Volumes:
U.S. Refinery Input		MBD					894				816				922				930				931				n/a
Int’l Refinery Input		MBD					967				952				976				973				997				n/a
U.S. Branded Mogas Sales		MBD					601				596				601				606				605				n/a

     For the full first quarter, the U.S. West Coast refining indicator margin improved while the Gulf Coast refining indicator margin declined from the fourth quarter. Outside of the U.S., refining indicator margins were lower. Marketing indicator margins in the U.S. decreased significantly during the full first quarter. Comparing January and February with the fourth quarter, marketing margins outside the U.S. were mixed.

     Downstream earnings in the fourth quarter included sizeable benefits from provisionally priced crudes, derivatives and other timing effects. The first quarter impact of timing effects is expected to be negative.

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     During the first two months of the first quarter, U.S. refinery crude-input volumes were essentially unchanged at 931,000 barrels per day. Outside the U.S., refinery crude-input volumes increased 24,000 barrels per day primarily due to the completion of maintenance in Thailand.

     International downstream earnings in the first quarter are expected to include gains of approximately $350 million from the previously announced sales of the fuels marketing businesses in Brazil and Nigeria.

CHEMICALS

						2008																2009
																						1Q thru				1Q thru
						1Q				2Q				3Q				4Q				Feb				Mar
Chemicals Source: CMAI		Cents/lb
Ethylene Industry Cash Margin							10.82				11.21				15.46				14.84				5.58				6.12
HDPE Industry Contract Sales Margin							14.88				14.69				23.38				22.45				16.92				18.91
Styrene Industry Contract Sales Margin							11.58				11.32				14.36				16.04				13.57				15.19

     In the Chemicals segment, full first quarter earnings are expected to decline on lower margins and volumes.

ALL OTHER

     The company’s general guidance for the quarterly net after-tax charges related to corporate and other activities is between $250 million and $350 million. Due to foreign currency effects and the potential for irregularly occurring accruals related to income taxes, pension settlements and other matters, actual results may significantly differ from the guidance range or current projections.

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NOTICE

     Chevron’s discussion of first quarter 2009 earnings with security analysts will take place on Friday, May 1, 2009, at 8:00 a.m. PDT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s Web site at www.chevron.com under the “Investors” section. Additional financial and operating information will be contained in the Earnings Supplement that will be available under “Events & Presentations” in the “Investors” section on the Web site.

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CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR’’ PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This Interim Update contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this Interim Update. 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.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude-oil and natural-gas prices; refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude-oil liftings, the competitiveness of alternate energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude-oil and natural-gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company’s acquisition or disposition of assets; gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” on pages 30 and 31 of the company’s 2008 Annual Report on Form 10-K. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.

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