- Upstream spending estimated at $17.5 billion, reflecting an excellent queue of crude oil and natural gas projects
- Downstream budget of $4.1 billion includes a significant increase for investments at U.S. refineries

SAN RAMON, Calif., Dec. 6, 2007 - Chevron Corporation today announced a $22.9 billion capital and exploratory spending program for 2008, a 15 percent increase from estimated outlays of $20 billion in 2007. Included in the 2008 program are $2.6 billion of expenditures by affiliates, which do not require cash outlays by Chevron's consolidated companies.

"We have a portfolio of projects that will provide the foundation for our company's future growth," said Chairman and CEO Dave O'Reilly.

O'Reilly said about 75 percent of the 2008 spending program is for upstream oil and gas exploration and production projects worldwide. Another 20 percent is dedicated to the company's downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products. The total budget for expenditures in the United States is approximately $8 billion.

"Much of our 2008 spending continues to be on large, multiyear projects aimed at increasing energy supplies to meet growing global demand and also improving efficiency and reliability," O'Reilly added.