CHEVRON CORP — Director's Dealing 2007

May 9, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHEVRON CORP (CVX)
CIK: 0000093410
Period of Report: 2007-05-04

Reporting Person: WATSON JOHN S (Vice Pres. and Pres. CIEP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-04	Common Stock	M	91000	$43.125	Acquired	118074	Direct
2007-05-04	Common Stock	S	45900	$80.05	Disposed	72174	Direct
2007-05-04	Common Stock	S	4600	$80.04	Disposed	67574	Direct
2007-05-04	Common Stock	S	1700	$80.03	Disposed	65874	Direct
2007-05-04	Common Stock	S	2900	$80.02	Disposed	62974	Direct
2007-05-04	Common Stock	S	3700	$80.01	Disposed	59274	Direct
2007-05-04	Common Stock	S	32200	$80	Disposed	27074	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-04	Non-Qualified Stock Option (Right to Buy)	$43.125	M	91000	Disposed	2012-06-26	Common Stock (91000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	17179	Indirect

Footnotes

F1: This number includes dividend equivalent accruals (392 shares) from awards granted under the Chevron Long-Term Incentive Plan.

F2: Between November 7, 2006 and May 4, 2007, the reporting person acquired 497 shares of Chevron Common Stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.

F3: The option exercise price and number of shares are adjusted for the September 10, 2004, 2-for-1 stock split of Chevron Common Stock.

F4: Options vested in three equal installments on June 26, 2003, June 26, 2004 and June 26, 2005.