CHEVRON CORP — Director's Dealing 2008

May 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHEVRON CORP (CVX)
CIK: 0000093410
Period of Report: 2008-05-16

Reporting Person: BETHANCOURT JOHN E (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-16	Common Stock	M	60000	$36.70	Acquired	126368	Direct
2008-05-16	Common Stock	S	60000	$99.80	Disposed	66368	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-16	Non-Qualified Stock Option (Right to Buy)	$36.70	M	60000	Disposed	2013-06-25	Common Stock (60000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	33476	Indirect

Footnotes

F1: The option exercise price and number of shares are adjusted for the September 10, 2004, 2-for-1 stock split of Chevron Corporation common stock.

F2: One-third of the shares subject to the option vested on each of the first, second and third anniversaries of the June 25, 2003 date of grant.