CHEVRON CORP — Director's Dealing 2011

Mar 10, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CHEVRON CORP (CVX)
CIK: 0000093410
Period of Report: 2011-03-01

Reporting Person: Blackwell James R. (Executive Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5007	Direct
Common Stock	4612	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (Right to Buy)	$84.96	2018-03-26	Common Stock (20667)		Direct
Non-Qualified Stock Option (Right to Buy)	$69.70	2019-03-25	Common Stock (46667)		Direct
Non-Qualified Stock Option (Right to Buy)	$73.70	2020-01-27	Common Stock (68000)		Direct
Non-Qualified Stock Option (Right to Buy)	$94.64	2021-01-26	Common Stock (95000)		Direct
Phantom Stock	$		Common Stock (1783)		Direct
Phantom Stock Units	$		Common Stock (1882)		Indirect
Phantom Stock Units	$		Common Stock (12500)		Direct

Footnotes

F1: As of March 4, 2011, this number represents the reporting person's shares of Chevron Corporation common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.

F2: Option granted 3/26/2008. One-third of the shares subject to the option vest on each of the first, second and third anniversaries of the date of grant.

F3: Option granted 3/25/2009. One-third of the shares subject to the option vest on each of the first, second and third anniversaries of the date of grant.

F4: Option granted 1/27/2010. One-third of the shares subject to the option vest on each of the first, second and third anniversaries of the date of grant.

F5: Option granted 1/26/2011. One-third of the shares subject to the option vest on each of the first, second and third anniversaries of the date of grant.

F6: The shares of phantom stock, which are issued under the Chevron Deferred Compensation Plan for Management Employees II, become payable in common stock upon the reporting person's termination of service.

F7: Each phantom stock unit is the economic equivalent of one share of Chevron Corporation common stock. The phantom stock units, which are issued under the Chevron ESIP-RP, are payable in cash upon the reporting person's retirement or other termination of service.

F8: Each phantom stock unit is the economic equivalent of one share of Chevron Corporation common stock. The phantom stock units are payable in cash upon vesting. One-half of the units vest on each of December 31, 2012 and December 31, 2014.