CHEVRON CORP — Director's Dealing 2011

Feb 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHEVRON CORP (CVX)
CIK: 0000093410
Period of Report: 2011-02-03

Reporting Person: KIRKLAND GEORGE L (Director, Vice Chairman and EVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-03	Common Stock	M	85000	$47.055	Acquired	103694	Direct
2011-02-03	Common Stock	S	85000	$97.0017	Disposed	18694	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-03	Non-Qualified Stock Option (Right to Buy)	$47.055	M	85000	Disposed	2014-06-30	Common Stock (85000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	37599	Indirect

Footnotes

F1: This transaction was executed in two trades priced at $97.00 and $97.02. The price reported above reflects the weighted-average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

F2: This number includes dividends accrued (75 shares) under the Chevron Corporation dividend reinvestment plan and dividend equivalent accruals (68 shares) from awards granted under the Chevron Long-Term Incentive Plan.

F3: Between November 2, 2010 and February 3, 2011, the reporting person acquired 427 shares of Chevron Common Stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.

F4: One-third of the shares subject to the option vest on each of the first, second and third anniversaries of the date of grant.