SAN RAMON, Calif., October 26, 2011 – The Board of Directors of Chevron Corporation (NYSE: CVX) today declared a quarterly dividend of eighty-one cents ($0.81) per share, payable December 12, 2011, to holders of common stock as shown by the transfer records of the corporation at the close of business on November 18, 2011.  The amount represents a 3.8 percent increase in the company's quarterly dividend and the second dividend increase in 2011. Combined, the two actions represent a 12.5 percent annual increase in the company's quarterly dividend.

Chairman and CEO John Watson said, "Dividend increases are a very important way to share Chevron's success with its shareholders.  This second increase in 2011 reflects the company's strong performance and financial position, as well as our confidence that the projects we are undertaking will allow us to continue to grow production, earnings and cash flow."

Chevron has increased its annual dividend 24 consecutive years.