Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BETHANCOURT JOHN E
   2. Issuer Name and Ticker or Trading Symbol
CHEVRON CORP [CVX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
6001 BOLLINGER CANYON ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
08/22/2006
(Street)

SAN RAMON, CA 94583		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/22/2006   M   1,036 A $ 57.195 64,739 D  
Common Stock 08/22/2006   M   13,077 A $ 57.195 77,816 D  
Common Stock 08/22/2006   M   1,741 A $ 62.57 79,557 D  
Common Stock 08/22/2006   M   1,067 A $ 62.57 80,624 D  
Common Stock 08/22/2006   F   15,707 D $ 67.14 64,917 D  
Common Stock 08/24/2006   G V 1,500 D $ 0 (1) 63,417 D  
Common Stock               31,155 I by 401(k) plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (Right to Buy) $ 57.195 08/22/2006   M     1,036 08/13/2006 06/25/2009 Common Stock 1,036 (2) 0 D  
Non-Qualified Stock Option (Right to Buy) $ 57.195 08/22/2006   M     13,077 08/13/2006 06/23/2010 Common Stock 13,077 (2) 0 D  
Non-Qualified Stock Option (Right to Buy) $ 62.57 08/22/2006   M     1,741 02/12/2006 07/01/2007 Common Stock 1,741 (2) 0 D  
Non-Qualified Stock Option (Right to Buy) $ 62.57 08/22/2006   M     1,067 02/12/2006 06/25/2009 Common Stock 1,067 (2) 6,437 D  
Non-Qualified Stock Option (Right to Buy) $ 67.14 08/22/2006   A   1,983   02/22/2007 06/25/2009 Common Stock 1,983 $ 0 1,983 D  
Non-Qualified Stock Option (Right to Buy) $ 67.14 08/22/2006   A   12,046   02/22/2007 06/23/2010 Common Stock 12,046 $ 0 12,046 D  
Non-Qualified Stock Option (Right to Buy) $ 67.14 08/22/2006   A   1,678   02/22/2007 07/01/2007 Common Stock 1,678 $ 0 1,678 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BETHANCOURT JOHN E
6001 BOLLINGER CANYON ROAD
SAN RAMON, CA 94583		       Executive Vice President  

Signatures

 Christopher A. Butner on behalf of John E. Bethancourt   08/24/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) "Bona fide gift" and involves no payment of consideration by the recipient of the gift.
(2) This transaction is an exercise of a Non-Qualified Stock Option and the conversion price is reported in Column 2.

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