TEXT-Moody's release on Chevron Corp

(The following statement was released by the rating agency)

Nov 27 - Moody's Investors Service placed under review for possible upgrade
the Aa2 senior unsecured long-term debt ratings of Chevron Corporation (CVX.N: Quote, Profile, Research)and its guaranteed subsidiaries. Ratings under review include the various
guaranteed debt securities and (P)Aa2 rated shelf registrations for Chevron
Corporation, Chevron U.S.A. Inc., Chevron Funding Corp., Chevron Canada Funding
Company, Texaco Capital Inc., and Union Oil Company of California. The Prime-1
commercial paper ratings of Chevron, Chevron Canada Capital and Chevron Funding
are affirmed.
The review is prompted by continued improvements in Chevron's financial profile
as measured by strong cash flow coverage metrics, declining financial leverage,
robust capital returns, and a conservative approach to shareholder rewards, all
of which rank Chevron favorably in comparison with its more highly rated peers.
The review will focus on the progress the company is making on a large and
diversified roster of international projects in the upstream and liquefied
natural gas chain, the prospective reserve replacement and production trends
arising from these investments in the medium-term, and the sustainability of
superior reserve and financial protection metrics in the event of major
commodity price corrections from recent high market levels.
Chevron Corporation, one of the world's largest publicly-owned integrated oil
companies, is headquartered in San Ramon, California.
(New York Ratings Team)