Released on: August 26, 2008, 8:52 am

Press Release Author: Richard Drake

Industry: Financial

Press Release Summary: World Energy ('Cornerstone Worldwide') Record oil prices
salvage Exxon and Chevron's results despite production drop

Press Release Body: Although Exxon Mobil and Chevron may report their lowest
production since 2005, sources familiar with strategy at Asian-based wealth manager,
Cornerstone Worldwide believe that investors can rely on record oil prices to drive
profit gains at the largest US oil companies.

Second-quarter output fell more than 5 percent, the most in at least a decade, at
Exxon Mobil, said the source Chevron Corporation estimated that it pumped 3.4
percent less oil and gas than a year earlier.

Although the companies are having their largest stock declines since 1982 and 2002,
respectively, Cornerstone Worldwide are thought to remain confident that the share
prices will rebound this year when oil is largely expected to escalate in price
after what has been called a "technical correction" in a secular bull market in oil.
Cornerstone Worldwide pointed to huge investment in new projects and rejected
speculation that production increases would be a long time coming.

Chevron will need to produce at least 7.5 % more petroleum in 2008\'s second half to
reach its full-year forecast.

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