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Letter of Intent Aimed at Development of Renewable Transportation Fuels

Derived From Cellulose

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    SAN RAMON, Calif. and FEDERAL WAY, Wash., April 12 /PRNewswire/ --
 Chevron Corporation (NYSE:   CVX) and Weyerhaeuser Company (NYSE:   WY) today
 announced a letter of intent (LOI) to jointly assess the feasibility of
 commercializing the production of biofuels from cellulose-based sources.
     (Logo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
             http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b)
     The companies will focus on researching and developing technology that
 can transform wood fiber and other nonfood sources of cellulose into
 economical, clean-burning biofuels for cars and trucks. Feedstock options
 include a wide range of materials from Weyerhaeuser's existing forest and
 mill system and cellulosic crops planted on Weyerhaeuser's managed forest
 plantations.
     The two companies said the partnership reflects their shared view that
 cellulosic biofuels will fill an important role in diversifying the
 nation's energy sources by providing a source of low-carbon transportation
 fuel. The venture leverages the strengths of both companies, combining
 Chevron's technology capabilities in molecular conversion, product
 engineering, advanced fuel manufacturing and fuels distribution with
 Weyerhaeuser's expertise in collection and transformation of cellulosics
 into engineered materials, innovative land stewardship, crop management,
 biomass conversion and capacity to deliver sustainable cellulose-based
 fiber at scale.
     "Chevron is investing in cellulosic biofuels because we believe they
 will play a role in meeting future energy growth," said Dave O'Reilly,
 chairman and CEO of Chevron. "This collaboration aligns with our long-term
 business strategy to accelerate the commercial development of nonfood based
 biofuels. While there are several research and technology hurdles that will
 need to be addressed before large-scale commercialization of cellulosic
 feedstocks occurs, we believe this partnership will accelerate the
 achievement of that reality. Both partners share the objective of
 sustainable commercialization of these fuels at industrial scale."
     "Weyerhaeuser takes ideas from the laboratory to the forest and mill to
 create innovative uses and value from our forest and land resources -- in
 this case, a sustainable source of renewable energy for transportation,"
 said Steven R. Rogel, chairman, president and chief executive officer for
 Weyerhaeuser. "Crops created for and dedicated to fuel feedstocks offer the
 opportunity to augment value creation from our managed forest lands. We are
 pleased to partner with Chevron to combine the power of our forestlands,
 knowledge of cellulose technology and legacy of environmental stewardship
 with Chevron's expertise in energy technology. Working together we can
 create new, sustainable sources of biofuel."
     Both Chevron and Weyerhaeuser already have separate research
 partnerships under way to accelerate the development of cellulosic
 biofuels. Chevron has forged alliances with the Georgia Institute of
 Technology, the University of California at Davis, the Colorado Center for
 Biorefining and Biofuels, and the U.S. Department of Energy's National
 Renewable Energy Laboratory. Weyerhaeuser is collaborating with several
 research universities, national laboratories and technology-based companies
 in research on conversion of forest products into ethanol and other
 biofuels.
     Many states nationwide are seeking opportunities to diversify fuel
 sources with secure, renewable, low-carbon and environmentally sustainable
 alternatives. Ethanol produced from biomass such as forest and agricultural
 waste does not present a conflict with food supply sources such as corn and
 is considered greenhouse-gas neutral when derived from sustainable
 management practices.
     About Chevron
     Chevron is one of the world's leading energy companies. With more than
 56,000 employees, Chevron subsidiaries conduct business in approximately
 180 countries around the world, producing and transporting crude oil and
 natural gas, and refining, marketing, and distributing fuels and other
 energy products. Chevron is based in San Ramon, Calif. More information
 about Chevron is available at http://www.chevron.com.
     About Weyerhaeuser
     Weyerhaeuser Company, one of the world's largest forest products
 companies, was incorporated in 1900. In 2006, sales were $21.9 billion. It
 has offices or operations in 18 countries, with customers worldwide.
 Weyerhaeuser is principally engaged in the growing and harvesting of
 timber; the manufacture, distribution and sale of forest products; and real
 estate construction, development and related activities. Additional
 information about Weyerhaeuser's businesses, products and practices is
 available at http://www.weyerhaeuser.com.
     For further information contact:
 
     Chevron
     Donald Campbell, +1 925-842-2589
     Leif Sollid, +1 925-842-3422
 
     Weyerhaeuser
     United States - Bruce Amundson, +1 253-924-3047
     Analysts - Kathryn McAuley, +1 253-924-2058
     Canada - Sarah Goodman, +1 604-661-8116
 
 

SOURCE Weyerhaeuser Company