Chevron and the Tiger Woods Foundation said they will join together to enhance and develop programs, activities and events in support of the Foundation. As part of this new relationship, Chevron will assume the title sponsorship of the Chevron World Challenge golf tournament, a significant fundraising event for the Tiger Woods Foundation. The event is held annually at Sherwood Country Club in Thousand Oaks, Calif.

"We are delighted that Chevron has agreed to partner with the Foundation," Tiger Woods said. "Chevron has a track record and a commitment to bettering the communities where they operate. We are excited about working with them to co-develop programs that will further the efforts of the Tiger Woods Foundation."

Mike Wirth, executive vice president of Chevron, said the relationship strongly aligns with the company’s values and its commitment to California.

"We are thrilled to begin our relationship with Tiger and his Foundation at home in California," Wirth said. "Strong relationships are based on shared ideals and commitment. Chevron, Tiger and the Tiger Woods Foundation share similar values of high performance and partnership, as well as a deep commitment to make a difference in local communities."

In addition to sponsoring Tiger’s annual tournament at Sherwood Country Club, which raises money for the Tiger Woods Foundation, Chevron will also support efforts to expand the Foundation’s programs that help young people prepare for successful and responsible careers. Chevron and the Foundation will explore opportunities in California, other locations in the U.S. and in select locations internationally.

As part of this new relationship with the Tiger Woods Foundation, Chevron will become title sponsor for the 2008 World Challenge, which is celebrating its 10th year, and its 9th year at Sherwood Country Club. The Chevron World Challenge, a PGA TOUR event hosted by Woods, features a field of 16 of the top players. Past champions include Woods (2001, 2004, 2006 and 2007), Davis Love III (2000 and 2003), Luke Donald (2005), Padraig Harrington (2002) and Tom Lehman (1999). The total purse for the event is $5.75 million, and no player leaves with less than $170,000.

Chevron will also become a Founding Partner of the AT&T National, a Tiger Woods-hosted tournament at Congressional Country Club in Bethesda, Md., that draws a field of 120 PGA TOUR professionals and raises money for the Tiger Woods Foundation and youth programs in the greater Washington, D.C. area.