At ChevronTexaco, we regard the responsible and reliable supply of energy as our core objective. We view protection of the environment as an integral part of that objective. In practical terms, this means working to minimize the environmental impacts of our existing operations and products, as well as devising new ways to meet future energy demand while protecting and preserving the environment for future generations.

Environmental Management

Our Operational Excellence Management System (OEMS) is the foundation for integrating environmental issues into our business operations. Deployment of OEMS, initiated following the merger of Chevron and Texaco in 2001, continued during 2003. In the first part of the year, we revised our OEMS internal review protocol. While still designed to assess our actual performance, the revised protocol now has increased focus on assessing the functionality of the underlying management system. During the remainder of 2003, we conducted 19 formal internal reviews using the new protocol.