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SAN RAMON, Calif., Sep. 7, 2004 -- ChevronTexaco Corp. today announced a new deepwater oil discovery at the Jack Prospect located in Walker Ridge block 759. The block is approximately 270 miles southwest of New Orleans.

Operated by ChevronTexaco, the Jack #1 discovery well is located in approximately 7,000 feet of water and was drilled to a total depth of 29,000 feet on July 29. The well encountered more than 350 feet of net pay oil sands. Further appraisal drilling is planned to determine the extent of the discovery.

"The Jack discovery is our latest success in the deepwater Gulf of Mexico, where we have had a greater than 50 percent success rate in our 16 wildcat wells since late 2001," said Ray Wilcox, vice president of ChevronTexaco and president of ChevronTexaco Exploration and Production Co. "This string of discoveries is the result of properly executing our focused, high-impact exploration program."

"Jack follows our earlier success at the Saint Malo discovery and is confirmation of further potential of our exploration acreage," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit.

ChevronTexaco owns a 50 percent working interest in Jack. Partners are Encana (25 percent working interest) and Devon (25 percent working interest). Currently celebrating its 125th anniversary, ChevronTexaco is the fifth-largest energy company in the world, based on market capitalization. With more than 50,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at chevrontexaco.com

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.

This news release contains forward-looking statements about the Jack Prospect. The statements are based on management's current expectations, estimates and projections; is not a guarantee of future performance; and is subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. You should not place undue reliance on this forward-looking statement, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.