press release

Chevron Awarded Patents on Low-Emission Gasolines Containing Ethanol and Methods for Blending

SAN FRANCISCO, Nov. 19, 2002 -- Chevron U.S.A. Inc., a subsidiary of ChevronTexaco Corp., today announced that the Patent and Trademark Office has recently issued the company patents on low-emission gasolines containing ethanol and on methods for blending those gasolines. These patents, issued as part of a series of patent applications filed by Chevron U.S.A. Inc., are directed to various reformulated gasoline (RFG) blends and methods of blending.

Commenting on the patents, Dave Reeves, president of North America Products, a refining and marketing division of Chevron U.S.A. Inc., confirmed that, "Chevron intends to use its RFG patents defensively to preserve its freedom to practice refining technology and to produce and market RFG. Many federal and state regulatory officials, as well as members of the refining industry, are aware of the company's intentions for the filing and use of these patents.

"We plan to enter into royalty-free cross licensing arrangements with any interested company. Cross licensing agreements will help to insure that the industry can produce RFG and compete in refining and marketing of RFG without engaging in expensive patent disputes and litigation. We believe that this approach will enable both the industry and RFG consumers to benefit from our patenting efforts. If other companies choose not to enter into a formal cross licensing agreement with Chevron, we do not intend to enforce, or to collect licensing fees, on patents relating to RFG unless that company first attempts to enforce its patents against Chevron.

"Chevron's approach is consistent with its long standing commitment to cooperate with federal and state regulators and with other companies to produce cleaner burning gasolines that help to improve air quality," said Reeves.

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 patents on low-emission gasolines and the company's intention to enter into cross-licensing arrangements that are based on management's current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the factors that could cause actual results to differ materially are enforceability of the company's patents; actions of the company's competitors; and the ability of the company to negotiate third party licenses on acceptable terms. You should not place undue reliance on these forward-looking statements, 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.

Updated: November 2002