press release

ChevronTexaco and the Colorado School of Mines to Establish Center of Research Excellence in Earth Science

SAN RAMON, Calif., Oct. 16, 2003 -- The Colorado School of Mines (CSM) and ChevronTexaco Corp. today announced plans to establish a new Center of Research Excellence. The center will develop advanced technologies to improve interpretation of subsurface geology through computer modeling. Dr. John Trefny, president of CSM, Nigel Middleton, vice president of academic affairs for CSM, and Donald Paul, vice president and chief technology officer at ChevronTexaco, signed an agreement to establish the center at CSM.

ChevronTexaco will provide research and development funding to establish the Center of Research Excellence, which will draw upon faculty expertise and resources within the CSM Department of Geology and Geological Engineering. The center will focus on the research and development of integrated technologies targeted to the exploration for oil and gas particularly in deep water geological environments. ChevronTexaco employees will directly participate in the program and the company will provide real-world geological data from oil and gas fields from around the world. ChevronTexaco also plans to provide additional research investments as expanded programs develop with CSM.

"We are very excited by the prospects of this new center. This cooperative effort between ChevronTexaco researchers and CSM marks a new approach in our industry-university partnerships. We look forward to a long and fruitful relationship," said Trefny.

In addition to research and development, the new Center of Research Excellence will support a strong educational component drawing top graduate students from around the world. The program at CSM will also train existing ChevronTexaco employees in innovative petroleum exploration techniques and strategies.

"This partnership will allow both organizations to leverage from each others' expertise," said Paul. "The Colorado School of Mines is known throughout the petroleum industry for its focus on industry challenges and for the quality of its students. The Geology and Geological Engineering Department will bring world-class experts to our joint research effort."

The center's co-executive directors will be John Hebberger, research manager at ChevronTexaco Exploration and Production Technology Co., and Chuck Kluth, distinguished scientist at CSM.

The Center of Research Excellence at CSM is the most recent center formed as part of ChevronTexaco's strategy to develop unique, new research and educational partnership structures between the energy industry and universities. In December 2001, ChevronTexaco joined with the University of Tulsa to form the Center of Research Excellence in production fluid flow. Research at the center is focused on flow assurance, specifically the study of emulsions and multiphase flow, dispersions and heavy-oil chemistry. In August 2003, ChevronTexaco signed a memorandum of understanding outlining the establishment of a Center of Interactive Smart Oilfield Technologies at the University of Southern California to develop advanced technologies to improve oil and gas exploration and production efficiency.

The Colorado School of Mines is a public research university internationally recognized for its leadership in engineering, applied science and related disciplines, with a special emphasis on the Earth and its resources. Located in Golden, Colo., the school is the oldest public institution of higher learning to open its doors in Colorado.

Based in San Ramon, Calif., ChevronTexaco is the second-largest U.S.-based energy company and the fifth largest in the world based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world.

Updated: October 2003