press release

ChevronTexaco Announces Ivan-Damaged Petronius' Return to Production

NEW ORLEANS, March 15, 2005 -- ChevronTexaco today announced that its Hurricane Ivan-damaged Petronius platform initiated production last week.

"I would like to recognize our employees, partners and contractors for the professional manner in which this facility was returned to service safely, environmentally secure and incident-free," said Melody Meyer, vice president of the Gulf of Mexico business unit. "This project was ahead of schedule and is a testament to the leadership and initiative of the reconstruction team working The ChevronTexaco Way."

As Hurricane Ivan approached the Alabama Gulf Coast, its eye nearly passed directly over Petronius. In advance of the storm, ChevronTexaco had safely shut in all production and evacuated all personnel. Significant damage occurred to the rig crew quarters, production equipment, and deck structures.

Petronius is located approximately 130 miles (200 km) southeast of New Orleans. Prior to Hurricane Ivan, Petronius averaged 42,000 barrels of crude oil and 65 million cubic feet of natural gas per day. ChevronTexaco is the operator of Petronius with a 50 percent interest, with Marathon Oil Corporation (NYSE: MRO) holding the remaining 50 percent interest.

ChevronTexaco Corporation is one of the world's leading energy companies. With more than 47,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at chevrontexaco.com.

Updated: March 2005