press release

ChevronTexaco Announces New Discovery in Deepwater Gulf of Mexico

HOUSTON, Sept. 13, 2002 -- ChevronTexaco and joint venture partners Shell and BP today announced a deepwater discovery at the Great White Prospect in Alaminos Canyon block 857, located approximately 250 miles South of Houston.

Operated by Shell Exploration and Production Co. (SEPCo), the well is located in approximately 8,000 feet of water and was drilled to a total depth of 19,907 feet.

"The Great White discovery, together with ChevronTexaco's recent Tahiti discovery, demonstrates the great potential in the deepwater Gulf of Mexico and the progress we've made in our deepwater program," said Ray Wilcox, president of ChevronTexaco North America Upstream.

Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico Deepwater Business Unit, said, "This is ChevronTexaco's second discovery in Alaminos Canyon. We are encouraged by the results of this well and plan to drill three Alaminos Canyon wildcats in 2003."

Further appraisal drilling is planned at the Great White Prospect to determine the extent of the discovery.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about the future production potential of the deepwater Gulf of Mexico. These statements are based on management's current expectations. The statements included in this release are not guarantees. Actual outcomes and results could differ materially from what is expressed in these forward-looking statements.

Updated: September 2002