press release

ChevronTexaco Announces New Discovery in Deepwater Gulf of Mexico

NEW ORLEANS, Oct. 29, 2003 -- ChevronTexaco today announced a new deepwater oil discovery at the Saint Malo Prospect located in Walker Ridge 678. The block is located approximately 250 miles south of New Orleans.

Operated by Unocal, the Saint Malo discovery well is located in approximately 6,900 feet of water and was drilled to a depth of 29,066 feet. The exploratory well encountered more than 450 net feet of oil pay over a gross interval of 1,400 feet.

"The Saint Malo discovery is a very positive result. Our interest in the prospect was secured with a trade and is an example of our long-term strategy to acquire strategic assets and deliver superior exploration success from our Gulf of Mexico deepwater portfolio," said Ray Wilcox, president of ChevronTexaco Exploration and Production.

"We are excited by the results of this well," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit. "We have a good acreage position in the area and look forward to additional exploration drilling next year."

Further appraisal drilling is planned at the Saint Malo Prospect to determine the extent of the discovery.

ChevronTexaco owns a 12.5 percent working interest in Saint Malo. Partners are operator Unocal (28.75 percent working interest), Petrobras (25 percent working interest), Devon (22.5 percent working interest), EnCana Gulf of Mexico (6.25 percent working interest), ExxonMobil (3.75 percent working interest) and Eni Petroleum (1.25 percent working interest).

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 comment about the Saint Malo Prospect and its significance to the company's strategy in the Gulf of Mexico deepwater. The statements are based upon management's current expectations, estimates, and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the results of future exploration activities, additional testing, and evaluation of development alternatives; local political events; and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the 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: October 2003