press release

ChevronTexaco Announces Plans to Promote Texaco Retail Gasoline Brand in U.S.

SAN FRANCISCO, Sept. 16, 2002 -- ChevronTexaco today announced that it plans to ensure the Texaco Star remains a fixture for America's motoring public. The company will begin selling gasoline under the Texaco retail brand July 1, 2004, following the expiration of exclusive licensing agreements with Equilon Enterprises, LLC and Motiva Enterprises, LLC, which currently hold the rights to the brand in the U.S. gasoline market.

"The Texaco brand has a worldwide reputation as a symbol of quality products and customer service, and it has been one of the most recognized brands in the U.S. for more than 90 years," said Dave Reeves, ChevronTexaco's president of North America Products. "We currently market Texaco branded motor fuel in Europe, West Africa, Latin America and the Caribbean. We also sell Texaco-branded lubricants and aviation fuels here in the U.S. and worldwide. Consequently, we eagerly look forward to also offering the Texaco gasoline brand to retailers and consumers in the United States."

Equilon and Motiva hold exclusive rights to use the Texaco brand for U.S. gasoline sales until July 1, 2004, and nonexclusive rights between that date and June 30, 2006. Exclusive rights to the Texaco gasoline brand in the U.S. will revert to ChevronTexaco on July 1, 2006. These licenses were included in the agreements to sell Texaco Inc.'s interests in Equilon and Motiva, a government requirement for the completion of last year's merger between Chevron and Texaco. In advance of today's announcement, ChevronTexaco notified the Federal Trade Commission, and various attorneys general in potentially affected states, of its plans.

"Chevron and Texaco are both premium quality brands, and together will position our company as a premier marketer of gasoline and lubricant products in the United States," added Reeves. "While we are not disclosing details of the brand rollout at this time, we wanted to reassure retailers and consumers as soon as possible about the Texaco brand's future. We will consider using the Texaco brand in areas where Chevron does not now market, and in areas where using both brands make sense for retailers, consumers and our business."

Reeves added the company will continue to market premium fuels and retail convenience goods and services through its Chevron brand. "With a credit card, advertising and high quality fuels and products," he said, "we believe that offering the Texaco brand in the future will continue to give retailers and consumers yet another choice that they know and trust."

About ChevronTexaco

ChevronTexaco is a leader in the global energy business with wide-ranging activities in more than 180 countries. ChevronTexaco is the third-largest energy company in terms of global oil and gas reserves (more than 11 billion barrels of oil and gas equivalent) and fourth largest in global oil and natural gas production (2.7 million barrels of oil and gas equivalent per day). It has the capacity to refine more than 2 million barrels per day, sells more than 5 million barrels of fuel and products daily and owns or has interest in more than 25,000 retail outlets under Chevron, Texaco and Caltex brands.

In the United States, the company currently markets gasoline under the Chevron brand at 8,100 retail outlets in 28 states, primarily in the West, Southwest and South and in the District of Columbia and operates six refineries.

ChevronTexaco is the fourth largest company in the global lubricants business, is an industry leader in the power and gasification businesses and has extensive technology operations, ranging from core business research and development to e-business and venture capital activities.

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 includes forward-looking statements about ChevronTexaco's future plans to market gasoline in the U.S. under the Texaco retail brand. These statements are based on current expectations, estimates and projections. The statements included in this release are not guarantees. Actual outcomes and results could differ materially from what is expressed or forecasted in these forward-looking statements.

Updated: September 2002