press release

ChevronTexaco Announces the Selection of Global Advertising and Media Buying Agencies for its Worldwide Downstream Business

SAN RAMON, CALIF., Jan. 16, 2003 -- ChevronTexaco Corp. today announced selection of the Young & Rubicam group of companies and its media partner, Mediaedge:cia, to handle worldwide advertising under its family of brand names, primarily Chevron, Texaco and Caltex.

The Young & Rubicam group will handle the strategy and creative advertising development for product marketing, while its global media partner, Mediaedge:cia, will be the company's media-buying agency for product marketing as well as corporate advertising. The company's worldwide spending last year for product advertising and all media buying was about $95 million.

"I'm very pleased that our global relationship with Young & Rubicam group and Mediaedge:cia will strongly support our goal of achieving a cohesive worldwide marketing strategy," said Patricia Woertz, executive vice president of ChevronTexaco's downstream organization, which refines, markets and transports fuels and lubricants. "It will also deliver cost-savings, greater efficiency and consistent practices among our business units."

The agency selections were made after a rigorous year-long review of some 35 agencies previously retained by business units of Chevron, Texaco and Caltex, which were united when Chevron Corp. and Texaco Inc. merged in October 2001.

Selection of the agencies, which is subject to the execution of definitive agreements, has been led by a team that used strategic sourcing processes to evaluate the agencies' ability to deliver strong creative and strategic results, cost-savings and efficiencies on a worldwide basis. Y&R and Mediaedge:cia are both part of the WPP Group.

ChevronTexaco markets its three major fuel brands in specific areas: Chevron in the United States and Canada; Texaco in Europe, Latin America and west Africa; and Caltex in Asia, the Middle East and east Africa. The company's brand family also includes well-known brands related to lubricants and other offerings, such as Havoline and Delo motor oils and the Techron fuel additive, as well as convenience store brands such as Star Mart and Extra Mile Markets.

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.

ChevronTexaco is the fourth largest company in the global lubricants business, third largest company in the global aviation fuels 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 contains forward-looking statements about the company's advertising strategy that are based on management's current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this 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: January 2003