press release

ChevronTexaco Corporation Announces Purchase Offer for Any and All Outstanding Shares of 6.00% Series A Non Voting Cumulative Preferred Stock of Chevron Environmental Management Company

SAN RAMON, Calif., Oct. 26, 2004 -- ChevronTexaco Corporation announced today that it is offering to purchase for cash any and all of the outstanding shares of 6.00% Series A Non Voting Cumulative Preferred Stock (CUSIP 166905208) of Chevron Environmental Management Company.

The purchase offer will commence Oct. 26, 2004, and will expire at 5 p.m., California time, Nov. 24, 2004. The purchase offer is made upon the terms and subject to the conditions set forth in the Purchase Offer dated Oct. 26, 2004 (the "Purchase Offer"). Copies of the Purchase Offer can be obtained by contacting ChevronTexaco at (925) 842-8062.

ChevronTexaco has retained Goldman, Sachs & Co. to serve as Dealer Manager for the purchase offer. Questions regarding the purchase offer may be directed to Goldman, Sachs & Co. at (800) 828 3182.

Updated: October 2004