press release

ChevronTexaco Corporation Announces Purchase Price in Purchase Offer for Preferred Stock of Chevron Environmental Management Company

SAN RAMON, Calif., Nov. 9, 2004 -- ChevronTexaco Corporation (NYSE: CVX) announced today the Purchase Price in its offer to purchase for cash any and all of the outstanding shares (the "Shares") of 6.00% Series A Non Voting Cumulative Preferred Stock (CUSIP 166905208) of Chevron Environmental Management Company.

The Purchase Price (as defined in the Purchase Offer), calculated in accordance with the formula set forth in the Purchase Offer, is $109,513.09 per Share.

The purchase offer is made upon the terms and subject to the conditions set forth in the Purchase Offer dated October 26, 2004 (the "Purchase Offer"). Copies of the Purchase Offer can be obtained by contacting ChevronTexaco at (925) 842-8062.

The purchase offer will expire at 5:00 p.m., California time, on November 24, 2004.

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: November 2004