press release

ChevronTexaco Increases Equity Interest in Singapore Refining Company

Caltex Singapore now owns 50 percent of SRC

SINGAPORE, Jul. 1, 2004 -- ChevronTexaco today announced that its wholly owned subsidiary, Caltex Singapore Private Ltd. (Caltex), has acquired half of BP Singapore Private. Ltd.'s (BPS) one-third equity interest in the Singapore Refining Company (SRC) to become a 50/50 joint owner in the refinery with the Singapore Petroleum Company Ltd. (SPC). The transaction closed June 30.

Commenting on the acquisition, Jeet Bindra, president of Global Refining for ChevronTexaco, said, "ChevronTexaco has identified this region as a strategic market for the company, and this acquisition gives us the opportunity to further strengthen ChevronTexaco's presence and supply chain position in Southeast Asia.

"The company is now favorably positioned to capitalize on the region's improving economic fundamentals and is committed to bringing a reliable source of energy to its customers and the region," said Bindra.

Both companies also equally acquired BPS's one-sixth equity interest in Tanker Mooring Services Company Pte Ltd. The deal included the acquisition of certain other rights and obligations from BPS.

ChevronTexaco announced its original intention to expand its interest in SRC on April 13. Caltex and SPC each paid approximately US$70 million plus working capital for the increased equity interest in SRC and in the Unincorporated Joint Venture that oversees the management of SRC.

Currently celebrating its 125th anniversary, ChevronTexaco is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 50,000 ChevronTexaco employees work in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. Caltex is a wholly owned subsidiary of ChevronTexaco. Its associated brands are sold in approximately 30 countries across Asia-Pacific, southern Africa and east Africa.

Safe Harbor Language

This news release contains forward-looking statements about the effect of the acquisition of an additional interest in the Singapore Refining Company and related assets. The statements are based on 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 changes in demand for refined products, changes in refining and marketing margins, actions by competitors, 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 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: July 2004