press release

ChevronTexaco Makes Acquisition in Deepwater Gulf of Mexico

SAN RAMON, Calif., Oct. 30, 2003 -- ChevronTexaco announced today that it has reached an agreement to acquire additional working interest and assume operatorship of the Blind Faith discovery from BP Exploration & Production Inc. Under the terms of the agreement, ChevronTexaco will earn the right to operate Blind Faith with a 50 percent working interest and BP will own a 50 percent working interest. Blind Faith is located in Mississippi Canyon 696, approximately 162 miles southeast of New Orleans.

"Blind Faith is one of a series of recent exploration discoveries for ChevronTexaco in the deepwater Gulf of Mexico," said Ray Wilcox, vice president of ChevronTexaco and president of ChevronTexaco Exploration and Production. "These discoveries are aligned with our strategy to achieve superior exploration performance from a focused, high-impact exploration program. The acquisition of increased equity and operatorship at Blind Faith provides an opportunity to maximize and grow the value of our base business in the deepwater Gulf of Mexico."

"ChevronTexaco's commitment to operational excellence can position this project to deliver world-class performance," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit. "We plan to use proprietary seismic techniques and deepwater project experience in combination with our joint-venture partner to deliver significant value."

The Blind Faith #1 discovery well was drilled in June 2001 in approximately 6,900 feet of water. The discovery well partnership consisted of BP with 77.5 percent working interest and ChevronTexaco with 22.5 percent working interest.

An additional appraisal well is planned by year's end.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about the significance of the exploratory drilling for oil and gas in the Gulf of Mexico Deep Water. The statements are based upon 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 the results of evaluation of additional testing, results of the evaluation of development alternatives, 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 the 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: October 2003