press release

ChevronTexaco Offers to Market Interests in Three North Sea Producing Properties

ABERDEEN, SCOTLAND, Jul. 15, 2003 -- ChevronTexaco's Upstream Europe business unit announced today it will offer to market its equity in three producing fields in the North Sea. The company's net share of production from the properties offered totals approximately 21,500 barrels of oil-equivalent production per day.

The properties on offer comprise the company's interest in the Galley, Orwell and Statfjord fields. The company expects to complete the disposals process by the end of the first quarter of 2004.

"The offer to market these properties is part of ChevronTexaco's focus on maximizing the value of our base business, and will improve operating efficiency and strengthen the performance of our upstream Europe portfolio," said Gary Luquette, managing director, ChevronTexaco Upstream Europe. "Our upstream Europe assets remain a valuable part of ChevronTexaco's portfolio, and we will continue to pursue strategically aligned opportunities for profitable growth in the region."

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 intention to sell certain crude oil and natural gas producing properties in the United States and Canada. 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 the identification of buyers and the timing and terms of the sales of the company's interests in these properties; local and general economic conditions; and local political events. 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. ChevronTexaco believes that the oil and gas interests to be offered and sold do not meet the definition of a "security" under the Securities Act of 1933, as amended (the "Securities Act"). In the event that any such interests are deemed to be "securities," the interests offered will not be, and have not been, registered under the Securities Act or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act or applicable state laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the interests and is issued pursuant to Rule 135c of the Securities Act.

Updated: July 2003