press release

ChevronTexaco Offers to Sell More than 100 North America Producing Properties

HOUSTON, April 23, 2003 -- ChevronTexaco's North America Upstream unit announced today it will offer to sell more than 100 producing properties throughout North America in several regional packages. The company's net share of production from the properties offered totals approximately 25,000 barrels of oil-equivalent production per day.

The properties are located primarily in California, Texas, Louisiana (both onshore and the outer continental shelf), Oklahoma, Wyoming and Alberta (Canada). Multiple packages of properties will be offered beginning this month, with bids due at various times through August. The company expects to complete the sale of all properties by the end of the third quarter of this year.

"This offer of sale is part of ChevronTexaco's ongoing portfolio optimization program and is designed to improve operating efficiency and position the company for the right balance of future growth and returns," said Ray Wilcox, president of ChevronTexaco North America Upstream.

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: April 2003