press release

ChevronTexaco Partners with Harvard University on Major Corporate Responsibility Initiative

$500,000 Contribution to the Kennedy School of Government Launches Program to Enhance Corporate Responsibility Effectiveness Across the Private and Public Sectors

SAN RAMON, Calif., Mar. 4, 2004 -- ChevronTexaco today announced it is contributing $500,000 as a founding sponsor to a major initiative led by Harvard's Kennedy School of Government to enhance corporate responsibility effectiveness in addressing some of the world's most pressing social, economic, and environmental issues.

Harvard's Corporate Social Responsibility Initiative will marshal resources of business, government, academia, civil society, and the news media to address social and environmental challenges around the globe. For example, the initiative will study how the private sector can work with governments to build and sustain effective public-private partnerships in areas such as poverty eradication, HIV/AIDS, economic development, public sector capacity building and the environment. The initiative began today at Harvard with panel discussions on "The Public Role of Private Enterprise."

"We recognize that our success as a company depends not only on our financial performance but also on our ability to positively impact society where we operate," said Dave O'Reilly, chairman and CEO of ChevronTexaco. "ChevronTexaco's support of Harvard's world-class initiative is an important step in the company's commitment to continually grow its knowledge about corporate responsibility."

ChevronTexaco's corporate responsibility programs include its commitment of $25 million to the five-year, $50 million Angola Partnership Initiative. Launched in 2002, the company is working with the U.S. Agency for International Development and the United Nations Development Programme to provide support for small- and medium-sized businesses through vocational training, business incubators, and micro credit loans. Additionally, in 2003, ChevronTexaco's Nigerian subsidiary received the U.S. Secretary of State's Award for Corporate Excellence. The award recognized Chevron Nigeria Limited's initiatives to improve medical treatment, AIDS prevention education, school facilities, and local power infrastructure. It also acknowledged an airlift to move community members out of harm's way during a period of civil unrest in the Niger Delta in the spring of 2003. Information on these and other efforts is available in the company's Corporate Responsibility Report at www.chevron.com/cr_report.

Other founding sponsors include The Coca-Cola Company, General Motors and Walter H. Shorenstein. The Kennedy School of Government is one of the nation's premier institutions for developing future government leaders and fostering relationships between business and government.

Based in San Ramon, Calif., 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 crude oil and natural gas, and marketing fuels and other energy products.

Updated: March 2004