press release

ChevronTexaco Reports Net Income of $1.7 Billion in Fourth Quarter and $7.2 Billion for Year

  • Upstream quarterly earnings improve, primarily the result of higher prices for crude oil and natural gas
  • Downstream operations post profit for the quarter, vs. year-ago loss, on improved margins
  • Oil and gas reserves replacement for 2003 exceeds 100 percent for the 11th consecutive year
  • Progress reported in areas of long-term strategic focus

SAN RAMON, Calif., Jan. 30, 2004 -- ChevronTexaco Corp. today reported preliminary net income of $1.7 billion ($1.63 per share - diluted) for the fourth quarter 2003, compared with net income of $0.9 billion ($0.85 per share - diluted) in the year-ago period.

The 2003 fourth quarter included a net gain of $89 million from special items, compared with net special-item charges of $161 million in the corresponding 2002 period. Foreign currency losses of $171 million in the 2003 quarter were $92 million higher than in the fourth quarter of 2002.

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This press release of ChevronTexaco Corporation contains forward-looking statements relating to ChevronTexaco's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this earnings 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.

Among the factors that could cause actual results to differ materially are crude oil and natural gas prices; refining margins and marketing margins; chemicals prices and competitive conditions affecting supply and demand for aromatics, olefins and additives products; actions of competitors; the competitiveness of alternate energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; Dynegy's ability to successfully complete its recapitalization and restructuring plans; inability or failure of the company's joint-venture partners to fund their share of operations and development activities; potential failure to achieve expected production from existing and future oil and gas development projects; potential delays in the development, construction or start-up of planned projects; potential disruption or interruption of the company's production or manufacturing facilities due to war, accidents, political events, civil unrest or severe weather; potential liability for remedial actions under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental regulations (including, particularly, regulations and litigation dealing with gasoline composition and characteristics); potential liability resulting from pending or future litigation; the company's ability to successfully implement the restructuring of its worldwide downstream organization and other business units; the company's ability to sell or dispose of assets or operations as expected; and the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.

Updated: January 2004