press release

ChevronTexaco Supports Nigerian President Olusegun Obasanjo's Transparency Initiative

SAN RAMON, Calif., Nov. 7, 2003 -- ChevronTexaco today announced its support for the commitment by Nigerian President Olusegun Obasanjo to publish a number of key government financial indicators, including revenues received from the oil and gas sector. With this commitment, Nigeria becomes the first nation to officially participate in the "Extractive Industries Transparency Initiative," which UK Prime Minister Tony Blair launched, with ChevronTexaco's support, in June 2003.

"As a company with a long history of operations in Nigeria, we are fully supportive of the President's bold move to tackle such a difficult issue as transparency and good governance," said ChevronTexaco Chairman Dave O'Reilly. "And more importantly, as a partner to the government of Nigeria and its people, we are pleased to pledge our full support and participation in this process. This announcement is fully in line with what we have long believed and called for: that efforts to address the management of oil revenues be led by affected governments, not imposed on them by others. We are pleased that President Obasanjo and his administration have called for a process to examine what happens to his country's revenues and we stand by to support this effort."

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 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products.

Updated: November 2003