press release

ChevronTexaco to Expand Refining Interest in Singapore

Caltex to increase equity interest in Singapore Refining Company

SINGAPORE, Apr. 13, 2004 -- ChevronTexaco today announced that its wholly owned subsidiary, Caltex Singapore Private Ltd. (Caltex), intends to increase its equity interest in the Singapore Refining Company Pte. Ltd. (SRC) to become a 50/50 joint venture partner with Singapore Petroleum Company Limited (SPC).

Caltex and SPC have each agreed to acquire half of BP Singapore Pte. Ltd.'s (BPS) one-third equity interest in SRC, including inventories, and in the unincorporated joint venture that manages SRC. Both companies will also acquire BPS' one-sixth equity interest in Tanker Mooring Services Company Pte Ltd (TMS).*

President of Global Refining for ChevronTexaco, Jeet Bindra said, "ChevronTexaco is focused on strengthening its position in key growth markets around the world and this further reinforces our already strong presence in a strategic region for ChevronTexaco."

Caltex and SPC will each pay approximately US$70 million and will acquire certain other rights and obligations from BPS. The transaction is expected to close 30 June, 2004.

Chairman of Caltex Singapore Pte Ltd., Leo Lonergan said, "The additional refining position with SRC will further strengthen Caltex's presence and supply chain in the region and it will position the Company favorably to capitalize on the region's improving economic fundamentals."

"We look forward to further strengthening our established and valued association with SPC to create even greater shareholder value for our company and to bring a reliable source of energy to our customers and the region," said Lonergan.

About ChevronTexaco and Caltex:

Currently celebrating its 125th anniversary, 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 and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. Caltex is a wholly owned subsidiary of ChevronTexaco. Its associated brands are sold in approximately 30 countries across Asia-Pacific, southern Africa and east Africa.

*At the close of this transaction the Tanker Mooring Services ownership will consist of: Caltex and SPC will each own 25 percent (PSA Marine will continue to own 50 percent).

This news release contains forward-looking statements about the effect of the acquisition of an additional interest in SRC and related assets. 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 changes in demand for refined products, changes in refining and marketing margins, actions by competitors, local political events and general economic conditions. 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.

Updated: April 2004