press release

ChevronTexaco Welcomes Back the Texaco Retail Brand in the U.S.

Company begins marketing gasoline under the Texaco retail brand again

SAN RAMON, Calif., Jul. 1, 2004 -- ChevronTexaco Products Company will today begin marketing gasoline under the Texaco retail brand and expects to be supplying more than 1000 locations in Southern and Eastern states of the United States by the end of the year.

As part of its 2001 merger agreement, ChevronTexaco agreed to license the Texaco retail brand to Shell in the United States for the marketing and sale of gasoline on an exclusive basis until July 1, 2004. The companies will now share the brand rights for a two-year transition period until ChevronTexaco regains exclusive rights to the Texaco brand in the United States on July 1, 2006.

"We are thrilled to welcome back the Texaco brand to our retail network. Texaco is one of the most recognized brands in the world with a 100-year history of quality," said Shariq Yosufzai, president of Global Marketing for ChevronTexaco. "Working alongside our local marketers, we are excited about the opportunity to build the brand into its second century."

ChevronTexaco's objective is to successfully execute a global multi brand strategy, supporting the Chevron and Texaco brands in the United States; the long-standing brand strength of Texaco in Europe, Latin America and parts of Africa; and the Caltex brand, one of the most recognized in the Asia-Pacific region.

During July, ChevronTexaco will begin supplying Texaco stations in 13 Southern and Eastern states, from Texas through Maryland and the District of Columbia. ChevronTexaco plans on growing the brand by attracting marketers to the strong heritage of the Texaco star.

"Our goal is straight-forward," said Danny Roden, vice president of North American marketing for Chevron Texaco. "Our objective is to invest in key geographies where we have or can build market and supply strength by offering premium gasoline products and a superior retail experience under two highly trusted brands."

ChevronTexaco will offer the same high-quality gasoline to Chevron and Texaco marketers. Last month, ChevronTexaco gasoline became the first to meet new performance criteria in the United States set by automakers BMW, General Motors, Honda and Toyota for TOP TIER Detergent Gasoline. TOP TIER establishes criteria for detergency levels in gasoline higher than those currently set by the Environmental Protection Agency (EPA). These automobile manufacturers have clearly stated that TOP TIER gasoline results in better overall performance. All grades of Chevron with Techron and all ChevronTexaco Products Company-supplied Texaco gasoline meet the TOP TIER specification.

A dual-branded credit card will be available to customers in areas where the company will supply both Chevron and Texaco stations. Prominent point-of-sale materials featuring the card will clearly identify those Texaco sites supplied by the company where customers will be able to use both existing Chevron credit cards and the new dual-branded Chevron and Texaco credit cards.

"We will be celebrating our return to the Texaco brand throughout the summer, kicking off with a station tour of our NASCAR No. 42 car, special appearances by driver Jamie McMurray and consumer promotions that will give our customers an ultimate NASCAR experience," said Roden. "We want to share the excitement of both the brand and our NASCAR involvement with station dealers and customers alike."

Founded in Beaumont, Texas, Texaco has been an iconic brand and local success story in U.S. South and East since 1911, with its first service station in Houston.

ChevronTexaco Products Company is a wholly owned subsidiary of ChevronTexaco Corp. Currently celebrating its 125th anniversary, CVX is the second- largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 50,000 CVX 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. CVX is based in San Ramon, Calif.

Updated: July 2004