press release

Funds to Support SPE.org Enhancement Effort Surpass U.S. $2 Million

ChevronTexaco Contributes U.S. $1 Million to Effort

THIRD PARTY RELEASE

This is news concerning ChevronTexaco but issued by someone other than ChevronTexaco and archived here for record purposes.

RICHARDSON, Texas, Oct. 6, 2003 -- The SPE Foundation will announce at SPE's Annual Technical Conference and Exhibition, 5-8 October, in Denver, Colorado, U.S.A., that support for the campaign Tomorrow's SPE: Investing in SPE.org has already surpassed more than U.S. $2 million.

Led by the SPE Foundation, this campaign launched late last year with the goal to raise U.S. $5 million to support SPE Web site enhancements. T. Don Stacy, former senior executive at Amoco, and Dennis E. Gregg, former senior executive at Conoco, are leading the campaign as co-chairs and former SPE Presidents. The funds will enable enhanced access to technical knowledge, improved online collaboration, improved online continuing education capabilities, and greater efficiencies to members conducting business with SPE using SPE.org.

The entire enhancement campaign is projected to total U.S. $10 million. The Society already has invested U.S. $5 million from other sources, and the Tomorrow's SPE: Investing in SPE.org campaign is slated to raise the balance. ChevronTexaco gave a pacesetting contribution of U.S. $1 million and Encana gifted U.S. $250,000. Several other companies recently pledged the campaign, including Apache, BP, and ExxonMobil. Also as part of the campaign, SPE Foundation Trustees and current and past SPE Board members made personal commitments totaling more than U.S. $400,000.

"SPE provides formidable resources to continually improve the industry's ability to provide essential oil and gas resources to the public," said John E. Bethancourt, Executive Vice President, Technology and Services for ChevronTexaco. "ChevronTexaco's contribution reflects our global commitment to supporting meaningful partnerships and we encourage others to contribute to Tomorrow's SPE: Investing in SPE.org."

ChevronTexaco's contribution goes to SPE.org to support the SPE e-Library that currently includes more than 35,000 technical papers and is accessed 12,000 times each month by members from around the world.

"With more than 55,000 members worldwide, SPE has created an immense virtual connection to share information and knowledge," said Stacy, SPE Foundation President. "The Foundation has recognized the need to keep improving this invaluable resource and keep a living connection working between all SPE members. Being able to share knowledge and learn from others' experiences and knowledge make SPE.org an irreplaceable asset for anyone involved in the E&P industry."

"Corporate donations, such as the generous investment from ChevronTexaco, have truly 'set the pace' for others to emulate," added Gregg. "We are so very grateful for their early and strong endorsement of this critical project."

Mark Rubin, SPE's Executive Director, expressed his appreciation to ChevronTexaco and all others who have made early commitments to Tomorrow's SPE: Investing in SPE.org. "I am continually impressed with how highly our members and corporate partners value SPE, and with the quality of our volunteer leaders," Rubin said.

For more information related to the SPE Foundation and its programs, visit the SPE Web site.

The Society of Petroleum Engineers (SPE) is a not-for-profit professional association whose members are engaged in energy resources development and production. SPE serves more than 55,000 members from over 100 countries worldwide. SPE is a key resource for technical knowledge related to the oil and gas exploration and production industry and provides services through its publications, conferences, workshops, forums, and online at www.spe.org.

Updated: October 2003