press release

Glenn F. Tilton and John S. Watson Elected to Dynegy's Board of Directors

THIRD PARTY RELEASE

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

HOUSTON -- Jan. 22, 2002 -- Dynegy Inc. (NYSE:DYN) today announced the election of Glenn F. Tilton and John S. Watson to its board of directors.

Glenn F. Tilton serves as vice chairman of the board of directors for ChevronTexaco Corp. Previously, he served as chairman of the board and chief executive officer of Texaco Inc.

John S. Watson is vice president and chief financial officer of ChevronTexaco. He is responsible for the corporation's finance function and serves as the ChevronTexaco merger integration executive. Before assuming his current position, Watson was vice president, finance and chief financial officer of Chevron.

Tilton's career at Texaco spans 30 years. He held positions of increasing responsibility in the marketing operations division before being named president of Texaco Refining and Marketing in 1988. He was appointed chairman of Texaco Limited in 1991 and one year later named president of Texaco Europe.

In 1994, Tilton was appointed president of Texaco USA with responsibility for Texaco's integrated businesses -- exploration and production, refining, marketing, and trading and transportation -- throughout the United States. He was elected senior vice president of Texaco in 1995 and appointed president of Texaco's global businesses in 1997. He was elected chairman and chief executive officer of Texaco in February 2001.

Tilton serves on the president's advisory board at the University of South Carolina. He is a member of both the American Petroleum Institute's (API) executive committee and policy committee in addition to being a member of the API board of directors. He is a member of the executive committee and board of British American Business Inc. and a member of the United States Energy Association and The Conference Board. He is also managing director of the Metropolitan Opera Association.

Watson served in various roles of increasing responsibility during his 20-year career at Chevron. He held supervisory positions in the comptroller's financial and profit analysis and investor relations groups. In 1995, he was named general manager, strategic planning and quality for Chevron USA. He was appointed president of Chevron Canada Ltd., a fully integrated manufacturing and marketing petroleum company, in January 1996.

In 1998, he was elected vice president of Chevron, responsible for strategic planning, which included mergers and acquisitions.

Tilton and Watson assumed their current positions upon the formation of ChevronTexaco in October 2001.

ChevronTexaco, which has a 26.5 percent common stock ownership interest in Dynegy, holds three seats on Dynegy's board of directors. In addition to Tilton and Watson, one existing board member, D.W. "Darry" Callahan, executive vice president, represents ChevronTexaco.

Dynegy Inc. is one of the world's premier energy merchants. Through its global energy delivery network and marketing, logistics and risk management capabilities, Dynegy provides innovative solutions to customers in North America, the United Kingdom and Continental Europe. Its web site is www.dynegy.com.

Updated: January 2002