press release

Randy Curry to Head ChevronTexaco Natural Gas

HOUSTON, Jan. 29, 2003 -- ChevronTexaco announced today that Randy Curry has been appointed as the president of ChevronTexaco Natural Gas, ChevronTexaco's new U.S. wholesale natural gas marketing unit. Curry will report to Ray Wilcox, vice president of ChevronTexaco Corp. and president of ChevronTexaco North America Exploration and Production.

"Randy is a proven leader with the experience to re-establish ChevronTexaco in the North America wholesale natural gas marketing business," said Ray Wilcox. "As ChevronTexaco re-enters this sector, our large equity supply base puts us in position to be a strong player in the North American market."

Curry, 45, joined Texaco in 1988, and has held a variety of positions in the industry, including vice president of marketing Texaco Natural Gas Inc. (TNGI), and senior vice president pipeline and plant group, TNGI. Most recently, Curry was president of Bridgeline Holdings L.P., a ChevronTexaco joint venture natural gas pipeline and marketing company. Curry holds a bachelor of science degree in chemical engineering from Texas A&M University.

As stated in a recent press release, ChevronTexaco has reached agreement with Dynegy to terminate their natural gas purchase and sale contracts and related agreements effective Feb. 1, 2003. Dynegy will market ChevronTexaco's gas in an agency role through March 2003, and will provide other related transition services to ensure obligations to customers continue to be met during the transition period. ChevronTexaco's new wholesale natural gas marketing unit, ChevronTexaco Natural Gas, will be fully operational for April 2003 business.

Certain statements included in this news release are intended as "forward-looking statements." These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this posting. 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: January 2003