press release

Texaco Capital Inc. Announces Purchase Prices in Offer to Purchase Debt Securities for Cash

SAN RAMON, Calif., June 19, 2007 -- Texaco Capital Inc. ("TCI"), an indirect wholly owned subsidiary of Chevron Corporation (NYSE: CVX), announced today the purchase prices to be paid pursuant to its Purchase Offer dated June 8, 2007 (the "Purchase Offer") with respect to all of its outstanding debt securities specified in the table below (the "Securities"). The Securities are guaranteed by Texaco Inc. ("Texaco"), a wholly owned subsidiary of Chevron.

The Purchase Price (as defined in the Purchase Offer) per $1,000 principal amount for any Security sold pursuant to the Purchase Offer will be as set forth in the table below.

Security Reference Security Reference Yield Fixed Spread Purchase Offer Yield Purchase Price Excluding Accrued Interest
8.625% due 2010 3.625% due 2010 4.964% 0.15% 5.114% $1,096.91
7.5% due 2043* 3.875% due 2013 4.988% 0.25% 5.238% $1,130.10
7.95% due 2017 4.625% due 2017 5.104% 0.35% 5.454% $1,187.51
9.75% due 2020 8.5% due 2020 5.240% 0.35% 5.590% $1,374.99
8.875% due 2021 7.875% due 2021 5.270% 0.35% 5.620% $1,307.13
8.875% due 2021 8.125% due 2021 5.276% 0.35% 5.626% $1,314.46
8.75% due 2022 7.25% due 2022 5.289% 0.35% 5.639% $1,312.29
8.75% due 2022 7.25% due 2022 5.289% 0.35% 5.639% $1,312.29
7.9% due 2023 7.125% due 2023 5.300% 0.35% 5.650% $1,231.08
7.43% due 2023 7.125% due 2023 5.300% 0.35% 5.650% $1,183.52
8.625% due 2031 5.375% due 2031 5.256% 0.50% 5.756% $1,373.44
8.625% due 2032 5.375% due 2031 5.256% 0.50% 5.756% $1,376.04
8.0% due 2032 5.375% due 2031 5.256% 0.50% 5.756% $1,295.94
7.84% due 2033 5.375% due 2031 5.256% 0.50% 5.756% $1,277.44
7.91% due 2043 4.75% due 2037 5.206% 0.50% 5.706% $1,334.10

* Initially redeemable at the option of TCI on March 1, 2013

The offer will expire at 5:00 p.m. New York City time on June 21, 2007 (the "Expiration Date"), unless extended or earlier terminated, in either case by TCI in its sole discretion. Holders of Securities wishing to sell must follow the instructions set forth in the Purchase Offer.

The Purchase Price, plus accrued and unpaid interest to (but excluding) the date of payment, will be paid to the Depositary in immediately available funds on the second New York Stock Exchange trading day after the Expiration Date (the "Settlement Date"). If the Purchase Offer is not extended, the Settlement Date will be June 25, 2007.

The offer is made upon the terms and subject to the conditions set forth in the Purchase Offer. Copies of the Purchase Offer can be obtained from D.F. King & Co., Inc., the Information Agent, toll free at (800) 431-9642.

The Bank of New York is serving as Depositary for the offer.

Citigroup Global Markets Inc. ("Citi") and Lehman Brothers Inc. ("Lehman") are serving as the Dealer Managers for the offer. Questions concerning the terms of the offer may be directed to Citi toll-free at (800) 558-3745 or Lehman toll-free at (800) 438-3242 or collect at (212) 528-7581.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the Securities. The offer is made solely by TCI's Purchase Offer dated June 8, 2007. This offer is not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the offer is required to be made by a licensed broker or dealer, it shall be deemed to be made on behalf of TCI by the Dealer Managers.

None of TCI, Texaco, Chevron, the Dealer Managers, the Depositary or the Information Agent makes any recommendation as to whether or not holders should sell their Securities pursuant to the Purchase Offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to sell the Securities, and if so, the principal amount of the Securities to sell.

Updated: June 2007