press release

Texaco Press Release - Chevron Voluntarily Provides FTC Additional Time for Merger Review

The following Press Release was issued by Chevron Corp.

FOR RELEASE: FRIDAY, NOVEMBER 17, 2000

More ChevronTexaco Merger Information

SAN FRANCISCO November 17, 2000 - Following informal discussions with staff at the Federal Trade Commission, Chevron today volunteered to refile its pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act.

Chevron's initial submission, made on Oct. 23, was followed by an informal request from the Commission staff for additional information about the business of the two companies. In response to that informal request, Chevron and Texaco have been providing information to the staff on a voluntary basis. Under the Hart-Scott-Rodino Act, the Commission must make a formal request for any additional information it wants from the companies within 30 days of their original filing, or from any subsequent refiling. Chevron's refiling, completed today, gives the Commission and staff more time to review the information submitted by Chevron and Texaco before the staff must determine what additional information, if any, it will formally request.

Chevron and Texaco remain committed to working cooperatively with the Federal Trade Commission as it conducts its review of the merger.

Updated: November 2000