press release

Texaco Press Release - Media Advisory: Merger Timing

FOR RELEASE: MONDAY, MARCH 19, 2001

The following Media Advisory Was Issued by Chevron Corp.

SAN FRANCISCO, March 19 -- Chevron today issued the following clarification in response to media interest quoting Chevron Vice Chairman Richard Matzke that Chevron and Texaco could have a ruling on their planned merger at the end of April with a subsequent closing of the merger in June.

In October 2000, Chevron stated at the announcement of the proposed merger that recent merger closings in the oil and gas sector have taken from 6 to 12 months from the announcement date, and expressed confidence that we could close within that timeframe. Mr. Matzkes recent comments reflected the best case for an early merger closing within that timeframe.

Because many factors are outside the control of Chevron, we are unable to predict the timing of merger completion. However, Chevron continues to cooperate with all concerned in the merger process, and we are working diligently to obtain all necessary merger approvals.

Updated: March 2001