press release

Texaco Press Release - Texaco Commissions Independent Audit of Reported Greenhouse Gas Emission

FOR RELEASE: WEDNESDAY, FEBRUARY 28, 2000

WHITE PLAINS, N.Y., Feb. 28 - Texaco today announced it has commissioned a team consisting of KPMG and environmental consultants, URS Corporation to independently verify Texaco's Greenhouse Gas Emission (GHG) inventories and protocol. Upon completion of the audit, the team will publish their opinion statement making Texaco among the first U.S.-based international oil and gas major to have its GHG data and data collection methods verified in this way.

Since 1997 Texaco has conducted an annual comprehensive inventory of greenhouse gas emissions from its worldwide operations. Through their audit, KPMG and URS Corporation will assess both the rigor of Texaco's estimation process and the resulting accuracy of the company's reported data for the years 1997 through 1999. Phase one of this two-phase project will systematically review and critique the quality of Texaco's emissions inventory protocol, its associated estimation and reporting processes, and underlying data sources. Phase two will consist of audit process development, site selection and site visits for inventory verification. Both phases are scheduled to be completed by August 2001.

"As a global energy company operating in more than 150 countries, Texaco must be actively involved in the issue of climate change and believes that enough is known about it to warrant action now," said Elliott P. Laws, Texaco Safety Health and Environment President.

"Independently auditing our greenhouse gas emissions data is just one way that Texaco is actively addressing the issue of climate change. Other activities include effective emissions management, participation in leading research collaborations, our application of innovative technologies and constructive dialogue with governmental and non-governmental organizations."

More information about Texaco's five-fold plan of action to respond to the challenge of climate change can be found at http://www.texaco.com/shared/position/docs/climate_p.html (this link is no longer applicable, but is provided here for archive purposes).

Updated: February 2001