Employees Mark Long History of Innovation and Achievement

SAN RAMON, Calif., Oct. 20, 2004 - Thousands of ChevronTexaco employees today celebrated the company's 125th anniversary at its global headquarters, marking the company's rise from the 1879 founding of Pacific Coast Oil Co. to a global energy provider active in more than 180 countries.

"This anniversary is an opportunity to reflect on our past accomplishments and successes, but it also reminds us of our responsibility to build for the next 125 years," said David O'Reilly, chairman and CEO of ChevronTexaco Corp. "ChevronTexaco has propelled itself forward through a commitment to innovation, technological achievement and an ability to work with different cultures around the globe. The 50,000 people of ChevronTexaco are the pioneers, innovators, adventurers and visionaries who will carry on our proud legacy."

Ceremonies in San Ramon and other parts of the world celebrated the company's accomplishments over the past 125 years - major oil and gas discoveries, industry firsts and technological advancements.

"For a century and a quarter, we have produced reliable, affordable energy and have taken pride in knowing that what we do fuels economic development and helps improve the standard of living around the world," said O'Reilly. "One constant in the company's history has been its commitment to people, partnership and performance."

ChevronTexaco traces its beginnings to the establishment of Pacific Coast Oil Co. by petroleum pioneers in 1879, the company that eventually became Chevron, and to the 1901 founding of Texas Fuel Co. in Beaumont, Texas, which later evolved into Texaco Inc. In 1984, the largest merger in U.S. corporate history at the time created Chevron Corp. when Standard Oil Co. of California (Socal) acquired Gulf Oil Corp. Chevron and Texaco merged to form ChevronTexaco Corp. in 2001.

ChevronTexaco's predecessor companies were instrumental in creating industry standards. In 1907, Standard Oil Co. (California) opened the world's first service station in Seattle, Washington. Ten years later, it became the first company in the industry to adopt an eight-hour workday for its employees. In 1928, The Texas Co. was the first oil company to market in all 48 U.S. states.

The search for reliable energy has taken ChevronTexaco explorers around the world, where they discovered some of the industry's largest and most-productive fields. In 1901, Gulf's predecessor discovered oil at the Spindletop Field, sparking the Texas oil boom. In 1938, California Arabian Standard Oil Co. (a joint venture of Socal and The Texas Co.) made the first oil discovery in Saudi Arabia, launching a prolific era in the country's oil industry. In 1966, Gulf made the first discovery of oil offshore Angola by a U.S. company. In 1993, Chevron Corp. and the Republic of Kazakhstan formed a joint venture, Tengizchevroil, to develop the Tengiz Field, the sixth-largest oil field in the world. Of the world's largest 25 producing fields, ChevronTexaco has participated in the development of 14 fields.

Technology has been a driving force in the company's success. In 1919, The Texas Co. patented a process to refine crude oil into gasoline. In 1959, Texaco Inc. became the first manufacturing company to use a digital computer to run an industrial process at its refinery in Port Arthur, Texas. In 1978, Socal installed a production platform in the North Sea that at the time was largest manmade object ever moved. In 1981, P.T. Caltex Pacific Indonesia (a joint venture of Socal and The Texas Co.) initiated the world's largest steam-injection operation, at the Duri Field in central Sumatra, which increased recovery from the field by more than 50 percent. In 2003, ChevronTexaco and its drilling contractor achieved an industry record with the deepest well ever drilled in the U.S. Gulf of Mexico.

ChevronTexaco is a strong partner in the communities in which it operates. For example, in 2002, in partnership with the United States Agency for International Development, the United Nations Development Programme and other organizations, ChevronTexaco contributed $25 million of a $50 million initiative in Angola to build human capacity and a higher standard of living for communities across the country. From 1990-2004, ChevronTexaco contributed $2 million to the Yosemite Fund to protect, preserve and restore Yosemite National Park, and 3,500 employees volunteered nearly 35,000 hours to restore areas of Yosemite Valley.

Today, ChevronTexaco is one of the world's leading energy companies, producing approximately 2.5 million barrels per day of oil and equivalent gas. ChevronTexaco holds strategic upstream positions in the world's largest oil and gas regions, is implementing a strategy to commercialize its natural gas equity resource base, and is leveraging its downstream market and supply strength.

About ChevronTexaco

ChevronTexaco is one of the world's leading energy companies. With more than 50,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevrontexaco.com

Contact:
Camille Costello
925 842 2583