Press Release

ChevronTexaco Forms Gulf Lubricants Company

New Company Offers Direct Service to Lubricants Customers

SAN RAMON, Calif., Dec 19, 2001 /PRNewswire via COMTEX/ --ChevronTexaco (NYSE: CVX) today announced the formation of Gulf Lubricants Co., a ChevronTexaco company that will manufacture and market a wide range of quality lubricants, engine oils and greases at competitive prices. Gulf Lubricants products will be available to customers in the central U.S., with the company expanding its delivery capabilities across the country in 2002.

The Gulf brand, first launched in 1901, was purchased by Chevron Corp. in 1985 and remains one of the industry's most enduring images that provides the new venture with an instantly recognizable identity.

"The Gulf brand has represented service and quality for 100 years and is still incredibly popular," said Bill Franklin, general manager of Gulf Lubricants Co. "We believe the combination of quality products backed by the Gulf brand, and the opportunity to deal direct with the manufacturer, will be a compelling offer for price sensitive customers."

Gulf Lubricants will also focus on enhancing customer satisfaction and streamlining the ordering process by providing customers with several convenient access options -- via the Internet, a toll-free number, or fax. On the company's Web site, customers can research product details, information about delivery options and obtain comprehensive background information 24 hours per day. In addition, the company will offer a clear and open pricing policy with guaranteed freight quotes at the time of ordering and discounts available based on the volume of a customer's total purchases.

The new company is headquartered in San Ramon, Calif., and currently has distribution facilities in Houston and Chicago. For more information, please visit or call our customer service unit toll-free at 866-BUY-GULF.

About ChevronTexaco

Based in San Francisco, ChevronTexaco Corp. is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and selling fuels and other energy products.