Inaugural Report Is a Collective Overview of Social And Environmental Performance

SAN RAMON, Calif., Oct. 15 -- ChevronTexaco (NYSE: CVX) today announced the issuance of the first ChevronTexaco Corporate Responsibility Report. This web-based report provides details on a broad range of social and environmental activities, ChevronTexaco's actions addressing key issues and a baseline for continual improvement in the area of corporate responsibility.

Dave O'Reilly, chairman and CEO of ChevronTexaco, said, "We know our success as a company depends not only on our financial performance, but also on our ability to address the social and environmental expectations of our stakeholders. Indeed, we see corporate responsibility and business success as mutually reinforcing.

"Our company's primary obligation is to produce reliable and affordable energy. In doing so, we are committed to protecting people and the environment by operating safely and efficiently, conserving natural resources and responsibly stewarding our products. We take pride in knowing that the energy we produce is a building block of economic development that helps improve standards of living around the world. This report describes the work that ChevronTexaco is doing -- and has yet to do -- to demonstrate responsible performance," said O'Reilly.

Key points from the 2002 Report are:

• Community Engagement & Development: Investments in 2002 were approximately US$62.8 million. Also in 2002, ChevronTexaco launched the Angola Partnership Initiative, committing US$25 million to the five-year, US$50 million public-private partnership aimed at building human capacity and developing small- and medium-size enterprises in Angola.
• Revenue Transparency: ChevronTexaco pledged support of the Extractive Industries Transparency Initiative. This voluntary initiative is designed to engage host governments and international energy companies in an exercise to advance transparency in the management of oil revenues.
• HIV/AIDS: In 2002, ChevronTexaco's operating companies in Nigeria and Angola received international recognition for their HIV/AIDS programs.
• Greenhouse Gas Emissions: ChevronTexaco completed its first post-merger greenhouse gas inventory in 2002 and is taking a leadership role in promoting consistency of greenhouse gas "emissions estimating" within the petroleum industry. In 2002, we released our SANGEA(TM) emissions estimating software to others in our industry at no charge.
• Energy Efficiency: We continued our long-term focus on energy efficiency. In addition to helping reduce costs, efficiency improvements are a key lever for managing greenhouse gas emissions. In 2001 and 2002, ChevronTexaco's operations reached their most efficient level since the inception of our Energy Index in 1991.

The report includes corporate wide performance information and illustrative examples by country, operating company and at the business unit level. This report will be the baseline for evaluating future performance and measuring continual improvement.

Issuing the ChevronTexaco Corporate Responsibility Report is part of an overall management approach that supports financial success by demonstrating respect for ethical values, people, communities, and the environment. The report states that the company is focused on issues of particular relevance to the energy industry including:

• Ethics, transparency and financial reporting;
• Community engagement and development;
• Human and labor rights;
• Health and safety;
• Environment, conservation and climate change;
• Workplace practices and employee relations;
• Integration of corporate responsibility considerations into our supplier relationships.

The report is available at www.chevrontexaco.com/cr_report. For a printed executive summary please contact: comment@chevrontexaco.com.

Based in San Ramon, Calif., ChevronTexaco 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 crude oil and natural gas, and marketing fuels and other energy products.

SOURCE ChevronTexaco Corp.