ChevronTexaco Recognized for Outstanding Corporate Citizenship in Nigeria

WASHINGTON, Oct 15, 2003 -- Secretary of State Colin L. Powell today presented ChevronTexaco with the Secretary of State's 2003 Award for Corporate Excellence for its corporate citizenship in Nigeria.

"We applaud Chevron Nigeria's commitment to its employees, and to the people of the Niger Delta. More than a good corporate citizen, Chevron Nigeria is a good neighbor, and a model of excellence and trust," noted Powell in his remarks.

ChevronTexaco Chairman and CEO David J. O'Reilly accepted the award on behalf of the company's Nigeria-based employees, Chevron Nigeria Ltd. (CNL), partners and contractors at a ceremony at the U.S. Department of State in Washington, D.C.

"We will continue our efforts to harness our human, financial and technical resources to help communities where we work. The power of partnership has great strength to create and sustain positive change," said O'Reilly.

The Award for Corporate Excellence recognizes the important role U.S. businesses play abroad as good corporate citizens. The Secretary of State's office selected ChevronTexaco for initiatives in Nigeria including:

• A March 2003 airlift of 2,000 villagers to safety who were fleeing civil strife after their homes were destroyed.
• Establishment of a river boat clinic which provides on-board medical treatment to thousands of residents.
• The Chevron Workplace AIDS Prevention Program which focuses on peer education, community-based prevention and training for supervisors.
• Furnishings and equipment for 54 schools which have improved student attendance and performance.
• On-going electrification programs that will bring power -- and the economic benefits that go with it -- to 100,000 remote Niger Delta residents.

O'Reilly also credited the Nigerian National Petroleum Corp., CNL's joint venture partner, for "bringing sustainable benefits to our host communities."

Since 1992, CNL and its partners have invested more than $90 million in education, health, infrastructure development and income- and employment- generating projects.

"Working with governments, nongovernmental organizations, multilateral organizations and international initiatives, we continue to address challenges in the Niger Delta," said Jay Pryor, managing director for CNL. "Developing and sustaining lasting partnerships is a critical component of our business strategy."

ChevronTexaco is the largest U.S. investor in Sub-Saharan Africa. Together with its partners, ChevronTexaco plans to invest up to $20 billion in the next five years in Africa-related energy projects.

ChevronTexaco has been active in Nigeria since 1963. CNL is the third largest oil producer in Nigeria and has the largest acreage position in Nigeria's deepwater.

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.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This press release contains forward-looking statements about the company's planned future spending for African-related energy projects. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the composition of the portfolio of projects available worldwide and their relative benefits to the company; technological developments; potential delays in the development, construction or start-up of planned projects; the ability of the company's joint venture partners to fund their share of operations and development activities; local political events; and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE ChevronTexaco