Press Release

ChevronTexaco Vice Chairman Richard Matzke to Retire After More Than 40 Years Of Service
SAN FRANCISCO, Oct 12, 2001 /PRNewswire via COMTEX/ --

Peter Robertson, George Kirkland and Ray Wilcox Appointed to Executive Upstream Leadership Positions

ChevronTexaco Corp. (NYSE: CVX) today announced that ChevronTexaco Vice Chairman Richard Matzke will retire early next year after more than 40 years of distinguished company service. Matzke will be succeeded by Peter Robertson, currently Vice President of ChevronTexaco and President of ChevronTexaco Overseas Petroleum (CTOP).

Additionally, George Kirkland, currently Vice President of ChevronTexaco and President of ChevronTexaco North America Exploration and Production (CTNAEP), will succeed Robertson as President of CTOP. Ray Wilcox, currently Managing Director of ChevronTexaco's Nigeria/Mid-Africa Strategic Business Unit, will succeed Kirkland as President of CTNAEP. Wilcox will also become a Vice President of ChevronTexaco.

Commenting on the announcements, ChevronTexaco Chairman and CEO Dave O'Reilly said, "Dick Matzke is known and respected throughout the energy industry for his strong leadership, tenacity and pioneering spirit. The rapid, successful growth of our international exploration and production operations over the past several years, particularly our joint venture in Kazakhstan, are among the many outstanding legacies he will leave for his successors and future generations of ChevronTexaco employees.

"Peter Robertson, George Kirkland and Ray Wilcox are proven leaders who will play critical roles in helping our company create superior value for our stockholders, customers, partners, employees and the countries in which we operate."

Matzke joined Chevron in 1961 as a geologist in Louisiana and advanced through a number of leadership positions in exploration, economics, research and corporate planning. His executive career has included serving as Vice President of Chevron Chemical Co. (1979-1982), Director of Caltex Pacific Indonesia (1982-1986), President of Chevron Canada Resources Ltd. (1986-1989), and President of Chevron Overseas Petroleum (1989-1999). He was elected a Director of Chevron in 1997, and Vice Chairman of the board in January 2000.

Matzke, a native of Illinois, holds several leadership positions with various organizations, including Chairman of the board of directors of the United States-Kazakhstan Business Association. He also is a member of the United States-Russia Business Council and the Business Council for International Understanding. He serves on the board of the American-Iranian Council, the National Committee on United States-China Relations, and he is Chairman of the United States-Azerbaijan Chamber of Commerce. Matzke serves on the Board of Trustees of The African America Institute, the advisory board of the Center for Strategic and International Studies, and the United States Council for International Business.

Robertson, who joined Chevron in 1973 after earning a master of business administration degree from the Wharton School at the University of Pennsylvania, has an extensive business background across the company.

Robertson became Comptroller for Chevron Oil Europe in London in 1980, and was named Comptroller of Chevron U.S.A. in 1987. In 1989, he became Vice President, Finance for Chevron U.S.A.; President of Warren Petroleum (Chevron's former natural gas liquids subsidiary) in 1991; a Vice President of Chevron Corp., responsible for strategic planning in 1994; and President of Chevron U.S.A. Production Co. from 1997 until assuming his current position.

Kirkland has served in numerous upstream leadership positions in Indonesia; Midland, Texas; Denver, San Francisco and Lagos, Nigeria. He joined Chevron as a construction engineer in New Orleans in 1974, and moved to Caltex Pacific Indonesia in 1978. From 1980 to 1985, he was Project Engineering Manager for the giant Duri Steam Flood project in Indonesia. After returning to the United States and holding positions of increasing responsibility in Chevron operations in Midland, Denver and San Francisco, in 1990 Kirkland became Group Manager of Upstream Technology for Chevron Research and Technology Co.

Kirkland was appointed General Manager of Production for Chevron Nigeria Ltd. in 1992, General Manager of Asset Management for Chevron Nigeria in 1996 and, later that year, Managing Director of Chevron Nigeria. He became President of Chevron U. S. A. Production Co. in January 2000, and assumed his present position in October 2001 with the formation of ChevronTexaco Corp.

Wilcox, who joined Chevron in 1968 as a design and construction engineer in southern California, spent the early part of his career in a variety of onshore and offshore production activities in California and Louisiana. He was appointed Managing Director of Chevron Asiatic in Melbourne, Australia, in 1990; became Vice President and General Manager of Marine Transportation for Chevron Shipping Co. in 1996; was named General Manager of Asset Management in Nigeria in 1999, and assumed his current position in January 2000.