SAN FRANCISCO, Oct 16, 2001 -- Texaco Capital LLC, a limited life company organized under the laws of the Turks and Caicos Islands ("Texaco Capital") and an indirect wholly owned subsidiary of ChevronTexaco Corporation (NYSE: CVX) ("ChevronTexaco"), has issued a notice of redemption of the following series of securities:

• 6 7/8 percent Cumulative Guaranteed Monthly Income Preferred Shares, Series A (the "Series A MIPS").
• Cumulative Adjustable Rate Monthly Income Preferred shares, Series B (the "Series B MIPS").

The Series A MIPS will be redeemed on Nov. 30, 2001, at a redemption price of $25 per share plus accrued and unpaid dividends to such date. The Series B MIPS will also be redeemed on Nov. 30, 2001, at a redemption price of $25 per share plus accrued and unpaid dividends to such date.