This is news concerning Caltex Australia Limited ("Caltex Australia"). ChevronTexaco indirectly owns 50 percent interests in Caltex Australia, a publicly listed company in Australia.

--------------------------------------------------------------------------------

SYDNEY, AUSTRALIA, Jul. 14, 2003 -- Caltex Australia Chairman Dick Warburton announced today that David Reeves, currently President of the North America Products Company, ChevronTexaco Corp., a company principally engaged in refining and marketing, will succeed Jeet Bindra as Managing Director and Chief Executive Officer of Caltex Australia.

Mr Warburton said that the Caltex Board was pleased to appoint as Managing Director and CEO an outstanding petroleum and convenience store marketing executive in Mr Reeves following Mr Bindra's appointment as president of ChevronTexaco global refining. Mr Reeves' appointment will be effective 11 August 2003.

Mr Reeves, 48, has been responsible for all aspects of refining, product marketing and pipeline transportation for ChevronTexaco in North America, as well as the company's global aviation fuels marketing. Prior to that he held senior marketing and retail roles.

ChevronTexaco Global Energy Inc holds 50 percent of the shares in Caltex Australia Limited.

A graduate in civil engineering from the University of Washington, Mr Reeves, a native of Erie, Pennsylvania, joined Chevron in 1978 as an associate engineer in the company's marketing department in San Francisco. Chevron merged with Texaco in 2001 to form ChevronTexaco Corp., the world's fourth largest publicly-traded energy company based on oil-equivalent reserves and production.

"Mr Reeves brings deep experience in the development of fuel and convenience store operations in the United States to Caltex at a time the traditional Australian petroleum products and service station shop market is undergoing its most fundamental change ever," Mr Warburton said.

"The Caltex Australia Board has been delighted to obtain the services of such an outstanding executive at this turning point in the history of the Australian oil industry."

The Board offered its congratulations to Jeet Bindra who goes on to take on the most senior refining role in ChevronTexaco as president of the corporation's global refining operations.

Mr Warburton said Mr Bindra had done an outstanding job in improving the position of Caltex Australia in the time he has been Managing Director. "He goes with the Board's, and employees', deep appreciation for the high standards of excellence he set together with sound and successful management of the company," Mr Warburton said.

Mr Reeves' services will be provided to Caltex by way of a secondment agreement with ChevronTexaco under which Caltex will pay a maximum of $1.2 million per annum.