ChevronTexaco Announces Common Stock Repurchase Program

ChevronTexaco Corp. announced that its board of directors approved a new program to repurchase up to $5 billion of the company's common stock. The repurchases will occur over a period of up to three years beginning April 1, 2004, as a means of further enhancing stockholder value.

"We've had a sustained period of strong cash flows from our company operations. As a result, we've been able to significantly reduce our debt levels and make voluntary funding contributions to our major employee pension plans," said ChevronTexaco Chairman and CEO Dave O'Reilly. "As we initiate this program to repurchase shares and return cash to our stockholders, we remain committed to the principles of capital stewardship and the maintenance of a strong balance sheet and a high rating of our debt securities by the major credit-rating agencies."

Acquisitions for the share repurchase program will be made from time to time at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The program may be discontinued at any time.