Texaco Stockholders Approve Company's Merger With Chevron

Texaco announced that the company's stockholders have voted to approve the proposed merger with Chevron Corp. The results of the vote were reported during a special stockholder meeting held today in Houston. Through October 8, 98.3 percent of the Texaco shares voted were in favor of the merger, representing 71.9 percent of the total shares outstanding. The companies intend to close the merger later today.

Commenting on the stockholder vote, Glenn F. Tilton, chairman and CEO of Texaco Inc., said, "We are very pleased with the outcome of this vote and wish to thank our stockholders for the confidence they have expressed in our plans to merge with Chevron. Our new company, ChevronTexaco Corporation, will rank among the largest energy companies in the world with the resources necessary to create greater value for our shareholders."

The merger was first announced in October 2000 and has been approved by the U.S. Federal Trade Commission, the European Union and other federal and state regulatory authorities. Under the terms of the merger, Texaco stockholders will receive 0.77 shares of ChevronTexaco stock for each Texaco share they own.

ChevronTexaco will be headquartered in San Francisco until mid-year 2002, when the company will move its corporate staff (approximately 200 employees) to San Ramon, California