ChevronTexaco Comments on Recent Actions of Chevron Nigeria

ChevronTexaco Corp. indicated its support for actions taken recently by its subsidiary Chevron Nigeria Limited (CNL). CNL has for safety reasons started the relocation of its workers from its Escravos terminal and associated offshore production facilities, as a result of ongoing unrest in the western Niger Delta region. The decision has led to the shut-in of CNL-operated production, totaling 440,000 barrels of oil and 285 million cubic feet of gas per day, in which the company has a 40 percent equity interest. ChevronTexaco's interest through CNL in this production is approximately 7 percent of ChevronTexaco's worldwide net oil-equivalent production.

"Our greatest concern is for the safety of our people and the community members who have taken refuge in our facilities, and CNL is working to move everyone to safe locations," said ChevronTexaco Chairman and CEO Dave O'Reilly. "We are saddened by the loss of life and destruction of people's homes that is currently taking place, and we continue to urge all parties to search for ways to quickly and peacefully resolve this situation. Meanwhile, our company is doing what it can to help and has already sheltered and relocated to safety more than 1,600 neighbors who sought refuge from the fighting in the area."