News Briefs:

Chevron and Texaco Agree to $100 Billion Merger

Chevron Corp. and Texaco Inc. announced plans to merge and ChevronTexaco
Corp.

In the merger, Texaco shareholders will receive 0.77 shares of Chevron
common stock for each share of Texaco common stock they own, and Chevron
shareholders will retain their existing shares.  The exchange ratio
represents approximately $64.87 per Texaco share based on Chevron's closing
stock price of $84.25 on October 13.  The exchange ratio represents an 18%
premium based upon Texaco's closing share price on October 13, and a 25%
premium based upon the two companies' average relative share prices during
the 30-day period through October 13.  As a result of the merger, Chevron
shareholders will own approximately 61% of the combined equity, and Texaco
shareholders will own about 39%.  The combined company would have an
enterprise value of more than $100 billion.

The new company will have reserves of 11.2 billion barrels of oil equivalent
(BOE), daily production of 2.7 million BOE, assets of $77 billion, and
operations throughout the world.  In the U.S.,  ChevronTexaco would be the
nation's third largest producer of oil and gas, with production of 1.1
million BOE per day, and hold the nation's third largest reserve position,
with 4.2 billion BOE of proved reserves.