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• For the 10th consecutive year, we added more oil- In everything we do, we are guided by our commitment to
equivalent proved reserves than we produced. Through conduct our business in a responsible and ethical manner. We
discoveries, acquisitions and other additions, we replaced respect the law, support universal human rights, protect the
114 percent of our 2002 production. environment and benefit the communities in which we operate.
• We added significant amounts of proved reserves to our By holding firm to our values, we are moving toward our vision
natural gas resource base and made progress on several of being the global energy company most admired for its people,
major projects. For example, ChevronTexaco and five other partnership and performance.
participants in Australia’s North West Shelf Venture signed
a conditional 25-year contract with the People’s Republic It is no accident that people are listed first in our vision statement.
of China to supply up to 3 million metric tons a year of Our diverse global work force is the most important factor in our
liquefied natural gas (LNG) for the proposed Guangdong success, and I applaud the 53,000 employees of ChevronTexaco
LNG project in southern China. for their contributions. It is through their work that the company
is welcomed around the world and has become a partner of
• In the Caspian region, we moved forward to improve choice in some of the most important projects in the energy
both our production and transportation systems. Our industry. And it is through the work of ChevronTexaco people
Tengizchevroil (TCO) partnership increased production that we will prove we are up to the challenge of delivering the
for the ninth consecutive year. Also, in the second half of performance our stockholders expect of us and we expect of
the year, TCO was able to transport all its crude oil through ourselves.
the more cost-effective Caspian Pipeline Consortium’s
935-mile (1,505-kilometer) pipeline to Novorossiysk,
a Russian port on the Black Sea. In 2003, we expect to
complete a second pipeline, which will link our 20 percent-
owned Karachaganak Field to the Caspian pipeline.
DAVE O’REILLY
• The company’s annual dividend payment increased for Chairman of the Board and Chief Executive Officer
the 15th consecutive year, reflecting our commitment to March 7, 2003
provide a superior return on our stockholders’ investment.

UP TO THE CHALLENGE

I am proud of the progress we made in our first year as
ChevronTexaco. As we look to the future, we are facing the
uncertainty of a struggling global economy. Yet, there are
extraordinary opportunities for a company with our capabilities.

ChevronTexaco is a major player in the global energy industry.
And we are focused on our most important financial objective
– to be No. 1 among our largest global competitors in total
stockholder return for the period 2000 through 2004.
We have an active, independent Board of Directors that brings a
wealth of experience to this important role – including expertise
in government, education, industrial manufacturing, consumer
products and high technology. The integrity, knowledge and As an organization that operates in more than 180 countries, we learn from and respect
perspectives of our Board are invaluable to ChevronTexaco as the cultures in which we work. Our global work force represents a rich variety of ideas,
talents and experiences. We recognize that such diversity strengthens us and
we make decisions that will enable us to achieve our ambitious enhances our ability to deliver results.
goals. Our company values, too, are essential as we pursueour
objectives.

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