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Transforming the global downstream
business to dramatically improve results

ChevronTexaco’s downstream businesses
refine crude oil and market, transport and
trade petroleum products around the world.
Our downstream organization has the scale

and global reach to deliver full value across the
entire energy chain. In addition, we continue
to capture merger-related savings and are just
beginning to realize the full potential of our
downstream opportunities.

The merger provided us with the opportunity
to bring together three downstream operations
and transform them into a tightly integrated,
highly competitive, performance-based
business with an intense focus on the customer.

We are targeting attractive markets around
the world where we have competitive supply
and strong brands. Our diverse and talented
work force is creating value by sharing best
practices, leveraging technology and driving
hard to operate safely, efficiently and reliably.
And in 2003, we will continue making the
changes necessary to optimize our portfolio.

We are determined to improve our downstream
performance by pursuing goals that are
ambitious but, we believe, within our reach.

Downstream

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