Page 2 - annualReport_jmm

TABLE OF CONTENTS

Up to the Challenge ......................................................................... 1

People Powered .............................................................................. 2
Value Driven .................................................................................. 3
To the Stockholders ........................................................................ 5
Strategies for Success .................................................................... 6
Finncial Performance Review ........................................................... 7
Upsream ........................................................................................ 9
Downstream ........................................................................... ......11
Management’s Decision and Analysis ............................................. 13
Business Environment and Outlook ................................................ 14

ChevronTexaco Corporation is one of the world’s largest integrated energy companies. We
are active in more than 180 countries, and our operations span the spectrum of energy
activities, including oil and natural gas exploration and production, and refining, marketing and
transportation of petroleum products. We also have significant positions in the petrochemicals

and power generation industries and are working to develop and commercialize the next
generation of promising energy technologies.