Texaco Capital Inc. Announces Offer to Purchase Debt Securities for Cash

Texaco Capital Inc. (“TCI”), an indirect wholly owned subsidiary of Chevron Corporation (“Chevron”) (NYSE: CVX), announced today that it is offering to purchase for cash any and all of its outstanding debt securities specified in the table below (the “Securities”). The Securities are guaranteed by Texaco Inc. (“Texaco”), a wholly owned subsidiary of Chevron.

The offer will commence on June 8, 2007, and will expire at 5:00 p.m. New York City time on June 21, 2007 (the “Expiration Date”), unless extended or earlier terminated, in either case, by TCI in its sole discretion. Holders of Securities wishing to sell must follow the instructions set forth in TCI’s Purchase Offer dated June 8, 2007 (the “Purchase Offer”). Acceptances of the offer are irrevocable and there are no withdrawal rights during the term of the offer.

TCI reserves the right to: (a) extend the period of time during which the offer shall remain open at any time and from time to time, (b) at any time until the first time any holder accepts the offer, amend the terms of the offer in any respect, (c) at any time after the first time any holder accepts the offer, amend the terms of the offer in a manner deemed by TCI to be advantageous to the holders of Securities and (d) terminate the offer. Any amendment or modification to the offer will apply only to those Securities with respect to which the offer has not previously been accepted.

The applicable purchase price for each $1,000 principal amount of each Security sold pursuant to the offer will be determined in the manner described in the Purchase Offer by reference to the fixed spread over the yield to maturity on the applicable reference security listed below at 2:00 p.m. New York City time on June 19, 2007. The purchase price, plus accrued and unpaid interest to (but excluding) the date of payment, will be paid to the Depositary in immediately available funds on the second New York Stock Exchange trading day after the Expiration Date (the “Settlement Date”). If the Purchase Offer is not extended, the Settlement Date will be June 25, 2007.