ChevronTexaco Corporation, a Delaware corporation, manages its investments in
subsidiaries and affiliates and provides administrative, financial and management
support to U.S. and foreign subsidiaries that engage in fully integrated petroleum
operations, chemicals operations, coal mining, power and energy services. The
company operates in the United States and in more than 180 other countries. Petroleum
operations consist of exploring for, developing and producing crude oil and natural
gas; refining crude oil into finished petroleum products; marketing crude oil,
natural gas and the many products derived from petroleum; and transporting crude
oil, natural gas and petroleum products by pipeline, marine vessel, motor equipment
and rail car. Chemicals operations include the manufacture and marketing, by an
affiliate, of commodity petrochemicals for industrial uses, and the manufacture
and marketing, by a consolidated subsidiary, of fuel and lubricating oil additives.
The company’s largest business segments are exploration and production (upstream)
and refining, marketing and transportation (downstream). Chemicals is also a
significant segment, conducted mainly by the company’s 50 percent-owned affiliate
— Chevron Phillips Chemical Company LLC (CPChem). The petroleum activities of
the company are widely dispersed geographically. The company has petroleum operations
in North America, South America, Europe, Africa, Middle East, Central and Far
East Asia, and Australia.
CPChem has operations in the United States, Puerto Rico, Singapore, China,
South Korea, Saudi Arabia, Qatar, Mexico and Belgium. ChevronTexaco’s wholly
owned Oronite fuel and lubricating oil additives business has operations in
the United States, Mexico, France, the Netherlands, Singapore, India, Japan
and Brazil.
ChevronTexaco owns an approximate 26 percent equity interest in the common
stock of Dynegy Inc. (Dynegy), an energy merchant engaged in power generation,
natural gas liquids processing and marketing, and regulated energy delivery.
The United States exploration and production activities are concentrated in
the Gulf of Mexico, California, Louisiana, Texas, New Mexico and the Rocky Mountains.
As part of the ongoing effort to improve competitive performance and increase
operating efficiency, the company announced plans in 2003 to sell interests
in non-strategic producing properties in the United States. The majority of
these properties are located in 15 states and the Outer Continental Shelf of
the Gulf of Mexico.
