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.

The company sells crude oil and natural gas from its producing operations under a variety of contractual arrangements. Most contracts generally commit the company to sell quantities based on production from specified properties, but certain gas sales contracts specify delivery of fixed and determinable quantities. During 2002, Dynegy purchased substantially all natural gas and natural gas liquids produced by the company in the United States, excluding Alaska, and supplied natural gas and natural gas liquids feedstocks to the company’s U.S. refineries and chemical plants

Petroleum — Refining

ChevronTexaco’s wholly owned U.S. cracking and coking facilities are the primary facilities used to convert heavier products to gasoline and other light products.

Pipelines: ChevronTexaco owns and operates an extensive system of crude oil, refined products, chemicals, natural gas liquids and natural gas pipelines in the United States. The company also has direct or indirect interests in other U.S. and international pipelines.

Chemicals

Chevron Phillips Chemical Company LLC (CPChem) is a 50-50 joint venture with ConocoPhillips Corporation. CPChem owns or has joint venture interests in 32 manufacturing facilities and six research and technical centers in the United States, Puerto Rico, Belgium, China, Mexico, Saudi Arabia, Singapore, South Korea and Qatar.

A new olefins and polyolefins complex was commissioned in Qatar in 2003. The complex is owned and operated by Qatar Chemical Company Ltd., a joint venture between CPChem, with a 49 percent interest, and Qatar General Petroleum, which owns the remaining 51 percent.

Also during 2003, a 50-50 joint venture with BP Solvay commenced operations of a new high-density polyethylene (HDPE) facility at a CPChem site in the Houston, Texas area. The jointly owned 700-million-pounds per-year HDPE facility is among the largest of its kind in the world and uses CPChem proprietary manufacturing technology.

ChevronTexaco’s Oronite brand fuel and lubricant additives business is a leading developer, manufacturer and marketer of performance additives for fuels and lubricating oils. The company owns and operates facilities in the United States, France, the Netherlands, Singapore, Japan and Brazil and has equity interests in facilities in India and Mexico.

Coal

The company’s coal mining and marketing subsidiary, The Pittsburg & Midway Coal Mining Co. (P&M), owned and operated two surface mines and one underground mine at year-end 2003. In addition, final reclamation activities were under way at two mines that are scheduled to close. P&M also owns an approximate 30 percent interest in Inter-American Coal Holding N.V., which has interests in coal mining operations in Venezuela as well as in trading and transportation activities in Venezuela and Colombia.