Texaco Inc. is a fully integrated energy company engaged in exploring for and producing oil and natural gas; manufacturing and marketing high-quality fuels and lubricant products; operating trading, transportation and distribution facilities; and producing power. Directly and through affiliates, Texaco operates in more than 150 countries.

Exploration & Production
Texaco is transforming its global portfolio of oil and natural gas assets with new legacy projects. Our focused exploration program is concentrated in deepwater Gulf of Mexico, Brazil and West Africa, with major development projects in Nigeria, Kazakhstan, Venezuela and the Philippines. Core production areas include the United States, the UK North Sea, the Middle East and the Pacific Rim. Texaco's high impact strategy concentrates on finding and commercializing projects characterized by large-scale reserves, 25-40 year production lives and high margins. For instance, Texaco's billion barrel discovery offshore Nigeria, called Agbami, will produce about 200,000 barrels of oil equivalent a day. Texaco is replacing existing non-strategic assets with new impact projects measured on key return metrics to lay the foundation for "smart" growth and deliver superior value to its shareholders.

Refining, Marketing & Distribution
Directly and through its affiliates, Texaco's global operations provide crude oil products in 110 countries. In Latin America and the Caribbean, Texaco is the leading marketer of lubricants and fuels, and we have a strong marketing and refining presence in Northwest Europe. Caltex Corporation, our joint venture with Chevron, has a major presence in Asia-Pacific, the Middle East and Africa.

A few years ago Texaco recognized that to succeed in the highly competitive U.S. retail and refining business, we needed greater efficiency and superior market share. As a result Texaco formed two major joint ventures. Equilon combines the elements of Texaco's and Shell's Western and Midwestern U.S. refining and marketing businesses and their nationwide transportation and lubricants business. Motiva combines the refining and marketing businesses of Texaco, Shell and Saudi Aramco in the East and Gulf Coast. These alliances are streamlining their operations, continuing to capitalize on value-enhancing synergies and building superior market share in their focus areas.

Global Gas, Power & Energy Technology
Texaco is identifying new opportunities to leverage our strengths in natural gas, power generation and gasification technology. Texaco is one of the largest natural gas producer-marketers in the United States, operating more than 1,500 miles of pipeline, 50 interconnects and eight billion cubic feet of storage. Texaco currently has equity interests in 47 power projects operating or under development around the world, with a total generating capacity in excess of 5,400 megawatts. Additionally, Texaco is the recognized leader in gasification technology, an environmentally superior process that can convert low-value materials - like refinery residue - into a clean synthesis gas.

Texaco is also actively engaged in the development and commercialization of environmentally smart advanced technologies such as fuel cells, photovoltaics, advanced batteries and hydrogen storage. Market forces and rising environmental standards are driving the development of the next generation of energy products and we are positioning ourselves to be leaders in this technological future.