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2002 ChevronTexaco Corporate Responsibility Report Overview CEO Message and StrategyCEO MessageAs an energy company that operatesin more than 180 countries,ChevronTexaco is accountable toa wide range of stakeholders:investors and employees; businesspartners and host governments;customers and local communities.We know our success as a companydepends not only on our financialperformance but also on our abilityto address the social and environmentalexpectations of these stakeholders.Indeed, we see corporateDave O’ReillyChairman of the Board andresponsibility and business successChief Executive Officeras mutually reinforcing: Financialhealth is a prerequisite to ourbeing able to continue to make a positive contribution to society, andoperating in a responsible way contributes to our financial success.This report describes the work that ChevronTexaco is doing – and hasyet to do – to demonstrate responsible performance around the world.We have focused on our performance in areas that are important to ourcompany and, we believe, to our stakeholders. We also have painted apicture of our overall approach to corporate responsibility because webelieve that the way we achieve results is every bit as important as theresults themselves.Although this is our first report on corporate responsibility, the conceptis not new to the more than 53,000 men and women of ChevronTexaco.You will find it reflected in The ChevronTexaco Way, which describesour company’s values and guides our actions. For nearly 125 years,we have recognized the importance of treating people with respect,addressing the needs of the communities where we do business, beingresponsible stewards of the environment and leaving a positive legacyfor future generations.Our company’s primary obligation is to produce reliable, affordableenergy. In doing so, we are committed to protecting people and the environmentby operating safely and efficiently, conserving natural resourcesand responsibly stewarding our products. We take pride in knowing thatthe energy we produce is a building block of economic developmentthat helps improve standards of living around the world. Energy, quiteliterally, is the fuel that drives progress in countless other sectors, fromtransportation and commerce to health care, education and agriculture.In producing this energy, ChevronTexaco provides employment, spurseconomic growth, transfers technology, and contributes to the developmentof the communities in which we operate.We also operate in some of the most challenging places in the world –regions that suffer from poverty, disease, civil unrest and legacies ofcorruption. In some of these places, the benefits of economic developmenthave not been distributed evenly. Because we operate there, companieslike ours have an opportunity to be catalysts for positive change.Issues related to poverty and health are of special concern to the peopleof ChevronTexaco. In our view, addressing these fundamental issues isa critical stepping-stone to being able to help find solutions to the rangeof other complex social, economic and environmental issues where weoperate, from increasing revenue transparency in our industry to addressingconcerns about global climate change.We are working, consistent with our role as a company, to help ensurethat our stakeholders benefit from the energy we and our partnersdevelop. We accept that we have a role to play, but also recognize thatthere are some needs that only governments can meet – and many needsthat can only be met when all sectors work together. We know, as well,that complex problems require coordinated responses. As this reportmakes clear, partnership is a central element of our efforts. Just as wework with our partners to discover and develop energy, we must alsowork with governments, nongovernmental organizations, multilateralagencies, community groups and others in the private sector to findshared solutions to common challenges.We recognize that corporate responsibility is not a static concept. As theworld changes, our company’s approach must evolve. Today, that meansworking to be more integrated and systematic in how we address theseissues, developing new policies and programs and finding better waysto measure our progress.In that spirit, we will explore for new solutions every bit as determinedlyas we search for new energy resources, and we commit to continuallyimproving our performance in this important area.Dave O’ReillyChairman of the Board andChief Executive Officer© 2003 ChevronTexaco Corporation. All Rights Reserved.2