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2002 ChevronTexaco Corporate Responsibility Report Environmental IssuesClimate Change (Continued)2 Investing in research, development and improved technology: Weinvest in research to improve understanding of global climate changeissues, identify mitigation strategies and improve the cost-effectivenessof mitigation technology. We develop and apply cost-effective technologiesthat reduce the carbon emissions of producing, deliveringand consuming our products. For example:> ChevronTexaco, along with several other companies and U.S. governmentagencies, co-funds the work of the Massachusetts Instituteof Technology Joint Program on the Science and Policy for GlobalClimate Change.> ChevronTexaco is a member of or supports a variety of CO 2 captureand geologic storage initiatives designed to develop these promisingtechnologies. Examples include:– Global CO 2 Capture Project;– GEOSEQ geologic sequestration project, a joint venture betweenthree U.S. National Laboratories;– GEODISC,which is run by the Australian Petroleum CooperativeResearch Centre to study long-term CO 2 storage;– the Weyburn Project, a Canadian government-industry initiativealso focusing on geologic sequestration.3 Pursuing business opportunities in promising, innovative energytechnologies: Our research and business units are evaluating andinvesting in advanced energy technologies that have the potential ofbeing commercially viable and beneficial to the environment.4 Supporting flexible and economically sound policies and mechanismsthat protect the environment: We respect the varied views ofpartner nations on this complex issue. We assist in government policydevelopment and decision-making on energy issues and participateconstructively in dialogue with a broad range of stakeholders on climatechange issues. We support the development and use of internationalmechanisms such as emissions trading, Clean DevelopmentMechanism and Joint Implementation, which provide flexible, market-based,economically sound means to reduce emissions.ChevronTexaco has established an internal Climate Change SteeringCouncil consisting of senior managers from our business units, as well astechnology experts. The Steering Council oversees the deployment ofChevronTexaco’s climate change strategy,coordinating information andbest-practice sharing, and reviewing and revising the strategy. TheSteering Council also has formed several project teams to develop recommendationson specific issues related to climate change, such as emissionstrading and management of greenhouse gases in capital projects.We also have gained operational experience with CO 2 capture and storage.For example, we have been reinjecting CO 2 at the Rangely,Colorado, field since 1986 for the purpose of enhanced oil recovery.Since that time, we estimate more than 19 million metric tons of CO 2have been stored.© 2003 ChevronTexaco Corporation. All Rights Reserved.39
2002 ChevronTexaco Corporate Responsibility Report Environmental IssuesClimate Change (Continued)Performance: Conducting the FirstEmissions Inventory as a New CompanyIn 2002, we implemented our SANGEA Energy and EmissionsEstimating System to compile our first corporatewide greenhouse gasemissions inventory. For 2002, our total net emissions were approximately60 million metric tons of CO 22002 Greenhouse Gas Emissions*Millions of metric tons CO 2 equivalentequivalents for all businesses andoperations we have financial6050UpstreamDownstreamOther**interests in, based on its equityshare in those businesses andoperations. These emissions are34.44030roughly equal to the total greenhousegas emissions from thecountries of Austria or2023.5Singapore. Eighty-seven percent1002.3of our emissions are CO 2 and 13percent are methane, with traceamounts of nitrous oxide.*These numbers do not include Dynegy Inc.or Chevron Phillips Chemical Company LPemissions. ChevronTexaco’s net equity shareof Chevron Phillips’ emissions for 2002 isestimated to be 3.4 million metric tons ofCO 2 equivalents.**Other includes the greenhouse gas emissionsof ChevronTexaco’s shipping, power andgasification, and coal businesses as wellas administrative and corporate services.2002 Sources of Greenhouse Gas EmissionsMillions of metric tons CO 2 equivalentOther*18%Flaring& Venting26%Combustion56%We recognize that in additionto the greenhouse gas emissionsgenerated by our operations,the use of our products as fuelcontributes to worldwide greenhousegas emissions. Accordingto the Coalition for EnvironmentallyResponsible Economies(CERES), a U.S.-based environmentalorganization, our oiland gas production in 2002 wasthe source of 415.2 million tonsof end-use CO 2 emissions byour customers, equal to approximately1.7 percent of globalemissions from fossil fuels.Future Goals: Setting Emissions TargetsBeginning in 2003, ChevronTexaco will develop a consistent internalmetric for tracking greenhouse gas emissions on a per-unit-of-outputbasis and will make preliminary emission forecasts. We will establishemissions goals across our company in 2004. These goals will applyto our upstream, downstream and power and gasification operatingcompanies and, where possible, joint ventures and partially ownedsubsidiaries. Also beginning in 2003, we will initiate an independentthird-party review of our emissions management system, leading toan audited greenhouse gas emissions inventory that will ensure a strongfoundation for our emissions management program.*Other includes acid gas removal, coke combustion,crude oil transport, crude oil storage, flashing,fugitives, glycol dehydrators, indirect emissionsand sulfur recovery.© 2003 ChevronTexaco Corporation. All Rights Reserved.40
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