ChevronTexaco Lowers Credit and Debit Card Processing Fees for Summer Driving Season; ChevronTexaco Also Introduces Programs for New Consumer Credit Card Customers

Business Wire, April 29, 2005

SAN RAMON, Calif. -- ChevronTexaco's Credit Card Enterprises (CCE) today announced it will reduce processing fees for retailers and marketers on credit and debit card purchases made between June 1, 2005 and August 31, 2005. All charges on electronic third party credit and debit cards, including Visa, Mastercard, American Express, Discover, Diners Club, WEX and Voyager, made at Chevron or Texaco service stations will receive a .10 percent reduction in processing fees. There are no processing fees charged on electronic Chevron and Texaco card transactions. Manually processed transactions are not eligible for the fee reduction.

"We are listening to the needs of our marketers and retailers in bringing relief from higher fees due to the increased demand during the summer coupled with the current volatility of the marketplace," said Danny Roden, vice president for North America Marketing for ChevronTexaco. "We are very proud to hold the highest credit card market share of any proprietary oil company credit card. Our retailers and marketers also enjoy the lowest total cost of credit in the industry. We are dedicated to providing our customers with the highest quality credit card processing services at a competitive rate."

In addition, CCE will introduce a proprietary credit card program for new consumer credit card customers beginning this summer.

$30 Cash Back Credit Card Promotion

Under the new Credit Card Acquisition Program, new consumer cardholders can earn up to $30 in fuel credits. If the customer is approved for a new Chevron and Texaco proprietary card and uses the card to purchase a minimum of eight gallons twice during their billing cycle, they will earn a $5 credit per month for up to six months. The program will take place in July and August of 2005 and will be supported by a series of marketing and communications programs, including direct mailers and point of purchase displays on site.

"Triple Your Awards" Program

CCE has established a program to help grow their credit card base by providing awards to stations for credit card approvals. The standard program is $5 per consumer credit card approval. CCE will launch the Triple Your Awards program by paying stations a $15 award for consumer credit card approvals during the months of July and August in 2005.

ChevronTexaco Corp. is one of the world's leading energy companies. With more than 47,000 employees, ChevronTexaco subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Credit Card Enterprises is a division ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevrontexaco.com