Robert J. Angel Named New Chairman and Chief Executive Officer of Caltex.

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--May 6, 1999--

Current Chairman and CEO David J. Law-Smith

Elects Early Retirement

Robert J. Angel has been named Chairman and Chief Executive Officer of Caltex Corporation, it was announced today by Texaco Inc. and Chevron Corp., shareholders of the refining and marketing joint venture, which operates in 60 countries.

Angel, whose appointment is effective July 1, replaces David J. Law-Smith, who has elected early retirement following a distinguished 38-year career at Caltex. Angel has been Chief Executive Officer and Managing Director of Engen Ltd., a South Africa-based integrated oil company and a market leader in the region.

In a related move, Senior Vice President Jock McKenzie, 52, has also been named Chief Operating Officer, reporting to the Chairman, effective July 1.

Commenting on Angel's appointment, Texaco Senior Vice President Glenn F. Tilton and Chevron Vice President Lloyd Elkins, directors on the Caltex board, said in a joint statement, "Rob Angel is one of the most dynamic and highly-regarded leaders in the energy industry, with a proven track record in leading change and serving as a catalyst for growth. He possesses both the vision and the leadership skills to successfully move Caltex into the next century. Under his leadership, Caltex will be well-positioned to build on its present competitive position throughout its region of operations."

With regard to Mr. Law-Smith, Messrs. Tilton and Elkins said, "David Law-Smith led Caltex during a difficult and challenging period marked by depressed economies in Asia, and changes in the energy industry and within Caltex itself. During his long career, David built a strong reputation based on leadership, integrity and financial and operational skills. We are indebted to David and thank him for the many contributions he has made to our company."

Angel, 57, was born in Adelaide, Australia, and remains an Australian citizen. After receiving a Bachelor of Chemical Engineering Degree from Adelaide University in 1966, Angel joined the Mobil/Esso Joint Venture of Petroleum Refineries of Australia in 1967 as a process engineer at its Adelaide Refinery. After service as operations manager at Mobil's refineries in Adelaide, Melbourne and Singapore, and as a supply manager at Mobil's Australian head office in Melbourne, Angel relocated to Mobil's corporate offices in New York City in 1977 as Area Coordinator for Mobil Australia.

In 1978, Angel was named Chairman/Managing Director of Mobil Oil/Cyprus; and was appointed Refinery Manager of Mobil's Coryton Refinery in the United Kingdom in 1981, where he also served as Manufacturing Director of Mobil Oil UK. In 1984, he returned to Mobil's New York offices as International Marketing and Refining Planning Manager.

Angel was named Chairman and Managing Director of Mobil Oil South Africa in 1986, and oversaw the sale of the business to Gencor in 1989, after which he stayed on as CEO/Managing Director for what ultimately became Engen Ltd.

Angel will relocate from Cape Town, South Africa, to Singapore, where Caltex moved its corporate offices last year after a comprehensive reorganization.

Law-Smith, 59, joined Caltex Petroleum Corp. in 1961 and served in a variety of positions in East Africa before being assigned to Australia in 1968. Assignments in Madagascar, Korea and New York followed and, in 1980, he became Manager, Financial Planning and Assistant Treasurer of Caltex. He remained in that position until 1986, when he was named General Manager, Fiscal Services. The following year, he was appointed Treasurer and, in 1992, was elected Comptroller of the corporation.

In January 1993 he became a Vice President of Caltex and in October of the same year was appointed a Senior Vice President. In March 1994, he was named Chief Financial Officer and in September of that year was elected a director and a member of the executive committee. On April 1, 1995, he was appointed Vice Chairman of the company while continuing as CFO. He was named Chairman and Chief Executive Officer in September 1995.

Born in Kenya, Law-Smith was educated in Kenya, the United Kingdom and the United States. He is a member of several professional and accounting associations including the Chartered Association of Certified Accountants (U.K) and the Chartered Institute of Secretaries and Administrators (U.K.). Law-Smith is also a member of the Board of Governors of Dedman College at Southern Methodist University, the Dallas Committee on Foreign Relations, the Society of International Business Fellows and the World Economic Forum.

Additional members of the Caltex management team reporting to the Chairman are Guy Camarata, Executive Vice President, Malcolm McAuley, Chief Financial Officer, Frank Blue, General Counsel, and Steve Nichols, Vice President for Human Resources.

Caltex refines and markets petroleum and convenience products through 13 refineries and 8,500 retail service stations in over 60 countries of the Asia Pacific region, Africa, and the Middle East. Revenues in 1998 were $16.3 billion. Total employment is approximately 8,000, including subsidiaries. Caltex was formed in 1936 as a 50/50 joint venture company between the Texas Company (now Texaco) and the Standard Oil Company of California (now Chevron). It continues to be jointly owned by Chevron Corporation (NYSE: CHV) and Texaco Inc. (NYSE:TX).

Additional Texaco information is available on the World Wide Web at: www.texaco.com/press/ Additional Caltex information is available on the World Wide Web at www.caltex.com