FORT LAUDERDALE, Fla., July 8, 2004 — Chevron Energy Solutions today announced that it has acquired strategic energy performance contracting assets of BGA, Inc., expanding its energy efficiency and other services to institutions and businesses throughout Florida. Specific terms of the purchase were not disclosed.

BGA, Inc., a privately held, regional energy performance contracting and consulting company that was previously a unit of TECO Energy Services, will continue to provide energy and engineering consulting services to its clients out of its Tampa, Fla., office.

The acquisition reflects the continued growth of Chevron Energy Solutions' energy services capabilities in the Southeastern United States, a growth market for energy performance contracting with public institutions. Chevron Energy Solutions is opening an office in Fort Lauderdale as a result of the purchase, and is hiring several employees from BGA, Inc.

Under performance contracting, future energy cost savings associated with new, high-efficiency equipment are guaranteed by the energy services company. As a result of the guarantee, customers are able to finance the installations with little or no initial capital investment. This form of contracting has been popular among schools, colleges, universities, government agencies, public hospitals and other public institutions because it enables them to retain scarce capital resources for other critical needs while benefiting from facility upgrades and reduced energy costs.

San Francisco-based Chevron Energy Solutions is a unit within ChevronTexaco Corporation (NYSE: CVX). Through offices nationwide, Chevron Energy Solutions provides institutions and businesses with comprehensive solutions that improve facilities and increase their energy efficiency, reduce energy expenses and ensure reliable, high quality power for critical operations. Its customers include federal government agencies; state, county and municipal government agencies; schools, colleges and universities; and many other public institutions and commercial and industrial businesses. The company maintains in-house engineering, monitoring and project management capabilities, provides financing options, and delivers solutions designed to address each customer's particular needs without promoting specific vendors, products or commodities.

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7/8/04

Contacts:
Diane Sable, Chevron Energy Solutions: (415) 733-4629

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