Chevron 2003 Annual Report Download - page 5

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3
To deliver the performance you expect, we will continue to focus on operational excellence and capital stewardship.
Operational excellence means safe, reliable and environmentally sound execution. 2003 was our safest year ever.
Reliability metrics improved in many areas, as did environmental performance. Capital stewardship means making
better-quality expenditure decisions and executing projects well. We have made considerable progress in both areas,
resulting in improved capital allocation and effi ciency over the past three years.
The successes we enjoyed in 2003 came from the contributions of the talented men and women of ChevronTexaco.
They embraced the challenge and delivered results – and did so the right way, by acting with integrity and high
ethical standards.
Many of our employees work in some of the world’s most challenging regions. This year, our company was honored
to receive the U.S. Department of State’s 2003 Award for Corporate Excellence. The award recognized the sustained
efforts of our employees in Nigeria to contribute to a higher quality of life in that country.
125 YEARS OF PROGRESS As we look ahead, we see many opportunities to create ever-higher value for our stock-
holders, and we are well positioned to compete for those opportunities. We have a strong balance sheet, a portfolio
of excellent assets, leading-edge technology, and talented and committed people.
In 2004, we will mark the 125th anniversary of the incorporation of the Pacifi c Coast Oil Company, the oldest pred-
ecessor company of ChevronTexaco. For 125 years, we have produced reliable, affordable energy and have taken pride
in knowing that the energy we produce is a building block for economic development and helps improve the standard
of living around the world. This anniversary causes us to refl ect upon our past accomplishments and successes, but
it also reminds us of our responsibility to build for the next 125 years.
DAVE O’REILLY
Chairman of the Board and Chief Executive Offi cer
February 25, 2004
‘ AS WE LOOK AHEAD, WE SEE MANY OPPORTUNITIES TO
CREATE EVER-HIGHER VALUE FOR OUR STOCKHOLDERS,
AND WE ARE WELL POSITIONED TO COMPETE FOR THOSE
OPPORTUNITIES. WE HAVE A STRONG BALANCE SHEET,
A PORTFOLIO OF EXCELLENT ASSETS, LEADING-EDGE
TECHNOLOGY, AND TALENTED AND COMMITTED PEOPLE.’