IBM Business Consulting Services Selected a Global Preferred Provider by ChevronTexaco Corp.

IBM to Provide IT and Management Consulting Services

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SOMERS, NY - 22 May 2003: IBM today announced it has been selected by ChevronTexaco Corporation (NYSE:CVX - News) as a global preferred provider for strategic, financial, management, and information technology (IT) consulting services. ChevronTexaco, a global energy company with $99 billion in revenue last year, is the second largest U.S.-based energy company and the fifth largest in the world.

ChevronTexaco conducted a rigorous strategic sourcing initiative to determine preferred providers who could provide a broad range of consulting services. The selection initiative was undertaken by ChevronTexaco to consolidate its significant annual spending for IT, financial and management consulting services on a global basis.

IBM Business Consulting Services was evaluated over a nine-month period and was one of two firms chosen from among more than 150. The IBM Business Consulting Services team will provide ChevronTexaco with resources in the areas of enterprise systems, e-business, staff augmentation, human resources and strategy.

"The objective of our selection process was to determine the organizations best suited to work with us as we improve our competitiveness and reduce operational costs," said Helmut Porkert, chief procurement officer of ChevronTexaco Corp.

"We are pleased that we've been selected as a global preferred supplier, and that our successful working relationship with ChevronTexaco will continue," said John W. Joyce, IBM Business Consulting Services, Americas Chemicals and Petroleum Leader. "Our recent work with ChevronTexaco on its merger illustrates how we can achieve results for our clients by combining business insights with deep industry knowledge and technology innovation."

Over the past year, IBM Business Consulting Services assisted ChevronTexaco with its migration to a single financial system in the U.S., following the merger between Chevron and Texaco. The financial system integration was completed in an accelerated time period -- three months from the merger close date. In parallel with the consolidated financial systems project, the two organizations developed a data warehouse solution that offers management and operations reporting and analysis.

IBM Business Consulting Services works with the world's leading oil and gas companies to realize benefits through strategy-driven merger integration, improve cost effectiveness through globalization, manage performance and help create powerful customer value propositions. Business consulting professionals provide insights in developing strategies that address these issues, build shareholder value and deal with a myriad of change in order to turn strategies into practical success.

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