ChevronTexaco "sell"

<a href=www.newratings.com>newratings.com 04/16/2003 First Albany

NEW YORK, April 16 (New Ratings) — Analysts at First Albany issue a "sell" rating on ChevronTexaco (CVX: NYSE). The analysts mention that ChevronTexaco is expected to surpass the quarterly consensus estimates, boosted by improved margins in Singapore and North West Europe, and by lower-than-expected corporate charges. However, the oil and gas production volumes are expected to fall short of the previous year's levels, given the volumes reduction in Indonesia and the disruptions in Nigeria and Venezuela, add the analysts.