CHEVRON CORP — Director's Dealing 2004

May 7, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHEVRONTEXACO CORP (CVX)
CIK: 0000093410
Period of Report: 2004-05-05

Reporting Person: WATSON JOHN S (Vice Pres. and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-05	Common Stock	M	3200	$48.375	Acquired	15536	Direct
2004-05-05	Common Stock	S	3200	$93.9231	Disposed	12336	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-05	Non-Qualified Stock Option (right to buy)	$48.375	M	3200	Disposed	2005-06-28	Common Stock (3200)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7421	Indirect

Footnotes

F1: Restricted Stock Units were granted under the ChevronTexaco Long-Term Incentive Plan and accrue dividend equivalents.

F2: Between May 30, 2003 and May 5, 2004, the reporting person acquired 444 shares of ChevronTexaco common stock under the ChevronTexaco Employee Savings Investment Plan, a 401 (k) plan.