Western Refining Company Completes its Purchase of Refinery and Pipeline from ChevronTexaco

El Paso, Texas – Western Refining Company, L.P. has announced that on August 29, 2003, it completed the purchase of ChevronTexaco's El Paso petroleum refinery and related assets. The announcement was released today by Paul Foster, President and CEO of the firm.

Pursuant to an operating agreement which began in 1993, Chevron Products Company, a ChevronTexaco company, has operated its El Paso refinery jointly with Western's adjacent refinery. On a combined basis, the refineries have a crude processing capacity of 107,000 barrels per day. The purchase included ChevronTexaco's portion of the El Paso refinery complex, a refined products marketing terminal with a capacity of 36,000 barrels per day, and a 450-mile crude oil pipeline system in West Texas. ChevronTexaco's asphalt marketing terminal in El Paso was not a part of the purchase.

ChevronTexaco has entered into a long-term off-take agreement for the supply of gasoline, diesel and asphalt products out of the El Paso refinery. Chevron Products Company will continue to market its branded gasoline, asphalt and other petroleum products throughout the area.

The crude oil pipeline system purchased from Chevron Pipe Line Company was purchased by Kaston Pipeline Company, L.P., an affiliate of Western. Kaston is now the operator of the pipeline which has the capacity to deliver up to 115,000 barrels per day of crude oil to the refinery in El Paso.

Financial details of the agreement have not been disclosed.

Foster said, "We are very excited to take over this state-of-the-art facility from ChevronTexaco. We look forward to continuing a very long and mutually beneficial relationship with ChevronTexaco far into the future. Our 300 employees are anxious to continue the 75-year tradition established by ChevronTexaco in El Paso.'

Western markets its products in El Paso, Texas; Albuquerque, New Mexico; Phoenix and Tucson, Arizona; and in Ciudad Juárez, Chihuahua, Mexico. Western is also active in the West Coast and in Nevada.

Contact:
Paul Foster,
Western Refining Company
p.foster@westernrefining.com
Tel: 915 881-0008