ExxonMobil and Chevron Phillips Settle Patent Disputes

HOUSTON, Texas (October 24, 2001) -- ExxonMobil Chemical Company and Chevron Phillips Chemical Company LP today announced the settlement of all intellectual property disputes between them relating to metallocene catalyst technology and polymer composition. The confidential settlement agreement includes a cross license of certain ExxonMobil metallocene patent rights to Chevron Phillips and certain Chevron Phillips polyethylene polymer composition patent rights to ExxonMobil with the ability of both parties to pass immunity from suit to their customers.

In addition, Univation Technologies and Chevron Phillips Chemical Company LP today separately announced they have signed an agreement granting each other certain patent rights related to polyethylene manufacturing process technologies.

"With this settlement, ExxonMobil Chemical now has no outstanding patent infringement litigation over EXXPOL metallocene technology anywhere in the world," said James P. Harris, senior vice president, Polymers, ExxonMobil Chemical Company. "Our metallocene patent estate is widely recognized. This is good news for customers, as it further unlocks the pathway for development of metallocene technology which continues to hold great promise to benefit the plastics and specialty rubber industries."

"We are pleased to settle these disputes," said Tim Taylor, senior vice president, Olefins and Polyolefins, Chevron Phillips. "We will continue to concentrate on bringing high performance products to the market."

ExxonMobil Chemical is a global leader in technology, product quality and customer service with petrochemical manufacturing and/or marketing operations in more than 150 countries around the world. The company is the world's largest supplier of polyolefins -- polyethylene and polypropylene.

Chevron Phillips Chemical Company LP is one of the world's top producers of olefins and polyolefins and is a leading supplier of aromatics, alpha olefins, styrenics and specialty chemicals. Headquartered in Houston, Texas, CPChem has assets of more than $6 billion and is owned equally by Chevron Corporation and Phillips Petroleum Company.

To find out more about ExxonMobil Chemical visit www.exxonmobilchemical.com. To find out more about Chevron Phillips visit www.cpchem.com.

The term "ExxonMobil Chemical" may include one or more affiliates of Exxon Mobil Corporation or ExxonMobil Chemical Company, a division of Exxon Mobil Corporation.

EXXPOL, a trademark of Exxon Mobil Corporation, has been licensed for use to Univation Technologies, LLC.

ExxonMobil News Media Desk: (281) 870-6607