Press Release

The Corporation's average worldwide crude oil selling price in the first quarter of 2001 was approximately $25.30 per barrel, slightly higher than in the first quarter of 2000. The average worldwide natural gas price increased to $3.93 per Mcf in the first quarter of 2001 from $2.20 per Mcf in the first quarter of 2000, due largely to an average United States natural gas price of $5.45 per Mcf in the current quarter. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 405,000 barrels per day in the first quarter of 2001, an increase of 7% over the first quarter of 2000.
 
The increased refining, marketing and shipping results in the first quarter of 2001 reflect improved refining margins at Port Reading and HOVENSA, partially offset by the effects of the six week shutdown for scheduled maintenance of HOVENSA's fluid catalytic cracking unit. Earnings from trading activities were also higher in the 2001 quarter.
 
Capital expenditures in the first quarter of 2001 amounted to $331 million of which $318 million related to exploration and production activities. These expenditures include the purchase of natural gas reserves in the Gulf of Mexico for $98 million. Capital expenditures in the first quarter of 2000 amounted to $162 million including $127 million for exploration and production.