Premcor Files Resale Registration Statement

OLD GREENWICH, Connecticut – Premcor Inc. (NYSE: PCO) today announced that it has filed a resale registration statement on Form S-3 with the Securities and Exchange Commission registering 15,000,000 shares of Premcor common stock. All of the shares of common stock being registered are currently owned by affiliates of The Blackstone Group L.P. (“Blackstone”).

Premcor will not receive any proceeds from any sale of the shares of common stock being registered. Premcor filed the registration statement in response to a request from Blackstone pursuant to an existing registration rights agreement. The shares may not be sold by Blackstone until a lock-up agreement expires on July 19, 2004. Registration of the shares does not mean, however, that those shares necessarily will be offered or sold.

A registration statement relating to these shares has been filed with the Securities and Exchange Commission, but has not yet become effective. These shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

Premcor Inc. is one of the largest independent petroleum refiners and marketers of unbranded transportation fuels and heating oil in the United States.