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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 18, 1994
commission file number 1-11392
CLARK REFINING & MARKETING, INC.
(Exact name of registrant as specified in its charter)
Delaware 43-1491230
(State or other jurisdiction (I.R.S. Employer
of incorporation) Indentifcation No.)
8182 Maryland Avenue
St. Louis, Missouri 63105
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including are code: (314) 854-9696
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On August 18, 1994, Clark Refining & Marketing, Inc. (the
"Company") issued a press release announcing the signing of an
Asset Sale Agreement pursuant to which the Company is acquiring
Chevron Corporation's Port Arthur, Texas oil refinery and
certain associated terminals. The Asset Sale Agreement is
subject to certain customary and other conditions, including
satisfactory completion of the Company's due diligence, and is
expected to be consummated in the fourth quarter.
Included as Exhibit 27.1 to this Current Report on Form 8-K is a
copy of the press release referred to above.
Item 7. Exhibits.
27.1 Press Release, dated August 18, 1994
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Dated: August 18, 1994 CLARK REFINING & MARKETING, INC.
By: /s/ Paul D. Melnuk
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Paul D. Melnuk
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit Sequential
Number Description Page No.
27.1 Press Release, dated August 18, 1994
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FOR IMMEDIATE RELEASE Exhibit 27.1
CLARK NEWS RELEASE
Contacts: Port Arthur: John Bernbom (409)985-1100
St. Louis: Jim Joyce (314)854-1511
Rich Ferguson (314)854-1538 (investor relations)
CLARK SIGNS AGREEMENT FOR PURCHASE OF
CHEVRON'S PORT ARTHUR REFINERY
ST. LOUIS, MO, August 18, 1994 -- Clark Refining & Marketing, Inc.
announced today that it signed a definitive agreement to purchase Chevron's
Port Arthur, Texas, refinery and related terminal facilities. The sale is
expected to close in the fourth quarter, subject to Clark's review of
environmental, title and labor issues.
Clark and Chevron agreed to a purchase price of $74 million plus
inventory of approximately $140 million, with a potential for a payments up
to $125 million over five years if refining industry margins exceed certain
levels. Chevron agreed to retain principal responsibility for environmental
clean-up of the site.
Clark will purchase the entire refining complex and operate the refinery
and terminals. Chevron will retain operation of the chemical and lube oil
packaging facility.
"This acquisition is an attractive opportunity for Clark," said Paul D.
Melnuk, president and chief executive officer of Clark. "Today's agreement
is the beginning of a long-term relationship between the companies."
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The purchase of the Port Arthur refinery, with an operating capacity of
approximately 200,000 barrels per day, will more than do current refining
capacity. Clark has refineries in the Chicago and St. Louis areas with a
total capacity of approximately 140,000 barrels per day.
Clark is an independent petroleum refiner-marketer with sales in excess
of $2 billion per year and over 5,500 employees. Clark operates 14 petroleum
product terminals and over 800 retail gasoline and convenience stores in 12
states.
Clark is a wholly owned subsidiary of The Horsham Corporation. The
Horsham Corporation is traded on the New York, Toronto, Montreal, Frankfurt
and Berlin stock exchanges under the ticker symbol HSM.
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