PENNZENERGY CO
13F-E, 1999-02-05
PETROLEUM REFINING
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    12/31/98                                                                        
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
PENNZENERGY COMPANY                                                                                                               
PENNZOIL PLACE                                                                                                                    
P.O. BOX 4616                                                                                                                     
HOUSTON                                           TX            77210-4616                                                        
                                                                                                                                  
                                                                                                                                  
I represent that I am authorized to submit this form and that all                                                                 
information in this form and the attachments to it is true, correct, and                                                          
complete and I understand that all required items, statements, and                                                                
schedules are integral parts of this form and that the submission of any                                                          
amendment represents that all unamended items, statements, and                                                                    
schedules remain true, correct and complete as previously submitted.                                                              
                                                                                                                                  
I am signing this report as required by the Securities Exchange Act of 1934.                                                      
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    LINDA L. MEAGHER               CORPORATE SECRETARY          (713) 546-8955                                                    
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ LINDA L. MEAGHER               HOUSTON                      TX    01/27/99                                                    
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
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                                                           VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-      SOLE   SHARED    NONE
                                                                                                                                  
Chevron Corporation            Common Stock     166751107   588228  7092429 SH       Sole                                         
REPORT SUMMARY                  1 DATA RECORDS              588228            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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