UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 4, 1996
CHEVRON CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-368-2 94-0890210
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(State or other (Commission File Number) (I.R.S. Employer No.)
jurisdiction of
incorporation)
575 Market Street, San Francisco, CA 94105
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 894-7700
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(Former name or former address, if changed since last report)
Item 5. Other Events.
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On January 4, 1996, the Registrant issued a press release entitled
"Chevron To Adopt New Accounting Standard," a copy of which is
attached hereto as Exhibit 99.1 and made a part hereof.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release of Chevron Corporation dated
January 4, 1996, entitled "Chevron To Adopt New
Accounting Standard."
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SIGNATURE
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 hereunto duly authorized.
Dated: January 4, 1996
CHEVRON CORPORATION
By /s/ L. I. BEEBE
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L. I. Beebe
Secretary
EXHIBIT 99.1
[Chevron Logo]
Chevron Corporation
Public Affairs
P.O. Box 7753
San Francisco, CA 94120-7753
Phone 415 894 4246
NEWS
FOR IMMEDIATE RELEASE
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CHEVRON TO ADOPT NEW ACCOUNTING STANDARD
SAN FRANCISCO, Jan. 4 -- Chevron Corporation announced today that it will
adopt, effective in the fourth quarter of 1995, Statement of Financial
Accounting Standards No. 121, which establishes a uniform approach for
recognizing and measuring impairment of long-lived assets. In connection with
the adoption of the new accounting standard, the company undertook a
comprehensive review of its fixed assets. As a consequence, Chevron expects to
take a non-cash after-tax charge of approximately $800 million in the 1995
fourth quarter.
Nearly 85 percent of the charge relates to the adoption of the new
accounting standard, which primarily affected the company's domestic oil and gas
producing properties. Impairment of these properties under the new standard is
determined on an individual field basis, whereas the company previously
evaluated impairment using an aggregated approach.
Also included in the charge are various adjustments to other asset
carrying values, including certain assets made obsolete by the company's
conversion of its two West Coast refineries to produce the new California-
mandated reformulated gasolines.
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1/4/96
CONTACTS: Mike Libbey -- (415) 894-4440
Meeks Vaughan -- (415) 894-9376
