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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): June 22, 1999
Chevron Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-368-2 94-0890210
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer No.)
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
NONE
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On June 22, 1999, Chevron Corporation issued a press release discussing
the company's growth strategies and second quarter 1999 earnings
special items.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release of Chevron Corporation dated June 22,
1999, entitled "CHEVRON CHAIRMAN REVIEWS GROWTH
STRATEGIES; DISCUSSES SECOND QUARTER EARNINGS SPECIAL
ITEMS."
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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: June 22, 1999
CHEVRON CORPORATION
By /s/ S.J. CROWE
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S. J. Crowe, Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
Exhibit 99.1
FOR IMMEDIATE RELEASE
CHEVRON CHAIRMAN REVIEWS GROWTH STRATEGIES;
DISCUSSES SECOND QUARTER EARNINGS SPECIAL ITEMS
NEW YORK, June 22 - Chevron Corp. Chairman Ken Derr today met with
security analysts and institutional investors here to review Chevron's growth
strategies and recent developments.
Derr indicated that the recently completed steps in Chevron's ongoing
strategic planning process have reaffirmed the company's ability to meet the
volume growth targets of 8 percent to 9 percent for international liquids and 4
percent to 4.5 percent for worldwide production on an oil equivalent basis. This
growth will be an important element in Chevron's ability to achieve strong
long-term earnings growth and a 12 percent return on capital employed that will
position Chevron to become No. 1 among its peers in Total Shareholder Return for
the period 1999 to 2003.
He also updated analysts on the status of the $500 million cost
reduction efforts announced last December and indicated confidence that the
reductions would be achieved this year and sustained in future years.
Achieving the savings will require personnel reductions, and associated
severance costs on the order of $150 million will be recorded as a special item
charge against reported earnings in the second quarter.
Derr also indicated that the March 25 fire at the company's Richmond,
Calif., refinery and several other refinery problems will reduce second quarter
operating earnings by approximately $100 million, some of which will be offset
by business interruption insurance in later quarters. All of the West Coast
units are now operating with the exception of the fire damaged unit at the
Richmond refinery.
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6/22/99
Contacts: Jan Golon, New York -- (212) 424-2130
Mike Libbey, San Francisco -- (415) 894-4440
