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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): November 18, 1999
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 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.
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On November 18, 1999, Chevron Corporation issued a press release
announcing that it had reached an agreement with Occidental Petroleum
to settle the Cities Service case. The text of the press release was as
follows:
Quote:
FOR IMMEDIATE RELEASE
CHEVRON AND OCCIDENTAL PETROLEUM SETTLE CITIES SERVICE CASE
SAN FRANCISCO, Nov. 18 -- Chevron U.S.A. Inc. today announced that it has
reached an agreement to pay OXY U.S.A. Inc. $775 million to settle the
long-standing lawsuit brought in 1982 by Cities Service Co. (later acquired by
OXY) against Gulf Oil Corp. (later acquired by Chevron).
The companies will ask the U.S. Supreme Court to dismiss Chevron's
current petition for certiorari requesting review of the case.
<PAGE>
Chevron had previously established a loss provision for the original
judgment, plus interest to date. The provision exceeded the settlement amount
and, as a result, the company will recognize approximately $145 million in
additional after-tax income for the fourth quarter.
The case dates back to 1982 when Cities Service Co., a Tulsa oil
company, filed suit against Gulf Oil Corp. after Gulf terminated an agreement to
merge with Cities.
Cities Service was subsequently acquired by Occidental Petroleum in
1982 and Gulf was acquired by Chevron in 1984. The case, which was tried in
Oklahoma, has remained in the names of the original parties.
# # #
11/18/99
Contact: Dawn Soper -- (415) 894-4447
Unquote
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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: November 18, 1999
CHEVRON CORPORATION
By /s/ S.J.Crowe
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S. J. Crowe, Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
