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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): September 28, 1999
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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
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NONE
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On September 27, 1999, Chevron Corporation issued a press release
announcing the acquisition of 100 percent of Petrolera Argentina San
Jorge, an oil and gas exploration and production company in Argentina.
The text of the press release was as follows:
Quote
FOR IMMEDIATE RELEASE
CHEVRON ACQUIRES PETROLERA ARGENTINA SAN JORGE
SAN FRANCISCO, Sept. 27 -- Chevron Corp. announced it has
acquired 100 percent of Petrolera Argentina San Jorge, a major oil
and gas exploration and producing company in Argentina. San Jorge's
recent production increases have moved the company toward being one
of the top producers in Argentina with gross operated daily
production of approximately 78,000 barrels of oil and 40 million
cubic feet of gas, accounting for 8 percent of the oil production in
Argentina. Financial details of the acquisition were not disclosed.
San Jorge's new oil and gas discoveries in Argentina in
1999, and improved performance in key producing areas have increased
proved reserves to more than 180 million barrels oil equivalent with
potential reserves of over 400 million barrels oil equivalent. San
Jorge owns a 14 percent equity interest in Oldeval, the major export
pipeline to the Atlantic coast. Additional export access is through
the Transandino pipeline to the Pacific coast, making San Jorge
Argentina's second largest petroleum exporter.
The company has a strong acreage position in Argentina's
prolific Neuquen Basin and controls significant acreage in the
Austral Basin in southern Argentina. In addition, it has 5 million
acres of exploration acreage in key petroleum basins in Colombia,
Ecuador, Peru, Bolivia and Chile.
"Chevron is pleased to be entering Argentina's upstream
energy sector and is committed to expanding our presence in
Argentina" said Dick Matzke, president of Chevron Overseas Petroleum
Inc. and a director of Chevron Corp. "San Jorge's strong position in
Argentina, coupled with their highly skilled employees, will provide
the foundation for further growth opportunities for Chevron in Latin
America. This transaction will have an immediate positive impact on
earnings and cash flow."
This acquisition aligns with Chevron's strategy of growth in
its international exploration and production business.
# # #
9/27/99
Contacts: Fred Gorell, Chevron, San Francisco -- (415) 894-4443
Pablo Quirno, JP Morgan, Argentina -- 54-11 4348 7301
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: September 28, 1999
CHEVRON CORPORATION
By //S. J. CROWE
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S. J. Crowe, Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
