press release

Chevron Press Release - Chevron And Clark Announce That Agreement Regarding Sale

PORT ARTHUR, Texas, Jan. 13, 1995 -- Chevron U.S.A. Products Co. and Clark Refining and Marketing Inc. today announced that their agreement regarding sale of Chevron's Port Arthur, Texas, fuels refinery has been terminated.

The two companies signed a definitive agreement regarding the sale of the refinery in August.

"We are disappointed that a sale could not be completed after all the work that's been done by both sides," said Dave O'Reilly, president of Chevron U.S.A. Products Co.and Paul D. Melnuk, president and CEO of Clark Refining and Marketing Inc.

Chevron U.S.A. Products Co. is evaluating its options regarding the Port Arthur fuels refinery and a prompt decision is expected.

Updated: January 1995