press release

Chevron Press Release - Chevron Confirms Investment In the New Dynegy Inc.

Dynegy Press Release

SAN FRANCISCO, June 14, 1999 -- Chevron Corp. today confirmed it will invest between $200 million and $240 million in the new Dynegy energy company which results from today's announced merger of Dynegy Inc. and Illinova Corp.

"We are please to be taking another major step forward in our strategic relationship with Dynegy," said Peter Robertson, a Chevron corporate vice president and member of Dynegy's Board of Directors.

"This additional move into the energy convergence business represents an exciting earnings growth opportunity for Chevron."

Chevron held a 29 percent interest in Dynegy and will retain a 24 percent interest in the combined company.

Details of the transaction can be obtained from the Dynegy press release issued earlier today.

Dynegy was formed in 1996 when Chevron combined its natural gas and natural gas liquids businesses with NGC Corp. The resulting company was re-named Dynegy in June 1998 to recognize its evolution from a natural gas marketer to a dynamic energy company with a range of products and services to serve the energy market of the future.

Updated: June 1999