press release

Chevron Press Release - Chevron Sale Of Philadelphia Refinery To Sun Becomes Final

SAN FRANCISCO, Aug. 4, 1994 -- Chevron today announced it has concluded the sale of its Philadelphia Refinery to Sun Company, Inc. The agreement became final at 12:01 a.m. today.

Representatives of the two companies signed the closing papers yesterday in Philadelphia, two days after the sale was approved by the Federal Trade Commission.

"We're pleased that a solid company such as Sun will continue to operate the refinery for the economic benefit of its employees, customers and the Philadelphia area," said Dave Hoyer, president of Chevron U.S.A. Products Co.

Sun intends to retain virtually all of the 550-person work force and to continue operating the 177,000 barrel-per-day facility as a merchant refinery, serving essentially the same customers.

Chevron announced in May 1993 it would sell its Philadelphia and Port Arthur, Texas, refineries as part of a strategy to focus its capital and resources in the South, Southwest and West, where the company's marketing business is strongest.

Chevron is continuing in exclusive negotiations with Clark Refining & Marketing Inc. regarding sale of the Port Arthur refinery, and a sales contract is expected to be signed in the next four to six weeks.

Updated: August 1994