press release

Chevron Press Release - Chevron Stockholders Re-elect 12 Directors; Approve Stock Split

SAN FRANCISCO, May 3, 1994 -- Chevron Corporation stockholders today elected 12 incumbent directors for one-year terms and approved a 2-for-1 split of authorized shares of Common Stock.

During the company's Annual Meeting, Price Waterhouse was retained as the company's independent auditor.

Stockholders approved proposals to:

-- Increase the number of authorized shares of Common Stock, approved by approximately 97 percent of the shares voted;

-- Split each issued share of Chevron Common Stock of $3.00 par value into two new shares of $1.50 par value, approved by approximately 98 percent of the shares voted;

In addition, stockholders rejected proposals that would have required Chevron to:

-- Compensate directors solely in the form of Common Stock, rejected by approximately 93 percent of the shares voted;

-- Prepare a report on the impact of NAFTA, rejected by approximately 94 percent of the shares voted;

-- Prepare a report on environmental and safety hazards, rejected by approximately 93 percent of the shares voted.

Updated: May 1994