press release

Chevron Vice Chairman J. Dennis Bonney To Retire

SAN FRANCISCO, Sept. 28, 1995 -- Chevron Corporation today announced that Vice Chairman and Director J. Dennis Bonney will retire at year's end after 35 years of service with the company.

Bonney, who turns 65 in December, has been a member of Chevron's board of directors since January 1986 and a vice chairman since January 1987.

"Dennis Bonney has been a true statesman and diplomat on Chevron's behalf throughout his career," said Chairman Ken Derr. "He is articulate and poised, and has a tremendous ability to deal with complex issues, particularly in the international arena. He leaves a legacy that will serve as an excellent example for future Chevron leaders."

As one of two vice chairmen, Bonney has been responsible for Chevron's worldwide oil and gas exploration and production, and for coal mining operations.

Bonney's oil and gas responsibilities will be divided among two senior Chevron executives -- Ray Galvin, president of Chevron U.S.A. Production Co., the U.S. exploration and production company, and Dick Matzke, president of Chevron Overseas Petroleum Inc., the overseas exploration and production company. Both will report directly to Derr.

During his tenure, Bonney supervised the five years of negotiations leading to Chevron's 1993 signing of a joint venture with Kazakhstan to develop the Tengiz Field, which created the largest Western business venture in the former Soviet Union.

Bonney joined Chevron in 1960. After a variety of assignments in the corporation's Eastern Hemisphere operations, he was named assistant manager of the foreign operations staff in San Francisco in 1967 and manager in 1971. He was elected a corporate vice president in 1972.

In 1974, Bonney became Chevron's vice president for corporate planning, a function he directed until 1981 while also supervising Chevron's Indonesian exploration and production activities. He assumed responsibility for European refining and marketing in 1981. He was named vice president for worldwide logistics and trading early in 1986.

He holds a Master of Arts degree from Oxford University and a Master of Laws degree from the University of California at Berkeley.

Bonney is chairman of the U.S. National Committee for Pacific Economic Cooperation Council (US-PECC) and is a director of the American Petroleum Institute. He is a trustee and vice chairman of the World Affairs Council of Northern California, a trustee of the Asian Art Museum Foundation, a member of the National Council of the World Wildlife Fund, and a member of the Council on Foreign Relations. He is a director of the San Francisco Opera Association and of the University of California's International House. He is also a past president of the Commonwealth Club of California.

As a result of Bonney's retirement, several reporting relationships will be changed, effective Jan. 1:

-- Ray Galvin and Dick Matzke will co-chair the company's Upstream Management Council and the Upstream Personnel Development Committee.

-- Dave Clementz, president of Chevron Petroleum Technology Co., Houston, will report jointly to Galvin and Matzke. Corporation Vice President Lloyd Elkins, in his directorship roles with Caltex Pacific Indonesia and Amoseas Indonesia, will report to Matzke.

-- Reporting to Vice Chairman Jim Sullivan will be Barry McGrath, president of The Pittsburg & Midway Coal Mining Co., and Lloyd Elkins, as president of Chevron Services Co.

In another development, Don Paul, president of Chevron Canada Resources, Calgary, which manages Chevron's exploration, production and marketing of crude oil and natural gas in Canada; and Steve Furbacher, president of Warren Petroleum Co., Tulsa, which is in the natural gas liquids business; will report to Galvin. This is effective Oct. 1. "The purpose of this change is to recognize the existence of common North American markets and customers for crude oil, natural gas and gas liquids," said Derr. Studies will be undertaken to determine how the three companies can best improve their operating synergies in these markets.

Updated: September 1995