press release

Press Release - Chevron Confirms Termination of Merger Talks With Texaco

SAN FRANCISCO, June 2, 1999 -- Chevron Corp. confirmed today that it has been engaged in discussions regarding a possible business combination with Texaco Inc. The discussions did not result in an agreement to merge and were terminated today by Texaco.

Chevron Chairman and CEO Ken Derr said, "I'm surprised that the Texaco Board turned down a very competitive offer that included a significant price premium to Texaco shareholders and an opportunity to receive Chevron stock, with its acknowledged strong growth prospects.

"I've said before that we will evaluate attractive acquisition opportunities that would benefit Chevron shareholders, while executing our business plan to generate strong returns for our shareholders."

Updated: June 1999