press release

Sale Of Ireland Interest Completes Chevron's planned Withdrawal

SALE OF IRELAND INTEREST COMPLETES CHEVRON'S PLANNED WITHDRAWAL FROM NON-COAL MINERALS

SAN FRANCISCO, Nov. 21, 1994 -- Chevron announced the completion of the sale of its interest in the Lisheen lead/zinc property in Ireland to Ivernia West plc, joint-venture partner in the property.

The sale completes Chevron's strategic plan to withdraw from non-coal minerals by divesting interests in the United States and other countries.

"Achieving this important goal generated significant cash and freed-up resources which can be re-deployed into our core energy and chemicals businesses," said Chevron Chairman Ken Derr.

In addition to the Lisheen sale, Chevron sold its Stillwater platinum and palladium holdings in Montana in September of 1994 and its share of the Collahuasi copper/silver discovery in Chile in 1992. Combined after-tax proceeds from these non-coal minerals divestitures have been about $270 million for the 1992-1994 period, contributing about $210 million to after-tax profits.

Chevron continues in the coal business through its long-established, wholly owned subsidiary, The Pittsburg & Midway Coal Mining Co. (P&M), based in Englewood, Colo. P&M since 1990 has overseen the management, marketing and disposition of Chevron's non-coal minerals holdings.

Updated: November 1994