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CHEVRON PLANS $4.9 BILLION CAPITAL PROGRAM IN 1993

 SAN FRANCISCO, Jan. 18 /PRNewswire/ -- Chevron Corp. (NYSE: CHV) today announced a $4.9 billion capital and exploratory spending program for 1993. The program is up about 5 percent from estimated 1992 spending of $4.6 billion and includes expected startup of the Tengiz joint venture in Kazakhstan on April 1.
 "This program reflects our long-term strategy of strengthening the company in our most promising core oil and gas areas," said Chairman Ken Derr.
 "The significant restructuring undertaken last year by our U.S. and Canadian exploration/production businesses and our Corporate staffs, along with our focus on managing costs in all operations, has allowed us to improve cash generation," Derr said. "We expect to fund our 1993 investments through cash generated by operations and from our continuing program to divest non-strategic or poorly performing operations."
 Chevron plans to invest about $2.6 billion in worldwide exploration and production, up about 10 percent over estimated 1992 spending. Seventy-five percent of these expenditures will be outside the United States, in core areas and newly opened areas of opportunity, which continues the shift of the company's exploration/production business overseas.
 U.S. exploration/production spending of about $700 million will be about 20 percent below the estimated 1992 level and about half of that spent in 1991. In addition to shrinking opportunities in U.S. exploration, this decrease reflects a number of company efforts to make operations more efficient. These include divesting non-strategic fields and enhancing production from existing core operations.
 The overall exploration/production program includes provisions for the expected April 1 startup of the Tengiz joint venture, development of the Alba Field in the North Sea, enhanced recovery projects in Indonesia, new oil and gas developments in Australia and West Africa, initial development of the major Norphlet gas discovery in the Gulf of Mexico and continued development of the Hibernia project offshore Newfoundland.
 Worldwide refining, marketing and transportation spending is projected at about $1.7 billion, slightly below estimated 1992 spending of $1.8 billion. U.S. spending is projected at about 10 percent below 1992. A significant portion is planned for projects to manufacture clean fuels as mandated by the Clean Air Act and the California Air Resources Board.
 Outside the United States, refining, marketing and transportation investments are forecast at more than $800 million, with about 70 percent focused on Caltex, Chevron's 50-percent-owned affiliate in the Eastern Hemisphere. Projected Caltex spending is up more than 25 percent from 1992 estimates, maintaining or expanding the strong market positions where Caltex operates.
 Chevron also plans to invest about $250 million in the worldwide chemicals business in 1993, about the same as estimated for 1992. The program includes a major project under construction at Pascagoula, Miss., which employs Chevron's proprietary AROMAX technology for benzene recovery.
 -0- 1/18/93
 /CONTACT: Bonnie Chaikind of Chevron, 415-894-1200/
 (CHV)


CO: Chevron Corp. ST: California IN: OIL SU:

TM -- SF004 -- 5883 01/18/93 12:20 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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