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ABOUT 4,400 CHEVRON EMPLOYEES ACCEPT SPECIAL TEMPORARY RETIREMENT ENHANCEMENT

 ABOUT 4,400 CHEVRON EMPLOYEES ACCEPT
 SPECIAL TEMPORARY RETIREMENT ENHANCEMENT
 SAN FRANCISCO, May 22 /PRNewswire/ -- Chevron Corporation announced today that about 4,400 of 35,000 eligible U.S. employees chose to retire under a special temporary retirement enhancement offer that closed May 15.
 Chevron is in the midst of a series of aggressive actions to strengthen its competitiveness, improve financial performance and reduce operating costs. Virtually all of the corporation's operating companies and staff units are examining their work force requirements.
 Vice Chairman Jim Sullivan said the results of the offer mean that fewer involuntary severances will ultimately be needed. "This is a difficult time for us," he said, "but we must take these steps to ensure the long-term competitiveness of our company."
 The company recorded an after-tax charge of $102 million in fourth quarter 1991, anticipating work force reductions in 1992. Subsequently, those programs were expanded and will likely require additional charges against 1992 earnings, but the magnitude cannot be determined yet, pending completion of the work force studies.
 Major cutbacks have already been announced by two operating companies.
 Chevron U.S.A. Production Co., the corporation's U.S. exploration and production subsidiary, said last month it will cut its staff by 1,700 people due to organizational consolidations and by up to 600 more from previously announced sales of non-strategic oil fields.
 Chevron U.S.A. Products Co., the U.S. refining and marketing subsidiary, said in March it will streamline the Port Arthur, Texas, refinery to make it more competitive. As a result, the refinery's 1,900-member work force will be cut by about 700.
 Chevron has also begun a study of its corporate staff requirements in order to cut operating costs. That study is expected to be completed in September.
 Employees who accepted the special retirement enhancement will leave the company no later than Oct. 31.
 -0- 5/22/92
 /CONTACT: Mike Libbey of Chevron, 415-894-4440/
 (CHV) CO: Chevron Corporation ST: California, Texas IN: OIL SU: PER


RM -- SF003 -- 3326 05/22/92 12:50 EDT
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Publication:PR Newswire
Date:May 22, 1992
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