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JUDGE UPHOLDS CHEVRON IN LAWSUIT OVER RESPONSE TO PENNZOIL STOCK PURCHASES

 JUDGE UPHOLDS CHEVRON IN LAWSUIT
 OVER RESPONSE TO PENNZOIL STOCK PURCHASES
 SAN FRANCISCO, May 8 /PRNewswire/ -- A San Francisco Superior Court judge has decided in favor of Chevron Corporation and upheld actions by its Board of Directors in response to Pennzoil's December 1989 purchase of nearly 10 percent of the company's stock.
 In sustaining the Chevron board's judgment that the stock purchases were a threat to Chevron and to the best interests of Chevron stockholders, Judge Stuart Pollak dismissed a lawsuit brought by two shareholders who alleged that the company had acted wrongfully.
 "We're very pleased with the court's decision," said Chevron Chairman Ken Derr, "because it completely confirms the propriety of our actions on behalf of the company, our employees, and all of our stockholders."
 Chevron's separate lawsuit against Pennzoil in federal court is pending.
 -0- 5/8/92
 /CONTACT: Mike Libbey of Chevron Corp., 415-894-4440/
 (CHV PZL) CO: Chevron Corp.; Pennzoil Co. ST: California IN: OIL SU:


RM -- SF002 -- 8081 05/08/92 12:10 EDT
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Publication:PR Newswire
Date:May 8, 1992
Words:168
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