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PENNZOIL SELLS 8,158,582 SHARES OF CHEVRON COMMON

 HOUSTON, Nov. 18 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) confirmed that it sold 8,158,582 shares of Chevron Corp. common stock in a block trade on the New York Stock Exchange today for an aggregate price of $89 per share, before commissions, or for a net aggregate price of $721 million, resulting in a gain of $171 million over its average cost of $67.36 per share.
 Pennzoil continues to beneficially own 9,035,518 (approximately 2.8 percent) of Chevron's common shares, on which it receives annual dividends (at the current rate) of $31.6 million. Of the retained shares, 4,784,518 shares are reserved by Pennzoil for possible exchange for $402.5 million principal amount of its 6-1/2 percent exchangeable debentures due 2003 (the equivalent of $84-1/8 per Chevron share) and 4,251,000 shares are reserved by Pennzoil for possible exchange for $500 million principal amount of its 4-3/4 percent exchangeable debentures due 2003 (the equivalent of $117-5/8 per Chevron share).
 -0- 11/18/93
 /CONTACT: Robert Harper of Pennzoil Co., 713-546-8536/
 (PZL)


CO: Pennzoil Co. ST: Texas IN: OIL SU:

TW-WB -- NY060 -- 6048 11/18/93 12:50 EST
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Publication:PR Newswire
Date:Nov 18, 1993
Words:198
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