PENNZOIL TO ACQUIRE PART OF CHEVRON'S PRODUCTION

Pennzoil Co., Houston, will exchange 48% of its $2.2 billion investment in Chevron Corp. for a chunk of Chevron's U.S. producing leases. The trade is to involve a tax free exchange of 15.75 million Chevron Corp. shares held by Pennzoil for all the stock of Chevron PBC Inc., a Chevron unit owning Gulf of Mexico, Gulf Coast, Permian basin, and other U.S. oil and gas producing leases.

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