MAJORS CITE SIGNS OF INDUSTRY REVIVAL

Major U.S. petroleum companies are highlighting key indicators that point to a gradually reviving industry. At annual shareholders' meetings this month: Chevron Corp. noted sharply higher earnings and an improved competitive position through aggressive cost cutting. ARCO focused on its buoyant upstream operating performance, citing big strikes in Alaska and growth in non-U.S. sectors. Phillips Petroleum Co. plans sharply higher upstream spending to capitalize on North Sea development and