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Chevron Corp.

No. 1, Sales

May 06, 1997|CHRIS KRAUL

Chevron Corp., the state's largest refiner of gasoline and a close second to Atlantic Richfield Co. in gallons sold at the pump, solidified its position as the state's leader in total sales in 1996, thanks to higher oil prices and expanding international operations.

Chevron reported $43.9 billion in sales, an 18% jump from the previous year.

The San Francisco-based company realized an average price of $18.80 per barrel of oil produced in 1996, up 22% from an average price of $15.34 per barrel realized in 1995.

Higher prices for gasoline and other refined products also boosted sales.

Chevron's worldwide petroleum volume reached its highest level in 11 years, highlighted by activity in the former Soviet Union and Africa.

Also contributing to revenue growth was a joint venture to market natural gas that Chevron formed in early 1996 with NGC Corp.

The average price for gas that Chevron received in 1996 was $2.28 per thousand cubic feet, up more than 50% from the $1.50 price realized in 1995.

The company sees bright prospects for continued revenue growth, with two major projects underway in the former Soviet Union.

The company is a 15% owner of a new pipeline project that by 1999 will connect the vast oil fields in Kazakhstan to the Russian coast of the Black Sea.

Chevron is also a partner in a Tengiz oil field already producing 160,000 barrels of crude daily.

Investors have bid Chevron shares up from $54.50 last year to $69 recently on the New York Stock Exchange.

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