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Lehman to Help Chevron Explore Options

May 12, 1999| From Reuters

Chevron Corp., America's third-largest oil firm, has hired investment bank Lehman Bros. to advise it on potential merger and acquisition options, a source familiar with the plans said Tuesday.

San Francisco-based Chevron, which declined to comment, has been rumored to be considering its options after rivals began forming merger deals.

In recent days, Chevron has been reported to have held exploratory talks with Texaco Inc.

Separately, Chevron said it made a significant natural gas find near Ft. Liard, Canada, that could produce gas at a rate of 70 million to 100 million cubic feet a day.

Chevron shares rose $1.81 to close at $98.06 on the New York Stock Exchange.

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