CHEVRON CORP.

              7/30/93 52-Wk-Rng FY/Q  EPS93  EPS94 PE94 NxtQtr LyQtr
Chevron Corp.   88.38   90-66   12/3   5.70   6.40 13.7  **.** **.** CHV

1.  Chevron reported second-quarter net per share from operations of $1.62,
a 63% increase over last year's $.99 per share.  Chevron also took a one-
time net charge of $1.47 per share in the second quarter, bringing reported
net per share to $.15.  Earnings from operations were marked by strong
increases in all petroleum segments relative to a year ago; cost-cutting
and higher U.S. gas prices were the principal causes.
Exploration/production results were basically unchanged relative to the
first quarter while worldwide refining/marketing results were higher (U.S.
earnings were lower, but this was more than offset by higher foreign
results).  Chemicals and minerals weakened compared to the first quarter
while corporate expenses were lower.  In all, earnings were generally as
expected in form but were a touch better in magnitude.  This was Chevron's
third consecutive quarter of very strong operating results.

3.  As mentioned, the company also had a one-time net charge of $1.47 per
share in the second quarter.  This had basically been preannounced a few
months ago when Chevron released its domestic refining/marketing
restructuring plan.  The key element in the net charge was a $552 million
item related to the restructuring of its U.S. refining/marketing system,
primarily due to the writedown to estimated realizable value of the two
refineries slated for sale (Philadelphia and Port Arthur), as well as
anticipated losses on the sale of LIFO inventories connected with the two
refineries.  There were several other items which more or less offset each
other.  Importantly, the cash effect of the net charge was basically nil.
And Chevron actually received some $642 million in proceeds from asset
sales during the quarter, with Ortho the dominant one.

4.  Chevron indicated that Tengiz production (its joint venture in
Kazakhstan) was essentially breakeven in the second quarter and that Tengiz
should be contributing to profits beginning in the third quarter as
production volumes pick up.

5.  It also indicated that it was distributing information packets on the
two domestic refineries being offered for sale and that it hoped to close
off bids by year-end 1993.  No indication was given as to hoped-for
proceeds, but the size of the writedown indicated above is probably a good
sign that proceeds will be modestly sized.

6.  Current trends include a weakening of crude oil prices, but natural gas
prices continue strong.  Marketing margins have improved significantly
since the end of the second quarter; it appears that, at least so far, the
industry has been able to hold onto a fair amount of the crude oil price
decline at retail levels.  If this continues, it could provide an
unexpected bulge in third-quarter refining/marketing earnings.

7.  Chevron continues to impress with strong operating results and cost-
cutting efforts.  Its business mix--with large contributions from domestic
gas, California refining/marketing, Far East exposure through Caltex--is
very favorable in today's environment.  The Chevron story continues to be a
strong and improving one.