MIDLAND, Texas, April 19, 1999 (PRIMEZONE) -- ARCO Permian today confirmed that Chevron U.S.A. Production Company has ended discussions relative to the formation of a joint venture which would have combined the two companies' production operations in the Permian Basin of west Texas and southeast New Mexico.
The companies announced plans for the combination Feb. 2, 1999. Each company would have owned fifty percent.
"Both companies have worked hard to get very close to completing the joint venture. Therefore, we regret their decision," said Keith Weiser, President of ARCO Permian. "However, ARCO Permian is a strong, resilient company with a proven and successful business model that we believe will drive our continued success in the Permian Basin."
ARCO (NYSE: ARC) is an integrated oil and gas company with operations encompassing all aspects of the oil and gas business: exploration, production, refining, and marketing of crude oil, natural gas and natural gas liquids. ARCO has significant operations on the North Slope of Alaska and in the Western United States, Gulf of Mexico, China, Indonesia, and the North Sea. -0-