HOUSTON, Dec. 30 /PRNewswire/ -- James L. Pate, chairman and chief
executive officer of Pennzoil Company (NYSE: PZL), announced today that the
company's board of directors has elected Stephen D. Chesebro', 56, president
and chief executive officer of PennzEnergy Company (NYSE: PZE), effective upon
closing of Pennzoil's restructuring. Pate will continue as both chairman of
PennzEnergy Company and chairman and chief executive officer of Pennzoil-
Quaker State Company.
Chesebro' joined Pennzoil in February 1997 as president of Pennzoil
Exploration and Production Company. Prior to joining Pennzoil, Chesebro' was
chairman and chief executive officer of Tenneco Energy. Chesebro' spent a
total of 32 years with Tenneco, including 15 years in senior management
positions.
"Steve Chesebro' has over thirty years of experience in the energy
industry. During the past two years he has built a strong oil and gas
organization that is intensely focused on increasing domestic production,
reducing costs, and growing the company internationally," Pate said.
"As chairman of the board, I will remain focused on the company's
strategic direction," Pate added. "Steve and I will continue working together
to make PennzEnergy a leading performer in the industry."
In addition, PennzEnergy's board of directors named Donald A. Frederick,
executive vice president; John B. Chapman, senior vice president, legal; Bruce
K. Misamore, senior vice president, finance, and treasurer; Linda L. Meagher,
corporate secretary; and Malcolm R. Rae, controller.
PennzEnergy and Pennzoil-Quaker State will be formed after Pennzoil spins
off its marketing, manufacturing and fast oil change businesses (Pennzoil
Products Group) and merges Pennzoil Products Group with all of Quaker State
Corporation (NYSE: KSF). PennzEnergy will be one of the largest domestic
independent exploration and production companies and will trade on the New
York Stock Exchange with the symbol PZE. Pennzoil-Quaker State will be a
leading automotive consumer products company and will trade on the New York
Stock Exchange with the symbol PZL.
SOURCE Pennzoil Company
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CONTACT:
Ray Scippa of Pennzoil Company, 713-546-8942
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