1999: RETURN OF THE YEAR 2000 (Y2K) STOCK Message Board

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Technology Stocks : 1999: RETURN OF THE YEAR 2000 (Y2K) STOCK

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To: paul e thomas who wrote (7)	11/19/1998 1:53:00 PM
From: Urlman	of 17

11/18 Chevron's Q4 millennium-bug budget at least $40 mln Wednesday November 18, 8:44 pm Eastern Time NEW YORK, Nov 18 (Reuters) - Chevron Corp. (NYSE:CHV - news) said on Wednesday it expects to spend at least $40 million in the fourth quarter of 1998 on efforts to eliminate the so-called ''millennium bug,'' or risk of disruption when the year 2000 rolls around. Chevron, the third-largest U.S. oil company with a market value of $53 billion, disclosed in a recent Securities and Exchange Commission filing that it had, by the end of the third quarter, spent $40 million on ''millennium bug'' work. The San Francisco-based company noted it expects to spend up to $300 million in total on the program. Companies worldwide are making strenuous efforts to weed out the possibility that computers which read just the last two digits of the year will crash when the calendar clicks to 2000. Chevron spokeswoman Nancy Malinkowski, referring to the $40 million spent so far, said the company would spend ''at least twice that much before the end of the year.'' Much of the money has already been spent and billed to Chevron from subsidiaries and affiliates, but has yet to be paid. She said that much of the rest of Chevron's spending would come early next year. But Chevron's SEC filing made it clear that some potential problems may linger into the new millennium and it contained a standard warning that some of the company's operations -- including oil pumping and refining -- might face some disruption. Chevron's shares gained 43.75 cents on the New York Stock Exchange on Wednesday to close at $80.5625. --------------------------------------------------------------------------------

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