Chevron Plans to Sell Its Coal Business

Chevron Corp., following in the footsteps of its big oil rivals, said it will leave the coal business and unload its Pittsburg & Midway Coal Mining Co. division. The San Francisco-based energy giant said it will sell the Colorado-based division--acquired as part of Gulf Oil Corp. in 1984--to focus on oil, natural gas and chemical operations. “The company will invite interested parties to evaluate P&M; and submit proposals to purchase or otherwise restructure Chevron’s interest in P&M;,” the company said. Chevron’s move had been expected by oil experts, who say coal’s slim profits and cutthroat market have forced international oil companies to give up the business in the 1990s. Chevron shares fell 56 cents to close at $80.50 on the New York Stock Exchange.