Premcor Retains CS First Boston and The Blackstone Group L.P. As Financial Advisers

Apr 10, 2001, 01:00 ET from Premcor Inc.

    ST. LOUIS, April 10 /PRNewswire/ -- Premcor Inc., the sixth largest
 independent refiner in the United States, announced today that it has retained
 investment bankers Credit Suisse First Boston (CSFB) and The Blackstone Group
 L.P. to serve as its financial advisers to assist the company in its review of
 alternatives to maximize the value of the company.  No assurance can be given
 that this review will result in any specific transaction.  The company does
 not expect to make any further announcements regarding its review until the
 process is completed.
     "Since Blackstone Capital Partners' acquisition of a controlling interest
 in the company in 1997, we have completed several key initiatives which have
 transformed the company into a significant competitor in the refining sector,"
 said William Rusnack, Premcor's president and chief executive officer.  "With
 the completion of these strategic initiatives, Premcor's shareholders and its
 management believe it to be an appropriate time to evaluate alternatives to
 maximize value of the company."
     Premcor Inc. is based in St. Louis and through its principal operating
 subsidiaries, The Premcor Refining Group Inc. and Port Arthur Coker Company
 L.P, operates three refineries in the central United States with 490,000
 barrels per day of total crude throughput capacity.  Premcor Inc.'s primary
 shareholders are affiliates of The Blackstone Group and Occidental Petroleum.
     This press release contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995, including Premcor
 Inc.'s current expectations with respect to its review of alternatives to
 maximize the value of the company.  Words such as "expects," "intends,"
 "plans," "projects," "believes," "estimates," "may," "will," "should,"
 "shall," and similar expressions typically identify such forward-looking
 statements.  Even though Premcor Inc. believes the expectations reflected in
 such forward-looking statements are based on reasonable assumptions, it can
 give no assurance that its expectations will be attained.  Factors that could
 cause actual results to differ materially from expectations include, but are
 not limited to, operational difficulties, varying market conditions,
 government regulations and other factors contained from time to time in the
 reports filed with the Securities and Exchange Commission by Sabine River
 Holding Corp., Premcor USA Inc. and The Premcor Refining Group Inc., including
 quarterly reports on Form 10-Q, reports on Form 8-K, and annual reports on
 Form 10-K.
     For further information, please visit us on the worldwide web at
 http://www.premcor.com .
 
 

SOURCE Premcor Inc.
    ST. LOUIS, April 10 /PRNewswire/ -- Premcor Inc., the sixth largest
 independent refiner in the United States, announced today that it has retained
 investment bankers Credit Suisse First Boston (CSFB) and The Blackstone Group
 L.P. to serve as its financial advisers to assist the company in its review of
 alternatives to maximize the value of the company.  No assurance can be given
 that this review will result in any specific transaction.  The company does
 not expect to make any further announcements regarding its review until the
 process is completed.
     "Since Blackstone Capital Partners' acquisition of a controlling interest
 in the company in 1997, we have completed several key initiatives which have
 transformed the company into a significant competitor in the refining sector,"
 said William Rusnack, Premcor's president and chief executive officer.  "With
 the completion of these strategic initiatives, Premcor's shareholders and its
 management believe it to be an appropriate time to evaluate alternatives to
 maximize value of the company."
     Premcor Inc. is based in St. Louis and through its principal operating
 subsidiaries, The Premcor Refining Group Inc. and Port Arthur Coker Company
 L.P, operates three refineries in the central United States with 490,000
 barrels per day of total crude throughput capacity.  Premcor Inc.'s primary
 shareholders are affiliates of The Blackstone Group and Occidental Petroleum.
     This press release contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995, including Premcor
 Inc.'s current expectations with respect to its review of alternatives to
 maximize the value of the company.  Words such as "expects," "intends,"
 "plans," "projects," "believes," "estimates," "may," "will," "should,"
 "shall," and similar expressions typically identify such forward-looking
 statements.  Even though Premcor Inc. believes the expectations reflected in
 such forward-looking statements are based on reasonable assumptions, it can
 give no assurance that its expectations will be attained.  Factors that could
 cause actual results to differ materially from expectations include, but are
 not limited to, operational difficulties, varying market conditions,
 government regulations and other factors contained from time to time in the
 reports filed with the Securities and Exchange Commission by Sabine River
 Holding Corp., Premcor USA Inc. and The Premcor Refining Group Inc., including
 quarterly reports on Form 10-Q, reports on Form 8-K, and annual reports on
 Form 10-K.
     For further information, please visit us on the worldwide web at
 http://www.premcor.com .
 
 SOURCE  Premcor Inc.

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