Pennzoil-Quaker State Company Confirms FTC Clearance for Acquisition By Shell

HOUSTON, Sept. 27, 2002-- Pennzoil-Quaker State Company today confirmed that the U.S. Federal Trade Commission (FTC) has cleared its acquisition by Shell Oil Company, a wholly-owned member of the Royal Dutch/Shell Group of Companies. Shell Oil Company and Pennzoil-Quaker State Company have entered into a consent order with the FTC that resolves the agency's concerns regarding the US group II base oil marketplace. The Company expects the transaction to be completed on October 1, 2002. Following the closing, Pennzoil-Quaker State Company shareholders will receive $22 in cash per share.