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Pennzoil - Quaker State Merger Won't Effect Racing Programs

16 April 1998

(Houston) -- Pennzoil Company and Quaker State Corporation announced
Wednesday they have entered into a definitive agreement to create a
new publicly-traded company by combining the motor oil, refined
products and franchise operations of Pennzoil with all of Quaker
State.  The merger will create a premier worldwide automotive
aftermarket products and consumer car care company, with annual sales
expected to exceed $3 billion.

The transaction is part of a comprehensive restructuring by Pennzoil
that will result in separating Pennzoil's motor oil, refined products,
and franchise operations from its exploration and production
operations.  Pennzoil's motor oil, refined products and franchise
operations will then be combined with all of Quaker State to form a
new a new and yet to be named company.

The merger of Pennzoil and Quaker State will not effect any of the
1998 race programs in either company, in any of the race divisions.

Pending government approval of the merger, team and event sponsorships
for 1999 and beyond will be determined during the fourth quarter of
1998.