Chevron To Buy Texaco In $35B Deal

Monday, October 16, 2000
Chevron Corp., the second-largest U.S. oil company, has agreed to buy third-ranked Texaco Inc. in a $35 billion stock deal that will form an energy powerhouse, sources familiar with the situation said. If approved by regulators, the deal will be the latest in a wave of transactions that reshaped the industry by creating behemoths such as Exxon Mobil and BP Amoco. Chevron and Texaco rank as the world's fifth- and seventh-largest oil companies and long have been viewed as ripe to participate in the consolidation sweeping the industry. The new company, to be called Chevron Texaco Corp., will also go head-to-head against other industry leaders like Royal Dutch/Shell and TotalFina Elf. The boards of both companies approved the deal on Sunday after details of the transaction were finalized over the weekend, said the sources, who spoke on condition of anonymity. Details of the transaction had leaked out over the past few days and a formal announcement was expected early Monday morning. The new company will be run by current Chevron boss O'Reilly, the sources said. Texaco head Peter Bijur will serve as vice chairman of the combined company and will be responsible for refining and marketing operations, power and chemicals.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Becker Marine Delivers Rudder for Largest Containership

Becker Marine Systems delivers rudder for the largest container ship in the world   At 19,000 TEU, the largest container ship in the world is now picking up speed

GE Gas Turbine Powers Australia’s Largest Warship

GE Marine’s LM2500 aeroderivative marine gas turbine now powers the Royal Australian Navy’s (RAN) recently commissioned HMAS Canberra Landing Helicopter Dock (LHD) ship,

Kraft Power Named Distributor for Scania USA

Continuing its North American service network expansion, Scania has named Kraft Power as its newest marine distributor.   Kraft Power is now a Scania marine distributor for Florida,

Offshore

FPSO Trio Receives Side Shell Protection

SPS Overlay has yet again been used for side impact protection on three FPSOs for a major player in the offshore industry. The work was carried out at Enseada do Paraguaçu S.

Vard Wins Farstad's OSCV Contract

Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”).

US Jury Rules in Favor of Apache Corp.

Apache Corp was not in breach of contract in a lawsuit brought by Houston-based oil and gas producer W&T Offshore Inc in 2011, a federal jury found on Monday, according to a court filing.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1995 sec (5 req/sec)