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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Doosan Delivers a ‘World’s First’ to NASSCO

Doosan Engine has confirmed delivery of the world’s first dual-fuel, low-speed ME-GI engine to the American National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego, USA.

Elco Launches Electric Outboard Motor Line

Expansion into outboard category brings benefits of electric propulsion to even more boaters Elco Motor Yachts, a company in electric and hybrid marine propulsion for more than 120 years,

Laborde Now a Steyr Motors Distributor

To help increase business and provide even better service for its customers, Laborde Products has been chosen as a Steyr Motors distributor. The company will offer sales,

Offshore

Motion Compensation Aids Offshore Lifeboat Lift

In a refurbishment program to upgrade lifeboats on offshore platforms, Ampelmann completed a second successful reinstallation using its full motion compensation technology.

Topaz Secures $75m Investment from SCPE

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico,

Pipeline Corrosion Shutters Statoil's Troll C Platform

Norway's Statoil shut oil and gas production at its Troll C platform in the North Sea after inspections found corrosion damage on a pipeline, the company said in

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1055 sec (9 req/sec)