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Chevron Adopts Its Former Name

May 10, 2005|From Times Wire Services

ChevronTexaco Corp., the second-biggest U.S. oil company, shortened its name Monday to Chevron Corp., reverting to the title used before the company's $39-billion acquisition of Texaco Inc. in October 2001.

Chief Executive David O'Reilly said the name change would "present a clear, strong and unified presence in the global marketplace." The company agreed April 4 to acquire El Segundo-based Unocal Corp. for $16.4 billion in cash and stock to expand natural gas and crude production in Asia and the Gulf of Mexico.

Meanwhile, China National Offshore Oil Corp. may consider making a counter-offer for Unocal, Financial Times reported Monday, citing unnamed sources "close to the situation." China National, China's third-largest oil company, was close to making an offer for Unocal last month, but a rift developed within the board and Unocal instead accepted the Chevron bid, the newspaper reported.

Besides changing its name, which takes effect immediately, Chevron also is touching up its red-and-blue corporate logo with several minor revisions. The CVX ticker symbol used to identify the San Ramon, Calif.-based company's shares on the New York Stock Exchange will be retained.

Shares of Chevron rose 71 cents to $53.45 on the NYSE.

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