Chevron Texaco Corp

A century ago this land near downtown Los Angeles was ruled by oil: Thousands of barrels' worth sat stored above ground; thousands more flowed underneath, all feeding a growing metropolis. Once the oil boom dried up, the land served another need: In the 1940s hundreds of families moved into new apartments, a city housing project known as William Mead Homes.

A century ago this land near downtown Los Angeles was ruled by oil: Thousands of barrels' worth sat stored above ground; thousands more flowed underneath, all feeding a growing metropolis. Once the oil boom dried up, the land served another need: In the 1940s hundreds of families moved into new apartments, a city housing project known as William Mead Homes.

Protesters demanding jobs and other benefits shut down oil platforms run by Royal Dutch/Shell Group Cos. and ChevronTexaco Corp for a second day, officials said. Hundreds of villagers from Kula invaded three pumping facilities and demanded to see top officials of both companies. A committee will consider the demands, officials said.

ChevronTexaco Corp.'s $16.4-billion plan to acquire Unocal Corp. includes a $500-million breakup fee if the transaction is canceled. A Securities and Exchange Commission filing by San Ramon, Calif.-based ChevronTexaco disclosed details of the termination fee it would be paid. The deal was announced Monday.

* ChevronTexaco Corp. and partners will invest $1.5 billion to expand an oil pipeline from Kazakhstan to the Black Sea, enabling the central Asian state to export more crude and natural gas. * EMC Corp. grabbed the lead as the world's top seller of data storage computers last year, stealing sales from Hewlett-Packard Co., research firm IDC said. EMC won 21% of the market and HP fell to 19%.

Phillips Petroleum Co.'s $25-billion merger with Conoco Inc. to form the largest U.S. oil refiner was approved by U.S. antitrust enforcers after the companies agreed to sell two oil refineries in the West. The company, to be called ConocoPhillips, will be based in Houston and rank behind Exxon Mobil Corp. and ChevronTexaco Corp. as the third-largest U.S. oil company. The merger was approved by the Federal Trade Commission. Conoco shares rose 60 cents to $24.

ChevronTexaco Corp. said it planned to raise capital spending 18% next year, investing heavily in West Africa and the Gulf of Mexico. At its annual meeting with analysts in New York, the San Ramon, Calif.-based company said it would invest $10 billion in its capital and exploratory spending program next year, up $1.5 billion from this year, largely because several big projects were at a stage that required heavy expenditures. ChevronTexaco shares fell 57 cents to $53.

Libya awarded its first contracts to U.S. companies in 18 years, handing oil and gas exploration licenses to three American firms after decades of international isolation. The United States eased its trade embargo on oil-rich Libya last spring to reward the nation for giving up weapons of mass destruction. Occidental Petroleum Corp., Amerada Hess Corp. and ChevronTexaco Corp. were among more than 120 companies that bid or expressed interest, Libyan officials said.

Edison Mission Energy, a subsidiary of Rosemead-based Edison International, said it would receive $210 million in payments stemming from a dispute with a TXU Corp. subsidiary that defaulted on an agreement to buy electricity from Edison Mission. In a filing with the Securities and Exchange Commission, Edison Mission estimated that the payments would increase net income by $90 million. * ChevronTexaco Corp. awarded a $1.

ChevronTexaco Corp. more than quadrupled Chief Executive Dave O'Reilly's bonus last year and increased his salary by 22% as the company's performance improved. The 56-year-old O'Reilly's bonus was increased to $3.15 million from $700,000, and his salary rose to $1.31 million from $1.08 million, the San Ramon, Calif.-based oil producer said in a preliminary proxy statement filed with the Securities and Exchange Commission.

Shares of the newly merged ChevronTexaco Corp. (CVX) rose $2.56 to $93.45 in their first day of trading on the New York Stock Exchange. The merger, approved by Chevron and Texaco shareholders Tuesday, created the second-largest U.S.-based energy company. . . . New York Board of Trade President Mark Fichtel pledged that the exchange will remain in New York City despite the terrorist attacks.