November 20, 2001 |
ChevronTexaco Corp. on Monday said it will lay off about 500 more workers than management anticipated as part of the newly merged oil giant's effort to save an additional $600 million annually in its combined operations. Under the more aggressive cost-cutting program, the San Francisco-based company will eliminate 4,500 jobs, or about 8% of its work force, instead of the 4,000 layoffs envisioned in October 2000 when Chevron announced its plans to buy Texaco for $39 billion.
January 9, 2003 |
ChevronTexaco Corp. said Wednesday that its California stations would begin phasing out the environmentally harmful gasoline additive known as MTBE this weekend, joining a growing list of stations that will offer MTBE-free fuel statewide this year. The San Ramon-based company is the state's second- largest gasoline retailer and the last of California's major suppliers to announce its plans for phasing out MTBE, or methyl tertiary butyl ether.
August 7, 2004 |
The Bush administration Friday awarded contracts to ChevronTexaco Corp. and Royal Dutch/Shell Group's Shell Oil to replenish the U.S. emergency petroleum reserve, despite record high crude prices and strong oil demand. Oil prices hit record highs Friday, climbing close to $45 before settling back down, after a renewed threat to Russian oil major Yukos added to the strain on world supplies. The price of crude for September delivery ended in New York at $43.
June 18, 2003 |
Exxon Mobil Corp. and ChevronTexaco Corp., the two largest U.S. oil companies, said Tuesday that they would resist moves to force them to disclose dealings with oil-producing countries to counter corruption in emerging markets. Any disclosure agreement must be voluntary and drawn up with the consent of the nations affected, the companies said at a London conference on transparency in the oil and mining industries. Some oil companies have argued for mandatory disclosure rules.
August 2, 2003 |
David J. O'Reilly, chairman and chief executive of ChevronTexaco Corp. since the merged company was created in October 2001, spoke with reporters Friday about the company's outlook. Here are excerpts from that discussion, edited for clarity: Question: What are your thoughts on California's Jan. 1 ban on the gasoline additive MTBE for environmental reasons and the required addition of ethanol? Answer: Everyone benefits from backing off of MTBE.
January 18, 2003 |
ChevronTexaco Corp. said Friday that it would launch its own natural-gas trading operation to replace the wholesale gas marketing deal it had with Dynegy Inc. Dynegy markets the natural gas produced by San Ramon, Calif.-based ChevronTexaco in the lower 48 U.S. states -- more than 2 billion cubic feet a day, or enough to serve nearly 9 million average homes daily. But the Houston energy firm is abandoning the trading business to focus on more profitable operations.
July 15, 2003 |
In its first major executive shuffle since its 2001 merger, ChevronTexaco Corp. on Monday said it would reorganize its worldwide refining and marketing businesses to lower costs and improve the efficiency and financial performance of its "downstream" operations. San Ramon, Calif.-based ChevronTexaco said it would abandon its practice of organizing refining and marketing units by geography and instead create four worldwide operating divisions that would each focus on certain functions.
November 18, 2003 |
ChevronTexaco Corp., the second-largest U.S. oil company, said Monday that it had received government approval to construct the first U.S. offshore terminal for imports of liquefied natural gas. The company, based in San Ramon in the Bay Area, said that the Port Pelican project would be about 40 miles off the coast of Louisiana and estimated that it would cost more than $800 million. The terminal will have a capacity of 1.
May 26, 2004 |
Two Canadian trusts agreed Tuesday to buy 13 oil and natural-gas fields from ChevronTexaco Corp. for $793.6 million to boost reserves and cash flow. Enerplus Resources Fund and Acclaim Energy Trust, both of Calgary, plan to sell fields in western Canada worth about $138 million to an oil and gas producer immediately after the purchase, which is expected by June 30, Enerplus said. Chevron, based in San Ramon, Calif., issued its own statement and said it expected a significant gain on the deal.
January 13, 2005 |
ChevronTexaco Corp. and its partners are urging Russia to let their oil-pipeline venture expand capacity as part of their plan to export more from Kazakhstan and Russia to the Black Sea. The Caspian Pipeline Consortium, or CPC, in which ChevronTexaco owns 15%, plans to increase oil exports 42% to 640,000 barrels a day this year, the pipeline venture said Wednesday. The partners, which include Exxon Mobil Corp. and Royal Dutch/Shell Group, have spent $2.7 billion to build the link.