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Chevrontexaco Corp

BUSINESS
August 2, 2003 | Elizabeth Douglass, Times Staff Writer
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.
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BUSINESS
January 18, 2003 | Nancy Rivera Brooks, Times Staff Writer
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.
BUSINESS
July 15, 2003 | Elizabeth Douglass, Times Staff Writer
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.
BUSINESS
November 18, 2003 | From Bloomberg News
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.
BUSINESS
May 26, 2004 | From Bloomberg News
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.
BUSINESS
January 13, 2005 | From Bloomberg News
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.
BUSINESS
April 30, 2005 | Debora Vrana, Times Staff Writer
Despite record-high fuel prices, ChevronTexaco Corp. on Friday reported weaker-than-expected first-quarter profit partly because of maintenance costs at its three major U.S. refineries. Still, earnings at the second-largest U.S. oil company rose nearly 4% compared with a year earlier as big gains from oil and natural gas sales and from its petrochemical business fueled ChevronTexaco's 10th straight quarter of rising profit. "Quarterly profits ...
BUSINESS
October 30, 2004 | James F. Peltz, Times Staff Writer
ChevronTexaco Corp., riding the surge in oil prices and benefiting from asset sales, said Friday that its third-quarter profit jumped 62% from a year earlier. But the San Ramon, Calif.-based energy giant said earnings fell at its West Coast gasoline business as pump prices declined in California, which helped leave ChevronTexaco's overall earnings below some analysts' forecasts. Nonetheless, ChevronTexaco's stock climbed 59 cents to $53.
BUSINESS
February 1, 2003 | Elizabeth Douglass, Times Staff Writer
Dragged down by merger costs and losses at its refineries, ChevronTexaco Corp. on Friday reported lower-than-expected fourth-quarter profit of $904 million. San Ramon, Calif.-based ChevronTexaco, the nation's second-largest oil company, said its net income was 85 cents a share for the quarter ended Dec. 30, a reversal from 2001 when a host of special charges caused a fourth-quarter loss of $2.5 billion, or $2.38 a share.
BUSINESS
January 29, 2005 | John O'Dell, Times Staff Writer
ChevronTexaco Corp. said Friday that its fourth-quarter profit nearly doubled as record energy prices made up for lower oil and natural gas production. The San Ramon, Calif., oil company reported net income of $3.44 billion, or $1.63 a share, up from $1.74 billion, or 82 cents, a year earlier. Revenue, fueled by the high oil and gasoline prices that have plagued consumers, soared 41% to $42.7 billion.
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