September 8, 2001 |
Chevron Corp.'s $39-billion purchase of Texaco Inc. to form the world's fourth-largest investor-owned oil company was unanimously approved by the Federal Trade Commission. Texaco agreed to sell U.S. refining and marketing assets that in 1998 were placed in joint ventures with Royal Dutch/Shell Group and Saudi Arabian Oil Co. Those assets will be placed in a trust because negotiations have stalled over the price Shell will pay for Texaco's share in the two ventures.
August 20, 2001 |
What's going to happen to the "man who wears the star"? Texaco Inc., the oil giant whose 1960s advertising campaign made that slogan a household phrase a generation ago, is about to be bought by rival Chevron Corp. And the name of the new company would be ChevronTexaco Corp. But ChevronTexaco won't own the 12,800 Texaco gasoline stations in the United States, including the 725 in California.
August 11, 2001 |
Oil giants Chevron Corp. and Texaco Inc. said their stockholders will vote on its $30-billion merger Oct. 9, and that the companies reached a tentative pact with federal regulators on shedding certain assets to get antitrust clearance.
July 19, 2001 |
Texaco Inc. and Energy Conversion Devices Inc. plan to mass-produce nickel metal hydride car batteries for hybrid and electric vehicles. The companies say nickel metal hydride batteries have twice the power and four times the life of regular lead acid car batteries. Made mostly of hydrogen and nickel, the batteries are "completely recyclable," said Bill Wicker, senior vice president of Texaco.
May 31, 2001 |
Texaco Inc. has persuaded a federal judge to dismiss a lawsuit by South American Indians who say the oil company polluted the Amazon rain forest. U.S. District Judge Jed Rakoff in Manhattan ruled that a 1993 lawsuit filed by 99 Indians in Ecuador and Peru should be tried in Ecuadorean courts. The case had been brought under a federal law that allows citizens of other countries to bring claims of international law violations in U.S. courts.
April 27, 2001 |
Texaco Inc., the No. 3 U.S. oil company, said Thursday that its earnings rose 39% in the first quarter, making it the latest oil company to show big profits from lofty crude and natural gas prices. Texaco, which is being acquired by Chevron Corp., said operating income rose to $836 million, or $1.54 a share, well above analysts' mean estimate of $1.49 a share. In the year-ago period, it earned $602 million, or $1.10 a share. Analysts' estimates had ranged from $1.40 to $1.