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BUSINESS
March 8, 1997 | Times Staff and Wire Reports
Lawyers representing a former Texaco Inc. executive charged with destroying documents in a race discrimination case said that plea negotiations with prosecutors have ended. The lawyers who represent Richard Lundwall said that talks collapsed after prosecutors refused to let them review a report written by an outside investigator for White Plains, N.Y.-based Texaco. Lundwall was charged in November with obstruction of justice in a complaint filed by the Manhattan U.S. attorney's office.
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BUSINESS
March 1, 2006 | Elizabeth Douglass, Times Staff Writer
A Texaco Inc. and Shell Oil Co. joint venture didn't break antitrust law when it set pump prices in the Western United States, the Supreme Court said Tuesday, ending a years-long battle over allegations that the companies inflated prices and forced dealers out of business. The 8-0 ruling was applauded by the oil companies and by major corporations outside the industry that saw the case as a threat to joint ventures of all kinds.
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BUSINESS
September 26, 1991 | ERIC YOUNG, TIMES STAFF WRITER
A Superior Court jury awarded more than $6 million to a Los Angeles woman Wednesday in a sex-discrimination case against Texaco Inc. Labor attorneys said it was the largest amount ever awarded to an individual . Lawyers said Wednesday that the award, which could be increased Friday when the same jury decides on punitive damages, sends a strong message to large corporations about the risks in biased promotion practices.
BUSINESS
October 10, 2001 | From Times Wire Services
Royal Dutch/Shell Group agreed Tuesday to buy Texaco Inc. out of their two oil-refining joint ventures for $2.1 billion in a transaction that would make Shell the largest U.S. gasoline retailer. The deal, completed after nearly a year of negotiations, also served to eliminate the last hurdle to Texaco's acquisition by Chevron Corp. Shareholders of both companies voted later in the day to approve the $38.6-billion merger to create ChevronTexaco Corp.
NEWS
November 16, 1996 | THOMAS S. MULLIGAN and CHRIS KRAUL, TIMES STAFF WRITERS
In the glare of scandal, Texaco Inc. on Friday signed what may be the largest settlement of a racial discrimination lawsuit, agreeing to pay an immediate $115 million in damages plus pay raises of at least 10% to about 1,400 black employees.
BUSINESS
September 2, 1992 | From Times Staff and Wire Reports
Franchise Owners Sue Texaco Over Fuel Prices: Nineteen independent Texaco service station dealers in Southern California filed a lawsuit against a division of Texaco Inc. alleging that the company overcharged them for gasoline. The current and former dealers from San Diego, Orange and Los Angeles counties contend in the lawsuit that the practices of Houston-based Texaco Refining & Marketing Inc., a division of Texaco Inc., of White Plains, N.Y.
BUSINESS
March 16, 1989 | From Reuters
Texaco Inc. plans to sell about 3,000 oil and gas properties for $300 million to $600 million in an attempt to shift out of high-risk exploration and production activities, a senior executive said Wednesday. The company sold 674 oil and gas properties for $199 million in 1988, Senior Vice President James Dunlap told an energy conference.
BUSINESS
September 8, 2001 | From Bloomberg News
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.
BUSINESS
August 20, 2001 | JAMES F. PELTZ, TIMES STAFF WRITER
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.
BUSINESS
August 11, 2001 | James F. Peltz
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.
BUSINESS
July 19, 2001 | Bloomberg News
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.
BUSINESS
May 31, 2001 | Bloomberg News
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.
BUSINESS
April 27, 2001 | From Reuters and Bloomberg News
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.
NEWS
December 6, 1985 | Associated Press
A state district judge today took under advisement and refused to immediately rule on a jury's record $10.53-billion judgment against Texaco Inc. for illegally persuading Getty Oil Co. to break a merger with Pennzoil Co. Visiting State District Judge Solomon Casseb Jr. said he will rule Tuesday on whether to accept, reverse or reduce the award, which would be the highest civil judgment in U.S. history.
CALIFORNIA | LOCAL
March 13, 2001 | DAVID ROSENZWEIG and DAN WEIKEL, TIMES STAFF WRITERS
A Texaco subsidiary pleaded guilty Monday to two felony charges and was fined $4 million for discharging millions of gallons of polluted waste water into the Dominguez Channel near its Wilmington refinery and into a creek in San Luis Obispo. Roger Hadley, a vice president of Texaco Refining and Marketing Inc. of Houston, entered the company's plea to violating the federal Clean Water Act during a hearing before U.S. District Judge Margaret Morrow.
BUSINESS
December 19, 2000 | Reuters
The Federal Trade Commission has asked Texaco Inc. for additional information regarding its proposed merger with fellow oil major Chevron Corp. the companies said. "We received the request on Friday. We're just reviewing it," a Texaco spokeswoman said. San Francisco-based Chevron in October announced plans to buy Texaco for about $35 billion, and analysts expect regulators to force them to exit from some U.S. marketing and refining operations. The FTC's request was widely expected.
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