ChevronTexaco fifth largest international energy company - October 14, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2001

Vol. 6, No. 12

Week of October 14, 2001

ChevronTexaco fifth largest international energy company

Petroleum News Alaska Staff

Chevron Corp. and Texaco Inc. stockholders voted Oct. 9 to approve the merger of the companies, announced Oct. 16, 2000. The U.S. Federal Trade Commission approved a consent order Sept. 7 allowing the merger to proceed subject to certain divestiture requirements.

ChevronTexaco Corp. said Oct. 10 that the merger makes it the second-largest U.S.-based energy company and the fifth largest in the world based on a market capitalization of $97 billion.

ChevronTexaco said the combined company ranks third in the world in oil reserves and fourth in oil and natural gas production, with exploration and production operations in all of the world’s most prolific and promising regions. The company’s unified downstream business will operate 25,000 retail outlets located on six continents with a refining capacity of 2.2 million barrels per day.

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