Opening Bell Ceremony at New York Stock Exchange to Mark Start of Trading For New Global Energy Company
With the opening bell at the New York Stock Exchange this morning, ChevronTexaco Corp. (NYSE: CVX) will mark its first official day of business as shares of its stock begin trading on the open market. On Oct. 9, the stockholders of Chevron and Texaco participated in separate stockholder meetings where they voted to approve the merger.ChevronTexaco Chairman David J. O'Reilly, who served in the same capacity with Chevron, together with Vice Chairman Glenn Tilton and Chief Financial Officer John Watson, marked the occasion with a ceremony at the New York Stock Exchange with Exchange Chairman Richard Grasso.
ChevronTexaco -- the product of the merger of Chevron Corp. and Texaco Inc. -- enters the global marketplace as the second-largest U.S.-based energy company and the fifth largest in the world based on a market capitalization this morning of $97 billion.
The new 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. ChevronTexaco's unified downstream business is focused on performance and customers and will operate 25,000 retail outlets located on six continents with a refining capacity of 2.2 million barrels per day. The company also has an impressive portfolio of assets in power, chemicals, technology development and advanced energy.
More than 53,000 ChevronTexaco employees work in some 180 countries around the world, producing oil and natural gas and selling fuels and other energy products everywhere under the Chevron, Texaco, Caltex, Delo, Havoline and other well-known brands. Complete information about the new company is available online at www.chevrontexaco.com.
"Our new company is positioned for stronger financial returns and to compete with the best," said O'Reilly. "We have a broader mix of high-quality assets, businesses, skills and technology thanks to the merger, and we expect to take full advantage of our improved portfolio.
"With the merger now complete, teams across the company are poised to begin implementing plans to achieve the synergy objectives we spelled out at the time we announced this merger last year," he continued. "We are committed to being No. 1 in total stockholder return among our industry competitors, and at the same time operating in a manner that will enable us to achieve our vision of being the global energy company most admired for its people, partnership and performance."
The merger of Chevron and Texaco was announced Oct. 16, 2000. The U.S. Federal Trade Commission approved a consent order Sept. 7, 2001, allowing the merger to proceed subject to certain divestiture requirements.
NOTE: ChevronTexaco will hold a meeting with security analysts Monday, Nov. 19, 2001, from 10:30 a.m. to 12:00 p.m. PST. The analysts' meeting will be available in a listen-only mode to individual investors, media and other interested parties on ChevronTexaco's Investor Relations site at www.chevrontexaco.com.
Private Securities Litigation Reform Act Safe Harbor Statement
Except for the historical and present factual information contained herein, the matters set forth in this press release, including statements as to the expected benefits of the merger such as efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the combined company, and other statements identified by words such as "anticipates," "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from the merger cannot be fully realized, the possibility that costs or difficulties related to the integration of our businesses will be greater than expected, the impact of competition and other risk factors relating to our industry as detailed from time to time in each of Chevron's and Texaco's reports filed with the SEC.