On Oct. 9, the stockholders
of Chevron and Texaco voted to approve a merger creating ChevronTexaco. The
merger joins two leading energy companies and long-time partners to create
a U.S.-based global enterprise and the fifth largest company in the world.
The combined company expects to achieve annual savings of at least $1.2 billion
within six to nine months of the merger's completion.
The new company now ranks
third in the world in oil reserves and fourth in oil and natural gas production,
with operations in all of the world's most promising regions. ChevronTexaco
will operate 25,000 retail outlets located on six continents. It has a refining
capacity of 2.2 million barrels per day, selling under the Chevron, Texaco,
Caltex, Delo and Havoline brands.