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ChevronTexaco Corp. Chairman David J. O'Reilly, was joined yesterday by Vice Chairman Glenn Tilton and Chief Financial Officer John Watson and New York Stock Exchange Chairman Richard Grasso to ring the opening bell at the Exchange yesterday to kick off the global energy company's first day of trading.
Earlier this week, the stockholders of Chevron and Texaco participated in separate stockholder meetings where they voted to approve the merger. The merger of Chevron and Texaco was announced last October. The U.S. Federal Trade Commission approved a consent order in September, allowing the merger to proceed subject to certain divestiture requirements. Texaco made those divestitures earlier this week in separate deals with Houston-based Shell Oil Co. and Saudi Refining Inc.
ChevronTexaco enters the global marketplace as the second-largest U.S.-based energy company and the fifth-largest in the world with approximately 25,000 branded stores on six continents and a refining capacity of 2.2 million barrels per day. 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.
"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. We are committed to being number-one 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."