Such a deal would have put to rest concerns about ChevronTexaco's short-term production growth.
ChevronTexaco, though it has an excellent position in neighboring Kazakhstan, has come up dry in Moscow.
The combined company, to be known as ChevronTexaco , will be based in San Francisco.
ChevronTexaco drilled the deepest well ever last November, in the Gulf of Mexico's Alaminos Canyon area.
Solidifying dominance of the Thai energy industry will likely lead ChevronTexaco to its next acquisition.
ChevronTexaco has had more success in the Green Canyon region, 100 miles south of Louisiana.
ChevronTexaco is also a runt in terms of reserves, with 12 billion barrels of oil equivalents.
No one is pushing harder than ChevronTexaco, which is under tremendous pressure to show results.
McCHESNEY: This is the ChevronTexaco Galena Park terminal on the eastern side of Houston.
McCHESNEY: Mickey Driver is a spokesman for ChevronTexaco, which has 480 stations in the Houston area.
In recent years, Unocal's average return on capital employed has been higher than ChevronTexaco's, 9.4% vs. 8.7%.
If you want cheap growth, consider these stocks from Thompson's portfolio: Fannie Mae, State Street and ChevronTexaco.
ChevronTexaco is buying Unocal at a prime time, considering that the riskiest stage of development in Azerbaijan--exploration--is over.
By consolidating GOM operations, ChevronTexaco will be able to reduce operating costs while leveraging Unocal's proprietary geologic data.
Squeezed though it is, ChevronTexaco is investing what it can in higher-value ventures.
He plunked it all down on three stocks: gold miner Newmont Mining, energy giant ChevronTexaco and high-end home builder TollBrothers.
Eager for a payoff, ChevronTexaco Vice Chairman Peter Robertson vows that production will hit 2 million barrels a day by 2008.
Their targets are makers of MTBE, like Lyondell Chemical, and the petro titans ExxonMobil, ChevronTexaco and BP, which refine MTBE-laced gasoline.
His acreage, he thinks, sits on top of some 10 billion barrels of oil, almost equal to the proven reserves of ChevronTexaco.
But as Unocal's Azerbaijan investments come on line and generate profit, those returns will be even juicier, upgrading ChevronTexaco's overall earnings quality.
ChevronTexaco has a majority stake in this field and expects maximum production to hit 250, 000 barrels a day soon after startup in 2007.
That weakness is reflected in ChevronTexaco shares, which recently traded at 10.3 times expected 2004 earnings, compared with ExxonMobil's 14.4 and BP's 13.6.
That weakness is reflected in ChevronTexaco shares, which recently traded at 10.1 times expected 2004 earnings, compared with ExxonMobil's 14.5 and BP's 16.5.
"The long term in Russia looks great, but Yukos puts a lot of fear in me, " says George Kirkland, ChevronTexaco's head of overseas exploration.
ChevronTexaco pumps 24, 000 barrels per day and 100 million cubic feet of gas and owns Ma Tap Phut, one of Southeast Asia's most efficient refineries.
The second most interesting assets appear to be in Thailand, where the combined Unocal and ChevronTexaco operations will make it that nation's premier energy company.
"I do worry about supply, " says David O'Reilly, ChevronTexaco's chief executive.
Months earlier he was thwarted when Moscow revoked ChevronTexaco's right to share in the production of the vast Sakhalin-3 field on the island north of Japan.
Built in 1997 with 1.2 million tons of concrete and ballast, Hibernia (ChevronTexaco owns 27%) sits on some 700 million barrels, producing 150, 000 barrels a day.
But the sizzle can enliven its musty mainline business of running computer systems, call centers and data-entry operations for the likes of ChevronTexaco and Blue Cross Blue Shield.
应用推荐