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ChevronTexaco to Go Forward as Chevron Corp.

A little less than four years after Chevron Corp. and Texaco Inc. merged (see NGI, Sept. 10, 2001), San Ramon, CA-based ChevronTexaco said last week that the company is changing its name to Chevron Corp. immediately in order to present a "unified presence" in the global marketplace going forward.

"We have a large global footprint in key energy basins of the world," said CEO David J. O'Reilly. "To convey a clear, strong and unified presence across the 180 markets where we do business, we are adopting a single corporate identity."

In addition to its new name, Chevron unveiled a new visual image of a refreshed and redesigned version of the red and blue Chevron logo.

The company said it will continue to expand and support its global retail business through its powerful portfolio of retail brands -- Texaco, Chevron and Caltex. The company added that it will retain its broad portfolio of products and lubricant brands as well as its stock ticker symbol, CVX, which trades on the New York Stock Exchange.

Earlier in the month, Chevron announced that its first quarter 2005 net income rose 4% to $2.68 billion ($1.28/share), from $2.56 billion ($1.20) in 1Q2004 (see NGI, May 2). However, analysts surveyed by Thomson First Call had pegged earnings at $1.38/share. Revenue rose to $41.6 billion from $33.65 billion. Upstream earnings from continuing operations rose to $2.38 billion from $1.97 billion a year ago, however, on the downstream side, earnings fell to $409 million from $640 million.

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