Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the takeoverrumor.

Independent producer Titan Exploration Inc. announced last weekit has agreed to sell all of its Gulf of Mexico assets to CoastalOil &amp Gas for $71.3 million in cash plus overriding royaltyinterests in certain properties. The deal, which is expected toclose May 18th, comes on the heels of the completion of the sale ofits Louisiana onshore properties to Phoenix Oil and Gas Ltd. for$5.4 million in cash. Although only 25 Bcf equivalent of provedreserves were associated with the Gulf of Mexico properties, thesale attracted widespread interest among producers because itincluded a major discovery that the Midland, TX-based Titan madelast November, said William White, Titan’s vice president offinance. The discovery well has no proved reserves booked to it buthas a gross potential for 340 Bcf of gas, he noted. Titan hasalmost 500 Bcfe of total proven reserves, but its proven reservesout in the Gulf of Mexico accounted for only 2-3% of that number.

Koch Midstream Services Co. of Houston bought West Texasgathering and treating assets from Glossop Gas Co. Koch acquiredGlossop’s Chenot Putnam Gathering System and Treating Plant inPecos County, TX. The treating plant is capable of processing 10MMcf/d. The gathering system includes 33.5 miles of high-pressurepipeline. The system also includes existing production.

Exxon and Mobil said they expect antitrust reviews of theirproposed $88 billion merger will be completed by the end of thethird quarter. The companies filed the formal pre-mergernotification with the European Commission on May 3 and believe thatthe FTC process can be completed in the same time period.

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