Pennzoil Co. and Quaker State Corp. completed a majorrestructuring designed to separate the companies’ automotivebusinesses from exploration and production operations. Therestructuring includes the spin-off of Pennzoil’s Products Groupand combines the marketing, manufacturing and fast oil changebusinesses of Pennzoil with all of Quaker State. The combinedcompany, Pennzoil-Quaker State Co. trades on the New York StockExchange with the symbol PZL.
Meanwhile, Pennzoil Co. has been renamed PennzEnergy Co. andtrades on the New York Stock Exchange with the symbol PZE. Thecompany continues as one of the largest U.S.-based independentexploration and production companies.
“Separating the automotive consumer products company from ouroil and gas business creates two highly-focused, pure-playcompanies and allows our shareholders to realize the full value ofeach business,” said James L. Pate, chairman of both companies andCEO of the new Pennzoil-Quaker State.
Stephen D. Chesebro’, president and newly appointed CEO ofPennzEnergy, said, “PennzEnergy emerges today as a focused andwell-positioned independent exploration and production company withhigh quality assets and great growth potential.”
PennzEnergy core domestic regions include South Texas, WestTexas, East Texas, South Louisiana and the Gulf of Mexico.Internationally, PennzEnergy holds exploration and developmentconcessions in Azerbaijan, Egypt, Qatar and Venezuela.
With the restructuring complete, former Pennzoil shareholdersnow own one share of Pennzoil-Quaker State Co. common stock and oneshare of PennzEnergy common stock for each share of common stock ofPennzoil.
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