Chevrontexaco

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

ChevronTexaco Corp. CEO Dave O’Reilly said Tuesday that with the era of “cheap oil and even cheaper natural gas clearly ending,” the United States has to enact a strong energy policy to ensure its security and its economic future.

ChevronTexaco Corp. CEO Dave O’Reilly said Tuesday that with the era of “cheap oil and even cheaper natural gas clearly ending,” the United States has to enact a strong energy policy to ensure its security and its economic future.

ChevronTexaco Corp. set new records in the fourth quarter, nearly doubling net income from a year ago and beating analyst expectations. However, natural gas and oil output fell 9% globally, and most of the losses were blamed on U.S. asset sales and Hurricane Ivan shut-ins.

Oil and natural gas industry cash flow is setting all-time records, but upstream spending in North America has declined 22% since 2001, as capital budgets shift toward more investments in South and Central America and Africa and Middle East regions, according to the latest sector survey by consultants John S. Herold Inc. and Harrison Lovegrove & Co. Ltd.

Oil and natural gas industry cash flow is setting all-time records, but upstream spending in North America has declined 22% since 2001, as capital budgets shift toward more investments in South and Central America and Africa and Middle East regions, according to the latest sector survey by consultants John S. Herold Inc. and Harrison Lovegrove & Co. Ltd.

XTO Energy Inc. said it closed its previously announced purchase of 732 Bcfe of estimated reserves from ChevronTexaco Corp. for $912 million. The “legacy properties” expand XTO’s operations in its Eastern Region, the Permian Basin and Midcontinent area while opening new coalbed methane operations in the Rocky Mountains and a new operating region in South Texas. Beginning Aug. 16, the acquired properties will contribute production of about 88 MMcf/d of gas and 14,000 bbl/d of oil. About 87% of the reserves are proved developed with 47% of the reserves attributable to oil. XTO CEO Bob R. Simpson said the “watershed event sets the stage for years of continued profitable growth.” XTO President Steffen E. Palko said the company anticipates a smooth transition of operations and immediate work on field optimizations. “With the company’s current production growth goal of 28% to 30% this year and 18% to 20% in 2005, we can patiently integrate new drilling inventory into our long-term plans for double-digit organic growth.”

An ally stepped forward north of the border, adding international support to the campaign for financial aid in the United States for the Alaska natural gas project.

An ally stepped forward north of the border, adding international support to the campaign for financial aid in the United States for the Alaska natural gas project.