Message-ID: <15385679.1075844049465.JavaMail.evans@thyme>
Date: Mon, 16 Oct 2000 04:08:00 -0700 (PDT)
From: lorna.brennan@enron.com
To: julie.mccoy@enron.com, steve.klimesh@enron.com, gary.sova@enron.com, 
	rob.wilson@enron.com, lon.stanton@enron.com, david.marye@enron.com, 
	courtney.barker@enron.com, sarabeth.smith@enron.com, 
	margaret.carson@enron.com, danny.mccarty@enron.com, 
	roger.westfall@enron.com, steve.thomas@enron.com, 
	doug.aschwege@enron.com, judy.beck@enron.com, ken.anderson@enron.com, 
	bryan.reinecke@enron.com, robert.johnson@enron.com, 
	carolyn.descoteaux@enron.com, becki.souci@enron.com, 
	gary.choquette@enron.com, ld.stephens@enron.com, 
	john.goodpasture@enron.com, michael.ratner@enron.com, 
	sebastian.corbacho@enron.com, yuan.tian@enron.com, 
	rockey.storie@enron.com, kent.miller@enron.com, 
	john.dushinske@enron.com, dave.neubauer@enron.com, 
	bill.fowler@enron.com, michael.bodnar@enron.com, 
	joni.bollinger@enron.com, david.badura@enron.com, 
	janet.bowers@enron.com, craig.buehler@enron.com, 
	bob.burleson@enron.com, allen.cohrs@enron.com, john.fiscus@enron.com, 
	steve.gilbert@enron.com, morgan.gottsponer@enron.com, 
	stephen.herber@enron.com, dana.jones@enron.com, 
	stephanie.korbelik@enron.com, bill.mangels@enron.com, 
	penny.mccarran@enron.com, vernon.mercaldo@enron.com, 
	larry.pavlou@enron.com, eileen.peebles@enron.com, 
	tony.perry@enron.com, loren.penkava@enron.com, ken.powers@enron.com, 
	chris.sebesta@enron.com, frank.semin@enron.com, neal.shaw@enron.com, 
	larry.swett@enron.com, kay.threet@enron.com, mike.ullom@enron.com, 
	lisa.valley@enron.com, chuck.wilkinson@enron.com, 
	jim.wiltfong@enron.com, jo.williams@enron.com, 
	karen.lagerstrom@enron.com, bob.stevens@enron.com, 
	sue.neville@enron.com, mike.barry@enron.com, 
	martha.janousek@enron.com, kimberly.watson@enron.com, 
	don.powell@enron.com, steve.weller@enron.com, 
	michael.stage@enron.com, tim.johanson@enron.com, 
	laura.lantefield@enron.com, frank.oldenhuis@enron.com, 
	jeff.nielsen@enron.com, tracy.schwartzkopf@enron.com, 
	robert.mason@enron.com, sean.bolks@enron.com, 
	miriam.martinez@enron.com, lee.ferrell@enron.com, 
	john.williams@enron.com, reyna.cabrera@enron.com, 
	theresa.branney@enron.com, lynn.blair@enron.com, 
	rick.dietz@enron.com, steven.january@enron.com, 
	sheila.nacey@enron.com, donna.scott@enron.com, dari.dornan@enron.com, 
	maria.pavlou@enron.com, jim.talcott@enron.com, mary.miller@enron.com, 
	michel.nelson@enron.com, mike.mcgowan@enron.com, 
	julia.white@enron.com, drew.fossum@enron.com, 
	shelley.corman@enron.com, steven.harris@enron.com, 
	jeffery.fawcett@enron.com, lorraine.lindberg@enron.com, 
	kevin.hyatt@enron.com, christine.stokes@enron.com, 
	tk.lohman@enron.com, michelle.lokay@enron.com, 
	lindy.donoho@enron.com, lee.huber@enron.com, susan.scott@enron.com
Subject: Chevron and Texaco to Merge
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Lorna Brennan
X-To: Julie McCoy, Steve Klimesh, Gary Sova, Rob Wilson, Lon Stanton, David Marye, Courtney Barker, Sarabeth Smith, Margaret Carson, Danny McCarty, Roger Westfall, Steve Thomas, Doug Aschwege, Judy Beck, Ken Anderson, Bryan Reinecke, Robert L Johnson, Carolyn DesCoteaux, Becki Sans Souci, Gary Choquette, LD Stephens, John Goodpasture, Michael Ratner, Sebastian Corbacho, Yuan Tian, Rockey Storie, Kent Miller, John Dushinske, Dave Neubauer, Bill Fowler, Michael Bodnar, Joni Bollinger, David Badura, Janet Bowers, Craig Buehler, Bob Burleson, Allen Cohrs, John Fiscus, Steve Gilbert, Morgan Gottsponer, Stephen Herber, Dana Jones, Stephanie Korbelik, Bill Mangels, Penny McCarran, Vernon Mercaldo, Larry Pavlou, Eileen Peebles, Tony Perry, Loren Penkava, Ken Powers, Chris Sebesta, Frank Semin, Neal Shaw, Larry Swett, Kay Threet, Mike Ullom, Lisa Valley, Chuck Wilkinson, Jim Wiltfong, Jo Williams, Karen Lagerstrom, Bob Stevens, Sue M Neville, Mike Barry, Martha Janousek, Kimberly Watson, Don Powell, Steve Weller, Michael G Stage, Tim Johanson, Laura Lantefield, Frank Oldenhuis, Jeff Nielsen, Tracy Schwartzkopf, Robert Mason, Sean Bolks, Miriam Martinez, Lee Ferrell, John Williams, Reyna Cabrera, Theresa Branney, Lynn Blair, Rick Dietz, Steven January, Sheila Nacey, Donna Scott, Dari Dornan, Maria Pavlou, Jim Talcott, Mary Kay Miller, Michel Nelson, Mike McGowan, Julia White, Drew Fossum, Shelley Corman, Steven Harris, Jeffery Fawcett, Lorraine Lindberg, Kevin Hyatt, Christine Stokes, TK Lohman, Michelle Lokay, Lindy Donoho, Lee Huber, Susan Scott
X-cc: 
X-bcc: 
X-Folder: \Michelle_Lokay_Dec2000_June2001_1\Notes Folders\Articles
X-Origin: LOKAY-M
X-FileName: mlokay.nsf

News Briefs:

Chevron and Texaco Agree to $100 Billion Merger

Chevron Corp. and Texaco Inc. announced plans to merge and ChevronTexaco
Corp.

In the merger, Texaco shareholders will receive 0.77 shares of Chevron
common stock for each share of Texaco common stock they own, and Chevron
shareholders will retain their existing shares.  The exchange ratio
represents approximately $64.87 per Texaco share based on Chevron's closing
stock price of $84.25 on October 13.  The exchange ratio represents an 18%
premium based upon Texaco's closing share price on October 13, and a 25%
premium based upon the two companies' average relative share prices during
the 30-day period through October 13.  As a result of the merger, Chevron
shareholders will own approximately 61% of the combined equity, and Texaco
shareholders will own about 39%.  The combined company would have an
enterprise value of more than $100 billion.

The new company will have reserves of 11.2 billion barrels of oil equivalent
(BOE), daily production of 2.7 million BOE, assets of $77 billion, and
operations throughout the world.  In the U.S.,  ChevronTexaco would be the
nation's third largest producer of oil and gas, with production of 1.1
million BOE per day, and hold the nation's third largest reserve position,
with 4.2 billion BOE of proved reserves.