Big oil deals raise pressure on Texaco; chief opposed to merger but won't rule it out
Article Abstract:
Texaco plans to cut about 100 jobs from its headquarters in White Plains, NY, and then will lease out the space made available. It will also reduce the exploration and production workforces by another 1,000 jobs, all in the name of cutting costs in order to compete with the likes of the new Exxon Mobil giant and deal with bottom of the barrel oil prices. Texaco, now the #3 oil company, will move into the #2 spot after the merger. Chairman and CEO Peter I. Bijur made his announcements in a meeting with Wall St. analysts. And if anyone thinks the Exxon-Mobil merger will not go through, a commitment in the form of a $1.5 billion termination fee is part of the arrangement.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Shell and Texaco to join Europe refining and sales
Article Abstract:
Texaco and Royal Dutch/Shell, faced with declining industry profits, have teamed up to combine their European refining and marketing units in a strategy that is designed to trim costs and capacity. Industry analysts, which have said that the alliance will result in annual savings of about $200 million for both companies, will eventually make it more difficult for European companies to export petroleum products. The joint venture parallels a similar strategy followed in 1996 by Mobil and British Petroleum.
Comment:
Has joined with Texaco to combine European refining and marketing units to trim costs and capacity
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Dominion's $6.3 billion deal for gas utility marks trend
Article Abstract:
Consolidated Natural Gas Co., Pittsburgh-based, has the competitive experience that Dominion Resources Inc. found desirable in an acquisition target. Gas utilities have been deregulated for several years and have built staffs to handle the open marketplace. Richmond, VA, electric utility, Dominion Resources will pay $6.3 billion worth of stock to acquire the gas company.
Comment:
To acquire Consolidated Natural Gas for $6.3 billion
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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