Pennzoil to acquire part of Chevron's production

Journal Article · Mon Oct 05 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:7191145

This paper reports that Pennzoil Co., Houston, will exchange 48% of its $2.2 billion investment in Chevron Corp. for a chunk of chevron's U.S. producing leases. The trade is to involve a tax free exchange of 15.75 million chevron Corp. shares held by Pennzoil for all the stock of Chevron PBC Inc., a Chevron unit owning Gulf of Mexico, Gulf Coast, Permian basin, and other U.S. oil and gas producing leases. Sixty percent of the acquired reserves are in the Gulf of Mexico and Gulf Coast where Pennzoil's operations are concentrated, and 60% of the acquired reserves consist of natural gas, mirroring Pennzoil's reserve ratios.

• OSTI ID: 7191145
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:40; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
03 NATURAL GAS
030600 -- Natural Gas-- Economic
Industrial
& Business Aspects
ATLANTIC OCEAN
CARIBBEAN SEA
CONTRACTS
DEVELOPED COUNTRIES
ENERGY SOURCES
FEDERAL REGION VI
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
GULF OF MEXICO
INDUSTRY
INVESTMENT
NATURAL GAS
NORTH AMERICA
PETROLEUM INDUSTRY
RESERVES
RESOURCES
SEAS
SURFACE WATERS
TAX CREDITS
TEXAS
TRADE
US GULF COAST
USA