A wise Texaco manager once told me "we've worked through bad management before, and we can do it again". This was during Project "Compete". The project responsible for getting us into cubicles and many other brilliant decisions. Say, where is 'ole Ray Wilcox anyway, can't say that I have seen him around lately?
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A WISE Texaco manager? Interesting concept
Indonesia wasn't really Texaco, it was Caltex which was a 50/50 JV of Chevron and Texaco. Except Balikpapan which was a Unocal asset.
All the old steam flood stuff is legacy Texaco. As are our holdings in Indonesia. On the Ecuador thing - Texaco has provided money not once, but twice to the Ecuadorian government to re-mediate the sites. Corruption has prevented the money from being used for what it is supposed to be. Yes, the sites are still a mess because they have never been cleaned up.
Yes, ha ha ha, when I worked Petronius we called that the "subsea module"!
Yes, Petronius was a legacy Texaco asset. I remember, in 1998, a crane load line broke while lifting the south topside module of the Petronius platform, dropping the module into the Gulf of Mexico. The accident at that time was the 10th costliest in offshore history with costs totaling $116,000,000.
Petronius in GOM is a legacy Texaco asset, still producing pretty well I think. I'm sure there are others hanging around. Of course the Texaco acquisition also brought along that Ecuador mess, though it's my understanding that Texaco did remediate the area as agreed and required at the time. The government of Ecuador has hounded company management ever since, suing for billions of dollars. I can't say for sure that the lawsuit is 100% without merit, but if Texaco (now Chevron) had really done all it was accused of by Ecuador I'm sure the US government would have punished the company by now.
So what significant legacy Texaco assets do we still have? Seems like most have been sold...?
Pascagoula refinery? That was Chevron.
Is Pascagoula a legacy Texaco or Chevron asset?
Let's get it clear... Texaco was acquired by Chevron. The term "merger" used at the time and following the event was meant to help assimilate the two cultures. "Merged" sounds softer than acquired or bought. The new company name, ChevronTexaco, preceded by "Chevron" as the first word is obvious, as it was Chevron that acquired Texaco (another large company). Texaco was part of the name, once again, for assimilation purposes as well as brand recognition. Why is it a surprise to anyone that many of the higher management positions were given to or remained in hands of Chevron employees? Chevron bought Texaco!
Yes, because Texaco was such a brilliantly managed company that it got bought out. Even at the "merger", the name was CHEVRON Texaco, not the other way around. Upper management was very heavily weighted toward the Chevron side, and anyone who thinks that the word "merger" was anything more than a polite euphemism for "Texaco got bought out" is deluded. Texaco didn't even survive to the 2008 downturn, let alone the most recent downturn, but please tell us all how Texaco was the superior company.
Quite true, Ex CVX. Concisely said.
Ole Ray Wilcox might not have "bet the ranch" on 2 mega LNG projects in Ozzieland based on the assumption that $100/BBL oil was here forever ! Ole Texaco management would not have sold off almost all the international downstream business that took 60 years to create. The San Ramon strategy was to be highly leveraged on the upstream, and now $50/BBL is the "stress test" of that strategy.
On Wednesday another big project gets kicked off, called Project Save Ass! Best of luck.