Chevron enhances growth with Unocal merger

Offshore staff

Chevron Corp. has completed its merger with Unocal Corp.

The combined company will produce 2.8 MMbbl of oil, including production from oil sands, production under operating service agreements, and the company's share of production by equity affiliates. The merger will increase Chevron's proved reserves by more than 15%.

Unocal's key areas of operations in the Asia-Pacific and Caspian regions, and the U.S. Gulf of Mexico make a strong fit with Chevron's existing areas of operations. In the Asia-Pacific region, the combined company will produce more than 20% of its daily crude oil and natural gas production.

The company has confirmed the continued employment of more than 5,000 Unocal employees. Chevron intends to make employment offers to many of the remaining 1,400 Unocal employees and to conclude the selection process by the end of September.

08/11/05