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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (41367)	4/4/2005 3:55:35 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 206214

Chevron has historically had many exploration and production joint-ventures with Unocal - just as they did with Texaco and their 50/50 jointly owned overseas operations Cal-Tex. Unocal is far ahead of Chevron in geothermal developments. In purchasing Texaco, and now Unocal, they are buying companies: 1.) they have worked comfortably with for many decades; 2.) which have nearly identical corporate cultures; 3.) whose assets they are already very familiar with. Chevron's purchase of Gulf Oil in 1984 did not fit this criteria. In that case they were brought in as a White Knight against T. Boone Pickens. Although the price was right, melding Gulf Oil (with their low environmental and legal standards) with Chevron caused problems which informed their later choice of Texaco and Unocal. Chevron's mortal enemy is ExxonMobil. Most of Chevron's acquisition strategy is aimed at check-mating Exxon. As for the price they're paying for Unocal, I'll leave that to others. Chevron likes friendly deals and they pay what they have to in order to meet their long term goals. .