ChevronTexaco Closes Sale of Discovery Pipeline System to Duke Energy Field Services
SAN FRANCISCO, June 3, 2002 -- ChevronTexaco (NYSE: CVX) today announced that it closed the sale of its 33.3 percent interest in the Discovery Pipeline System to Duke Energy Field Services. Financial details of the agreement were not disclosed.
The divestiture was mandated in a consent order by the U.S. Federal Trade Commission as a condition of approving the merger between Chevron and Texaco, which closed on Oct. 9, 2001.
The Discovery Pipeline System is a natural gas gathering and processing system that includes a pipeline in the Gulf of Mexico and natural gas processing and fractionation facilities in Louisiana.
Based in San Francisco, ChevronTexaco Corp. is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and marketing fuels and other energy products.
Updated: June 2002