ChevronTexaco Unit Signs Agreement to Sell Interest in Natural Gas Liquid Fractionator
Sale Mandated in U.S. Federal Trade Commission Consent Order
SAN FRANCISCO, April 23, 2002 -- ChevronTexaco today announced that its Texaco Exploration and Production Inc. unit has signed an agreement to sell its 12.5 percent ownership interest in a natural gas liquid fractionator to Enterprise Products Partners L.P. Financial details of the agreement were not disclosed. The transaction is expected to close during the second quarter of 2002.
Divestiture of Texaco's interest 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 sale is subject to FTC approval.
The fractionator, located in Enterprise's complex in Mont Belvieu, Texas, has the capacity to fractionate, or separate, 210,000 barrels per day of mixed natural gas liquids into ethane, propane, normal butane, isobutane and natural gasoline. Enterprise currently owns 62.5 percent interest in this facility and serves as the operator.
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: April 2002