Texaco Press Release - Texaco Trades and Sells Wyoming and Colorado Properties
FOR IMMEDIATE RELEASE: THURSDAY, APRIL 6, 2000.
DENVER, April 6 - Texaco Exploration and Production Inc. today announced the closing of an agreement to trade and sell selected properties in Wyoming and Colorado. The agreement calls for Marathon Oil Company to assume ownership of Texaco's oil producing properties in Wyoming's Big Horn Basin. These properties produce approximately 5500 barrels of oil equivalent per day (BOEPD). In return, Texaco will receive selected gas and light oil producing properties of Marathon's in southwest Wyoming and northwest Colorado, as well as cash. These properties produce approximately 3600 BOEPD.
Commenting on the agreement, Alan A. Kleier, Vice President of Texaco Exploration and Production Inc.'s Central U.S. Business Unit, said, "This agreement is part of Texaco's ongoing global asset management process which includes acquiring assets that add value to the business and selling assets that no longer fit the company's business strategy. In this particular instance, we will be adding high margin natural gas and oil to our already significant producing presence in southwest Wyoming and northwest Colorado."
Texaco has operations in more than 150 countries and had 1999 revenues of more than $35 billion. Texaco Exploration and Production Inc.'s Central U.S. Business Unit is based in Denver and is responsible for exploration and production activities in the Rocky Mountain, Mid-Continent and East Texas areas.
Updated: April 2000