Give me a call if you want to talk more about ChevTex.

RJ
x39934

 -----Original Message-----
From: 	Fitzsimmons, Brendan  
Sent:	Wednesday, November 14, 2001 10:17 AM
To:	Johnston, Robert; Seigle, Clayton
Cc:	Tholan, Scott
Subject:	Chevron Texaco Merger basics

$35.1B company based in SF
Merger closed 9 October 2001
Trimming down to around 53k employees by end-02, charges by end-01



-- DJ ChevronTexaco/Terminations -2: Began Reductions In 4Q --

 
  WASHINGTON (Dow Jones)--ChevronTexaco Corp. (CVX) said it began a work force
reduction program in the fourth quarter that is expected to result in the
reduction of about 7% of its 57,000 employees. 
  Substantially all the reductions are expected to occur by the end of 2002,
according to the company's quarterly report filed late Tuesday with the
Securities and Exchange Commission. 
  The newly-combined company said it expects to realize significant recurring
cost savings from the work force reductions and other actions, after one-time
merger-related costs. 
  The company said it would provide detailed information on the expected annual
savings from the merger, as well as the expected one-time merger-related
expenses, later in the fourth quarter ending Dec. 31. 
  As reported, ChevronTexaco was formed by the merger of Chevron and Texaco on
Oct. 9 in a stock swap valued at $35.1 billion. 
  The combined company, based in San Francisco, develops, explores for, refines
and transports crude oil and gas. 
  -Joanne McPike, Dow Jones Newswires; 202-628-7669; joanne.mcpike@dowjones.com