Page 4                                                          The Sun

                                                              Volume 4, Issue 2
A Team Boston Newsletter

Motiva Enterprises, LLC
3 Edgewater Drive, Suite 202
Norwood, Massachusetts 02062

Fax: 508-457-1661
Email:  prromano@rnotivaenterprises.corn

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Chevron Confirms
Texaco Will Quit Shell Joint Venture (continued)

the picture at a July 3 meeting in London between Bijur and Royal Dutch/Shell chairman Mark Moody Stuart, where talks regarding the terms on which Shell would buy Texaco out of Equilon began.

On Aug. 16, Bijur met with Abdullah S. Jum'ah,
CEO of Saudi Arabian Oil Co., an affiliate of Motiva JV partner Saudi Refining, to tell them about the Shell-Texaco talks. The filing does not disclose whether the Saudis will be compensated for the unraveling of the JV.

Chevron says the new company - ChevronTexaco - would see combined costs cut by at least $1.2 billion/yr.  within six to nine months of the merger. The most significant savings, $700 million will come from more efficient E&P activities. Another $300 million will result from consolidating corporate functions, and $200 million from
other operations.

Chevron and Texaco are now gathering documents to comply with the FTC's second request for information formally issued Dec. 15. Analysis by Lehman Brothers of Chevron's now-$77/share offer to Texaco shows it to be
fair in relation to the mergers of BP-Amoco-Arco, Exxon-Mobil, and Total Fina-Elf Aquitaine, says Chevron.

Resources: Trend Letter, Oil Express, Affymetrix Inc., University of California, and Berkley.


Connection Committee -

If you would like to be a
member of Team Boston's 2001
Connection Committee, contact
your Sales Consultant.


April 4th is the date
of our next meeting.

 


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