ChevronTexaco shortens name to Chevron: Report

ChevronTexaco Corp. shortened its name to Chevron Corp. on Monday, reverting to its identity before the oil company took over one of its largest rivals 3 1/2 years ago, the Associated Press reported.

The San Ramon-based company adopted a hybrid name after buying Texaco Inc. for $39 billion in October 2001. Texaco is being dropped from the corporate masthead to reduce the confusion caused by the combined name, Chevron Chairman David O'Reilly said.

The Texaco brand won't disappear. Chevron still intends to sell gasoline at Texaco stations scattered in 21 states, primarily in the South and East. The company also sells gas under the Chevron and Caltex brands.

Chevron's stock will continue to trade on the New York Stock Exchange under the "CVX" ticker symbol adopted after the Texaco takeover. Shares rose 71 cents to close at $53.45 in Monday trading on the NYSE, where they have traded in a 52-week range of $44.01 to $63.15.

Besides changing its name, Chevron also is touching up its red-and-blue corporate logo with several minor revisions.

Chevron hopes to add another major oil company to its portfolio later this year. The company has agreed to buy El Segundo-based Unocal Corp. for about $17 billion. That deal still requires shareholder and regulatory approval.(*)