Chevron Rules Out Spin Off Of Refining Operations
by: Andrew Schneider, September 1, 2011 4:09:00 am
“You should not look for Chevron to participate in anything like what ConocoPhillips or Marathon has done.”
Watson addressed a gathering of reporters at the Hyatt Regency Houston, following a speech to the Greater Houston Partnership. He said, in his thirty years with Chevron, he’s never seen a time when it was more important to be an integrated company.
“If you look at the kinds of resources that are being developed — whether it’s LNG, gas-to-liquids, heavier oil, high-sulfur materials, more-disadvantaged crudes, as they say — you need more processing knowledge and processing expertise. That’s what refiners do.”
Marathon Oil spun off its refining operations in June to focus on exploration and production. ConocoPhillips announced plans to do likewise in July, prompting speculation that Chevron might follow suit. California-based Chevron employs roughly 10,000 people in the Houston area.
John Watson, Chairman and CEO of Chevron Corporation,
addressing reporters at the Hyatt Regency Houston,
following a speech to the Greater Houston Partnership.