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 SAN RAMON, Calif. (AP) - ChevronTexaco Corp., the nation's second largest oil company, is buying smaller rival Unocal Corp. for about $17 billion, hoping to further accelerate its already surging profits by boosting its energy supplies in Asia.
The deal announced Monday proposes to unite San Ramon-based ChevronTexaco, which trails only Exxon Mobil Corp. in the U.S. oil business, with El Segundo-based Unocal, the nation's ninth biggest oil and gas production company.
With histories dating back to the late 19th century, the two companies once competed fiercely in the West Coast gasoline market, but that rivalry ended nearly a decade ago when Unocal sold its retailing and refining assets for $2 billion.
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