Chevron Ex-Chief Executive O'Reilly Named a Saudi Aramco Director by King
Chevron CEO David O'Reilly
Michael Fein/Bloomberg
Chevron Chief Executive Officer David O'Reilly.
Chevron Chief Executive Officer David O'Reilly. Photographer: Michael Fein/Bloomberg
Saudi Arabia’s King Abdullah named David O’Reilly, who built Chevron Corp. into the world’s fourth- largest publicly traded oil company, to be a board member at state-run Saudi Aramco.
O’Reilly, Chevron’s chairman and chief executive officer for a decade, will serve a three-year term on oil producer Aramco’s board, according to a statement posted on the website of the official Saudi Press Agency yesterday. King Abdullah also confirmed Khalid Al-Falih as Aramco’s president and CEO.
Saudi Aramco, the world’s largest crude exporter, completed a development plan last year to boost oil production capacity to more than 12 million barrels a day. Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, is only generating about 8.3 million barrels a day after the group agreed on production cuts in December 2008.
Amin Nasser, Aramco’s senior vice president for exploration and production, will become a director and James W. Kinnear, a former Texaco Inc. chief executive officer, stands down from the board. Saudi Oil Minister Ali Al-Naimi will continue to serve as board chairman and Finance Minister Ibrahim al-Assaf also remains a director, according to the announcement.
O’Reilly, 63, led Chevron’s October 2000 acquisition of Texaco, helping complete a transaction the target company had rejected under O’Reilly’s predecessor Kenneth Derr. Five years later, Chevron bought Unocal Corp., beating a rival offer from China’s Cnooc Ltd.
Dublin-born O’Reilly helped Chevron raise output more than 60 percent during his tenure as chief from 2000 through 2009, according to a September 2009 statement announcing his retirement.
O’Reilly worked at Chevron for 41 years, joining in 1968 as a process engineer and later taking on executive roles in chemicals and oil product marketing. He became a vice president in 1991 and directed Caltex Petroleum Corp., Chevron’s joint venture with Texaco Inc. in the Middle East, Africa and Asia, from 1992 to 1994. He received an honorary doctorate in science and earned a bachelor’s degree in chemical engineering, both from University College in Dublin.
To contact the reporters on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.
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