A Handshake At Two Oil Giants

Chevron execs have never liked Pennzoil Chairman Hugh Liedtke peering over their shoulders. Well, his shadow just got smaller. On Sept. 30, Pennzoil agreed to exchange about half its 9.4% stake in Chevron for all the stock of Chevron PBC, which owns domestic oil and gas properties in and around the Gulf of Mexico. And both sides agreed not to buy each other's stock for five years.

Along with posting a $375 million gain, Chevron all but eliminates the threat of a Pennzoil takeover. And Pennzoil replenishes its producing properties.