Texaco Fills `Er Up

It's topping off reserves by buying chunks of the oil patch

Ever since taking charge at Texaco Inc. a year ago, Chairman and CEO Peter I. Bijur has been telling Wall Street he wants to raise the company's annual oil and gas production more than 50% by the end of the century. Now, Bijur is showing how he intends to make that happen. On Aug. 18, Texaco said it would acquire California independent oil and gas producer Monterey Resources Inc. for $1.15 billion in stock and the assumption of $285 million in debt. The next day, Texaco acquired a 20% interest in Kazakstan's giant Karachaganak oil and gas field for an undisclosed sum. The two boost Texaco's reserves by some 30%.

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