P.M. BRIEFING : Stockholders Told That Texaco Has Bounced Back After Restructuring
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ATLANTA — Texaco Inc. stockholders, meeting for the first time since the oil giant began a post-bankruptcy restructuring, were told today that the company has bounced back with a vengeance.
“Since last year, we have gone from a period of promise to a period of heightened performance,” said James W. Kinnear, Texaco’s president and chief executive officer.
Kinnear and Texaco Chairman Alfred C. DeCrane Jr. told the annual meeting that the company is ready to reclaim its place as an industry leader because of the restructuring.
Texaco, the nation’s third-largest oil company, asked a federal bankruptcy court in 1987 to protect it from creditors. The move followed a $10.3-billion judgment won against Texaco by Pennzoil Co., which charged Texaco with blocking Pennzoil’s plans to acquire Getty Oil Co.
Texaco emerged from Chapter 11 last year and launched a restructuring program that included the projected sale of more than $5 billion in operating assets.
Texaco’s first quarter 1989 net income was $1.4 million.
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