text_combined: chevron texaco merge news briefs chevron texaco agree 100 billion merger chevron corp texaco inc announced plans merge chevrontexaco corp merger texaco shareholders receive 0 77 shares chevron common stock share texaco common stock chevron shareholders retain existing shares exchange ratio represents approximately 64 87 per texaco share based chevron closing stock price 84 25 october 13 exchange ratio represents 18 premium based upon texaco closing share price october 13 25 premium based upon two companies average relative share prices 30 day period october 13 result merger chevron shareholders approximately 61 combined equity texaco shareholders 39 combined company would enterprise value 100 billion new company reserves 11 2 billion barrels oil equivalent boe daily production 2 7 million boe assets 77 billion operations throughout world u chevrontexaco would nation third largest producer oil gas production 1 1 million boe per day hold nation third largest reserve position 4 2 billion boe proved reserves