Chevron Corp. and Texaco Inc., if their merger is successful, could have combined defined benefit and defined contribution assets of $16.5 billion, which would rank it 59th among the 200 largest U.S. plan sponsors in terms of employee benefit assets.
The companies proposed a merger that would create ChevronTexaco Corp. Treasury executives for the two companies, including David P. Smay, Chevron manager-investments and actuarial, and Shelby Faber, Texaco assistant treasurer, couldn’t be reached for comment.
Chevron, San Ramon, Calif., had $4.67 billion in defined benefit assets as of Jan. 1, according to its annual report. It also had an estimated $7.88 billion in defined contribution assets, including profit-sharing, 401(k) and leveraged employee stock ownership plans, according to Pensions & Investments 2000 survey of the largest pension sponsors. Some 81% of its DC assets are in Chevron stock, according to P&I.
Texaco, White Plains, N.Y., had $1.64 billion in domestic defined benefit assets, according to its annual report, and $2.8 billion in defined contribution assets, according to the P&I survey. The Texaco ESOP held 7.47% of Texaco stock as of Dec. 31, according to Texaco, and had $980 million in DB assets for international plans.
