Chevron Names a Second Chairman

ChevronTexaco Corp., the second-largest U.S. oil company, named Vice Chairman Peter Robertson to a newly created office of the chairman on Thursday, putting him in place to succeed Chairman and Chief Executive David O’Reilly.

O’Reilly and Robertson, both 57, will jointly oversee operations and strategy, the San Ramon, Calif., company said.

“They are anointing a successor,” said Timothy Ghriskey, who manages $650 million as chief investment officer at New York-based Solaris Investment Management. O’Reilly hasn’t announced any plans to retire.

Robertson, a mechanical engineer by training, oversaw an expansion of ChevronTexaco’s production in the deepest waters of the Gulf of Mexico, the biggest single source of company revenue, and in Kazakhstan and West Africa. ChevronTexaco has increased reserves of oil and gas at a faster pace than its two biggest U.S.-based rivals, Exxon Mobil Corp. and ConocoPhillips.

“Having Peter join me in this new role will allow both of us more time to focus on future opportunities for the company, as well as leverage the strength of our leadership team,” O’Reilly said in the statement.

In other executive appointments effective Jan. 1, George Kirkland will become executive vice president for exploration and production, ChevronTexaco said. Kirkland, 54, will be succeeded as vice president of overseas petroleum by Chief Financial Officer John Watson, 48. Comptroller Steve Crowe, 57, will become CFO.

Higher oil and fuel prices helped boost ChevronTexaco’s profit by 62% in the third quarter to $3.2 billion, the eighth consecutive quarterly increase. Shares of ChevronTexaco rose 9 cents to $52.78 on the New York Stock Exchange.