TULSA (AP) Getty Oil Co. employees in Tulsa should take heart from the Federal Trade Commission's final approval Tuesday of Texaco Inc.'s $10.1 billion takeover of their company, a Texaco spokesman says.
Provisions of the order approved 4-1 by the commission allow Texaco to retain Getty's Mid-Continent refinery and marketing system. Earlier, the FTC had indicated Texaco would be ordered to sell off that system.
That is "a more optimistic development than the old scenario" for Getty employees in Tulsa, said Foster Morgan, spokesman for Texaco in White Plains, N.Y. "Our commitment and presence in Tulsa is stronger than it was before," he said.
In addition to divestitures already ordered by the FTC, the final consent decree gives Texaco the option of selling either its interest in the Wyco Pipeline from Wyoming to Colorado or several other properties.
The other properties that would have been put up for sale if Texaco decided to keep its interest in Wyco are the Chase Pipeline from Kansas to Colorado, Getty's El Dorado refinery in Kansas, other pipeline interests in the Midwest and Getty's marketing, sales and transportation operations in 15 states, headquartered in Tulsa.
The provisional order did not include the Wyco option, which is aimed at assuring at least temporarily the continued operation of the El Dorado refinery.
Transition teams made up of Getty and Texaco employees are expected to spend several months evaluating operations as they move toward integrating the two companies' operations, Morgan said.
The merger between the nation's third and 14th largest oil companies received provisional approval from the commission on Feb. 13 and most of the stock transactions involved have already occurred. BIOG: NAME:Archive ID: 193888