Finance History|11 Wall Street — CHV Stopped and CVX Opened

People treat Chevron as a Houston energy house that always printed CVX.

The 2001 tape was still CHV, the Chevron Corporation line that had replaced Standard Oil of California on the New York board.

On 9 October 2001, Chevron and Texaco stockholders voted the merger through in separate meetings.

Oil and Gas Journal recorded the combination at 35 billion dollars in 2001 currency, with Texaco holders receiving 0.77 ChevronTexaco shares for each Texaco share.

Chevron's own stockholder table records a one-for-one stock change, one CVX share for each CHV share, payable 10 October 2001.

The company's release that morning said ChevronTexaco Corp. would mark its first official day of business as CVX printed at the New York open.

No new primary float was sold. CHV holders woke up as CVX holders.

Texaco's TX line was absorbed at the 0.77 ratio.

The same release put the new company's market capitalization that morning at 97 billion dollars in 2001 currency, and described an opening-bell ceremony with Exchange chairman Richard Grasso.

The mechanism is a stock-for-stock combination that changed the letters on an already-listed major.

The ancestor paper stayed listed. The name on the tape did not.

The pin is the Broad Street facade of the Exchange, where CHV last printed and where CVX opened. Interior trading is not visitable from the sidewalk.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.