Texaco may sell off some unprofitable assets...

Texaco may sell off some unprofitable assets to help raise the $3 billion needed for its recent settlement with Pennzoil, Texaco President James W. Kinnear said. But Kinnear, in an interview on ABC’s “Business World,” said the oil company had no plans to break the company apart, and it may acquire more productive assets to replace any properties that it sells. The remainder of the money needed to pay Pennzoil would come from cash reserves, short-term bridge financing and a restructuring plan aimed at getting a better return on Texaco’s asset base, he said.