Texaco Blows Past Estimate

Texaco (TX Quote) said it earned $1.54 a share excluding items in the first quarter, blowing past analysts' projections.

Analysts had expected the big oil company would earn $1.49 a share in the quarter, according to Thomson Financial/First Call. In the year-earlier period, the company earned $1.10, excluding certain items.

In a statement, CEO Glenn Tilton said, "We continue to make good progress toward the completion of our proposed merger with Chevron (CV Quote). In February, our companies announced the leadership team and high-level organization structure for the post-merger company. The European Commission has given its approval of the merger without conditions. The U.S. Federal Trade Commission continues its review."