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BUSINESS
July 8, 2005 | From Bloomberg News
The California Public Employees' Retirement System and the California State Teachers' Retirement System, the largest and third-largest U.S. pension funds, should oppose CNOOC Ltd.'s bid for Unocal Corp., state Controller Steve Westly said. Westly, who sits on the boards of both funds, sent letters to other members urging them to vote against an acquisition of the El Segundo-based oil company by China's CNOOC. Westly said a union of the two posed a threat to U.S.
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BUSINESS
September 7, 2011 | Jonathan Kaiman
Shares of China National Offshore Oil Corp. have taken a hit as the fallout from a pair of June oil spills continues to weigh heavily on the company's performance. By Tuesday's close in Hong Kong, the state-owned oil giant's stock was down more than 10% since the start of the week. The decline comes amid growing criticism about the handling of oil spills in China's northeastern Bohai Sea by CNOOC's partner, ConocoPhillips. The U.S. oil company operated two platforms in an offshore oil field named Penglai 19-3, where an estimated 3,200 barrels of crude oil and drilling fluids were released into the sea in early June.
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BUSINESS
January 3, 2006 | From Bloomberg News
Shareholders blocked a plan by CNOOC Ltd., China's third-largest oil producer, that would have allowed its parent to compete for overseas oil and gas acquisitions. At a meeting Sunday, 59% of independent shareholders, representing 2.87 billion votes, voted against the plan, the company said. CNOOC drew worldwide attention, and opposition from U.S. lawmakers, with its unsolicited bid in June for Unocal Corp. Chevron Corp. of San Ramon, Calif.
BUSINESS
January 3, 2006 | From Bloomberg News
Shareholders blocked a plan by CNOOC Ltd., China's third-largest oil producer, that would have allowed its parent to compete for overseas oil and gas acquisitions. At a meeting Sunday, 59% of independent shareholders, representing 2.87 billion votes, voted against the plan, the company said. CNOOC drew worldwide attention, and opposition from U.S. lawmakers, with its unsolicited bid in June for Unocal Corp. Chevron Corp. of San Ramon, Calif.
BUSINESS
July 23, 2005 | From Dow Jones/Associated Press
Three leaders in the congressional campaign to discourage Chinese oil company CNOOC Ltd.'s acquisition of Unocal Corp. accepted campaign contributions from rival suitor Chevron Corp. in recent weeks, according to reports filed with the Federal Election Commission. Rep. Richard W. Pombo (R-Tracy), Sen. Kent Conrad (D-N.D.) and Sen. James M. Inhofe (R-Okla.) have been among the most vocal on Capitol Hill in criticizing CNOOC's proposed deal as anti-competitive and a threat to national security.
BUSINESS
June 21, 2005 | From Reuters
Two California congressmen have urged the Bush administration to thoroughly review any bid by China's CNOOC Ltd. to acquire Unocal Corp., a letter made available Monday said. CNOOC, China's third-largest oil group, has said it is considering a counteroffer to try to trump Chevron Corp.'s $16-billion bid for El Segundo-based Unocal.
BUSINESS
June 28, 2005 | From Reuters
Executives from Chinese oil company CNOOC Ltd. will meet this week in New York with takeover target Unocal Corp. and may consider sale options for some of Unocal's U.S. assets to try to ease political tensions over its unsolicited bid. More than 40 U.S. lawmakers have urged the Bush administration to closely scrutinize the Chinese company's $18.5-billion offer for El Segundo-based Unocal.
BUSINESS
July 27, 2005 | From Reuters
CNOOC Ltd.'s $18.5-billion takeover bid for Unocal Corp. has been dealt a setback by a congressional vote delaying the approval of any deal, but the Chinese oil company is far from out of the race to scoop up the U.S. oil and gas producer, market observers say. Late Monday, a U.S. Senate-House conference committee finalizing a broad energy bill voted to approve a delay of as many as 141 days in a Bush administration review of CNOOC's bid for Unocal.
BUSINESS
July 7, 2005 | Elizabeth Douglass, Times Staff Writer
Four state attorneys general told Unocal Corp. on Wednesday that they were "deeply concerned" that a proposed deal between the oil company and China's CNOOC Ltd. could endanger environmental cleanup projects. California Atty. Gen. Bill Lockyer, along with the top law enforcement officers of Montana, New Mexico and Texas, sent a letter to Unocal President Joseph H. Bryant seeking assurances that Unocal would continue to pay for cleanup at Unocal waste sites in their states.
BUSINESS
July 2, 2005 | Elizabeth Douglass, Times Staff Writer
China's CNOOC Ltd. moved Friday to jump-start a U.S. government review of its $18.5-billion bid for Unocal Corp., while the chairman of the House Energy and Commerce Committee pledged to intensify the scrutiny with a hearing this month. CNOOC, which is 70%-owned by state-controlled China National Offshore Oil Corp., said it filed detailed paperwork with a foreign investment review committee headed by Treasury Secretary John W. Snow.
BUSINESS
August 3, 2005 | Elizabeth Douglass, Times Staff Writer
CNOOC Ltd.'s withdrawal Tuesday from the bidding for Unocal Corp. lifts the pall of uncertainty that had hung over the California oil company's worldwide workforce for months, leaving workers distracted, anxious and ripe for poaching by headhunters and rivals.
BUSINESS
August 2, 2005 | Elizabeth Douglass, Times Staff Writer
Chevron Corp.'s bid to buy Unocal Corp. got a boost Monday when an influential shareholder advisory firm said a competing offer from CNOOC Ltd. wasn't high enough to offset the political uncertainties surrounding the Chinese company's proposal. Since CNOOC launched its rival bid June 22, the company's effort has been dogged by worries that political opposition from Washington could delay or block any deal it struck to buy the oil company.
BUSINESS
July 30, 2005 | Elizabeth Douglass, Times Staff Writer
Chevron Corp.'s standing in the battle for Unocal Corp. took a hit Friday when investors reacted to a tepid earnings report from the nation's No. 2 oil company by driving its stock price down and lopping $160 million off the value of its takeover bid. Unocal, meanwhile, disclosed in a regulatory filing that its top eight executives would collect a buyout package that could be worth almost $109 million. The total amount of the award, which would be paid by Chevron or rival bidder CNOOC Ltd.
BUSINESS
July 28, 2005 | Elizabeth Douglass, Times Staff Writer
Executives from Chevron Corp. and Unocal Corp. will begin visiting Unocal's largest shareholders today to win their backing for Chevron's takeover bid despite lingering hopes that a higher offer might come from China's CNOOC Ltd. El Segundo-based Unocal has agreed to be purchased by Chevron in a stock and cash deal worth $17.3 billion Wednesday, or $63.65 a share, and the company's shareholders will vote on that proposal Aug. 10.
BUSINESS
July 27, 2005 | From Reuters
CNOOC Ltd.'s $18.5-billion takeover bid for Unocal Corp. has been dealt a setback by a congressional vote delaying the approval of any deal, but the Chinese oil company is far from out of the race to scoop up the U.S. oil and gas producer, market observers say. Late Monday, a U.S. Senate-House conference committee finalizing a broad energy bill voted to approve a delay of as many as 141 days in a Bush administration review of CNOOC's bid for Unocal.
BUSINESS
July 25, 2005 | Debora Vrana, Times Staff Writer
An investment firm that owns more than 1 million shares of Unocal Corp. has told the El Segundo oil giant that it is legally obligated to shareholders to consider an $18.5-billion bid from China's third-largest oil company because it is higher than an offer from Chevron Corp. In a letter Wednesday to Unocal's board, Peter Schoenfeld, chief executive of P. Schoenfeld Asset Management, wrote that "it is your duty to maximize value for stockholders," and that "It is a violation of ...
BUSINESS
July 15, 2005 | Elizabeth Douglass, Times Staff Writer
Directors of Unocal Corp. discussed an unsolicited $18.5-billion buyout offer from China's CNOOC Ltd. but adjourned Thursday without publicly indicating their leanings on the matter, feeding speculation of a looming bidding war for the El Segundo oil company. Unocal, which agreed in early April to be acquired by Chevron Corp. of San Ramon, Calif., has recommended that shareholders approve that deal at a special meeting Aug. 10.
BUSINESS
July 25, 2005 | Debora Vrana, Times Staff Writer
An investment firm that owns more than 1 million shares of Unocal Corp. has told the El Segundo oil giant that it is legally obligated to shareholders to consider an $18.5-billion bid from China's third-largest oil company because it is higher than an offer from Chevron Corp. In a letter Wednesday to Unocal's board, Peter Schoenfeld, chief executive of P. Schoenfeld Asset Management, wrote that "it is your duty to maximize value for stockholders," and that "It is a violation of ...
BUSINESS
July 23, 2005 | From Dow Jones/Associated Press
Three leaders in the congressional campaign to discourage Chinese oil company CNOOC Ltd.'s acquisition of Unocal Corp. accepted campaign contributions from rival suitor Chevron Corp. in recent weeks, according to reports filed with the Federal Election Commission. Rep. Richard W. Pombo (R-Tracy), Sen. Kent Conrad (D-N.D.) and Sen. James M. Inhofe (R-Okla.) have been among the most vocal on Capitol Hill in criticizing CNOOC's proposed deal as anti-competitive and a threat to national security.
BUSINESS
July 21, 2005 | Elizabeth Douglass, Times Staff Writer
Chinese oil firm CNOOC Ltd. said Wednesday that it had no plans to up the ante for Unocal Corp., even though its $18.5-billion offer was snubbed by the El Segundo oil company in favor of a sweetened bid by rival Chevron Corp. valued at about $17 billion. Nonetheless, investors and analysts said Wednesday that they expected CNOOC to put more money on the table. Anything less, they said, would be tantamount to giving up.
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