June 10, 1998 |
Oil refiner and retailer Ultramar Diamond Shamrock Corp. said on Tuesday that it will cut 466 jobs and sell or close about 300 gasoline station-convenience stores that aren't meeting profit targets to boost earnings as gasoline prices decline. The company will take a second-quarter charge of about $78 million, or 86 cents a diluted share, which may result in a loss for the period. The cuts are expected to boost profit by $60 million, or 66 cents a share after taxes, next year.
December 4, 2001 |
Valero Energy Corp. said Monday it has agreed to sell a refinery and dozens of gas stations in Northern California as part of negotiations with the Federal Trade Commission over its proposed takeover of rival refiner Ultramar Diamond Shamrock Corp. The proposed consent decree, reached with FTC staff, would require Valero to part with the Golden Eagle refinery in Benicia and 70 gas stations, all now owned by UDS, to proceed with the $4-billion buyout.
March 23, 1999 |
Maybe it's a Texas-Oklahoma thing, but the disintegration of a planned joint venture between Ultramar Diamond Shamrock Corp. of San Antonio and Phillips Petroleum Co. of Bartlesville, Okla., announced late Friday, is beginning to sound like the many storied dust-ups between the two states. The two oil companies said Friday that they could not reach a final agreement on previously announced plans to create a joint venture called Diamond 66.
July 6, 2000 |
Tosco Corp., the largest U.S. independent oil refiner, agreed Wednesday to sell the Avon refinery near San Francisco to rival Ultramar Diamond Shamrock Corp. for about $800 million. Four workers died because of a fire at the refinery in February 1999, and Tosco has had difficulties satisfying regulators and government officials that the plant is being run safely and cleanly. Avon, on San Francisco Bay, can process 168,000 barrels of oil a day into gasoline and other fuels.
February 10, 2000 |
Two independent Texas oil refiners--Ultramar Diamond Shamrock Corp. and Valero Energy Corp.--are finalists in bidding for an Exxon refinery and gas stations in California that must be unloaded as part of Exxon Corp.'s recent merger with Mobil Corp., the companies said Wednesday. The Federal Trade Commission approved the $80-billion merger in December, but only after requiring record concessions from Exxon Mobil Corp. to boost competition in various markets.
October 28, 1998 |
Cheap oil and expensive exploration caused a 95% drop in Unocal Corp.'s third-quarter earnings--below analysts' expectations, which were lowered after the El Segundo company warned last month that sharply depressed earnings were on the way. San Antonio-based Ultramar Diamond Shamrock Corp., whose holdings include more than 350 gas stations in California, also cited weak oil prices and poor refining margins for its 36% drop in earnings.