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Ultramar Diamond Shamrock Corp

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BUSINESS
October 9, 1998 | Reuters
Ultramar Diamond Shamrock Corp. and Phillips Petroleum Co. announced plans for an $8-billion merger of their North American refining and marketing operations. The new company, to be called Diamond 66, will have annual revenue of $20 billion. The merger, which is expected to eliminate 1,000 jobs, is expected to produce annual savings of $125 million in 1999 and twice that in 2000, the companies said.
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BUSINESS
December 4, 2001 | Associated Press
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.
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BUSINESS
June 10, 1998 | From Bloomberg News
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.
NEWS
July 24, 2001 | JAMES F. PELTZ, TIMES STAFF WRITER
Pick a major California intersection and you'll see the familiar gasoline brands: Arco, Mobil, Chevron, 76, Shell, Valero. Valero? OK, it's still far from being a household name like the others, but Valero Energy Corp. is poised to become one of the major fuel providers in the state--as well as the largest independent oil refiner in the country. And it's doing so quite profitably, thanks to its own strategic moves under Chief Executive William Greehey and to the surge in gasoline prices to record highs this year.
BUSINESS
December 4, 2001 | Associated Press
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.
BUSINESS
February 10, 2000 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
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.
BUSINESS
May 8, 2001 | ANDREW KELLY, REUTERS
Valero Energy Corp. said Monday it plans to buy Ultramar Diamond Shamrock Corp. for $4 billion in cash and stock in a deal that would make Valero the second-biggest U.S. oil refiner and put it in a position to challenge mighty Exxon Mobil Corp. for the top slot. The proposed deal between the two San Antonio-based companies is the latest in a series of big-money mergers and acquisitions that has changed the landscape of the U.S. and global petroleum industry in recent years.
NEWS
July 24, 2001 | JAMES F. PELTZ, TIMES STAFF WRITER
Pick a major California intersection and you'll see the familiar gasoline brands: Arco, Mobil, Chevron, 76, Shell, Valero. Valero? OK, it's still far from being a household name like the others, but Valero Energy Corp. is poised to become one of the major fuel providers in the state--as well as the largest independent oil refiner in the country. And it's doing so quite profitably, thanks to its own strategic moves under Chief Executive William Greehey and to the surge in gasoline prices to record highs this year.
CALIFORNIA | LOCAL
September 24, 1999
The California environmental group Communities for a Better Environment on Thursday announced a settlement with one of several oil companies the group sued in federal court two years ago. Ultramar, which has a refinery in Wilmington, has agreed to several measures to reduce pollution there, a spokesman for the environmental group said.
BUSINESS
June 19, 2002 | Bloomberg News
Valero Energy Corp. said it plans to sell at least 325 gasoline stations and limit the number of U.S. brand names it uses in an effort to improve its retail network. The San Antonio-based company is reassessing its 1,425 retail sites, after the $5.34-billion acquisition of rival Ultramar Diamond Shamrock Corp. in December. The company will keep the Valero name in California and eventually phase out the other three brands it uses there: Exxon, Beacon and Ultramar.
BUSINESS
May 8, 2001 | ANDREW KELLY, REUTERS
Valero Energy Corp. said Monday it plans to buy Ultramar Diamond Shamrock Corp. for $4 billion in cash and stock in a deal that would make Valero the second-biggest U.S. oil refiner and put it in a position to challenge mighty Exxon Mobil Corp. for the top slot. The proposed deal between the two San Antonio-based companies is the latest in a series of big-money mergers and acquisitions that has changed the landscape of the U.S. and global petroleum industry in recent years.
BUSINESS
February 10, 2000 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
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.
CALIFORNIA | LOCAL
September 24, 1999
The California environmental group Communities for a Better Environment on Thursday announced a settlement with one of several oil companies the group sued in federal court two years ago. Ultramar, which has a refinery in Wilmington, has agreed to several measures to reduce pollution there, a spokesman for the environmental group said.
BUSINESS
October 9, 1998 | Reuters
Ultramar Diamond Shamrock Corp. and Phillips Petroleum Co. announced plans for an $8-billion merger of their North American refining and marketing operations. The new company, to be called Diamond 66, will have annual revenue of $20 billion. The merger, which is expected to eliminate 1,000 jobs, is expected to produce annual savings of $125 million in 1999 and twice that in 2000, the companies said.
BUSINESS
June 10, 1998 | From Bloomberg News
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.
BUSINESS
April 9, 2001 | Reuters
The new stock-offerings calendar is almost bare again this week. One U.S. company is scheduled to debut on Wall Street--and it's not even a typical new issue. Despite the drought in initial public offerings amid the wave of disheartening corporate earnings news and sinking stock prices, Shamrock Logistics plans to go public in a deal that could raise around $100 million. Goldman Sachs is the lead manager of the Shamrock Logistics IPO.
BUSINESS
January 20, 1999 | From Reuters
An environmental group filed a lawsuit Tuesday against more than a dozen major oil companies, accusing them of allowing dangerous chemicals to contaminate the state's water supply. Communities for a Better Environment alleges in the suit that the companies allowed chemicals such as toluene and benzene to enter the water supply from underground storage tanks, refineries and service stations.
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