Ultramar Diamond Shamrock Corp

Valero Energy Corp., a top U.S. refining and marketing company, said the Federal Trade Commission requested more information on its proposed takeover of competitor Ultramar Diamond Shamrock Corp. Since the company originally filed documents with the FTC on May 31, it said, it has been in contact with antitrust regulators, who are expected by many to take a close look at the merged company's refining business in California.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Valero Energy Corp., a top U.S. refining and marketing company, said the Federal Trade Commission requested more information on its proposed takeover of competitor Ultramar Diamond Shamrock Corp. Since the company originally filed documents with the FTC on May 31, it said, it has been in contact with antitrust regulators, who are expected by many to take a close look at the merged company's refining business in California.

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.

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.

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.

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.

The recent flare-up in California gasoline prices provided the only bright spot in dismal earnings for Texaco and Ultramar Diamond Shamrock, the companies reported Tuesday. Two other big U.S. oil companies, Conoco and Phillips Petroleum, said first-quarter earnings plummeted 65% and 89%, respectively, as oil prices remained near historic lows in January and February, before rallying in March after oil-producing nations vowed to reduce output.

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.

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.

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.

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.