April 29, 2005 |
Unocal Corp. said Thursday that its first-quarter profit soared 69% from a year earlier as the El Segundo-based exploration and production company benefited from high oil and natural gas prices. Exxon Mobil Corp. and Royal Dutch/Shell Group also posted sharply higher income. Unocal's results were announced three weeks after it agreed to be purchased by ChevronTexaco Corp. for $16.4 billion in cash and stock. ChevronTexaco is scheduled to report its first-quarter performance today.
April 19, 2005 |
Sen. Charles E. Schumer (D-N.Y.) urged the Federal Trade Commission to block ChevronTexaco Corp.'s $16.4-billion purchase of Unocal Corp. and joined nine other senators, including California Democrat Barbara Boxer, in asking the FTC to carefully review the combination. The senators said they were concerned the deal would reduce competition. Spokesmen for San Ramon, Calif.
April 6, 2005 |
A Unocal Corp. stockholder filed suit against the El Segundo-based oil company, alleging that Unocal's agreement to be acquired by ChevronTexaco Corp. was unfair to Unocal's investors. Unocal agreed Monday to be bought for cash and ChevronTexaco stock totaling $16.4 billion, or about $62 a share. Unocal's stock closed at $64.35 on Friday, then fell to $59.60 a share on the New York Stock Exchange after the deal was announced.
April 6, 2005 |
David J. O'Reilly, ChevronTexaco Corp.'s chief executive, is known in oil circles as being open to taking risks. That was evident in 2001, when he engineered Chevron Corp.'s $35-billion purchase of Texaco Inc. The fusion of two giants jelled slowly and hobbled the combined company's profitability for the next two years. Then there was ChevronTexaco's disastrous investment in Dynegy Inc., a troubled energy trading firm, which required ChevronTexaco to take a huge write-off in 2002.
April 6, 2005
Civic pride and the local economy can take a beating when bold out-of-towners turn homegrown companies into branch operations. The good news in ChevronTexaco Corp.'s agreement to acquire El Segundo-based Unocal Corp. is that the imagined civic slight will hurt more than the real economic pain. Unocal had been morphing into Nocal (as in, "not in California") well before Monday, when Bay Area-based ChevronTexaco agreed to write a $16.
April 5, 2005 |
ChevronTexaco Corp. on Monday agreed to buy Unocal Corp. for $16.4 billion -- a move that would combine two California-bred energy companies in a deal partly spawned by record oil prices. The proposed acquisition speaks volumes about the state of the oil industry, which is flush with cash from high oil and gasoline prices but faces unprecedented challenges in finding the petroleum to meet skyrocketing demand around the globe.
March 22, 2005 |
Unocal Corp. settled a landmark human rights lawsuit Monday that accused the El Segundo-based energy company of being responsible for forced labor, rapes and a murder allegedly carried out by soldiers along a natural gas pipeline route in Myanmar. The suit, filed on behalf of 15 Myanmar villagers in Los Angeles County Superior Court in 1996, is the furthest along of about three dozen cases that charge corporations in U.S.
March 15, 2005 |
Italian oil giant Eni reportedly is weighing a takeover bid for Unocal Corp., becoming the fourth rumored suitor in two months for the El Segundo-based energy exploration and production company. Unocal already is being eyed by ChevronTexaco Corp., China National Offshore Oil Corp. and Royal Dutch/Shell Group, according to published reports. Shares of Unocal climbed 2.2% on Monday, rising $1.31 to $62.
March 4, 2005 |
Another oil giant -- this time, ChevronTexaco Corp. -- reportedly is eyeing a takeover of Unocal Corp., whose stock soared 12% on Thursday on the news. El Segundo-based Unocal, the eighth-largest domestic oil company, long has been considered a buyout target. But the speculation has intensified this year because big energy companies are cash-rich from soaring oil prices and hungry to acquire petroleum and natural gas reserves to buttress their production.
February 2, 2005 |
Higher oil and natural gas prices lifted Unocal Corp.'s fourth-quarter profit 49% and will help generate first-quarter earnings well above analysts' forecasts, the company said Tuesday. Unocal, which has been reported to be a potential takeover target, said its oil and gas production climbed to the equivalent of 428,000 barrels of oil a day, up 5% from 407,000 in the third quarter. Net income rose to $268 million, or $1 a share, from $180 million, or 68 cents, in the fourth quarter of 2003.