June 11, 2005 |
U.S. regulators, claiming a victory for California motorists, approved Chevron Corp.'s proposed $16.4-billion purchase of Unocal Corp. on Friday after the companies agreed to surrender Unocal's long-contested patents on the state's cleaner-burning gasoline.
June 9, 2005 |
California oil companies Chevron Corp. and Unocal Corp. announced Wednesday that they had reached a tentative agreement with federal regulators to settle claims related to Unocal's long-disputed patents for cleaner-burning gasoline. The agreement with Federal Trade Commission staff members, if approved by the five commissioners, would clear a hurdle for San Ramon-based Chevron in its bid to buy its El Segundo-based counterpart. The companies announced the $16.4-billion acquisition in April.
June 8, 2005 |
A Chinese oil company said Tuesday that it might try to top Chevron Corp.'s $16-billion proposed acquisition of Unocal Corp., raising the possibility of a bidding war for the El Segundo-based oil company. The disclosure by CNOOC Ltd., a division of state-owned China National Offshore Oil Corp., marked the first time that the Chinese entity had confirmed its interest in the exploration and production company.
May 11, 2005 |
Unocal Corp., which is being acquired by Chevron Corp., said Tuesday that it would seek bids for oil and natural gas properties in western Canada to take advantage of higher valuations. The properties had first-quarter production equivalent to 36,900 barrels of oil a day, El Segundo-based Unocal said. The company hopes the sale will be completed by the end of the year, spokesman Barry Lane said. Unocal had decided to sell the properties before Chevron offered to buy the company, Lane said.
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.