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Unocal Corp

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 | James F. Peltz and Elizabeth Douglass, Times Staff Writers
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.
April 5, 2005 | Jerry Hirsch, Times Staff Writer
The union of ChevronTexaco Corp. and Unocal Corp. would bring together founding members of California's oil patch. Established 115 years ago as a venture between a Southern California land baron and two wildcatters from the oil fields of Pennsylvania, Unocal built one of the first service stations in downtown Los Angeles and became famous for its Union 76 fuel. The company helped lure the Brooklyn Dodgers to L.A. in 1958. Although it was also innovative -- as Pacific Coast Oil Co.
April 5, 2005 | Elizabeth Douglass, Times Staff Writer
When Texas oilman T. Boone Pickens proposed a shotgun wedding 20 years ago, Unocal Corp. battled ferociously to fend him off. On Monday, the landmark California oil company fell willingly into the arms of ChevronTexaco Corp. This time, there was no war of words, no lawsuits, no protracted public battle. The relative ease of the $16.4-billion deal, in fact, shows just how much the oil industry has changed in the two decades since Unocal successfully fought for its independence.
March 22, 2005 | Marc Lifsher, Times Staff Writer
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 | James F. Peltz, Times Staff Writer
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 | James F. Peltz, Times Staff Writer
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 | James F. Peltz, Times Staff Writer
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.
January 17, 2005 | James F. Peltz, Times Staff Writer
Perennial bridesmaid Unocal Corp. has been a rumored takeover target for years, yet it has remained independent as other major oil companies consolidated. Now there's fresh speculation that one or more suitors are circling the El Segundo-based company and that, this time, it might actually get hitched.
January 7, 2005 | James F. Peltz, Times Staff Writer
A Chinese oil company reportedly is considering a $13-billion takeover offer for El Segundo-based Unocal Corp., which traces it roots to the early days of California's petroleum industry. If it comes to pass, the deal would be China's largest acquisition of an American company. Unocal's stock jumped nearly 8% on the report, its biggest daily gain in nearly six years. CNOOC Ltd., an arm of China's state-owned China National Offshore Oil Corp.
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