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.
January 17, 2005 |
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 |
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.
October 29, 2004 |
Unocal Corp., Exxon Mobil Corp. and Royal Dutch/Shell Group said their third-quarter profits soared from a year earlier on the crest of record oil prices, but those prices again fell Thursday as analysts debated whether the oil market has peaked. Unocal, an El Segundo-based production and exploration company, and Anglo-Dutch company Royal Dutch/Shell said profit more than doubled in the quarter ended Sept. 30, compared with a year earlier, exceeding analysts' forecasts.
September 29, 2004 |
Unocal Corp. and Royal Dutch/Shell Group said Tuesday that they would not go ahead with five contracts to explore for natural gas in the Xihu Trough in the East China Sea. El Segundo-based Unocal said it expected to take a $10-million after-tax charge in the third quarter to relinquish lands and settle obligations. Don R. Hansen, vice president of Unocal International Energy Operations, said the company elected not to proceed with the project "for commercial reasons."