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."
September 15, 2004 |
A Los Angeles County Superior Court judge denied a motion by Unocal Corp. to dismiss a long-running human rights lawsuit Tuesday, apparently clearing the way for a jury trial in the case of Myanmar refugees who allegedly suffered abuses at the hands of government soldiers guarding a Unocal pipeline.
August 3, 2004 |
Higher oil and gas prices and lower exploration expenses propelled Unocal Corp.'s profit up 93% in the second quarter. But its shares slid 4.4% on Monday after it cut its 2004 production target for the second consecutive quarter. The El Segundo-based oil and natural gas company said its net income was $341 million, or $1.25 a share, compared with $177 million, or 68 cents, in the year-earlier quarter. Revenue rose 23% to $1.98 billion. Crude oil sold for an average of $32.
July 24, 2004 |
El Segundo-based Unocal Corp. said an arbitration panel found that the company owed an Agrium Inc. unit $36 million plus $2 million in interest for failing to deliver enough fuel to an Alaska fertilizer plant. Unocal expects to record pretax, second-quarter costs of about $38 million stemming from the ruling. Unocal sold the fertilizer plant to Agrium in 2000. Shares of Unocal fell 30 cents to $37.56 on the NYSE. Shares of Canada-based Agrium rose 31 cents to $13.99, also on the NYSE.