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 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.
July 8, 2004 |
The Federal Trade Commission on Wednesday reinstated civil antitrust charges against Unocal Corp. over the oil company's patents for cleaner-burning gasoline in California. The FTC and other critics contend that those patents would saddle state motorists with higher fuel prices. The five-member panel voted unanimously to overturn a ruling made in November by an FTC administrative law judge, who found that Unocal's actions were immune from antitrust prosecution.
June 3, 2004 |
In these gloomy days, when gasoline prices are so ridiculous it seems cheaper to simply shred a stack of twenties and stuff them down your car's tank, it's tempting to view the whole oil industry as a pitiless monolith intent on impoverishing us all. Tempting, but not as interesting as the reality. Such a view would overlook, for instance, the nasty fight that has pitted most of the industry against El Segundo's very own Unocal Corp.
April 29, 2004 |
Fueled by higher oil and natural-gas prices, Unocal Corp.'s profit doubled in the first quarter, the company said Wednesday. The El Segundo-based firm posted net income of $269 million, or $1 a share, in the quarter ended March 31, up from $134 million, or 52 cents, a year earlier. That surpassed Wall Street analysts' expectations of 80 cents a share, according to an average estimate of analysts polled by Thomson First Call. Revenue rose 6% to $1.89 billion.