May 19, 1988 |
In what is believed to be the first prosecution under a tough new air quality law, Unocal Corp. was charged today with intentionally spewing pollutants into the atmosphere at its Wilmington smokestack. The law, which went into effect Jan. 1, 1987, provides for a $25,000 fine for each intentional air pollution violation. Unocal was charged by the city attorney's office with five such violations. "We think the evidence in this case . . .
December 13, 2000 |
Unocal Corp., the El Segundo-based oil and natural gas explorer, said it plans to boost spending on drilling and exploration by as much as 14% to take advantage of higher prices and demand for fossil fuels. Unocal plans to spend $1.5 billion to $1.6 billion next year to increase production and reserves, from an estimated $1.4 billion this year, Unocal spokesman Barry Lane said.
December 15, 1999 |
Unocal Corp. said Tuesday that it will split off its oil and natural gas exploration operations in Texas and New Mexico into a new company that will buy Titan Exploration Inc. El Segundo-based Unocal will own 65% of the new company, Pure Energy Resources Inc. Titan holders will swap each of their shares for 0.4302 of a Pure Energy share. Midland, Texas-based Titan has a market value of about $133 million, based on Tuesday's closing price.
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.
December 17, 1992 |
Unocal Corp. will sell its Imperial Valley geothermal energy facility to San Diego-based Magma Power Co. for $225 million. With the sale, the Los Angeles oil company is now about midway through its program to sell assets as part of a restructuring announced last April. Unocal plans to plow some of the money from the sale into overseas projects, including a more promising geothermal development in Indonesia. "Geothermal energy remains a core business for Unocal," said John F.
May 15, 1985 |
Mesa Petroleum Co. said today that an investor group led by Texas oilman T. Boone Pickens Jr. held settlement talks with Unocal Corp. in the group's 3-month-old takeover battle. But Mesa spokesman Warren Vieth said the talks broke off early today when no agreement could be reached. It was the first time the two sides have discussed a possible settlement. In the past, Unocal Chairman Fred Hartley has said he had no intention of buying back Pickens stock at a premium.
December 17, 1996
Unocal Corp. said Monday it has signed a definitive agreement to sell its West Coast gasoline business to Tosco Corp. in a deal valued at $2 billion. The assets being sold are operated by the 76 Products unit in Costa Mesa and include three California refineries, oil and business systems and more than 1,100 Union 76 stations in six states. Unocal is ending its 106 years as an oil producer and is part of a strategy of concentrating on foreign exploration.
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.
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.