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Chevron Set To Pay $18 Bil For Unocal, A 15% Reserve Lift; Deal To Boost Asia Presence; Natural gas holdings are another big draw in buy of No. 9 U.S. oil concern.(A)
Byline: MARILYN ALVA
Seeking to raise its future production profile to meet surging worldwide demand for oil and gas, ChevronTexaco agreed Monday for the second time in four years to buy another big oil firm.
In 2001, it was Texaco. This time, it's Unocal, the ninth largest oil and gas firm in the world.
The stock and cash deal is valued at $18 billion, including $1.6 billion in assumed debt. If approved, Unocal holders would get 1.03 shares of ChevronTexaco stock, or $65 in cash, for a blended rate of about $62 a share.
Unocal shares fell 7% to 59.60 while Chevron shed 4% to 56.98. In Unocal's case, some deemed the offer too low. Until recently, China National Offshore Oil Corp. and Italian oil firm ENi SpA were in talks to buy Unocal.
ChevronTexaco would still be the No. 2 oil and gas giant after ExxonMobil. But Unocal's 1.75 billion barrels of oil-equivalent proved reserves would boost Chevron's reserves by 15% to 13 billion barrels.
More than 50% of Unocal's production and reserves are based in Asia, including a large and growing natural gas business.
- Unocal Announces Discovery of Significant Natural Gas Reservoir On Alaska's...
- Press release article from: PR Newswire January 22, 2002 700+ words
...ANCHORAGE, Alaska -- Unocal Corporation today...discovery of a new natural gas reservoir on Alaska...wells on the other Unocal prospects. "These...implications for natural gas development of the...Unocal Corporation Unocal is one of the world...leading independent ...
- UNOCAL CORP. REPLACES 119 PERCENT OF ITS CRUDE OIL, CONDENSATE AND NATURAL GAS...
- Press release article from: PR Newswire March 2, 1992 700+ words
...Indonesia. "Unocal produced more crude oil and natural gas this year than...its worldwide natural gas production...United States, Unocal replaced 58 percent...cubic feet. Unocal calculates the conversion of natural gas to crude oil...
- UNOCAL PRODUCES 2 TRILLIONTH CUBIC FOOT OF NATURAL GAS FROM GULF OF THAILAND
- Press release article from: PR Newswire February 24, 1994 700+ words
...the Erawan field. Natural gas from Unocal's offshore fields...well. In 1993, Unocal Thailand produced...cubic feet per day of natural gas and 27,215 barrels...contractors in its natural gas operation. Unocal and its partners...
- Unocal Begins Natural Gas, Condensate Production From Trat Field.
- Press release article from: PR Newswire September 3, 1999 700+ words
...today said its Unocal Thailand, Ltd...subsidiary has started natural gas and condensate...more and more natural gas to meet Thailand...growing demand." Unocal Thailand (71...Limited (5%). Unocal is operator for 13 natural gas and condensate...
- Unocal Replaces 222 Percent of 2001 Crude Oil, Natural Gas Production.
- Press release article from: PR Newswire January 28, 2002 700+ words
...in March 2002. About Unocal Corporation Unocal is one of the world's leading independent natural gas and crude oil exploration...Philippines and Indonesia. Unocal preliminary estimated...reserves of crude oil and natural gas (MMBOE) As of December...
- UNOCAL'S U.S. NATURAL GAS PRODUCTIONTOPS BILLION CUBIC FEET PER DAY
- Press release article from: PR Newswire December 15, 1993 700+ words
...earlier this year. Since Unocal's U.S. net natural gas production topped the...Mexico operations. Unocal's net worldwide natural gas production averaged...goal of increasing Unocal's worldwide natural gas production by more...
- Three Trillionth Cubic Foot Natural Gas Milestone Reached by Unocal Thailand
- Press release article from: PR Newswire September 11, 1997 700+ words
...today that its Unocal Thailand, Ltd...cubic foot of natural gas to the Petroleum...about four years. Natural gas produced by Unocal-operated joint...million barrels of natural gas liquid condensate also produced from Unocal-operated fields...
- Agrium, Unocal resolve part of natural-gas contract dispute.
- Newspaper article from: Knight Ridder/Tribune Business News August 2, 2004 700+ words
...Agrium Corp. and Unocal announced an agreement...dispute over the supply of natural gas to Agrium's ammonia...gas from any source. Unocal has recently discovered...to gas utility Enstar Natural Gas Co. "The arbitration...agreement doesn't obligate Unocal to redirect gas from...
