Chevron 2Q Income, Output Down, Unocal Shows Gains

Chevron Corp., in a tug of war with the China Offshore Oil Co. (CNOOC) to take over asset-rich Unocal Corp., on Friday reported a drop of nearly 10% in 2Q2005 income, following lower earnings from its exploration and production (E&P) unit and its refining businesses. Worldwide, Chevron’s oil and natural gas production also fell, with North American output down 15%.

August 1, 2005

Unocal’s Board Backs New $17B Takeover Offer from Chevron

Unocal Corp.’s board of directors has endorsed an increased takeover offer of $17 billion from Chevron Corp., potentially ending the fierce bidding war by China’s National Offshore Oil Co.(CNOOC) for the U.S. oil and natural gas company.

July 22, 2005

CNOOC Apparently Mulling Rival Bid for Unocal

China National Offshore Oil Corp. (CNOOC) apparently is still mulling whether to make an offer for Unocal Corp., which could challenge the $16.4 billion offer made by ChevronTexaco Corp. in April (see Daily GPI, April 5).

June 8, 2005
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