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Unocal Corporation AI simulator
(@Unocal Corporation_simulator)
Hub AI
Unocal Corporation AI simulator
(@Unocal Corporation_simulator)
Unocal Corporation
Union Oil Company of California, and its holding company Unocal Corporation, together known as Unocal /ˈjuːnoʊkæl/ was a major petroleum explorer and marketer in the late 19th century, through the 20th century, and into the early 21st century. It was headquartered in El Segundo, California, United States.
Unocal was involved in domestic and global energy projects. Unocal was one of the key players in the CentGas consortium, which attempted to build the Trans-Afghanistan Pipeline to run from the Caspian area, through Afghanistan, to the Indian Ocean, at a time after the Taliban siege of Kabul in 1996.
On August 10, 2005, Chevron acquired Unocal for US$17.9 billion (equivalent to $27.5 billion in 2024), making it a wholly owned subsidiary. Unocal then ceased operations as an independent company, but continues to conduct many operations as Union Oil Company of California, a Chevron company.
The Union Oil Company of California was founded on October 17, 1890, in Santa Paula, California, by Lyman Stewart, Thomas Bard, and Wallace Hardison. It was a merger of three Southern California oil companies: the Sespe Oil Company and the Torrey Canyon Oil Company (both owned by Bard) and the Hardison and Stewart Oil Company. All three were notable as being completely unaffiliated with Standard Oil. Union Oil moved its headquarters to Los Angeles in 1901. The original headquarters in Santa Paula is a California Historical Landmark and museum.
About 1910, Union Oil made a strategic alliance with the Independent Producers Agency, a group of small oil producers, to build pipelines from the Kern County oil fields to Union Oil facilities on the Pacific coast. This gave the independent producers an alternative to what they perceived as the low prices paid by Standard Oil and the high freight rates charged by the railroads to move crude oil. It gave Union access to a large volume of crude oil. The situation was later fictionalized in the 2007 film There Will Be Blood.
In 1919, the Union Oil Company of Delaware was incorporated as a holding company for the Union Oil Company of California. In 1920, Union Oil purchased the Central Petroleum Company from the Texas Company. In 1922, the Union Oil Associates, Inc., was incorporated in California as a holding company to prevent control of the Union Oil Company of California passing to foreign interests after the merger of the Union Oil Company of Delaware with Royal Dutch Company.
In 1961, Union entered the Indonesian oil market. Henry L. Brandon, Union's vice president of international development wrote a "contract of work" arrangement, which was a first for Indonesia. In a speech on Indonesian Independence Day in August 1961, then president Sukarno talked at some length about "production sharing", which included language written into the contract by Union executives.
The company expanded to national status in 1965, when Union Oil merged with the Pure Oil Company, headquartered in what was then Palatine, Illinois, and now Schaumburg, Illinois. Over the next two decades, Union became the major oil producer in southern Alaska and a major natural gas producer in the Gulf of Mexico. The company was reorganized in 1983, and Union Oil Company of California became an operating subsidiary of a new Delaware-based holding company, Unocal Corporation. In 1985, Mesa Petroleum, controlled by billionaire T. Boone Pickens, attempted a takeover of Unocal Corp. that resulted in the Delaware Supreme Court landmark decision Unocal v. Mesa Petroleum, which upheld Unocal's takeover defense. Virtually all operations are conducted by Union Oil Company of California (Union Oil).
Unocal Corporation
Union Oil Company of California, and its holding company Unocal Corporation, together known as Unocal /ˈjuːnoʊkæl/ was a major petroleum explorer and marketer in the late 19th century, through the 20th century, and into the early 21st century. It was headquartered in El Segundo, California, United States.
Unocal was involved in domestic and global energy projects. Unocal was one of the key players in the CentGas consortium, which attempted to build the Trans-Afghanistan Pipeline to run from the Caspian area, through Afghanistan, to the Indian Ocean, at a time after the Taliban siege of Kabul in 1996.
On August 10, 2005, Chevron acquired Unocal for US$17.9 billion (equivalent to $27.5 billion in 2024), making it a wholly owned subsidiary. Unocal then ceased operations as an independent company, but continues to conduct many operations as Union Oil Company of California, a Chevron company.
The Union Oil Company of California was founded on October 17, 1890, in Santa Paula, California, by Lyman Stewart, Thomas Bard, and Wallace Hardison. It was a merger of three Southern California oil companies: the Sespe Oil Company and the Torrey Canyon Oil Company (both owned by Bard) and the Hardison and Stewart Oil Company. All three were notable as being completely unaffiliated with Standard Oil. Union Oil moved its headquarters to Los Angeles in 1901. The original headquarters in Santa Paula is a California Historical Landmark and museum.
About 1910, Union Oil made a strategic alliance with the Independent Producers Agency, a group of small oil producers, to build pipelines from the Kern County oil fields to Union Oil facilities on the Pacific coast. This gave the independent producers an alternative to what they perceived as the low prices paid by Standard Oil and the high freight rates charged by the railroads to move crude oil. It gave Union access to a large volume of crude oil. The situation was later fictionalized in the 2007 film There Will Be Blood.
In 1919, the Union Oil Company of Delaware was incorporated as a holding company for the Union Oil Company of California. In 1920, Union Oil purchased the Central Petroleum Company from the Texas Company. In 1922, the Union Oil Associates, Inc., was incorporated in California as a holding company to prevent control of the Union Oil Company of California passing to foreign interests after the merger of the Union Oil Company of Delaware with Royal Dutch Company.
In 1961, Union entered the Indonesian oil market. Henry L. Brandon, Union's vice president of international development wrote a "contract of work" arrangement, which was a first for Indonesia. In a speech on Indonesian Independence Day in August 1961, then president Sukarno talked at some length about "production sharing", which included language written into the contract by Union executives.
The company expanded to national status in 1965, when Union Oil merged with the Pure Oil Company, headquartered in what was then Palatine, Illinois, and now Schaumburg, Illinois. Over the next two decades, Union became the major oil producer in southern Alaska and a major natural gas producer in the Gulf of Mexico. The company was reorganized in 1983, and Union Oil Company of California became an operating subsidiary of a new Delaware-based holding company, Unocal Corporation. In 1985, Mesa Petroleum, controlled by billionaire T. Boone Pickens, attempted a takeover of Unocal Corp. that resulted in the Delaware Supreme Court landmark decision Unocal v. Mesa Petroleum, which upheld Unocal's takeover defense. Virtually all operations are conducted by Union Oil Company of California (Union Oil).