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Gas industry

Unocal Corporation Extends Stock Repurchase Program, Authorizing Up to $200 Million in Buys

Strategic Insights

— 1 min read

Unocal Corporation, a leading global energy resource and project development company, has announced the extension of its common stock repurchase program. The company's board of directors has authorized management to buy back up to $200 million worth of Unocal's common stock. The repurchases will be made through open market or privately negotiated transactions, with no set time limit. This move marks an expansion of the company's previous stock repurchase program, which was initiated in late 1996 and recently completed with the purchase of 10.3 million shares worth $400 million.

Key Takeaways:

  • Unocal Corporation has extended its common stock repurchase program, authorizing management to buy back up to $200 million worth of the company's common stock.
  • The repurchases will be made through open market or privately negotiated transactions, with no set time limit.
  • The extended program marks an expansion of the company's previous stock repurchase program, which began in late 1996 and was completed earlier this month.
  • The previous program saw the company purchase 10.3 million shares worth $400 million.
  • Unocal maintains a presence in key markets, including Asia and the U.S. Gulf of Mexico, with major offices in California, Malaysia, Singapore, Jakarta, Bangkok, and Sugar Land, Texas.
  • The company has a long history of strategic investments and expansions, as seen in its continued operations and growth in the energy sector.

Statistics:

  • Up to $200 million: The maximum amount authorized for Unocal to repurchase its common stock.
  • 10.3 million: The number of shares purchased by Unocal under its previous stock repurchase program.
  • $400 million: The total value of shares purchased by Unocal under its previous stock repurchase program.
  • 1996: The year in which Unocal initiated its previous stock repurchase program.
  • Asia and U.S. Gulf of Mexico: The regions where Unocal has major oil and gas exploration and production activities.
  • 4 countries: The number of countries with major Unocal offices, in addition to the company's headquarters in California and Malaysia.

Sources:

  • Unocal Corporation (NYSE: UCL)
  • Barry Lane, Media, 310-726-7731, Unocal Corporation
  • Robert Wright, Investors, 310-726-7665, Unocal Corporation
  • (UCL) CO: Unocal Corporation
  • ST: California
  • IN: OIL SU: SF-JC -- LAM105 -- 5943 01/26/98 19:53 EST
  • http://www.prnewswire.com

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