City Manager Wally Bobkiewicz said Thursday that the city started discussions with Unocal earlier this year when the proposed sale of the company became public.“As soon as the newspapers stories,” about the possible sale were published, “we discussed the fate of the oil museum and the property next door,” formerly the site of a 76 Union gas station, Unocal’s former signature brand.Unocal executives traveled to Santa Paula about six months ago and discussions have continued noted Bobkiewicz.“There is every indication we may be able to obtain the properties prior to the finalization of the sale to Chevron, but we’re still in the negotiation stage with them. We have had positive discussions.”Many Santa Paula families are related to those who started the company and remain Unocal shareholders.Under the Chevron offer, Unocal shareholders could elect to receive $69 cash, 1.03 shares in Chevron stock or a mix of both for each Unocal share they own.The choices will be pro-rated per the originally agreed upon split of $27.60 a share in cash and 0.618 Chevron share; shareholders who elected all cash will actually receive $30.13 in cash and 0.5803 Chevron share for each Unocal share.The deal is moving quickly: the payout is expected to be made around Aug. 17, subject to final accounting.
Unocal sold to Chevron, Santa Paula was birthplace of oil giant
August 17, 2005
Santa Paula News
With the announcement that Unocal shareholders approved a buyout deal with Chevron Corp., many Santa Paulans’ thoughts are centered on the historic Queen Anne building where the storied Union Oil was founded more than 100 years ago.
By Peggy KellySanta Paula TimesWith the announcement that Unocal shareholders approved a buyout deal with Chevron Corp., many Santa Paulans’ thoughts are centered on the historic Queen Anne building where the storied Union Oil was founded more than 100 years ago.One of the state’s oldest oil companies, Unocal Corp. was sold to Chevron Wednesday in a $18-billion deal. The buyout was a relief to those who until just last week had feared that rival bidder CNOOC Ltd. of China might acquire the American oil giant. CNOOC Ltd. backed out of the deal amid intense congressional resistance.Unocal is now headquartered in El Segundo and has already been formally absorbed by Chevron.In 1997 Unocal, then saddled with debt, sold its gas stations and refineries to ConocoPhillips, and since then most of Unocal’s assets and employees are overseas.Unocal was founded 115 years ago in Santa Paula with the now Santa Paula California Oil Museum as its headquarters.The building underwent a $2-million-plus renovation in time for the company’s centennial celebration including restoring the upstairs offices where founders Lyman Stewart, Wallace Hardison and Thomas Bard incorporated and then grew the company, assisted by Chief Geologist William Orcutt. Union Oil was incorporated in 1890, although by then Santa Paula was well established as the state’s oil center.Although company headquarters moved to Los Angeles in 1901, Union Oil personnel stayed in the building for decades until it was converted into a small museum that the company eventually closed.The city started leasing the building in the 1990s to reopen the museum and now the operation has added revolving art and other exhibits to its impressive array of permanent displays centered on the company and the oil industry.
