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February 13, 2016 12:23 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Union Oil Company of California, Inc.

Company Overview

Union Oil Company of California, Inc. explores, produces, transports, and markets crude oil and natural gas. It also manufactures and markets specialty minerals, chemicals, and geothermal resources. The company was founded in 1890 and is based in San Ramon, California. Union Oil Company of California, Inc. operates as a subsidiary of Unocal Corporation.

6001 Bollinger Canyon Road

San Ramon, CA 94583

United States

Founded in 1890

Key Executives for Union Oil Company of California, Inc.

Chairman and Chief Executive Officer
Age: 66
Vice President and Comptroller
Age: 66
Compensation as of Fiscal Year 2015.

Union Oil Company of California, Inc. Key Developments

Department of Justice Lodges Proposes Consent Decree with United States District Court for the Central District of California, Western Division, in the Lawsuit against Multiple Companies

On December 29, 2015, the Department of Justice lodged a proposed Consent Decree with the United States District Court for the Central District of California, Western Division, in the lawsuit entitled United States and State of California Department of Toxic Substances Control v. AC Products, Inc., et al. Civil Action No. 2:15-cv-09931. The United States and the State of California filed this lawsuit under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) against the following defendants for recovery of response costs which each incurred to address environmental contamination at the Cooper Drum Company Superfund Site located in Los Angeles County, California (site): Quaker Chemical Corporation; Rathon Corp.; Shell Chemical LP; Shell Oil Company; SOCO West, Inc.; Southern California Edison; Southern Counties Oil Co.; Sta-Lube LLC f/k/a Sta-Lube, Inc.; Stuarts' Petroleum; Texaco Downstream Properties Inc.; The Boeing Company; The Valspar Corporation; Union Oil Company of California; and Univar USA Inc. The complaint names the above-listed companies as defendants based on their business relationship with the Cooper Drum Company which operated a drum reconditioning business at the Site and which accepted drums from each defendant that contained residues of hazardous substances. The Complaint also seeks declaratory relief for all future costs to be incurred. The Consent Decree resolves these claims through the payment of $5,539,266 to the United States and $53,599 to the State of California in partial recovery of response costs. In addition, the defendants are obligated under the Consent Decree to reimburse the United States and the State of California for all future response costs and to perform the remedial action that EPA selected for the Site. In return, the United States and the State of California agree not to sue the defendants under sections 106 and 107 of CERCLA.

Statoil and Union Oil Company of California Sanction Stampede Development in the Gulf of Mexico

Statoil, together with co-owners in the Stampede development in the Gulf of Mexico announced it has sanctioned this project. Statoil has decided to invest USD 1.5 billion in the Stampede development in the U.S. Gulf of Mexico, which is expected to begin production in 2018. Statoil owns 25% of Stampede, which is operated by Hess. Stampede, a new project named from unitizing the former discoveries of Knotty Head and Pony, is located approximately 350 kilometers (215 miles) from New Orleans, Louisiana at a water depth of more than 1,000 meters (3,500 feet). The reservoir depth is 9,100 meters (30,000 feet). Stampede consists of Green Canyon Blocks 468, 511 and 512. Statoil estimates the reservoir contains approximately 350 million barrels of recoverable oil. Stampede's development plan calls for six subsea production wells and four water injection wells from two subsea drill centers tied back to a tension leg platform. Gross topsides processing capacity for the project is approximately 80,000 barrels of oil per day and 100,000 barrels of water injection capacity per day. Statoil's co-owners in Stampede include Union Oil Company of California. The total Stampede development is expected to cost $6 billion.

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