By Lisa Sanders, MarketWatch Last Update: 10:14 AM ET April 4, 2005
DALLAS (MarketWatch) - ChevronTexaco's plan to buy Unocal for $18 billion made both companies a focus of oil stock trading Monday.
The deal places an overall value on Unocal Corp. (UCL: news, chart, profile) shares of $62 each. Under the transaction, Unocal shareholders may receive either 1.03 shares of ChevronTexaco Corp. (CVX: news, chart, profile) stock or $65 in cash for each share held. See full story.
Shares in ChevronTexaco fell 1.5%, or 86 cents, to $58.45. Unocal dropped 6%, or $3.87, to $60.48.
The Amex Oil Index (XOI: news, chart, profile) , which counts both companies as components, rose slightly to 870.58 points as the rest of the stocks in the group followed crude futures higher.
Dow component Exxon Mobil (XOM: news, chart, profile) was up 1.2%, or 75 cents, at $61.30.
Ahead of the open of the New York Mercantile Exchange, May crude was at an all-time high of $57.92, up 1.1%, or 65 cents. See Futures Movers.
As for the other benchmarks tracking energy stocks, the Amex Natural Gas Index (XNG: news, chart, profile) gained 1.2% to 337.61 points, and the Philadelphia Oil Service Index (OSX: news, chart, profile) rose 1% to 143.64 points.
