The CNOOC bid ($67 per share) is about 10% higher than Chevron�s offer which based on Thursday closing price for Chevron of $57.33/share, equates to $60.54/UCL share. However comparisons are not straightforward given tax and timing considerations. The Chevron/Unocal merger could close as early as August since the FTC has approved the deal. Chevron is offering tax-favored consideration in the form of its shares for 75% of its bid, and Chevron argues that upside potential in its share price could mean the deal is worth more. The merger between Unocal and CNOOC would be subject to extensive political/regulatory scrutiny, which makes timing of closure uncertain and possibly into 2006. It is likely Chevron will not sweeten the deal, but they will permit Unocal to talk with CNOOC. Then Unocal will have to weigh the uncertainties associated with the CNOOC deal against the fast-tracked Chevron offer.