<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: July 25, 1996
UNOCAL CORPORATION
------------------
(Exact name of registrant as specified in its charter)
Delaware 1-8483 95-3825062
- -----------------------------------------------------------------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 726-7600
<PAGE>
ITEM 5. OTHER EVENTS
On July 25, 1996, the following news release was issued:
UNOCAL SECOND QUARTER EARNINGS RISE ON HIGHER
CRUDE, NATURAL GAS PRICES AND REFINING/MARKETING MARGINS
El Segundo, Calif., July 25 -- Unocal Corporation today reported second
quarter 1996 net earnings of $238 million, or 92 cents per common share,
reflecting higher prices for crude oil and natural gas, improved margins for the
company's downstream petroleum refining and marketing unit, and a $70 million
(aftertax) gain from the sale of essentially all of the company's California oil
and gas assets and associated pipelines.
The 1996 results compare with $78 million, or 28 cents per common
share, in the second quarter 1995. Unocal's total revenues for the quarter were
$2.68 billion, up from $2.29 billion a year ago.
Earnings from operations for the second quarter, excluding special
items (detailed in the attached tables), were $205 million, or 79 cents per
common share. This compares with adjusted earnings of $101 million, or 37 cents
per common share, in the same period a year ago.
"Improved earnings in our oil and gas, refining and marketing, and
agricultural products operations gave us the best quarter ever for Unocal," said
Roger C. Beach, Unocal chairman and chief executive officer. "This spring, we
predicted 1996 would be a breakthrough year, and these results are proving our
prediction was correct."
Beach noted that along with improved margins, Unocal's 76 Products Company
unit posted higher sales volumes due to expanded marketing efforts and increased
refinery production of light oil products, which were the result of major
process improvements made during 1995. A fire in mid-May in the coker unit at
Unocal's San Francisco Refinery cost the company an estimated $21
1
<PAGE>
million (aftertax) for repairs and lost production during the quarter.
Sales prices for crude oil and natural gas continued above year-ago levels.
Production was lower, principally because of the sale of Unocal's California
upstream assets in early April. In the first quarter 1996, the California
properties contributed $1 million (aftertax) to the company's reported earnings
from net daily production of 30,200 barrels of oil and 52 million cubic feet of
natural gas.
Unocal also posted higher ammonia fertilizer production in the quarter
because of new production from its Finley, Wash., plant. Agricultural products
earnings were higher in spite of lower ammonia prices.
"Our debt-to-total capitalization ratio dropped to 50.3 percent at the end
of the second quarter, the lowest level since 1985 and down from 55.8 percent at
the end of 1995," Beach said. The company used most of the proceeds from the
California properties sale to repay outstanding debt. At June 30, 1996, the
company's total debt was about $3.24 billion, down $465 million from year-end
1995. Cash on hand was $209 million, up $115 million from $94 million at
December 31, 1995.
Cash flow from operations in the second quarter, before working capital
changes, was $464 million, up from $317 million last year, reflecting improved
operating earnings.
For the six months, Unocal's net earnings were $362 million, or $1.39
per common share. This compares with $152 million, or 55 cents per common share,
for the first six months of 1995.
Adjusted earnings from operations (excluding special items detailed in
the attached tables) were $325 million, or $1.24 per common share. This compares
with adjusted earnings of $155 million, or 56 cents per common share, for the
first half of the 1995.
Beach said that while our petroleum product margins and natural gas
prices have declined from their peak earlier this year, they remain strong.
Beach praised the company's employees for the record earnings
performance in the quarter. "Hard work and dedication by our employee teams have
positioned Unocal's operations so we can take maximum advantage of improved
market conditions to the benefit of our stockholders," Beach said.
2
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
CONDENSED CONSOLIDATED EARNINGS STATEMENT
(UNAUDITED)
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
---------------------------------------------------------
Dollars in millions except per share amounts 1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Total revenues (a) ............................................. $2,684 $2,290 $4,962 $4,196
Costs and other deductions (a) ................................. 2,284 2,165 4,348 3,940
---------------------------------------------------------
Earnings before income taxes ................................... 400 125 614 256
Income taxes ................................................... 162 47 252 104
---------------------------------------------------------
Net earnings ................................................... $ 238 $ 78 $ 362 $ 152
Dividends on preferred stock ................................... 9 9 18
---------------------------------------------------------
Net earnings applicable to common shares ....................... $ 229 $ 69 $ 344 $ 134
Earnings per common share: (b).................................. $ 0.92 $ 0.28 $ 1.39 $ 0.55
(a) Includes consumer excise taxes of...................... $ 250 $ 228 $ 486 $ 437
(b) Based on weighted average common shares outstanding
(in millions).......................................... 248 246 248 245
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<CAPTION>
June 30 Dec. 31
-----------------------------
Millions of dollars 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C>
Cash and cash equivalents ............................................................ $ 209 $ 94
Other current assets ................................................................. 1,428 1,482
Investments and long-term receivables ................................................ 1,057 1,101
Properties - net ..................................................................... 6,911 7,109
Other assets ......................................................................... 174 105
-----------------------------
Total assets ................................................................ $9,779 $9,891
LIABILITIES
Current portion of long-term debt .................................................... $ 124 $ 8
Other current liabilities ............................................................ 1,342 1,308
Long-term debt and capital lease obligations ......................................... 3,117 3,698
Deferred Income taxes ................................................................ 664 722
Other deferred credits and liabilities ............................................... 1,334 1,225
-----------------------------
Total liabilities ........................................................... 6,581 6,961
STOCKHOLDERS' EQUITY ................................................................. 3,198 2,930
-----------------------------
Total liabilities and stockholders' equity $9,779 $9,891
</TABLE>
3
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
CONDENSED CONSOLIDATED CASH FLOWS
(UNAUDITED)
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
------------------------------------------------
Millions of dollars 1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C> <C> <C>
Cash flow from operations ............................................. $ 464 $ 317 $ 850 $ 553
Working capital and other changes related to operations ............... (39) (73) (157) (195)
---------------------------------------------
Net cash provided by operating activities ..................... 425 244 693 358
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (includes dry hole costs) ....................... (400) (329) (622) (596)
Proceeds from asset sales ............................................. 488 34 539 128
---------------------------------------------
Net cash provided/(used) in investing activities .............. 88 (295) (83) (468)
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term borrowing ................................................... -- 446 110 712
Reduction of long-term debt and capital lease obligations ............. (530) (336) (499) (536)
Dividends paid ........................................................ (58) (59) (117) (117)
Other ................................................................. (2) 17 11 33
---------------------------------------------
Net cash provided/(used) in financing activities .............. (590) 68 (495) 92
Increase/(decrease) in cash and cash equivalents ............................... (77) 17 115 (18)
Cash and cash equivalents at beginning of period ............................... 286 113 94 148
---------------------------------------------
Cash and cash equivalents at end of period ..................................... $ 209 $ 130 $ 209 $ 130
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
SELECTED FINANCIAL DATA For the Three Months For the Six Months
Ended June 30 Ended June 30
<CAPTION>
-------------------------------------------------------------
Millions of dollars 1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Exploration expense
Oil & Gas
<S> <C> <C> <C> <C>
United States ................................ $ 7 $ 10 $ 11 $ 20
Foreign ...................................... 20 15 37 33
Geothermal ........................................... 1 1 2 2
---------------------------------------------------------
Total ........................................ $ 28 $ 26 $ 50 $ 55
Dry hole costs
Oil & Gas
United States ................................ $ 1 $ 5 $ 11 $ 4
Foreign ...................................... 3 11 6 13
Geothermal ........................................... 1 (1) 2 2
---------------------------------------------------------
Total ........................................ $ 5 $ 15 $ 19 $ 19
Depreciation, Depletion & Amortization ........................ $ 252 $ 240 $ 496 $ 468
4
<PAGE>
</TABLE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
CONDENSED CAPITAL EXPENDITURES
(UNAUDITED)
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
---------------------------------------------------------------------
Millions of dollars 1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Domestic Exploration & Production .......................... $156 $102 $235 $206
Foreign Exploration & Production ........................... 130 93 216 177
76 Products Company ........................................ 57 101 89 155
Geothermal & Power Operations .............................. 38 13 52 21
Diversified Businesses ..................................... 11 13 18 22
Corporate & Unallocated .................................... 8 7 12 15
----------------------------------------------------------
Total ............................................. $400 $329 $622 $596
</TABLE>
5
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
OPERATING HIGHLIGHTS
(UNAUDITED)
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
-------------------------------------------------------------
1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Net daily production
Crude oil and condensate (thousand barrels daily):
<S> <C> <C> <C> <C>
United States (a)........................ 88.5 124.3 105.2 128.0
Foreign:
Far East (b)......................... 84.1 85.1 82.4 86.2
Other 27.9 30.1 28.2 30.6
-------------------------------------------------------------
Total Foreign.................. 112.0 115.2 110.6 116.8
------------------------------------------------------------------------------------------------------------------------------
Worldwide....................................... 200.5 239.5 215.8 244.8
Natural gas (million cubic feet daily):
United States (a)....................... 1,053 1,128 1,085 1,126
Foreign:
Far East (b)....................... 613 602 606 608
Othe................................ 63 44 75 41
-----------------------------------------------------------
Total Foreign................. 676 646 681 649
------------------------------------------------------------------------------------------------------------------------------
Worldwide...................................... 1,729 1,774 1,766 1,775
Natural gas liquids (thousand barrels daily) (a).. 18.8 21.9 19.6 21.7
Geothermal (million kilowatt-hours daily).......... 16.8 14.9 15.4 15.2
Average sales prices
Crude oil and condensate (per barrel):
United States............................ $19.03 $ 15.96 $ 17.60 $ 15.33
Foreign:
Far East........................... $18.17 $ 16.77 $ 18.03 $ 16.49
Other $18.93 $ 16.77 $ 17.90 $ 16.19
Total Foreign................ $18.40 $ 16.77 $ 17.99 $ 16.39
------------------------------------------------------------------------------------------------------------------------------
Worldwide...................................... $ 18.71 $ 16.30 $ 17.77 $ 15.76
Natural gas (per mcf):
United States........................... $ 2.14 $ 1.57 $ 2.25 $ 1.51
Foreign:
Far East.......................... $ 2.21 $ 2.00 $ 2.20 $ 1.98
Other............................. $ 1.70 $ 1.00 $ 1.73 $ 1.10
Total Foreign............... $ 2.16 $ 1.93 $ 2.14 $ 1.92
------------------------------------------------------------------------------------------------------------------------------
Worldwide..................................... $ 2.15 $ 1.70 $ 2.21 $ 1.66
(a) Includes production from California upstream properties of:
Crude oil and condensate......................... 1.0 28.8 16.0 28.7
Natural gas...................................... 0 63 26 67
Natural gas liquid............................... 0.0 1.1 0.3 1.2
(b) Includes host country share in Indonesia of:
Crude oil and condensate......................... 24.0 28.3 26.9 31.0
Natural gas...................................... 24 25 25 25
</TABLE>
6
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
OPERATING HIGHLIGHTS (continued)
(UNAUDITED)
<CAPTION>
For the Three Months For the Six Months
Ended June 30 Ended June 30
------------------------------------------------
1996 1995 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Input to crude oil processing units (thousand barrels daily) .......................... 228 212 234 200
Refinery production (thousand barrels daily)
Gasoline .................................................................... 113 116 114 100
Jet fuel, kerosene and heating oil .......................................... 30 16 37 18
Diesel fuel ................................................................. 47 36 44 33
Other products (lubricants, gas oils, etc.) ................................. 65 63 63 67
------------------------------------
Total .............................................................. 255 231 258 218
Petroleum product sales (thousand barrels daily)
Marketing (a)
Gasoline .................................................................... 135 117 131 115
Diesel ...................................................................... 28 31 26 28
Other (includes lube oil, kerosene, and fuel oil) .......................... 8 6 8 6
------------------------------------
Total .............................................................. 171 154 165 149
Product supply and refinery (b)
Gasoline .................................................................... 24 25 20 21
Jet fuel .................................................................... 39 27 41 28
Diesel ...................................................................... 25 12 25 12
Other products (includes petroleum products, gas oil, etc.) ................ 38 35 36 43
------------------------------------
Total .............................................................. 126 99 122 104
------------------------------------
Total petroleum products sales .......................... 297 253 287 253
Agricultural products production volumes (thousand tons)
Ammonia ..................................................................... 378 341 729 692
Urea ........................................................................ 277 269 570 564
Other products .............................................................. 182 217 345 414
Agricultural products sales volumes (thousand tons)
Ammonia ..................................................................... 274 266 368 394
Urea ........................................................................ 336 298 581 526
Other products .............................................................. 438 436 669 708
(a) Primarily sold through retail channels
(b) Primarily sold through wholesale or commercial channels
</TABLE>
7
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
EARNINGS BY BUSINESS SEGMENT
(Unaudited)
<CAPTION>
2nd Quarter of 1996 2nd Quarter of 1995
----------------------------------------------------------
Millions of dollars Before-tax After-tax Before-tax After-tax
- ------------------------------------------------------------------------------------------------------------------------------------
PETROLEUM
Exploration and Production
<S> <C> <C> <C> <C>
United States ............................................ $ 270 $ 168 $ 66 $ 41
Foreign .................................................. 112 64 108 61
Refining, Marketing and Transportation
76 Products .............................................. 80 50 (10) 1
GEOTHERMAL AND POWER OPERATIONS ................................ 9 4 17 11
DIVERSIFIED BUSINESSES
Agricultural Products .................................... 57 37 57 36
Carbon and Minerals ...................................... 11 9 16 10
Pipelines ................................................ 17 14 22 17
Other .................................................... 6 3 9 6
CORPORATE AND UNALLOCATED
Administrative and general expense ....................... (25) (16) (28) (17)
Net interest expense ..................................... (63) (48) (67) (47)
Environmental and litigation expense ..................... (53) (33) (48) (30)
Other .................................................... (21) (14) (17) (11)
---------------------------------------------------------
Total .............................................. $ 400 $ 238 $ 125 $ 78
=========================================================
</TABLE>
EXPLORATION AND PRODUCTION - this segment is engaged in the exploration for, and
the production and marketing of, crude oil, condensate, natural gas and
natural gas liquids.
REFINING, MARKETING AND TRANSPORTATION
76 PRODUCTS COMPANY - this segment is principally responsible for the
company's West Coast petroleum refining operations, marketing and
transportation of refined petroleum products and the manufacturing and
marketing of petroleum coke.
GEOTHERMAL AND POWER - this segment is involved in the exploration for, and the
production and sale of geothermal resources for the generation of
electricity.
DIVERSIFIED BUSINESSES:
AGRICULTURAL PRODUCTS - manufactures and markets nitrogen-based fertilizers for
wholesale markets to the western United States and to the Pacific Rim.
CARBON AND MINERALS - produces and markets petroleum coke (other than on the
West Coast), graphites, solvents and specialty minerals.
PIPELINES - principally includes the company's equity interests in affiliated
pipeline companies.
OTHER- includes the development and sale of real estate assets and the
company's equity interest in The UNO-VEN Company, a refining and marketing
partnership in the midwestern United States.
<TABLE>
8
<PAGE>
NEWS RELEASE UNOCAL CORPORATION
SPECIAL ADJUSTMENTS
(Unaudited)
<CAPTION>
2nd Quarter of 1996 2nd Quarter of 1995
----------------------------------------------------
Dollars in millions except per share amounts Before-tax After-tax Before-tax After-tax
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Reported earnings ................................................. $ 400 $ 238 $ 125 $ 78
Less: Special items
EXPLORATION AND PRODUCTION
UNITED STATES
Asset Sales ............................................. -- -- (4) (2)
Sale of California oil and gas properties * ........... 110 68 -- --
Write-down of assets .................................... -- -- (13) (8)
FOREIGN
Asset Sales ............................................. -- -- 1 --
76 PRODUCTS
Sale of California oil and gas properties ............. 4 2 -- --
Litigation provision .................................... (1) -- -- --
Asset write-downs ....................................... (6) (4) -- --
Other ................................................... 7 4 -- --
GEOTHERMAL
Asset Sales ............................................. -- -- 7 5
DIVERSIFIED BUSINESSES
ASSET SALES
Agricultural Products ................................. -- -- 6 4
Other ................................................ -- -- 2 1
CORPORATE AND UNALLOCATED
Environmental provision ................................. (32) (20) (22) (14)
Litigation provision .................................... (14) (8) (14) (8)
Asset write-downs ....................................... -- -- (1) (1)
Other ................................................... (11) (9) -- --
----------------------------------------------------
Total special items .......................................... 57 33 (38) (23)
----------------------------------------------------
ADJUSTED EARNINGS ................................................. $ 343 $ 205 $ 163 $ 101
Less: Dividends on preferred stock ................................ 9 9
----------------------------------------------------
ADJUSTED NET EARNINGS APPLICABLE TO COMMON SHARES ................. 196 92
----------------------------------------------------
ADJUSTED NET EARNINGS PER COMMON SHARE ............................ $0.79 $0.37
</TABLE>
* Net of provision for environmental remediation of $17 million before-tax and
$10 milion after-tax.
9
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
EARNINGS BY BUSINESS SEGMENT
EXCLUDING SPECIAL ADJUSTMENTS
(Unaudited)
<CAPTION>
2nd Quarter of 1996 2nd Quarter of 1995
---------------------------------------------------------
Millions of dollars Before-tax After-tax Before-tax After-tax
- ------------------------------------------------------------------------------------------------------------------------------------
PETROLEUM
Exploration and Production
<S> <C> <C> <C> <C>
United States ............................................ $ 160 $ 100 $ 83 $ 51
Foreign .................................................. 112 64 107 61
Refining, Marketing and Transportation
76 Products .............................................. 76 48 (10) 1
GEOTHERMAL AND POWER OPERATIONS ................................ 9 4 10 6
DIVERSIFIED BUSINESSES
Agricultural Products .................................... 57 37 51 32
Carbon and Minerals ...................................... 11 9 16 10
Pipelines ................................................ 17 14 22 17
Other .................................................... 6 3 7 5
CORPORATE AND UNALLOCATED
Administrative and general expense ....................... (25) (16) (28) (17)
Net interest expense ..................................... (63) (48) (67) (47)
Environmental and litigation expense ..................... (7) (5) (12) (8)
Other .................................................... (10) (5) (16) (10)
---------------------------------------------------------
Total .............................................. $ 343 $ 205 $ 163 $ 101
=========================================================
</TABLE>
10
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
EARNINGS BY BUSINESS SEGMENT
(Unaudited)
<CAPTION>
First Six Months of 1996 First Six Months of 1995
----------------------------------------------------------
Millions of dollars Before-tax After-tax Before-tax After-tax
- ------------------------------------------------------------------------------------------------------------------------------------
PETROLEUM
Exploration and Production
<S> <C> <C> <C> <C>
United States ............................................ $ 425 $ 264 $ 155 $ 96
Foreign .................................................. 235 132 211 113
Refining, Marketing and Transportation
76 Products .............................................. 69 43 (45) (17)
GEOTHERMAL AND POWER OPERATIONS ................................ 18 9 26 15
DIVERSIFIED BUSINESSES
Agricultural Products .................................... 82 53 83 52
Carbon and Minerals ...................................... 37 27 40 27
Pipelines ................................................ 47 37 44 35
Other .................................................... 5 3 11 7
CORPORATE AND UNALLOCATED
Administrative and general expense ....................... (54) (34) (57) (35)
Net interest expense ..................................... (135) (98) (131) (90)
Environmental and litigation expense ..................... (76) (47) (76) (47)
Other .................................................... (39) (27) (5) (4)
---------------------------------------------------------
Total .............................................. $ 614 $ 362 $ 256 $ 152
=========================================================
</TABLE>
11
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
SPECIAL ADJUSTMENTS
(Unaudited)
<CAPTION>
SPECIAL ITEMS
First Six Months of 1996 First Six Months of 1995
-----------------------------------------------------
Dollars in millions except per share amounts Before-tax After-tax Before-tax After-tax
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Reported earnings ............................................... $ 614 $ 362 $ 256 $ 152
Less: Special items
EXPLORATION AND PRODUCTION
UNITED STATES
Asset Sales ........................................... 4 2 9 6
Sale of California oil and gas properties * ........... 110 68 -- --
Asset write-downs ..................................... -- -- (13) (8)
FOREIGN
Asset Sales ........................................... 6 4 5 3
76 PRODUCTS
Sale of California oil and gas properties ........... 4 2 -- --
Litigation provision .................................. (1) -- -- --
Asset write-downs ..................................... (6) (4) -- --
Other ................................................. 7 4 -- --
GEOTHERMAL
Asset Sales ........................................... -- -- 7 5
DIVERSIFIED BUSINESSES
Asset Sales
Pipeline ............................................ 12 7 -- --
Agricultural Products ............................... -- -- 6 4
Other .............................................. -- -- 2 1
CORPORATE AND UNALLOCATED
Asset Sales ........................................... 1 1 29 18
Environmental provision ............................... (42) (26) (29) (18)
Litigation provision .................................. (20) (12) (20) (12)
Asset write-down....................................... -- -- (3) (2
Other ................................................. (11) (9) -- --
----------------------------------------------------
Total special items ........................................ 64 37 (7) (3)
----------------------------------------------------
ADJUSTED EARNINGS ............................................... $ 550 $ 325 $ 263 $ 155
Less: Dividends on preferred stock .............................. 18 18
----------------------------------------------------
ADJUSTED NET EARNINGS APPLICABLE TO COMMON SHARES ............... 307 137
----------------------------------------------------
ADJUSTED NET EARNINGS PER COMMON SHARE .......................... $1.24 $0.56
</TABLE>
* Net of provision for environmental remediation of $17 million before-tax and
$10 milion after-tax.
12
<PAGE>
<TABLE>
NEWS RELEASE UNOCAL CORPORATION
EARNINGS BY BUSINESS SEGMENT
EXCLUDING SPECIAL ADJUSTMENTS
(Unaudited)
<CAPTION>
First Six Months of 1996 First Six Months of 1995
------------------------------------------------------------------
Millions of dollars Before-tax After-tax Before-tax After-tax
- ------------------------------------------------------------------------------------------------------------------------------------
PETROLEUM
Exploration and Production
<S> <C> <C> <C> <C>
United States ............................................ $ 311 $ 194 159 $ 98
Foreign .................................................. 229 128 206 110
Refining, Marketing and Transportation
76 Products .............................................. 65 41 (45) (17)
GEOTHERMAL AND POWER OPERATIONS ................................ 18 9 19 10
DIVERSIFIED BUSINESSES
Agricultural Products .................................... 82 53 77 48
Carbon and Minerals ...................................... 37 27 40 27
Pipelines ................................................ 35 30 44 35
Other .................................................... 5 3 9 6
CORPORATE AND UNALLOCATED
Administrative and general expense ....................... (54) (34) (57) (35)
Net interest expense ..................................... (135) (98) (131) (90)
Environmental and litigation expense ..................... (14) (9) (27) (17)
Other .................................................... (29) (19) (31) (20)
---------------------------------------------------------
Total .............................................. $ 550 $ 325 $ 263 $ 155
=========================================================
</TABLE>
13
<PAGE>
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNOCAL CORPORATION
------------------
(Registrant)
Dated: July 25, 1996 By: /s/CHARLES S. MCDOWELL
- ------------------------ ------------------------------
Charles S. McDowell
Vice President and Comptroller
14
