SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) October 14, 1997
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UNOCAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
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(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
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(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
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(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events.
On October 14, 1997 the following news release was issued:
UNOCAL LOOKS TO ENHANCE VALUE
OF CANADIAN OIL AND GAS ASSETS
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El Segundo, Calif., Oct. 13, 1997 -- Unocal Corporation said today it is
considering the restructuring of certain Canadian oil and gas assets held by its
Unocal Canada, Ltd., subsidiary.
The company said the restructuring could involve an exchange of assets for
an equity interest in a publicly traded Canadian oil and gas company, or the
formation of an alliance, joint venture or operating partnership with a Canadian
firm.
"Our objective with this restructuring is to enhance the long-term growth
and value of our Canadian oil and gas properties," said Charles R. Williamson,
Unocal group vice president for International Operations. "We feel that we have
significant potential in Canada, and joining with an aggressive Canadian company
will enable us to realize the full value of those assets for our stockholders."
Unocal Canada's current working interest production from fields in
Alberta, British Columbia and Saskatchewan is about 25,000 barrels of oil
equivalent per day (before royalty interest).
Williamson noted that Unocal and its advisors had narrowed the discussions
to a short list of key Canadian firms and would open a data room shortly. CIBC
Wood Gundy is acting as financial advisor for Unocal.
The company did not indicate a schedule for negotiations or an estimated
date for completion of the transaction.
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Pursuant to the requirements 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)
Date: October 14, 1997 By: /s/ JOSEPH A. HOUSEHOLDER
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Joseph A. Householder
Vice President, Tax and Comptroller
