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) January 26, 1999
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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.
Unocal Corporation announced that it has reached agreement to sell its
75-percent interest in a geothermal steam venture at The Geysers in Northern
California to Calpine Corporation for $101 million.
The transaction is expected to close by March 1 pending necessary consents.
Unocal subsidiaries hold a 75-percent working interest in the geothermal energy
production venture. Thermal Power Company, a Calpine affiliate, has the
remaining 25-percent working interest.
The Geysers contributed approximately $18 million in pre-tax earnings and $23
million in pre-tax operating cash flow to Unocal's 1998 results.
Forward-looking statements about future business arrangements and transactions
are based on assumptions concerning market, competitive, regulatory, and other
considerations. Actual results could differ materially.
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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: January 26, 1999 By: /s/ JOE D. CECIL
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Joe D. Cecil
Vice President and Comptroller
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