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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): January 20, 1995
UNION TEXAS PETROLEUM HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-9019 76-0040040
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1330 Post Oak Boulevard, Houston, Texas 77056
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 623-6544
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Item 5. Other Events.
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The information set forth in the press release of the
registrant dated January 19, 1995, which is filed as an
exhibit hereto, is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits:
Exhibit
Number Description
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99.1 Press release dated January 19, 1995
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Signature
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.
UNION TEXAS PETROLEUM
HOLDINGS, INC.
By: /s/ NEWTON W. WILSON, III
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NEWTON W. WILSON, III
General Counsel,
Vice President-Administration
and Secretary
Date: January 20, 1995
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INDEX TO EXHIBITS
Exhibit
Number Description
- ------ -----------
99.1 Press Release dated January 19, 1995
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EXHIBIT 99.1
UNION TEXAS PETROLEUM
(LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM REPORTS INCREASED PRODUCTION IN 1994
AND HIGHER YEAR-END RESERVES
HOUSTON, January 19, 1995 -- Union Texas Petroleum Holdings,
Inc. today reported that it achieved record international
production during 1994 and increased its year-end worldwide
proved reserves to 411 million barrels of oil equivalent.
"During 1994, Union Texas continued to build value for
shareholders. We set a production record from our international
oil and gas operations, increased our reserves and reduced the
company's unit operating expenses. We remain committed to
increasing value for our shareholders in 1995," said Chairman
and CEO Clark Johnson.
The independent oil and gas company produced approximately
45 million barrels of oil equivalent for the year 1994, compared
to 39 million barrels in 1993. Union Texas attributed its
increased volumes primarily to higher production levels in the
U.K. North Sea and to greater sales volumes of liquefied natural
gas (LNG) from Indonesia.
Union Texas' worldwide proved reserves increased to 411
million barrels of oil equivalent at year-end 1994, up from 381
million barrels at the end of 1993. Through reserve acquisitions,
revisions and additions, the company replaced approximately 170%
of its 1994 production at a cost of about $4.50 per barrel of oil
equivalent. Over a three-year period from 1992-1994, the company
replaced approximately 160% of its worldwide production at a cost
of approximately $5.00 per barrel of oil equivalent.
One of the largest independent producers located in the
U.S., Houston-based Union Texas Petroleum Holdings, Inc. (NYSE:
UTH) explores for and produces oil and gas overseas primarily in
the U.K. North Sea, Indonesia and other strategic areas. The
company also has petrochemicals interests in the U.S.
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