-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MUCQ7J2xBVTm9aYBYvl25GQ24Ki86HtxfQryj46lq9mZUCYqx0Fy6E96su7NTRPn yMo5HtY1Zy8OQYfjXOE4HA== 0000716039-96-000038.txt : 19960726 0000716039-96-000038.hdr.sgml : 19960726 ACCESSION NUMBER: 0000716039-96-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960725 ITEM INFORMATION: Other events FILED AS OF DATE: 19960725 SROS: CSX SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNOCAL CORP CENTRAL INDEX KEY: 0000716039 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 953825062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 96599023 BUSINESS ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: SUITE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3107267718 8-K 1 2ND QUARTER 1996 EARNINGS 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 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 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 NEWS RELEASE UNOCAL CORPORATION CONDENSED CONSOLIDATED EARNINGS STATEMENT (UNAUDITED)
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 - ------------------------------------------------------------------------------------------------------------------------------------ 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
- ------------------------------------------------------------------------------------------------------------------------------------ CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
June 30 Dec. 31 ----------------------------- Millions of dollars 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS 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
3 NEWS RELEASE UNOCAL CORPORATION CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)
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 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
- ------------------------------------------------------------------------------------------------------------------------------------ SELECTED FINANCIAL DATA For the Three Months For the Six Months Ended June 30 Ended June 30
------------------------------------------------------------- Millions of dollars 1996 1995 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ Exploration expense Oil & Gas 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
NEWS RELEASE UNOCAL CORPORATION CONDENSED CAPITAL EXPENDITURES (UNAUDITED)
For the Three Months For the Six Months Ended June 30 Ended June 30 --------------------------------------------------------------------- Millions of dollars 1996 1995 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ 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
5 NEWS RELEASE UNOCAL CORPORATION OPERATING HIGHLIGHTS (UNAUDITED)
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): 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
6 NEWS RELEASE UNOCAL CORPORATION OPERATING HIGHLIGHTS (continued) (UNAUDITED)
For the Three Months For the Six Months Ended June 30 Ended June 30 ------------------------------------------------ 1996 1995 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ 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
7 NEWS RELEASE UNOCAL CORPORATION EARNINGS BY BUSINESS SEGMENT (Unaudited)
2nd Quarter of 1996 2nd Quarter of 1995 ---------------------------------------------------------- Millions of dollars Before-tax After-tax Before-tax After-tax - ------------------------------------------------------------------------------------------------------------------------------------ PETROLEUM Exploration and Production 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 =========================================================
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. 8 NEWS RELEASE UNOCAL CORPORATION SPECIAL ADJUSTMENTS (Unaudited)
2nd Quarter of 1996 2nd Quarter of 1995 ---------------------------------------------------- Dollars in millions except per share amounts Before-tax After-tax Before-tax After-tax - ------------------------------------------------------------------------------------------------------------------------------------ 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
* Net of provision for environmental remediation of $17 million before-tax and $10 milion after-tax. 9 NEWS RELEASE UNOCAL CORPORATION EARNINGS BY BUSINESS SEGMENT EXCLUDING SPECIAL ADJUSTMENTS (Unaudited)
2nd Quarter of 1996 2nd Quarter of 1995 --------------------------------------------------------- Millions of dollars Before-tax After-tax Before-tax After-tax - ------------------------------------------------------------------------------------------------------------------------------------ PETROLEUM Exploration and Production 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 =========================================================
10 NEWS RELEASE UNOCAL CORPORATION EARNINGS BY BUSINESS SEGMENT (Unaudited)
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 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 =========================================================
11 NEWS RELEASE UNOCAL CORPORATION SPECIAL ADJUSTMENTS (Unaudited)
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 - ------------------------------------------------------------------------------------------------------------------------------------ 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
* Net of provision for environmental remediation of $17 million before-tax and $10 milion after-tax. 12 NEWS RELEASE UNOCAL CORPORATION EARNINGS BY BUSINESS SEGMENT EXCLUDING SPECIAL ADJUSTMENTS (Unaudited)
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 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 =========================================================
13 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 -----END PRIVACY-ENHANCED MESSAGE-----