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 4, 2001
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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)


Item 5.      Other Events.
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Earnings Forecast
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The Company expects adjusted  operating  earnings  (excluding special items) for
the fourth quarter 2000 to be between 95 cents and $1.05 per share. The earnings
estimate  assumes an expected  average price for West Texas  Intermediate  (WTI)
crude oil of $32.65 per barrel and an  average  Henry Hub  natural  gas price of
$5.50 per  thousand  cubic feet (mcf) in the fourth  quarter.  Pre-tax  dry hole
expenses  are  estimated  at $55 to $60 million,  which  includes the  Company's
proportionate  share of costs  for the Dana  Point  well  discussed  below.  The
earnings estimate does not include any special items.


Gulf of Mexico Deepwater Drilling Results
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The Company concluded drilling  operations at its deepwater  exploration well on
the Dana Point prospect in Walker Ridge Block 678 in the Gulf of Mexico.

The well was completed as a dry hole.  Although the well reached its  objectives
and penetrated  hydrocarbon-bearing  zones, it did not appear to hold commercial
quantities of pay. The well will be temporarily  plugged and abandoned while the
Company  conducts a full  evaluation  of the well data.  The well was drilled in
7,036 feet of water to a total depth of 26,850 feet in 119 days at an  estimated
gross cost of $51 million ($36  million net to Unocal).  The Company is operator
and holds an 80-percent working interest in Walker Ridge Block 678.

The  company  plans to move  the  Discoverer  Spirit  drillship  to the  Dendara
prospect,  located  in Green  Canyon  Blocks  785 and 786,  the next well in the
Company's 2001 deepwater  exploration program. The Company is operator and holds
a 75-percent working interest in the two blocks.


Indonesia Deepwater Drilling Results
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The Company's Unocal Rapak, Ltd., subsidiary drilled a natural gas and crude oil
discovery  on  the  Ranggas  prospect  in the  southern  portion  of  the  Rapak
Production-Sharing Contract (PSC) area, offshore East Kalimantan, Indonesia.

The Ranggas-1  well was drilled to a total depth of 11,845 feet in 5,303 feet of
water.  The well  encountered  250  feet of gas pay and 40 feet of oil pay.  The
discovery  well is located on a new geologic  structure  approximately  28 miles
southeast of Indonesia's  first deepwater  field,  West Seno, which is currently
being  developed  by  the  Company.   Unocal  Rapak,  Ltd.  expects  to  conduct
delineation drilling on the structure, with additional results expected in March
2001.

Unocal  Rapak,  Ltd. is operator of the Rapak PSC and,  pending  approval of the
Indonesia  national  oil  company  (Pertamina),   holds  an  80-percent  working
interest.  Under the terms of the PSC,  Unocal  Rapak,  Ltd., as a contractor to
Pertamina,  is  entitled  to  varying  shares of the oil and gas  produced  from
commercial discoveries.

This filing contains certain forward-looking  statements regarding the Company's
earnings,  commodity  prices,  exploration and drilling  activities and dry hole
costs.  These  statements are based upon Unocal's  current  expectations and are
subject to a number of known and unknown risks and uncertainties. Actual results
could differ materially as a result of factors discussed in Unocal's 1999 Annual
Report on Form 10-K and subsequent reports.

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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 11, 2001                        By:  /s/ JOE D. CECIL
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                                                Joe D. Cecil
                                                Vice President and Comptroller


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