-----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, MhpRlyZtPBT/QG7JPiUkBR3WnUkPK5GbwmfSfgGMTWLPwHGlcjJahs+6PO6NZ1RV dxGfCG+5BCvg0ahBGoQI3w== 0000716039-03-000044.txt : 20030627 0000716039-03-000044.hdr.sgml : 20030627 20030627124636 ACCESSION NUMBER: 0000716039-03-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030627 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNOCAL CORP CENTRAL INDEX KEY: 0000716039 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] 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: 03760309 BUSINESS ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: STE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3107267600 MAIL ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: STE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 8-K 1 u8k062703.txt SPIRIT LP NEWS 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) June 27, 2003 ------------------------ UNOCAL CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware - -------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-8483 95-3825062 - -------------------------------------------------------------------------------- (Commission File Number) (I.R.S. Employer Identification No.) 2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (310) 726-7600 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Item 5. Other Events. On June 27, 2003, Unocal Corporation announced that it has agreed to acquire the outstanding limited partner interest in Spirit Energy 76 Development, L.P., a consolidated limited partnership that holds interests in certain oil and gas producing properties in the U.S. Gulf of Mexico region. The full text of the press release is filed as an exhibit under Item 7(c) of this report. Item 7. Financial Statements and Exhibits. (c) Exhibits: 99. Press Release dated June 27, 2003, announcing action to reduce debt and other financings. 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: June 27, 2003 By: /s/ JOE D. CECIL ------------------ ------------------------------- Joe D. Cecil Vice President and Comptroller -1- EX-99 3 exh99.txt PRESS RELEASE EXHIBIT 99 Unocal 2141 Rosecrans Avenue, Suite 4000 El Segundo, California 90245 [UNOCAL LOGO] NEWS RELEASE Contact: Barry Lane (Media) 310-726-7731 Robert Wright (Investors) 310-726-7665 Unocal announces action to reduce debt and other financings El Segundo, Calif., June 27, 2003 - Unocal Corporation (NYSE: UCL) today said it has agreed to acquire the outstanding limited partner interest in Spirit Energy 76 Development, L.P., a consolidated limited partnership that holds interests in certain oil and gas producing properties in the U.S. Gulf of Mexico region. Unocal will pay the limited partner $252 million in exchange for the partnership interest that has been reflected as minority interest on Unocal's balance sheet. The transaction is expected to be completed in the next 30 days. The acquisition is part of the recently announced Unocal program to use the company's available cash to prepay debt and other financings. In addition, many of the oil and gas producing properties in which Spirit LP holds interests are part of the asset divestiture program that was also announced recently. Without the acquisition, a new accounting rule, FASB Interpretation No. 46, would have required Unocal to reclassify essentially all of the limited partner's investment to long-term debt on the company's balance sheet in the third quarter 2003. The minority interest on Unocal's consolidated balance sheet related to Spirit LP was $251 million at March 31, 2003. Spirit LP was formed in 1999 when the company contributed fixed-price overriding royalty interests from its working interest shares in certain Gulf of Mexico oil and gas producing properties to the limited partnership. In exchange, the company received an initial 55-percent general partnership interest in Spirit LP. The unaffiliated investor contributed $250 million in cash to the partnership in exchange for an initial 45-percent limited partnership interest. About Unocal Corporation Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company's principal oil and gas activities are in North America and Asia. * * * * * 2 This news release contains certain forward-looking statements about future business transactions. These statements are not guarantees of future performance. The statements are based upon Unocal's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Actual results could differ materially as a result of factors discussed in Unocal's 2002 Form 10-K and other reports filed with the U.S. Securities and Exchange Commission (SEC File No. 1-8483). U.S. investors are urged to consider closely the disclosure in Unocal's 2002 Form 10-K. Unocal undertakes no obligation to update the information in this news release. Copies of the Unocal's SEC filings are available from the company by calling 800-252-2233. The reports are also available on the Unocal web site, www.unocal.com. You can also obtain this form from the SEC by calling 800-SEC-0330. ##### -----END PRIVACY-ENHANCED MESSAGE-----