-----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, BaX1mB4trhTT+IEtqqgPC+dQyMcartLqDxKlT/wAGDYzSXoCBnaT3g97oxZlB3oF HWc88WBkjt5gW/be4dkI2g== 0000716039-04-000170.txt : 20040929 0000716039-04-000170.hdr.sgml : 20040929 20040928200255 ACCESSION NUMBER: 0000716039-04-000170 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040927 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040929 DATE AS OF CHANGE: 20040928 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: 0901 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 041051062 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 u8k092804.txt XIHU TROUGH 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) September 28, 2004 ------------------------ 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Item 8.01. Other Events. On September 28, 2004, Unocal Corporation ("Unocal") announced by press release that it had elected not to proceed with its participation in five contracts to explore for, develop, and market natural gas resources in the Xihu Trough off the coast of Shanghai, in the East China Sea. The full text of the press release is filed as an exhibit under Item 9.01(c) of this report. Item 9.01. Financial Statements and Exhibits. (c) Press release, dated September 28, 2004, entitled "Unocal elects not to proceed with East China Sea E&P projects". 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. UNOCAL CORPORATION (Registrant) Date: September 28, 2004 By: /s/ JOE D. CECIL - ------------------------ ------------------------ Joe D. Cecil Vice President and Comptroller EX-99 2 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 elects not to proceed with East China Sea E&P project ------------------------------------------------------------ El Segundo, Calif., Sept. 28, 2004 - Unocal Corporation (NYSE: UCL) and the Royal Dutch/Shell Group today said they have elected not to proceed with their participation in five contracts to explore for, develop, and market natural gas resources in the Xihu Trough of the East China Sea. Unocal East China Sea, Ltd., a Unocal subsidiary, and Pecten Orient Company LLC, a subsidiary of the Royal Dutch/Shell Group, each hold a 20-percent working interest in the contracts. Other participants are China National Offshore Oil Corporation (CNOOC), 30-percent working interest; and China Petrochemical Corporation (Sinopec), 30 percent. "Over the past year, we have conducted a detailed resource assessment and studied various development options," said Don R. Hansen, vice president of Unocal International Energy Operations. "For commercial reasons we have elected not to proceed with the project. We have enjoyed excellent cooperation with both CNOOC and Sinopec, and we look forward to other opportunities to work together." The Unocal and Shell affiliates entered into the Xihu Trough contracts in August 2003. The contracts required a final investment decision to be made after a 12-month period of appraisal and analysis. Unocal expects to record a charge of approximately $10 million after-tax in the third quarter 2004 for relinquishment of lands and settlement of remaining obligations. About Unocal Corporation - ------------------------ Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies with principal operations in North America and Asia. For more information about Unocal, visit the company's web site at www.unocal.com. * * * * * This news release contains forward-looking statements about the timing and amount of Unocal's expected after-tax charge to earnings resulting from the termination of the Xihu Trough contracts. Although these statements are based upon Unocal's current expectations and beliefs, they are subject to known and unknown risks and uncertainties that could cause actual results and outcomes to differ materially from those described in, or implied by, the forward-looking statements, including those discussed in Unocal's 2003 Annual Report on Form 10-K, as amended, and subsequent reports filed by Unocal with the Securities and Exchange Commission (SEC File No. 1-8483). Copies of Unocal's SEC filings are available from Unocal by calling 800-252-2233 or from the SEC by calling 800-SEC-0330. The reports are also available on the Unocal web site. Unocal undertakes no obligation to update the forward-looking statements in this news release to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement. ##### -----END PRIVACY-ENHANCED MESSAGE-----