-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, lxYLL6NX9HVhdpSgcFpOXGgHf0F1beKMOmkpweNpKGbDTNwfOfKtsTcFyuQ5CiuJ HJKxsx868URJeBdp5zEIiw== 0000716039-94-000041.txt : 19940705 0000716039-94-000041.hdr.sgml : 19940705 ACCESSION NUMBER: 0000716039-94-000041 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNOCAL CORP CENTRAL INDEX KEY: 0000716039 STANDARD INDUSTRIAL CLASSIFICATION: 2911 IRS NUMBER: 953825062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 94536650 BUSINESS ADDRESS: STREET 1: 1201 W FIFTH ST CITY: LOS ANGELES STATE: CA ZIP: 90017 BUSINESS PHONE: 2139777600 11-K 1 1993 FORM 11-K -- MOLYCORP INC. 401(K) PLAN SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 ----------------- or ___ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to . -------------- ------------ Commission file number 1-8483 MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN ----------------------------------------------- (Full title of the plan) UNOCAL CORPORATION -------------------------------- 1201 West Fifth Street, Los Angeles, California 90017 (Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office) INDEX TO FINANCIAL STATEMENTS OF MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN ----------------------------------------------- The following financial statements reflect the status of the Molycorp Inc. 401(k) Retirement Savings Plan as of December 31, 1993 and 1992, and the results of its transactions for each of the three years in the period ended December 31, 1993. Page Number Statements included herein: Report of Independent Accountants 1 Statement of Financial Condition 2 Statement of Income and Changes in Plan Equity 3 Notes to Financial Statements 4 & 5 Schedules I, II and III are omitted because the subject matter did not exist or the required information is given in the financial statements or notes to financial statements. REPORT OF INDEPENDENT ACCOUNTANTS --------------------------------- The Administrative Committee of Molycorp Inc. 401(k) Retirement Savings Plan: We have audited the accompanying statement of financial condition of the Molycorp Inc. 401(k) Retirement Savings Plan (the "Plan") as of December 31, 1993 and 1992, and the related statement of income and changes in plan equity for each of the three years in the period ended December 31, 1993. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of the Plan as of December 31, 1993 and 1992, and the results of its transactions for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. /s/COOPERS & LYBRAND ------------------------ COOPERS & LYBRAND June 24, 1994 Los Angeles, California -1- MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN STATEMENT OF FINANCIAL CONDITION
At December 31, 1993 ----------------------------------- Unocal GIC Fidelity Total Stock ----- ------- -------- -------- Plan Assets and Liabilities Investments in securities: - - - at market value $80,141 $43,260 $43,688 $167,089 Funds for investment: Cash and cash equivalents - 4 4,267 4,271 Accrued income 4 239 5 248 Receivables from members' contributions 668 1,541 6,622 8,831 ------- ------ ------ ------- 672 1,784 10,894 13,350 Less: amounts payable for shares purchased and withdrawals of cash 967 237 - 1,204 ------- ------ ------- -------- Total funds for investment (295) 1,547 10,894 12,146 -------- ------- -------- --------- Plan Equity $79,846 $44,807 $54,582 $179,235 ======= ======= ======= =========
At December 31, 1993 ----------------------------------- Unocal GIC Fidelity Total Stock ----- ------- -------- -------- Plan Assets and Liabilities Investments in securities: - - - at market value $45,900 $30,546 $19,580 $96,026 Funds for investment: Cash and cash equivalents 2,213 967 817 3,997 Accrued income 2 179 580 761 Receivables from members' contributions 2,189 1,418 166 3,773 ----- ------ ------ ------- 4,404 2,564 1,563 8,531 Less: amounts payable for shares purchased and withdrawals of cash - 2,925 580 3,505 ------- ------- ------ ------- Total funds for investment 4,404 (361) 983 5,026 -------- -------- ------- --------- Plan Equity $50,304 $30,185 $20,563 $101,052 ======== ======= ======= ========== (See Notes to Financial Statements)
-2- MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
For the Year Ended December 31, 1993 ------------------------------------------- Unocal GIC Fidelity Total Stock ----- ------- -------- -------- Investment income: Cash dividends $1,693 $2,467 $4,365 $8,525 Interest income 56 25 24 105 ------- ------ ------- ------- Total investment income 1,749 2,492 4,389 8,630 Net appreciation in market value 4,498 - 763 5,261 Member contributions 26,471 17,947 32,009 76,427 Distributions (3,176) (5,817) (3,142) (12,135) --------- -------- ------- ---------- Net increase for the year 29,542 14,622 34,019 78,183 Plan equity at beginning of year 50,304 30,185 20,563 101,052 -------- ------- ------- -------- Plan equity at end of year $79,846 $44,807 $54,582 $179,235 ======= ======= ======= =========
For the Year Ended December 31, 1993 ------------------------------------------- Unocal GIC Fidelity Total Stock ----- ------- -------- -------- Investment income: Cash dividends $ 940 $ 1,678 $ 1,664 $ 4,282 Interest income 115 78 55 248 ------ ------ ------ -------- Total investment income 1,055 1,756 1,719 4,530 Net appreciation in market value 2,630 - 277 2,907 Member contributions 29,128 21,124 9,518 59,770 Distributions (9,865) (16,252) (444) (26,561) --------- --------- -------- --------- Net increase for the year 22,948 6,628 11,070 40,646 Plan equity at beginning of year 27,356 23,557 9,493 60,406 -------- ------- -------- --------- Plan equity at end of year $50,304 $30,185 $20,563 $101,052 ======= ======= ======= ========
For the Year Ended December 31, 1993 ------------------------------------------- Unocal GIC Fidelity Total Stock ----- ------- -------- -------- Investment income: Cash dividends $ 90 $ 435 $ - $ 525 Interest income 185 226 189 600 ----- ----- ----- ------ Total investment income 275 661 189 1,125 Net appreciation (depreciation) in market value (838) - 34 (804) Member contributions 28,329 24,177 9,596 62,102 Distributions (410) (1,281) (326) (2,017) -------- ------- ------- -------- Net increase for the year 27,356 23,557 9,493 60,406 Plan equity at beginning of year - - - - -------- ------- ------ -------- Plan equity at end of year $27,356 $23,557 $9,493 $60,406 ======= ======= ======= ========
(See Notes to Financial Statements) -3- MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS GENERAL THE PLAN The Molycorp Inc. 401(k) Retirement Savings Plan (the "Plan") is sponsored by Molycorp Inc. (the "Company"), an indirect wholly-owned subsidiary of Unocal Corporation. The Plan provides for voluntary contributions by Members. The Plan was effective as of January 1, 1991. Each individual participant is allowed to choose how their funds are invested. The funds contributed may be invested in a guaranteed investment contract ("GIC") fund, Fidelity Puritan Mutual Fund (Fidelity), common stock of Unocal Corporation (Unocal Stock), or any combination of the above. All funds remain with the Trustee for the exclusive benefit of Plan participants until distributed to Members after termination of employment. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA) as a defined contribution plan. Voluntary Member contributions to the Plan are made on a pre-tax basis and cannot exceed 15% of an employee's base pay. Other information regarding the Plan can be found in the Molycorp Inc. 401(k) Retirement Savings Plan booklet dated April 1, 1991. FEDERAL INCOME TAX CONSEQUENCES The Plan meets the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"). The Trust established thereunder is entitled to exemption under the provisions of the Code; therefore, the Plan is not required to pay any federal income taxes. Earnings of the Plan will not be taxable to Members prior to a withdrawal from the Plan. PLAN TERMINATION The Company expects to continue the Plan indefinitely but, as future conditions cannot be foreseen, the Company may at any time or from time to time amend or terminate the Plan in whole or part, subject to the requirements of ERISA and other applicable laws. An amendment may affect present as well as future Members, but may not diminish the account of any Member existing on the effective date of such amendment. The Company has no present intent to terminate the Plan. OTHER In the Statement of Income and Changes in Plan Equity, the net appreciation (depreciation) in the fair value of Plan investments consists of the realized gains or losses and unrealized appreciation (depreciation) on those investments. Member contributions also include an insignificant amount of transfers between funds in addition to amounts paid into the Plan by Members. -4- MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued) Note 1 - Investments in Securities The investment in Unocal Corporation common stock is valued at the closing price as reported for the New York Stock Exchange Composite Transactions. At December 31 ------------------- 1993 1992 ------- ------ Number of shares of Unocal stock held by the Plan 2,875 1,800 Cost: Aggregate amount $75,362 $44,952 Average per share $26.213 $24.973 Market value: Aggregate amount $80,141 $45,900 Price per share $27.875 $25.500 On June 15, 1994, the closing market price for Unocal common stock was $28.50 per share. Other investments subject to market prices At December 31 ------------------- 1993 1992 ------- ------- Fidelity Puritan Fund Cost $43,233 $19,299 Market value $43,688 $19,580 For the GIC fund, the cost approximates market value because the contract is written for a specific rate of return and is not subject to market fluctuations. Note 2 - Net Appreciation of Investment in Securities Unocal Fidelity Stock Fund --------- --------- Unrealized appreciation (depreciation) at December 31, 1991 $ (838) $ 34 Net increase during 1992 1,786 247 --------- ------- Unrealized appreciation at December 31, 1992 948 281 Net increase during 1993 3,746 173 -------- -------- Unrealized appreciation at December 31, 1993 $4,694 $454 For shares distributed in 1993, realized appreciation totaled $752 and $590 for Unocal Corporation common stock and the Fidelity fund, respectively. During the period January 1, 1994 through June 15, 1994, the market value of the Unocal Corporation common stock held at December 31, 1993 increased by $1,797. -5- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Committee appointed by the Board of Directors of the Company to administer the Plan has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized. MOLYCORP INC. 401(k) RETIREMENT SAVINGS PLAN -------------------------------------------- (Name of Plan) By: CHARLES S. MCDOWELL ---------------------- (Charles S. McDowell, Member, Administrative Committee of Molycorp Inc. 401 (k) Retirement Savings Plan) Date June 29, 1994 - - ------------------- -6- -----END PRIVACY-ENHANCED MESSAGE-----