-----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, OVXmkrZLWX78rEVOc4zrZBP4lYha6VF5t5aZfjBhcyUSp34RdTWTHh4dpcFfQd1x 16u8ROrECKGY9yQf2PGgaQ== 0000716039-96-000036.txt : 19960716 0000716039-96-000036.hdr.sgml : 19960716 ACCESSION NUMBER: 0000716039-96-000036 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960715 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: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 96594439 BUSINESS ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: SUITE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3107267718 11-K 1 1995 FORM 11-K UNOCAL SAVINGS PLAN SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Mark One) [X] ANNUAL report pursuant to Section 15(d) of the Securities Exchange ACT OF 1934 (Fee required) For the fiscal year ended December 31, 1995 ----------------- 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 -------------- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: UNOCAL SAVINGS PLAN - ------------------------------------------------------------------------------ B. Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office: Unocal Corporation 2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245 - ------------------------------------------------------------------------------- INDEX TO FINANCIAL STATEMENTS OF THE UNOCAL SAVINGS PLAN The following financial statements reflect the status of the Unocal Savings Plan as of December 31, 1995 and 1994, and the results of its transactions for each of the years then ended. Page Number ----------- Statements included herein: Report of Independent Accountants..........................................2 Statements of Net Assets Available for Benefits with Fund Information ..................................................3-4 Statements of Changes in Net Assets Available for Benefits with Fund Information.....................................5-6 Notes to Financial Statements...........................................7-10 Item 27(a) - Schedule of Assets Held for Investment Purposes..............12 Item 27(d) - Schedule of Reportable Transactions..........................13 Exhibit Index ............................................................14 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. 1 REPORT OF INDEPENDENT ACCOUNTANTS The Unocal Savings Plan/ESOP Committee: We have audited the accompanying statements of net assets available for benefits of the Unocal Savings Plan (the "Plan") as of December 31, 1995 and 1994, and the related statements of changes in net assets available for benefits for the years then ended. 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 net assets available for benefits as of December 31, 1995 and 1994, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. COOPERS & LYBRAND L. L. P. July 10, 1996 Los Angeles, California 2 Unocal Savings Plan Statement of Net Assets Available for Benefits with Fund Information December 31, 1995
Non-Participant Directed Participant Directed ------------------ ------------------------------------------------------------------ Unocal Low Common S&P 500 George Putnam Volatility Money Stock Index Fund Fund of Boston Trust Fund Market Fund ------------------ ------------------------------------------------------------------ Assets Investments at fair value (Note 2) Unocal Common Stock ..................... $245,373,554 $ -- $ -- $ -- $ -- Shares of registered investment companies: S&P 500 Index Fund .................. -- 16,019,842 -- -- -- George Putnam Fund of Boston ........ -- -- 12,482,262 -- -- Low Volatility Trust ................ -- -- -- 2,030,022 -- Money Market Fund ................... -- -- -- -- 2,883,987 Participant notes receivable ........ -- -- -- -- -- ----------- ------------ ------------ ------------ ---------- Total investments ................. 245,373,554 16,019,842 12,482,262 2,030,022 2,883,987 Cash .......................................... -- -- -- -- -- Receivables Company contributions ..................... 3,834 -- -- -- -- Participant contributions ................. -- -- -- -- -- ------------ ------------ ------------ --------- --------- Total Assets ......................... 245,377,388 16,019,842 12,482,262 2,030,022 2,883,987 Liabilities Amounts due to Plan Sponsor ................ 336,098 -- -- -- -- ------------ ------------ ------------ ---------------------------- Total liabilities ....................... 336,098 -- -- -- -- Net assets available for benefits ............. $245,041,290 $ 16,019,842 $ 12,482,262 $ 2,030,022 $ 2,883,987 ============ ============ ============ ============ ============
Participant Directed ------------------------------- Unocal Common Other Total Stock ------------ ------------ ------------ Assets Investments at fair value (Note 2) Unocal Common Stock .................................. $154,737,626 $ -- $400,111,180 Shares of registered investment companies: S&P 500 Index Fund ............................... -- -- 16,019,842 George Putnam Fund of Boston ..................... -- -- 12,482,262 Low Volatility Trust ............................. -- -- 2,030,022 Money Market Fund ................................ -- -- 2,883,987 Participant notes receivable ..................... -- 13,181,171 13,181,171 ------------ ------------ ------------ Total investments .............................. 154,737,626 13,181,171 446,708,464 Cash ....................................................... 86,912 -- 86,912 Receivables Company contributions .................................. -- -- 3,834 Participant contributions .............................. 6,391 -- 6,391 ------------ ------------ ------------ Total Assets ...................................... 154,830,929 13,181,171 446,805,601 Liabilities Amounts due to Plan Sponsor ............................. -- -- 336,098 ------------ ------------ ------------ Total liabilities .................................... -- -- 336,098 Net assets available for benefits .......................... $154,830,929 $ 13,181,171 $446,469,503 ============ ============ ============
The accompanying notes are an integral part of these financial statements. 3 Unocal Savings Plan Statement of Net Assets Available for Benefits December 31, 1994 Non-Participant Directed --------------- Unocal Common Stock --------------- Assets Investments at fair value (Note 2) Unocal Corporation Common Stock ..................... $365,647,422 Participant notes receivable ........................ 9,411,407 ------------ Total Investments ................................ 375,058,829 Cash ...................................................... 1,114,239 Receivables - company contributions ....................... 1,670,776 ------------ 2,785,015 Total Assets ..................................... 377,843,844 Liabilities Amounts payable for shares purchased & withdrawals of cash ................................ 1,114,988 ------------ Total liabilities ................................... 1,114,988 Net assets available for benefits ......................... $376,728,856 ============ The accompanying notes are an integral part of these financial statements. 4 Unocal Savings Plan Statement of Changes in Net Assets Available for Benefits with Fund Information For the Year Ended December 31, 1995
Non- Participant Directed Participant Directed ---------- ---------------------------------------------------------------- Unocal Low Common S&P 500 George Putnam Volatility Money Stock Index Fund Fund of Boston Trust Fund Market Fund ---------- ---------------------------------------------------------------- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ........................... $ 16,053,836 $ 1,999,390 $ 1,405,771 $ 98,460 $ 75,366 Interest .................................... -- 160,118 130,180 21,864 16,562 Dividends ................................... 6,562,474 -- -- -- ------------ ------------ ------------ ------------ ------------ Total investment income ................... 22,616,310 2,159,508 1,535,951 120,324 91,928 Contributions Participant ..................................... -- 9,076,526 7,791,481 1,558,307 1,419,892 Company ......................................... 24,176,012 -- -- -- ------------ ------------ ------------ ------------ ------------ Total contributions .......................... 24,176,012 9,076,526 7,791,481 1,558,307 1,419,892 Total additions ........................... 46,792,322 11,236,034 9,327,432 1,678,631 1,511,820 Deductions from net assets attributed to: Participants withdrawals & distributions ........ 19,529,848 288,593 196,401 57,342 180,951 Trustee fees and other expenses ................. 81 2,838 2,302 341 563 ------------ ------------ ------------ ------------ ------------ Total deductions ............................. 19,529,929 291,431 198,703 57,683 181,514 Net increase prior to interfund transfers .......... 27,262,393 10,944,603 9,128,729 1,620,948 1,330,306 Interfund transfers ................................ -- 5,075,239 3,353,533 409,074 1,553,681 ------------ ------------ ------------ ------------ ------------ Net increase .............................. 27,262,393 16,019,842 12,482,262 2,030,022 2,883,987 Net assets available for benefits: Beginning of year ............................... 217,778,897 -- -- -- ------------ ------------ ------------ ------------ ------------ End of year ..................................... $245,041,290 $ 16,019,842 $ 12,482,262 $ 2,030,022 $ 2,883,987 ============ ============ ============ ============ ============
Participant Directed --------------------------------------- Unocal Common Stock Other Total ------------------- ------------------ ------------------ Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ....................................... $ 10,634,654 $ -- $ 30,267,477 Interest ................................................ 376,373 -- 705,097 Dividends ............................................... 4,394,120 -- 10,956,594 ------------- ------------- ------------- Total investment income ............................... 15,405,147 -- 41,929,168 Contributions Participant ................................................. 15,334,294 -- 35,180,500 Company ..................................................... -- -- 24,176,012 ------------- ------------- ------------- Total contributions ...................................... 15,334,294 -- 59,356,512 Total additions ....................................... 30,739,441 -- 101,285,680 Deductions from net assets attributed to: Participants withdrawals & distributions .................... 10,964,348 283,420 31,500,903 Trustee fees and other expenses ............................. 38,005 -- 44,130 ------------- ------------- ------------- Total deductions ......................................... 11,002,353 283,420 31,545,033 Net increase prior to interfund transfers ...................... 19,737,088 (283,420) 69,740,647 Interfund transfers ............................................ (14,444,711) 4,053,184 ------------- ------------- ------------- Net increase .......................................... 5,292,377 3,769,764 69,740,647 Net assets available for benefits: Beginning of year ........................................... 149,538,552 9,411,407 376,728,856 ------------- ------------- ------------- End of year ................................................. $ 154,830,929 $ 13,181,171 $ 446,469,503 ============= ============= =============
The accompanying notes are an integral part of these financial statements. 5 Unocal Savings Plan Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 1994 Non-Participant Directed ----------------- Unocal Common Stock ----------------- Additions to net assets attributed to: Investment income Net appreciation in fair value of investments ................................. $ (7,397,065) Interest .............................................. 589,594 Dividends ............................................. 10,175,926 ------------- Total investment income ............................ 3,368,455 Contributions Participant ........................................... 30,693,968 Company ............................................... 22,749,401 ------------- Total contributions ................................ 53,443,369 Total additions ................................. 56,811,824 Deductions from net assets attributed to: Participants withdrawals & distributions .............. 39,063,699 Trustee fees and other expenses ....................... 109,866 ------------- Total deductions ................................... 39,173,565 Net increase .................................... 17,638,259 Net assets available for benefits: Beginning of year ..................................... 359,090,597 ------------- End of year ........................................... $ 376,728,856 ============= The accompanying notes are an integral part of these financial statements. 6 UNOCAL SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1 - DESCRIPTION OF THE PLAN General - ------- The Unocal Savings Plan (the "Plan") provides for Union Oil Company of California d.b.a. Unocal (the "company") contributions and for voluntary contributions by participants. Effective January 1, 1995, Putnam Fiduciary Trust Company became the trustee ("Trustee") of the Plan and invests funds contributed by the company and participants to the Plan. All company contributions were invested in common stock of Unocal Corporation and participant contributions were invested at the discretion of the participants in a range of investment fund options. During 1994, the funds contributed were invested by Bank of America as trustee in common stock of Unocal Corporation. During 1995 and 1994, all shares remained with the Trustee or Bank of America until delivered to participants upon request for withdrawal or 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. The Savings Plan - Investment Opportunities brochure dated April 1996 and the Unocal Savings Plan Preview dated February 1996 constitute part of a prospectus covering securities that have been registered under the Securities Act of 1933. The April 1996 brochure replaces the Savings Plan - New Investment Opportunities brochure dated January 1, 1995. The April 1996 brochure and the Savings Plan brochure dated March 1995 are addendums to the Unocal Profit Sharing Plan Summary Plan Description booklet dated July 1, 1990. Other information about the Plan can be found in the Summary Plan Description booklet and the subsequent brochures described above. Contributions - ------------- PARTICIPANT CONTRIBUTIONS -- Voluntary participant contributions can be all pre-tax, all after-tax, or a combination of both. However, a participant's total annual contribution must not exceed 15 percent of the participant's annual base pay. The pre-tax contributions are also known as 401(k) contributions. A participant's pre-tax contribution shall not exceed the maximum dollar amount allowed by law. COMPANY MATCHING CONTRIBUTIONS -- The company matches employee pre-tax 401(k) contributions on a dollar for dollar basis, up to six percent of the contributing participant's base pay. At its discretion, the company directs the Trustee to purchase shares attributable to company matching contributions either on the open market or by private purchases directly from the company. Participant Accounts - -------------------- Each participant's account is credited with the participant's contributions and the respective net investment earnings or losses of the individual funds as governed by the participant's investment selection. Vesting - ------- Participants are always 100 percent vested in participant contributions and the investment earnings on those contributions. Vesting in the company contributions portion of participant's accounts plus earnings thereon is based on years of continuous service. A participant is 100 percent vested after five years of credited service. Payment of Benefits - ------------------- On termination of employment or at which time participants become eligible to receive benefits, participants may elect to receive either a lump-sum amount equal to the value of their account or deferral of any distribution until a later date, but not beyond age 70-1/2. If a participant continues to work 7 UNOCAL SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1 - DESCRIPTION OF THE PLAN (continued) past age 70-1/2, distributions of a portion of the participant's account balance is required from time to time. Loans - ----- All employees who are participants of the Plan and have a sufficient balance in their Employee pre-tax contributions account are eligible to apply for a loan. Members borrow against their own pre-tax account balance and all payments of principal and interest are credited back to their account. Loan types available are "any reason" (except investment in registered securities); "home purchase" (for purchase of a primary residence only); and loans "forced" by a hardship withdrawal request. Repayment periods range from 1 to 15 years depending on the type of loan. The Unocal Savings Plan Loan and Hardship Withdrawal Committee determines the interest rate for loans based on appropriate market rates and applicable federal regulations. Investment Program - ------------------ All contributions are held in trust and invested by the Trustee in accordance with the option or options elected by the participant. A participant's account may be invested in any one or more or all of the following funds administrated by the Trustee: UNOCAL CORPORATION COMMON STOCK - Monies are used to purchase shares of Unocal Corporation common stock. Existing company contribution balances and future company contributions will continue to be invested in Unocal Corporation common stock only. PUTNAM S&P 500 - This fund invests in a large variety of publicly traded common stock. The fund is designed to mirror the performance and composition of the Standard & Poor's 500 index. THE GEORGE PUTNAM FUND OF BOSTON - The monies in this fund are invested in a diversified group of stocks and bonds. PUTNAM LOW VOLATILITY TRUST FUND - Monies are invested mainly in U.S. government debt securities. PUTNAM MONEY MARKET FUND - Investments are made in a diversified portfolio of high-quality money market instruments with an average maturity of less than 90 days. During 1995, participants had the option to direct up to 50 percent of pre-tax contribution account balances existing prior to January 1, 1995 into any of the five investment choices, and beginning in 1996, up to 100 percent of a participant's pre-tax contribution account balances existing prior to January 1, 1995 can be transferred into the alternative investments. Effective April 1, 1996, the following investment funds were added to the Plan: PUTNAM NEW OPPORTUNITIES FUND - Investments are primarily in common stock of companies within certain emerging industry groups that offer above average potential for growth. PUTNAM VOYAGER FUND - Investments are in a combination of stocks of smaller companies expected to grow over time, as well as stocks of larger, more established companies. Federal Income Tax Status - ------------------------- The company obtained a ruling dated November 30, 1995, from the Los Angeles District Director of the Internal Revenue Service that the Plan meets the requirements of Section 401(a) of the Internal 8 UNOCAL SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1 - DESCRIPTION OF THE PLAN (continued) Revenue Code of 1986, as amended, and that the Trustee established thereunder is entitled to exemption under the provisions of such Code; therefore, the Plan is not required to pay any federal income taxes. Neither the company's contributions nor the earnings of the Plan will be taxable to a participant prior to withdrawal from the Plan. Under Federal regulations effective January 1, 1994, the maximum employee pay eligible for benefit purposes under a qualified plan is $150,000 per year. If an employees' pay exceeds $150,000, only the first $150,000 of base pay will be eligible for calculating employee and company contributions. Federal regulations place an annual dollar limit on the amount of employee pre-tax contributions. In 1995 and 1994 the limit was $9,250 and $9,240, respectively. If pre-tax contributions reach the annual limit before year-end, they are suspended for the balance of the year. The company matching contributions are also suspended if the annual limit is reached before year-end. Withdrawals from the Plan are generally subject to federal income tax. Also, in-service withdrawals and withdrawals following termination of employment prior to retirement may be subject to a 10 percent federal tax penalty. 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. An amendment may affect present as well as future participants, but may not diminish the account balance of any participant existing on the effective date of such amendment. The company has no present intent to discontinue the company matching contributions or to terminate the Plan. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting - ------------------- The accompanying financial statements are prepared on the accrual basis of accounting in conformity with generally accepted accounting principles. In addition, the following accounting policies are applied: a. Purchases and sales of Unocal Corporation common stock: During normal trading by participants, the Trustee will collect all participant directed stock trades throughout the day and will execute and complete one buy and sell trade per day. During abnormal conditions or heavy trading by participants, the Trustee may not be able to execute and complete participant directed trades on the same day without affecting the share price. The Trustee is authorized, at its discretion, to buy or sell a portion of the trades during the next day or days. Prices received from each day's trading will be averaged to insure that all participants requesting trades will be treated equitably. b. Dividend income is recorded on the ex-dividend date. c. Interest income is recorded as earned on the accrual basis. d. Substantially all of the administrative and other costs of the Plan are paid by the company. 9 UNOCAL SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Valuation of Investments - ------------------------ The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices from national exchanges which represent the new asset value of shares held by the Plan at year-end. The Unocal Corporation common stock is valued at the closing price as reported for the New York Stock Exchange Composite Transactions. NOTE 3 - PARTIES-IN-INTEREST The Plan's investments in the Putnam group of funds is managed by Putnam Investments which is the holding company of Putnam Fiduciary Trust Company. Putnam Fiduciary Trust Company is the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest. NOTE 4 - FORFEITURES BY MEMBERS At December 31, 1995, forfeited nonvested accounts totaled $336,098. These accounts will be used to reduce future company contributions. 10 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 have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. UNOCAL SAVINGS PLAN Date July 12, 1996 By: /S/ Charles S. McDowell ----------------------- Charles S. McDowell Member of the Unocal Savings Plan/ESOP Committee 11 UNOCAL SAVINGS PLAN ITEM 27(a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1995
(c) Description of Investment Including Maturity Date, (b) Identity of Issue, Borrower, Rate of Interest, Collateral, (e) Current (a) Lessor or Similar Party Par or Maturity Value (d) Cost Value - ------------------------------------------------------------------------------------------------------------------------------------ Unocal Corporation Unocal Corporation Common Stock $294,808,598 $400,111,180 (13,737,723 shares) * Putnam Investments S & P 500 Index Fund 14,133,926 16,019,842 (1,154,167 shares) * Putnam Investment George Putnam Fund of Boston 11,790,405 12,482,262 (805,307 shares) * Putnam Investment Putnam Low Volatility Trust Fund 1,937,789 2,030,022 (185,560 shares) * Putnam Investment Putnam Money Market Fund 2,883,987 2,883,987 (2,883,987 shares) * Putnam Investment Participant Loans -- 13,181,171 ---------------- ----------------- $325,554,705 $446,708,464 ================ =================
* Trustee for the Plan and, therefore a party-in-interest for which a statutory exemption exists. 12 UNOCAL SAVINGS PLAN ITEM 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS * FOR THE YEAR ENDED DECEMBER 31, 1995
(b)Description (f)Expense (h)Current of Assets Incurred Value of (i)Net (Including Interest (c)Purchase (d)Selling (e)Lease With (g) Cost Asset on Gain (a)Identity of Rate and Maturity Price Price Rental Transaction of Asset Transaction Or Party Involved in Case of a loan) Date (loss) - ------------------------------------------------------------------------------------------------------------------------------------ Unocal Corporation ... 2,154,938 Shares 57,918,270 - - - 57,918,720 57,918,720 - Common Stock ........ Unocal Corporation ... 1,741,436 Shares - - - - 37,159,212 49,070,379 11,911,167 Common Stock ........
* Under ERISA, a reportable transaction is a transaction or series of transactions during the Plan year that involves more than 5 percent of the fair value of the Plan assets at the beginning of the Plan year, with certain exceptions. 13 UNOCAL CORPORATION EXHIBIT INDEX Exhibit 23 Consent of Coopers & Lybrand L.L.P. 14
EX-23 2 CONSENT OF EXPERTS AND COUNSEL EXHIBIT 23 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the following Registration Statement of Unocal Corporation, Registration Statement on Form S-8 (No. 33-65461) of our report, dated July 10, 1996, on our audits of the financial statements and supplemental schedules of the Unocal Savings Plan as of December 31, 1995 and 1994 and for the years then ended which report is included in this annual report on Form 11-K. Coopers & Lybrand L. L. P. Los Angeles, California July 12, 1996
-----END PRIVACY-ENHANCED MESSAGE-----