-----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, MJK06zoCvO3CUow+mSdPzBFPYWmAvijLNVrDli0b55z7GllPVkBVpOjVB4Z6t9sc J6yD06C19rpyiR6V1zmxEw== 0000716039-97-000007.txt : 19970222 0000716039-97-000007.hdr.sgml : 19970222 ACCESSION NUMBER: 0000716039-97-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970213 ITEM INFORMATION: Other events FILED AS OF DATE: 19970214 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 97532309 BUSINESS ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: SUITE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3107267718 8-K 1 NEWS RELEASE - RESERVES 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) February 13, 1997 ------------------- 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 February 13, 1997 the following news release was issued: UNOCAL REPLACES 101% OF WORLDWIDE OIL, GAS PRODUCTION IN 1996; FOREIGN PRODUCTION REPLACEMENT AT 234% El Segundo, Calif., Feb. 13, 1997 -- Unocal Corporation today said it replaced 101 percent of its net worldwide oil and gas production in 1996 as the company continued its aggressive development of energy resources overseas. The company's worldwide replacement rate excludes the impact of reserve sales, including most of Unocal's California oil and gas properties, during the year. The company said it replaced 234 percent of its foreign production on a barrel-of-oil-equivalent (BOE) basis with major oil and gas additions from new and existing fields in Thailand, Myanmar, Indonesia, and Azerbaijan. "We booked more than 268 million BOE in new reserves in 1996 from discoveries and extensions," said Roger C. Beach, Unocal chairman and chief executive officer. "This record reflects the success we've had in developing new projects and lowering development costs with new production techniques to make additional reserves economic." Nearly 94 percent of these new reserves were in foreign projects. Approximately 216 million BOE, or 81 percent of these new reserves, were natural gas. Beach noted that foreign oil and gas holdings account for nearly 60 percent of the company's total reserves, compared with 48 percent a year ago. "We added 113 million BOE in Thailand, principally due to the new Pailin field and additional delineation work, 73 million BOE in Myanmar as the Yadana project progressed, and 46 million BOE in Indonesia, primarily because of our successful exploration and development program." The company also added 14 million BOE associated with Unocal's 10 percent interest in the early oil production program with Azerbaijan in the Caspian Sea. In the U.S., oil and gas reserves (excluding sales) declined 13 percent during the year, including downward revisions of nearly 35 million BOE. "Over the past several years our U.S. emphasis has been development of our proved reserves inventory to increase production levels," Beach said. "Those efforts, however, do not show up in total reserve replacement statistics. "We have now shifted our focus in the Louisiana/Gulf Coast region to high-return projects that can increase both reserves as well as production. We formed our new Spirit Energy 76 unit to focus on oil and gas operations in the Lower 48, and we have hired a new exploration team to build our reserve base." At year-end 1996, Unocal's worldwide crude oil, condensate and natural gas reserves totaled nearly 1.65 billion BOE, up from 1.64 billion BOE (excludes sales) a year before. This included 6,795 billion cubic feet of gas -- 69 percent of the company's reserves, or 1.13 billion BOE -- and 513 million barrels of crude and condensate (31 percent of the company's reserves). Unocal calculates the conversion of natural gas to crude oil equivalent at the ratio of 6.0 thousand cubic feet (mcf) to one barrel. The sale of Unocal's California oil and gas assets included 147 million BOE. In the first quarter 1996, prior to the sale closing, the net daily production from these properties was 30,200 barrels of oil and 52 million cubic feet of gas. Aftertax earnings from these operations in the first quarter 1996 were $1 million. 2
UNOCAL CORPORATION CRUDE OIL AND NATURAL GAS RESERVE DATA ESTIMATED PROVED RESERVES OF CRUDE, CONDENSATE AND NATURAL GAS Liquids Gas Oil Equivalent (mmbbls) (bcf) (mmBOE) - -------------------------------------------------------------------------------- 1996 Beginning Reserves ................. 667 6,765 1,794 ------ ------ ------ Discoveries and Extensions .......... 52 1,297 268 ------ ------ ------ Improved Recovery ................... 4 - 4 ------ ------ ------ Revisions ........................... (20) (376) (83) ------ ------ ------ Purchases ........................... 2 20 6 ------ ------ ------ Sales ............................... (116) (211) (150) ------ ------ ------ Total Adjustments ....................... (78) 730 45 ------ ------ ------ Production .............................. (76) (700) (193) ------ ------ ------ 1997 Beginning Reserves* ................ 513 6,795 1,646 ------ ------ ------ *Includes host country share for Indonesia, Yemen and Zaire of: ....... 70 530 158
ESTIMATED PROVED RESERVES BY GEOGRAPHIC AREA (MILLIONS OF BOE) U.S. Far East Other Total Foreign - -------------------------------------------------------------------------------- 1996 Beginning Reserves ............ 931 712 151 1,794 ------ ------ ------ ------ Discoveries and extensions ..... 17 232 19 268 ------ ------ ------ ------ Improved Recovery .............. 1 1 2 4 ------ ------ ------ ------ Revisions ...................... (35) (29) (19) (83) ------ ------ ------ ------ Purchases ...................... 4 - 2 6 ------ ------ ------ ------ Sales .......................... (149) - (1) (150) ------ ------ ------ ------ Total Adjustments .................. (162) 204 3 45 ------ ------ ------ ------ Production ......................... (104) (74) (15) (193) ------ ------ ------ ------ 1997 Beginning Reserves* ........... 665 842 139 1,646 ------ ------ ------ ------ *Includes host country share for Indonesia, Yemen, and Zaire of: ...................... -- 152 6 158
Note: Far East includes Thailand, Indonesia, and Myanmar Other Foreign includes Canada, UK, Netherlands, Yemen, Zaire, AIOC 3 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: February 13, 1997 By: CHARLES S. MCDOWELL - ------------------------ ------------------------ Charles S. McDowell, Vice President and Comptroller 4 -----END PRIVACY-ENHANCED MESSAGE-----