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)  November 26, 1997
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                               UNOCAL CORPORATION
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             (Exact name of registrant as specified in its charter)



                                    Delaware
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                 (State or Other Jurisdiction of Incorporation)



           1-8483                                     95-3825062
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(Commission File Number)                 (I.R.S. Employer Identification No.)



2141 Rosecrans Avenue, Suite 4000, El Segundo, California          90245
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(Address of Principal Executive Offices)                        (Zip Code)



                                 (310) 726-7600
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              (Registrant's Telephone Number, Including Area Code)



                                       


Item 5.           Other Events.


On November 26, 1997 the following news release was issued:


                     MECHANICAL PROBLEMS, MARKET CONDITIONS
                    LOWER EARNINGS FROM UNOCAL MOLYCORP UNIT
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         El Segundo,  Calif., Nov. 26, 1997 - Unocal Corporation today said that
mechanical problems at the company's Questa, N.M., molybdenum mine and continued
competitive  pressures from Chinese lanthanide  producers are expected to reduce
earnings from its Molycorp,  Inc.,  subsidiary by $10 million  (aftertax),  or 4
cents per Unocal common share, in the fourth quarter 1997.

         Unocal's carbon and minerals  segment,  which includes Molycorp and the
company's graphite and petroleum coke operations,  is now expected to break even
in the fourth  quarter  1997.  The  segment  reported  adjusted  earnings of $10
million (aftertax) in the third quarter 1997.

         The  mechanical  problems  at  Questa  involved  a  conveyor  belt that
transports  the ore from the mine to the mill.  A portion  of the belt  broke in
early November, causing a shutdown in production.  While repairs are being made,
Molycorp  is doing  additional  development  work in the mine to improve the ore
grade.
         The company expects the mine to resume operation in early December, and
the mill, which separates the molybdenum,  will be back on-line by mid-December.
The company  reduced its workforce at Questa by 68 workers to adjust for reduced
output because of changes in operations that have lowered ore throughput.






     Molycorp  expects to resume  shipments  of  molybdenum  from  Questa to its
roasting  contractors in January.

 Molycorp's  lanthanide  business continues to
face lower  margins  and sales  volumes  due to intense  competition  from China
producers. In response,  Molycorp restructured operations at its lanthanide mine
and  processing  facility  at  Mountain  Pass,  Calif.  This  restructuring  has
eliminated about 60 hourly,  supervisory and management employee positions while
reorganizing  around a team management  organization to more closely  coordinate
production with customer requirements.

         Unocal is a leading  global  energy  resource  and project  development
company,  with year-end 1996 petroleum  reserves of more than 9.8 trillion cubic
feet of natural gas equivalent (1.6 billion barrels of oil equivalent) and major
oil and gas  production  activities  in Asia and the U.S.  Gulf of  Mexico.  The
company is also active in energy resource  development in Asia and Latin America
and  is  developing  gas-marketing  solutions  for  Turkmenistan.   The  company
maintains twin  headquarters  in California and Malaysia,  with major offices in
Singapore, Jakarta, Bangkok and Sugar Land, Texas.

         Forward-looking  statements,  including  estimates of financial results
and  production  activities,  in this  news  release  are  based on  assumptions
concerning production, market conditions, competition, and other considerations.
Actual results could differ materially.

         News releases and other  information  about Unocal are available at the
company's Internet website, www.unocal.com.




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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:  November 26, 1997                 By:  /s/ JOSEPH A. HOUSEHOLDER
- ------------------------                 ------------------------------
                                          Joseph A. Householder
                                          Vice President, Tax and Comptroller

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