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UNOCAL CORP. REPLACES 119 PERCENT OF ITS CRUDE OIL, CONDENSATE AND NATURAL GAS PRODUCTION ON A BARREL OF OIL EQUIVALENT BASIS

 UNOCAL CORP. REPLACES 119 PERCENT OF ITS CRUDE OIL, CONDENSATE
 AND NATURAL GAS PRODUCTION ON A BARREL OF OIL EQUIVALENT BASIS
 LOS ANGELES, March 2 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) today said it replaced 119 percent of its worldwide crude oil, condensate and natural gas production on a barrel of oil equivalent (BOE) basis in 1991. Total reserves were 2.09 billion BOE, vs. 2.06 billion BOE a year ago.
 This was the fifth consecutive year that Unocal recorded an increase in total proved reserves of crude oil, condensate and natural gas on a crude-equivalent basis.
 Richard J. Stegemeier, Unocal chairman, president and chief executive officer, said the continued increase in reserves reflects the company's aggressive exploration and development program, especially in growth areas such as Thailand and Indonesia.
 "Unocal produced more crude oil and natural gas this year than in 1990," Stegemeier said, "and at the same time had lower average finding and development costs for new reserves to replace that production."
 Unocal's average finding and development costs for discoveries, extensions and improved recovery were $3.69 per barrel in 1991. This compares with $3.77 per barrel in 1990 and $3.55 per barrel in 1989. For the three-year period 1989-1991, the company's finding and development costs averaged $3.68 per barrel-equivalent.
 Unocal replaced 83 percent of its worldwide crude oil and condensate production and 149 percent of its worldwide natural gas production. In the United States, Unocal replaced 58 percent of its crude oil and condensate production and 38 percent of its natural gas production. The company replaced 122 percent of its foreign crude oil and condensate production and 318 percent of its foreign natural gas production.
 Proved reserves of crude oil and condensate declined 3 percent from 823 million barrels a year ago, to 799 million barrels at the end of 1991. Domestic crude oil and condensate reserves declined 6 percent from 561 million barrels to 529 million barrels. Foreign crude oil and condensate reserves increased 3 percent from 262 million barrels a year ago to 270 million barrels at the end of 1991.
 Proved reserves of natural gas increased 4 percent to 6,858 billion cubic feet, compared with 6,574 billion cubic feet at the end of 1990. Domestic natural gas reserves declined 5 percent from 4,260 billion cubic feet to 4,043 billion cubic feet. Foreign natural gas reserves increased 22 percent to 2,815 billion cubic feet from 2,314 billion cubic feet.
 Unocal calculates the conversion of natural gas to crude oil equivalent at the ratio of 5.3 thousand cubic feet to one barrel, representing the energy content of its wet gas.
 UNOCAL CORP.
 Oil and Gas Reserve Data
 at Dec. 31, 1991
 Estimated Proved Reserves:
 Crude Oil & Condensate
 (Millions of Barrels)
 United States Foreign Total
 Reserves at 12/31/90 561 262 823
 Revisions of estimates (5) 2 (3)
 Improved recovery 6 1 7
 Discoveries and extensions 30 43 73
 Purchases of reserves 15 1 16
 Sales of reserves (21)(a) (2) (23)
 Production (57) (37) (94)
 Reserves at 12/31/91 529 270 799
 Estimated Proved Reserves:
 Natural Gas (Billions of
 Cubic Feet)
 United States Foreign Total
 Reserves at 12/31/90 4,260 2,314 6,574
 Revisions of estimates (156) 16 (140)
 Discoveries and extensions 316 713 1,029
 Purchases of reserves 22 3 25
 Sales of reserves (48) (1) (49)
 Production (351) (230) (581)
 Reserves at 12/31/91 4,043 2,815 6,858
 Proved Reserves: Barrels
 of Oil Equivalent
 (Millions of Barrels)
 United States Foreign Total
 Reserves at 12/31/90 1,365 698 2,063
 Revisions of estimates (34) 5 (29)
 Improved recovery 6 1 7
 Discoveries and extensions 89 178 267
 Purchases of reserves 19 2 21
 Sales of reserves (30)(a) (2) (32)
 Production (123) (81) (204)
 Reserves at 12/31/91 1,292 801 2,093
 (a) Includes the sale of 8 million barrels of future production under forward contracts.
 -0- 3/2/92
 /CONTACT: Barry Lane of Unocal, 213-977-7601/
 (UCL) CO: Unocal Corp. ST: California IN: OIL SU:


AL -- LA014 -- 3939 03/02/92 12:00 EST
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Date:Mar 2, 1992
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