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UNOCAL EXPECTS INCREASED OIL AND GAS PRODUCTION OVER NEXT 3 YEARS

 NEW YORK, Oct. 12 /PRNewswire/ -- Unocal (NYSE: UCL) expects to increase its natural gas production by more than 25 percent and crude oil and condensate production by 14 percent over the next three years, the company's chairman and chief executive officer told oil industry security analysts here today.
 Richard J. Stegemeier said the increased North American oil and gas production is the key driver of expected growth in the company's cash flow between now and 1996.
 "We expect Unocal's worldwide natural gas production to grow by more than 25 percent over the next three years from about 1,600 million cubic feet per day in 1993 to more than 2,000 million cubic feet per day in 1996," Stegemeier said.
 He added that the company's worldwide crude oil and condensate production is expected to increase from about 245,000 barrels per day in 1993 to about 280,000 barrels per day in 1996, a 14 percent increase.
 Roger C. Beach, Unocal president and chief operating officer, said that Unocal's capital expenditures for worldwide oil and gas development would rise to about $1 billion in 1994, up 13 percent from $885 million in 1993.
 "The results of the accelerated investment program -- increased oil and gas production -- will begin to show up in 1994," Beach said. Unocal plans to drill about 430 development wells worldwide in 1993, including 270 in North America. For 1994, the company's drilling plans include 535 development wells, with 410 in North America.
 The company described this accelerated drilling program as a low- risk, high-return opportunity that gives Unocal the capability to improve cash flow.
 Beach told analysts that the accelerated development program will build on the company's strategic advantage as a low-cost producer of crude oil and natural gas. He noted that Unocal consistently ranks among the best of all major oil companies in production costs, a critical measure of operating performance.
 "The company has the skills, experience and technology necessary to increase oil and gas production very cost effectively," Beach said.
 -0- 10/12/93
 /CONTACT: Barry Lane of Unocal, 213-977-7601/
 (UCL)


CO: Unocal Corp. ST: New York IN: OIL SU:

EH-JB -- LA018 -- 1192 10/12/93 14:32 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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