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UNOCAL REPORTS RESULTS

 UNOCAL REPORTS RESULTS
 LOS ANGELES, July 17 /PRNewswire/ -- Unocal Corporation


(NYSE: UCL) today reported preliminary net earnings for the second quarter 1992 of $66 million, or 28 cents per share, compared with earnings of $5 million, or 2 cents per share in the same period a year ago.
 For the first six months of 1992, net earnings were $82 million, or 35 cents per share. This compares with six-month 1991 earnings of $80 million, or 34 cents per share.
 Excluding special items (detailed in attached table), earnings from operations for the second quarter would be $52 million, or 22 cents per share, compared with $13 million, or 6 cents per share, in 1991. The year-to-date earnings, excluding special items, would be $76 million, or 32 cents per share, compared with $73 million, or 31 cents per share, a year ago.
 Richard J. Stegemeier, Unocal chairman and chief executive officer, said the quarter and year-to-date results from operations reflected improved refining and marketing earnings and lower dry hole expense. These positive factors were partially offset by lower worldwide crude oil production and lower domestic natural gas prices. Crude oil prices were higher in the second quarter, but averaged below 1991 levels for the six months.
 Second quarter revenues were $2.67 billion, down from $2.73 billion in 1991. Six-month 1992 revenues were $5.09 billion, down from $5.44 billion in the same period in 1991.
 Petroleum Exploration and Production
 Second quarter earnings from petroleum exploration and production totaled $97 million, up from $79 million a year ago. Year-to-date earnings for petroleum exploration and production were $197 million, down from $237 million in 1991.
 Domestic exploration and production operations earned $40 million in the second quarter, up from $33 million a year ago. For the year-to-date, earnings were $73 million, down from $127 million in 1991.
 Foreign exploration and production operations contributed $57 million in earnings for the second quarter, compared with $46 million a year ago. For the six months, foreign petroleum operations recorded earnings of $124 million, up from $110 million last year. Refining, Marketing and Transportation
 Unocal's refining, marketing and transportation segment recorded earnings of $39 million in the second quarter, compared with $7 million in the same period a year ago. Six-months earnings were $46 million, up from $3 million in 1991. The improved earnings reflected higher West Coast margins, including the benefit of the Shell refinery acquisition, as well as improved earnings from the UNO-VEN joint venture.
 Chemicals
 In the second quarter, earnings from chemicals operations were $28 million, compared with $24 million last year. Year-to-date earnings from the segment were $28 million, down from $38 million in 1991. The second quarter results include a gain from the sale of the company's emulsion polymers business. This was offset by a loss on the sale of retail chemical distribution assets in the first quarter. Geothermal
 Geothermal operations contributed net earnings of $3 million in the second quarter, down from $10 million a year ago. For the six months, earnings from geothermal operations were $10 million, compared with $16 million in 1991. The lower earnings reflect lower steam prices.
 Other Operations
 Other business operations recorded a loss of $1 million for the quarter, compared with a loss of $5 million in 1991. In the first six months, other operations recorded a $2 million loss, compared with a $15 million loss for the same period last year.
 The improvement reflected lower losses due to the suspension of oil shale operations in 1991.
 Corporate and Unallocated
 Corporate and unallocated expense for the second quarter was $100 million, down from $110 million in 1991. In the first six months, corporate and unallocated expense was $197 million, down slightly from $199 million a year ago.
 UNOCAL CORPORATION
 1992 EARNINGS PRESS RELEASE SUPPLEMENT
 For the Three Months For the Six Month Ended
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 Millions of dollars
 except per share
 amounts
 Reported Earnings $66 $5 $82 $80
 Less:Special items
 Major asset sales 10 --- (1) ---
 Unusual
 environmental/
 litigation costs (7) (8) (14) (12)
 Amort. of costs
 related to UXC
 formation --- (2) --- (5)
 Natural gas
 contract
 settlements --- 2 --- 24
 Tax benefit on
 foreign
 exploration
 expense 11 --- 21 ---
 Total Special
 items $14 ($8) $6 $7
 Adjusted Earnings $52 $13 $76 $73
 Adjusted Earnings
 per share $0.22 $0.06 $0.32 $0.31
 NET EARNINGS BY BUSINESS SEGMENT
 (unaudited)
 For the Three Months For the Six Months
 Ended June 30 Ended June 30
 1992 1991(d) 1992 1991(d)
 Millions of dollars
 Petroleum
 Exploration
 and Production
 United States $40 $33 $73 $127
 Foreign 57 46 124 110
 Refining,
 Marketing and
 Transportation (a) 39 7 46 3
 Chemicals 28 24 28 38
 Geothermal 3 10 10 16
 Other (c) (1) (5) (2) (15)
 Corporate and
 Unallocated (b) (100) (110) (197) (199)
 Total $66 $5 $82 $80
 (a) Includes equity
 in earnings of
 affiliates
 (after-tax) of $17 $9 $33 $18
 (b) Includes net
 interest expense
 (after-tax) of ($62) ($66) ($129) ($116)
 (c) Includes
 minerals, oil shale
 and real estate operations.
 (d) Restated to
 conform to the
 1992 presentation.
 -0- 7/17/92
 /CONTACT: Barry Lane of Unocal, 213-977-7601/
 (UCL) CO: Unocal Corporation ST: California IN: OIL SU: ERN


CH -- LA020 -- 0445 07/17/92 17:38 EDT
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