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) January 12, 2000
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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.
Unocal Corporation will receive $50 million from Tosco Corporation
following resolution of issues concerning contingency payments related to
gasoline margins in Unocal's former West Coast refining and marketing system
that was sold to Tosco in 1997. This amount will be recorded to earnings in the
fourth quarter of 1999.
The 1997 sale agreement included provisions for certain payments by Tosco
to Unocal should retail gasoline margins change subsequent to the sale.
The settlement does not include potential payments with respect to the
difference between California reformulated gasoline and conventional gasoline,
which expire in 2003. The maximum potential payment under the remainder of the
agreement has been reduced to $100 million.
The $50 million will be paid in two installments. Twenty five million was
received in late December 1999 and the balance is to be paid in January 2000.
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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: January 13, 2000 By: /s/ JOE D. CECIL
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Joe D. Cecil
Vice President and Comptroller
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