EXHIBIT 11
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Computations of net earnings per share for the quarters ended June 30,
1995 and 1994 are as follows:
<CAPTION
For the Three Months For the Six Months
Ended June 30 Ended June 30
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Dollars in thousands except per share amounts 1995 1994 1995 1994
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Primary
Net earnings (loss) $ 77,944 $ 59,059 $152,081 $(154,978)
Less: preferred stock dividends 8,969 8,969 17,938 17,938
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Net earnings (loss) applicable to
common stock $ 8,975 $ 50,090 $134,143 $(172,916)
Average shares of common stock 245,804 242,210 245,298 241,926
outstanding
Dilutive common stock equivalent shares 1,050 900 947 865
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246,854 243,110 246,245 242,791
Net earnings (loss) per common share $ .28 $.21 $.54 (.71)
Fully Diluted
Net earnings (loss) applicable to
common stock $ 68,975 $ 50,090 $134,143 $(172,916)
Add: preferred stock dividends 8,969 8,969 17,938 17,938
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Net earnings (loss) $ 77,944 $ 59,059 $152,081 $(154,978)
Average shares of common stock 245,804 242,210 245,298 241,926
outstanding
Dilutive common stock equivalent
shares 1,616 1,575 1,483 1,457
Conversion of preferred stock* 16,667 16,667 16,667 16,667
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264,087 260,452 263,448 260,050
Net earnings (loss) per common share $.30 $.23 $ .58 $(.60)
* The effect of assumed conversion of preferred stock on earnings per
common share is antidilutive.