SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report: June 3, 1996
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) 726-7718
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(Registrant's Telephone Number, Including Area Code)
ITEM 5. OTHER EVENTS
On June 3, 1996, the following news release was issued:
UNOCAL SEES STRONG EARNINGS; DOWNSTREAM
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MARGINS, COMMODITY PRICES CITED
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Brea, Calif., June 3, 1996 -- All of Unocal Corporation's business
segments are meeting or exceeding the company's key financial targets, Roger C.
Beach, Unocal chairman and chief executive officer, told stockholders at the
company's annual meeting here today.
"I expect that our adjusted six months' earnings will be approximately
equal to our full year adjusted 1995 results," Beach said, citing improvements
in operations.
"We have seen a sharp improvement in the performance of the 76 Products
Company over the first quarter. Refining and marketing margins have risen
dramatically during this quarter, and gasoline sales volumes are strong," Beach
said.
The company's reformatted stations, which incorporate new convenience
stores and car washes, are averaging a 40 percent improvement in gasoline
volumes versus the same site before the rebuild.
Unocal's natural gas production continues to be strong, while prices
for both crude oil and natural gas are up substantially, compared with 1995.
Beach also said that Unocal's agricultural products business units are
enjoying another strong year with high fertilizer prices and production.
"While our overall results have obviously been helped by strong
commodity prices and improved downstream margins, our ongoing initiatives to
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improve performance and maintain high production rates and sales volumes are an
important factor in the improved earnings," Beach said.
The company's adjusted earnings were $1.06 per common share in 1995. In
the first quarter 1996, the company earned 45 cents per common share, excluding
special items.
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SIGNATURE
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
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(Registrant)
by: /s/ CHARLES S. MCDOWELL
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(Charles S. McDowell,
Vice President and Comptroller)
Date: June 4, 1996
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