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) June 17, 1998
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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.
On June 17, 1998 the following news release was issued:
Unocal Reports $3.4 Million Shortfall
For Indonesian March Steam Deliveries
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El Segundo, Calif., June 17, 1998 - Unocal Corporation said today that
invoices totaling $4.3 million for steam production in March 1998 from the Salak
geothermal field -- operated by its Unocal Geothermal of Indonesia, Ltd.,
subsidiary -- had been paid in the amount of $0.9 million, creating a shortfall
of $3.4 million.
In addition to the March shortfall, the company currently has a
receivable balance of $43.9 million, most of which is for steam sales from the
Salak field. Of this total, $12 million is due by the end of August 1998, and
the balance payable over the next several years.
Unocal said that it is engaged in discussions with Indonesian
government entities to explore potential opportunities to resolve these issues
to the benefit of both parties.
Steam production and electricity generation at the Salak field, located
on the island of Java, have not been affected.
Unocal Geothermal provides steam to all six geothermal-powered electric
generating plants at the Salak field. The company's net aggregate property
investment in its Indonesian geothermal operations is approximately $290
million, including both the Salak and Sarulla contract areas. Sarulla is located
in Northern Sumatra.
Unocal's Indonesian crude oil and natural gas production continue to
operate normally, with production sold in export markets. Unocal operates nine
fields offshore East Kalimantan.
Unocal is one of the world's largest independent oil and gas
exploration and production companies, with major resource development, power
plant and pipeline projects in Central and Southeast Asia, Latin America and the
U.S. Gulf of Mexico region.
News releases and other company information are available at Unocal's
web site, http://www.unocal.com.
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: June 17, 1998 By: /s/ JOE D. CECIL
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Joe D. Cecil
Vice President and Comptroller