Exhibit 99.1
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News Release
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[GRAPHIC OMITTED]
Union Texas Petroleum
1330 Post Oak Boulevard
P.O. Box 2120
Houston, Texas 77252-2120
(713) 623-6544
UNION TEXAS PETROLEUM REPORTS RESULTS OF
ANNUAL STOCKHOLDERS MEETING
Contact: Carol Cox
713-968-2714
Houston, May 9, 1997 -- At Union Texas Petroleum Holdings, Inc.'s
(NYSE: UTH) annual stockholders meeting held this morning in Houston,
stockholders elected 10 members of its Board of Directors to one-year terms
expiring in 1998. The directors include John Whitmire, Chairman and CEO of Union
Texas; Glenn A. Cox, retired President and Chief Operating Officer of Phillips
Petroleum Company; Edward A. Gilhuly, Partner of Kohlberg Kravis Roberts &
Company (KKR); James H. Greene Jr., Partner of KKR; Henry R. Kravis, Partner of
KKR; Michael W. Michelson, Partner of KKR; Stanley P. Porter, retired Vice
Chairman of Arthur Young & Company; George R. Roberts, Partner of KKR; Richard
R. Shinn, retired Executive Vice Chairman of the New York Stock Exchange and
retired Chairman and CEO of Metropolitan Life Insurance Company; and Sellers
Stough, retired Vice President-Finance of Chevron Corporation.
At the annual meeting, Mr. Whitmire announced that James D. Woods had
withdrawn his name as a nominee from the slate of directors to be elected due to
personal time commitments that have arisen since Mr. Woods joined the Board
earlier this year. At a board meeting immediately following the annual meeting,
the Board of Directors appointed Wylie Bernard (Ber) Pieper, retired Vice
Chairman and Chief Operating Officer of Halliburton Company, to fill the vacant
board position.
Mr. Pieper retired from Halliburton in January 1996, after a career
of 38 years with Halliburton and its Brown & Root, Inc. subsidiary. He began his
career with Brown & Root in 1957 and held positions with increasing
responsibilities in the company's engineering and operational activities in the
U.S. and overseas. Mr. Pieper was named President of Brown & Root in 1989. In
1992, he served as Vice Chairman of Halliburton and was named Vice Chairman and
Chief Operating Officer in 1994 where he was responsible for
-more-
Halliburton's three operating units: Brown & Root, Inc., Halliburton Energy
Services and Highlands Insurance Company.
Mr. Pieper holds bachelor of arts and science degrees from Rice
University and did postgraduate studies at the University of Houston. He is a
fellow of the American Society of Civil Engineers, a member of Sigma Tau and Tau
Beta Pi engineering honor societies, and a former member of the executive boards
for the Texas Association of Taxpayers and the Texas Research League. He serves
on the Board of Governors, the George R. Brown School of Engineering Advisory
Board and the Jones Graduate School of Administration Council of Overseers at
Rice University. He is the current Chairman of the Engineering Advisory Board at
Rice. Mr. Pieper also is involved in a number of community and charitable
activities in the Houston area. He and his wife, Adele, reside in Houston.
"We are delighted to welcome Ber to the Union Texas Board of
Directors," said Whitmire. "He brings a vast perspective of the international
petroleum industry to our board."
At the annual meeting, the stockholders also ratified the appointment
of Price Waterhouse as the company's independent accountants.
One of the largest independent producers located in the U.S.,
Houston-based Union Texas Petroleum Holdings, Inc. (NYSE:UTH) explores for and
produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and
other strategic areas. The company has petrochemical operations in Louisiana.
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For additional information, contact:
Carol Cox, media John Zimmerman, analysts and investors
713-968-2714 713-968-2740