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                                                                  EXHIBIT 99.1
                                                                  NEWS RELEASE
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[UNION TEXAS PETROLEUM LOGO]


Contact: Carol L. Cox
         (713) 968-2714


                         UNION TEXAS PETROLEUM REPORTS RESULTS
                            OF ANNUAL STOCKHOLDER MEETING


     Houston, May 10, 1995 -- At Union Texas Petroleum Holdings, Inc.'s annual
stockholders meeting held this morning in Houston, stockholders re-elected the
company's 11 members of its Board of Directors to one-year terms expiring in
1996. The directors include A. Clark Johnson, Chairman and Chief Executive
Officer of Union Texas; Glen A. Cox, retired President and Chief Operating
Officer of Phillips Petroleum Company; Saul A. Fox, Partner of Kohlberg Kravis
Roberts & Co. (KKR); Edward A. Gilhuly, Partner of 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.
     The stockholders ratified the appointment of Price Waterhouse as
independent accountants. The stockholders also approved the amendment of the
company's restated certificate of incorporation to provide for a new class of
preferred stock, the 1994 incentive plan and the amendment of Union Texas' 1992
stock option plan.
     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.