Unocal reports second quarter earnings down from 1998 - August 28, 1999

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 1999

Vol. 4, No. 8

Week of August 28, 1999

Unocal reports second quarter earnings down from 1998

Petroleum News Alaska Staff

Unocal Corp. said July 27 that preliminary net earnings for second quarter 1999 were $9 million, 4 cents per share diluted, compared to second quarter 1998 earnings of $105 million, 43 cents per share diluted.

The company said the earnings reflected lower net special items and litigation provisions, offset by a restructuring, higher corporate expense and lower oil production volumes and agricultural products prices, factors partially offset by higher worldwide crude oil prices.

Unocal’s net worldwide quarterly production was 485,000 barrels of oil equivalent per day, up from 470,000 BOE in the first quarter of the year, but down from 493,000 BOE per day in the second quarter 1998 due to declines in Indonesia and domestic sales of oil and gas assets.

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