Unocal’s operating income up 150 percent to $685 million

Petroleum News Staff

Unocal reported net income of $134 million or 52 cents per share in this year’s first quarter, up nearly 40 percent from $96 million earned in the prior quarter and up five-fold compared to the same period last year when commodity prices were at a low point.

Operating income soared to $685 million versus $271 million in the year-ago period, the company said April 24.

Worldwide, Unocal’s net production during the first quarter averaged 471,000 barrels a day of oil equivalent compared to 451,000 barrels a day in the prior quarter and 477,000 barrels a day in the year-ago quarter.

Unocal noted that so far this year it has gained $64 million from various property sales, resulting in a corresponding loss of 5,000 barrels a day of oil equivalent.

The company has sold assets in Canada, onshore United States and the Gulf of Mexico, and has additional property divestitures pending or planned.