Unocal announces management reorganization and key executive appointments
El Segundo, Calif., March 3, 1999 - Unocal Corporation today announced a major reorganization of its top management structure and a series of key executive appointments.
"Unocal's total reserve base plus resource potential is more than 8 billion barrels crude oil equivalent, five times our current size," said Roger C. Beach, Unocal chairman and chief executive officer. "This new organization will put the right people in the right positions, enabling Unocal to realize that potential at the highest possible investment returns. It's also a key element in our program to reduce cash costs by $150 to $200 million per year."
The new organization is led by a four-person Management Committee, chaired by Beach. This Committee sets the strategic direction and investment priorities for the company. In addition to Beach, the three other members of the Management Committee are as follows:
John F. Imle, Jr., has been elected vice chairman of the Board of Directors. "In his new role, John will bring 35 years of upstream experience to bear on the critical decisions affecting the company," said Beach. "He'll also continue to serve as a key emissary for Unocal in our business initiatives around the world."
Timothy H. Ling, who has been appointed executive vice president, North American Energy Operations, in addition to his position as chief financial officer. Ling is responsible for Spirit Energy 76, Unocal's Lower 48 exploration and production business unit, Unocal Global Trade, the company's commodity trading and U.S. midstream operating unit, and Unocal's Canadian operations.
Reporting to Ling will be John T. Donohue, who has been named president, Spirit Energy 76. Donohue replaces Jack Schanck, who is leaving the company.
"The combination of Tim Ling and John Donohue provides the right blend of technical, financial and commercial leadership that we need to maximize the performance of our U.S. oil and gas operations," said Beach. "John brings a proven track record of successful management of Unocal's Agricultural Products and Alaska Oil & Gas business unit under difficult conditions," Beach continued, "and he has extensive experience in our Gulf Coast operations."
The fourth member of the Management Committee is Charles R. "Chuck" Williamson, who has been appointed executive vice president, International Energy Operations. In this position, Williamson will head up all of Unocal's energy operations and new ventures activities outside of North America. "Chuck's leadership skills and technical expertise are critical to our future success," Beach noted. "He will manage our strong operating units in Thailand and Indonesia, while pursuing Unocal's extraordinary growth opportunities in other parts of Asia, South America, and West Africa."
Beach said that all of the above appointments are effective immediately.
"This is a high-performance management team, capable of transforming Unocal into a new breed of energy company," said Beach. "We have the best portfolio of growth opportunities in the history of the company, and one of the strongest balance sheets. We will build on this foundation to lead Unocal into a new era of growth and value creation."
Forward-looking statements and estimates regarding reserves, returns on investment, future reserve replacement and resource potential in this news release are based on assumptions concerning market, competitive, regulatory, geological, pricing, environmental, operational and other considerations. Actual results could differ materially.
Updated: March 1999