press release

Unocal board declares regular quarterly dividend

El Segundo, Calif., May 20, 2002 - Unocal Corporation's (NYSE: UCL) board of directors today declared a regular quarterly dividend of 20 cents per share on the common stock of the company.

The dividend is payable Aug. 9, 2002, to stockholders of record July 10, 2002.

Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company's oil and gas activities are in North America, Asia, Latin America, the North Sea, and West Africa. Unocal is one of the world's largest producers of geothermal energy with operations in the Philippines and Indonesia.

Updated: May 2002