press release

Unocal board declares regular quarterly dividend

El Segundo, Calif., July 14, 2005 - 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 Nov. 10, 2005, to stockholders of record Oct. 11, 2005.

Unocal has paid a quarterly dividend to stockholders for 89 consecutive years.

The company said that the dividend would not be paid if Unocal has been acquired by another company before the record date for the dividend.

About Unocal Corporation

Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company's principal oil and gas activities are in Asia and North America.

Updated: July 2005