press release

Unocal board declares regular quarterly dividend

El Segundo, Calif., Dec. 3, 2004 - 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 Feb. 11, 2005, to stockholders of record Jan. 11, 2005.

Unocal has paid a quarterly dividend to stockholders for the past 88 years.

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: December 2004