press release

Unocal board declares regular quarterly dividend

El Segundo, Calif., July 28, 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 Nov. 12, 2004, to stockholders of record Oct. 12, 2004.

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 North America and Asia.

Updated: July 2004