press release

Unocal board declares regular quarterly dividend; sets dates for annual meeting

El Segundo, Calif., Feb. 8, 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 May 11, 2005, to stockholders of record April 11, 2005.

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

The board also scheduled Unocal's 2005 annual meeting of stockholders for May 23, 2005, and set the record date of April 1, 2005, for stockholders to be eligible to vote at the meeting.

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: February 2005