press release

Unocal earnings from continuing operations down on lower commodity prices, higher exploration costs

EL SEGUNDO, Calif., July 23 -- Unocal Corporation today reported second quarter 1997 earnings from continuing operations of $156 million, or 63 cents per common share, compared with earnings from continuing operations of $188 million, or 72 cents per common share, for the same period a year ago.

Earnings from continuing operations, excluding special items (detailed in the attached tables), were $97 million, or 39 cents per common share, compared with $157 million, or 60 cents per common share, in the second quarter of 1996.

The 1997 second quarter operating results reflected primarily lower worldwide crude oil prices and domestic natural gas prices, and increased international exploration expenses.

Second quarter special items included an after-tax gain of $41 million from the sale of Illinois-based Unocal Hydrocarbon Sales to a U.S. affiliate of Petroleos de Venezuela, S.A. (PDVSA), and an after-tax gain of $39 million resulting from the May restructuring of The UNO-VEN Company, a former Midwest refining and marketing partnership with PDVSA. Last year's second quarter special items included an after-tax gain of $68 million from the sale of the company's California oil and gas assets.

Second quarter 1997 net earnings, after an extraordinary charge for the early extinguishment of debt, were $118 million, or 48 cents per common share, compared with $238 million, or 92 cents per common share, for the same period a year ago. Second quarter 1996 results included after-tax earnings of $50 million, or 20 cents per common share, from the discontinued operations of 76 Products Company, which was sold in March 1997.

"Higher Far East production and reduced interest expense partially offset higher dry hole costs and lower oil and gas prices," said Roger C. Beach, Unocal chairman and chief executive officer.

Natural gas production in the Far East was up 26 percent, or 161 million cubic feet (mmcf) per day, over the second quarter 1996.

In Thailand, net natural gas production averaged 610 mmcf per day in the second quarter, up 30 percent from a year ago, following the late 1996 start-up of a new pipeline system. In Indonesia, net natural gas production (including host country share) rose 21 mmcf per day to 163 mmcf per day.

Unocal also reported a 13 percent increase in crude oil and condensate production from its Thailand and Indonesia operations.

Domestic natural gas production averaged 1,001 mmcf per day, down 52 mmcf compared with the second quarter 1996. Crude oil and condensate production decreased to 77,300 barrels per day compared with 88,500 barrels for the second quarter last year. These decreases were attributed to natural production declines and maintenance-related platform shut-ins in the U.S. Gulf of Mexico.

Worldwide, Unocal's average sales price for crude and condensate was $17.28 per barrel, compared with $18.71 in the second quarter 1996, while the sales price for natural gas averaged $2.06 per thousand cubic feet, compared with $2.15 for the same period last year.

The company recorded an after-tax charge of $11 million relating to dry hole expenses incurred with the Perdana Deep-1 well offshore Brunei. To help earn a 27-percent interest in the petroleum exploration project on Blocks A and C/D, the company underwrote the entire cost of the well.

"While we had hoped for more encouraging results from Perdana Deep-1, we remain excited about oil and gas prospects in this historically prolific resource area," said Beach. "We've only just begun to explore Blocks A and C/D. Perdana Deep-1, which was spudded before we farmed in to the project, was only the first well drilled in this 600,000-acre area."

He added that, as stipulated in the farm-in agreement, Unocal will assume an active role in the 3-D seismic survey that will be conducted later this year as well as in the design, drilling, testing and evaluation of future wells.

The company also recorded a special after-tax charge of $7 million relating to a June blow-out of the Moulavi Bazar No. 1 exploration well in northeast Bangladesh. Unocal has 50-percent equity interest in production-sharing contracts covering 3 million acres in the area, including a partially delineated portion of the Jalalabad field.

The Agricultural Products Group's earnings for the quarter decreased by $11 million from the prior year due to lower ammonia and urea prices.

Beach also noted that the company has purchased approximately 4.5 million common shares for $172 million -- including more than 2 million shares acquired since June 30 -- under the company's $400 million stock repurchase program.

As part of a plan to reduce total debt by $800 million, the company purchased $507 million of outstanding debt securities, pursuant to a May 1997 tender offer, during the quarter. The transaction -- which is expected to result in after-tax interest expense savings of approximately $34 million annually -- resulted in an after-tax extraordinary charge of $38 million, which reflects the premium paid over book value.

Since year-end 1996, the company has reduced total debt by $737 million to $2,321 million.


UNOCAL CORPORATION
CONDENSED CONSOLIDATED EARNINGS STATEMENT
(UNAUDITED)
                             For the Three Months        For the Six Months
                                Ended June 30              Ended June 30
Dollars in millions
except per share amounts
                              1997         1996          1997          1996

    Total revenues          $1,654        $1,405       $3,110        $2,606
    Costs and other
     deductions              1,405         1,085        2,524         2,061
    Earnings from
     continuing operations
     before income taxes       249           320          586           545
    Income taxes                93           132          242           226
    Earnings from
     continuing operations     156           188          344           319
    Earnings from
     discontinued operations
     (net of tax)              ---            50          ---            43
    Loss on disposal
     (net of tax)              ---           ---         (44)           ---
    Extraordinary charge
     -- extinguishment of debt
     (net of tax)             (38)           ---         (38)           ---
    Net Earnings              $118          $238         $262          $362
    Dividends on
     preferred stock           ---             9          ---            18
    Net earnings applicable
     to common shares         $118          $229         $262          $344

    Earnings/(loss) per
     common share assuming
     no dilution (a)
    Continuing operations    $0.63         $0.72        $1.38         $1.22
    Discontinued operations    ---          0.20       (0.18)          0.17
    Extraordinary charge
     -- extinguishment of debt
     (net of tax)           (0.15)           ---       (0.15)           ---
    Net earnings per share   $0.48         $0.92        $1.05         $1.39

    (a) Based on weighted
     average common shares
    outstanding (in millions)  250           248          250           248

    CONDENSED CONSOLIDATED BALANCE SHEET
    (UNAUDITED)
                                  June 30                 Dec. 31
                                     1997                    1996
    Millions of dollars

    Assets
    Cash and cash equivalents        $884                    $217
    Net assets of discontinued
     operations (b)                   ---                   1,774
    Other current assets            1,054                   1,237
    Investments and
     long-term receivables          1,060                   1,206
    Properties -- net               4,712                   4,590
    Other assets                      111                      99
        Total assets               $7,821                  $9,123

    Liabilities and equity
    Current portion of
     long-term debt and
     capital lease obligations         $1                    $118
    Other current liabilities         979                   1,504
    Long-term debt and
     capital lease obligations      2,320                   2,940
    Deferred income taxes             305                     348
    Other deferred credits
     and liabilities                1,340                   1,416

    Convertible preferred
     securities                       522                     522

    Stockholders' equity            2,354                   2,275
        Total liabilities
        and equity                 $7,821                  $9,123

    (b) Excludes retained working capital


    UNOCAL CORPORATION CONDENSED CONSOLIDATED CASH FLOWS
    (INCLUDES DISCONTINUED OPERATIONS)
    (UNAUDITED)

                            For the Three Months         For the Six Months
                                 Ended June 30              Ended June 30
    Millions of dollars       1997          1996         1997          1996

    Cash flows from
     operating activities
    Cash flow from operations $226          $464         $641          $850
    Working capital and
     other changes related
     to operations           (123)          (29)        (204)         (157)
    Net cash provided by
     operating activities      103           435          437           693

    Cash flows from
     investing activities
    Capital expenditures
     (includes dry
      hole costs)            (359)         (400)        (645)         (622)
    Proceeds from sale of
     discontinued operations   396           ---        1,786           ---
    Proceeds from asset sales   32           488           48           539
    Net cash provided
     by/(used in) investing
     activities                 69            88        1,189          (83)

    Cash flows from
     financing activities
    Net decrease in long-term
     debt and capital
     lease obligations       (893)         (541)        (718)         (389)
    Dividends paid            (50)          (58)        (100)         (117)
    Repurchase of
     common stock             (46)           ---         (92)           ---
    Other                     (48)           (1)         (49)            11
        Net cash used
         in financing
         activities        (1,037)         (600)        (959)         (495)

    Increase/(decrease)
     in cash and cash
     equivalents             (865)          (77)          667           115
    Cash and cash
     equivalents at
     beginning of period     1,749           286          217            94
    Cash and cash
     equivalents at
     end of period            $884          $209         $884          $209


    CONDENSED CAPITAL EXPENDITURES
    (UNAUDITED)

    Millions of dollars

    United States Exploration
     & Production              $79          $156         $112          $235
    International Exploration
    & Production               240           130          403           216
    Geothermal Operations       27            38           47            52
    Diversified Business Group  13             8           22            14
    New Ventures (Non E & P)   (2)           ---            3           ---
    Corporate & Unallocated      2            11            9            16
    Discontinued Operations    ---            57           49            89
    Total                     $359          $400         $645          $622


    DEPRECIATION, DEPLETION & AMORTIZATION
    (UNAUDITED)

    Millions of dollars

    Depreciation, depletion &
     amortization from
     continuing operations    $244          $214         $455          $425

    UNOCAL CORPORATION
    RESULTS OF OPERATIONS FOR
    EXPLORATION AND PRODUCTION ACTIVITIES
    (UNAUDITED)
                                      For the Six Months
                                     Ended June 30, 1997

                      Spirit     Other                     Other
                     Energy 76    U.S.     Far East    International   Total

    Millions of dollars

    Sales (includes
     intercompany sales) (a)
      Crude oil
      and condensate $178          $96         $230          $85        $589
      Natural gas     375           32          317           24         748
      Natural gas
      liquids          29            3           14            2          48
      Other             1          ---          ---          ---           1
        Total         583          131          561          111       1,386

    Other revenue       6            1            6           13          26
    Gain/(loss)
     on asset sales     4          ---          ---         (16)        (12)
        Total
        revenues      593          132          567          108       1,400

    Production costs   98           46           63           36         243
    Exploration
     expenses          24          ---           18           18          60
    Dry hole costs      7          ---           35            1          43
    Depreciation,
     depletion &
     amortization     205           29          154           36         424
    Other operating
     expenses          38            6           22           24          90
    Results of
     operations before
     income tax      $221          $51         $275         $(7)        $540


                                        For the Six Months
                                       Ended June 30, 1996

                   Spirit        Other                      Other
                  Energy 76        U.S.      Far East   International  Total

    Sales (includes intercompany sales) (a)
      Crude oil and
       condensate    $183         $152         $183          $90        $608
      Natural gas     384           43          230           25         682
      Natural gas
       liquids         30            3            9            2          44
      Other             2          ---          ---          ---           2
        Total         599          198          422          117       1,336

    Other revenue       3            2          (1)           11          15
    Gain on asset
     sales              5          110           --            6         121
        Total
         revenues     607          310          421          134       1,472

    Production costs   88           77           63           37         265
    Exploration
     expenses          11           --           17           20          48
    Dry hole costs     11           --            2            4          17
    Depreciation,
     depletion &
     amortization     174           56          116           30         376
    Other operating
     expenses          66            9           17            4          96
    Results of
     operations before
     income tax      $257         $168         $206          $39        $670

    (a) Sales revenues are net of royalty payments, net profits interests and
marketing related purchases.


    UNOCAL CORPORATION RESULTS OF OPERATIONS FOR
    EXPLORATION AND PRODUCTION ACTIVITIES
    (UNAUDITED)
                                       For the Three Months
                                        Ended June 30, 1997
                    Spirit       Other                     Other
                  Energy 76       U.S.      Far East   International    Total

    Millions of dollars

    Sales (includes
     intercompany sales) (a)
    Crude oil
     and condensate   $80          $40         $113          $40        $273
    Natural gas       147           14          152           10         323
    Natural gas
     liquids           13            2            5            1          21
    Other               1          ---          ---          ---           1
        Total         241           56          270           51         618

    Other revenue       3            1            3            3          10
    Gain/(loss)
     on asset sales     1          ---          ---         (17)        (16)
        Total
         revenues     245           57          273           37         612
    Production costs   50           22           33           17         122
    Exploration
     expenses          14          ---           10            9          33
    Dry hole costs      1          ---           26          ---          27
    Depreciation,
     depletion
     & amortization   103           14           93           19         229
    Other operating
     expenses          17            4           11           16          48
        Results of
         operations
         before income
         tax          $60          $17         $100        $(24)        $153

                                      For the Three Months
                                       Ended June 30, 1996

                   Spirit         Other                     Other
                  Energy 76         U.S.     Far East   International   Total

    Sales (includes
     intercompany sales) (a)
      Crude oil and
       condensate     $96          $58         $104          $46        $304
      Natural gas     184           17          117           11         329
      Natural gas
       liquids         17            1            4            1          23
      Other             1          ---          ---          ---           1
    Total             298           76          225           58         657
    Other revenue       1            1          (1)            5           6
    Gain on asset
     sales              1          110          ---          ---         111
        Total
         revenues     300          187          224           63         774

    Production costs   43           29           33           16         121
    Exploration
     expenses           7          ---           11            9          27
    Dry hole costs      1          ---            2            1           4
    Depreciation,
     depletion &
     amortization      84           19           69           15         187
    Other operating
     expenses          30            4           10            3          47
    Results of
     operations before
     income tax      $135         $135          $99          $19        $388

    (a) Sales revenues are net of royalty payments, net profits interests and
marketing related purchases.


    UNOCAL CORPORATION
    OPERATING HIGHLIGHTS
    (UNAUDITED)

                             For the Three Months         For the Six Months
                                 Ended June 30              Ended June 30
                              1997          1996         1997          1996
    Net daily production
    Crude oil and condensate
     (thousand barrels daily):
      United States
        Spirit Energy 76      46.1          51.4         47.2          51.8
        Other (a)             31.2          37.1         32.4          53.4
          Total United States 77.3          88.5         79.6         105.2
        International
          Far East (b)        95.1          84.1         94.2          82.4
          Other               26.2          27.9         26.4          28.2
            Total
             International   121.3         112.0        120.6         110.6

             Total Worldwide 198.6         200.5        200.2         215.8

    Natural gas
     (million cubic feet daily):
      United States
        Spirit Energy 76     873.7         918.6        891.6         911.3
        Other (a)            127.4         134.5        141.6         173.8
          Total United
            States         1,001.1       1,053.1      1,033.2       1,085.1
      International
          Far East (b)       773.6         612.5        789.3         605.6
        Other                 63.0          63.2         65.3          75.3
        Total International  836.6         675.7        854.6         680.9
        Total Worldwide    1,837.7       1,728.8      1,887.8       1,766.0
      Natural gas liquids
       (thousand barrels
        daily) (a)            19.0          18.8         19.3          19.6
      Geothermal (million
      kilowatt-hours daily)   17.1          16.8         16.5          15.4

    Average sales prices

      Crude oil and
       condensate (per barrel):
        United States
          Spirit Energy 76  $18.97        $20.59       $20.77        $19.59
          Other              14.23         16.85        16.45         15.95
            Total United
             States          17.08         19.03        19.02         17.60
        International
          Far East          $17.97        $18.17       $19.41        $18.03
          Other              16.11         18.93        18.01         17.90
          Total International17.44         18.40        19.01         17.99
          Total Worldwide   $17.28        $18.71       $19.02        $17.77

      Natural gas (per mcf):
        United States
          Spirit Energy 76   $1.99         $2.25        $2.42         $2.40
          Other               1.35          1.44         1.35          1.43
            Total United
             States           1.91          2.14         2.28          2.25
        International
          Far East           $2.25         $2.21        $2.33         $2.20
          Other               2.08          1.70         2.16          1.73
        Total International   2.24          2.16         2.31          2.14
        Total Worldwide      $2.06         $2.15        $2.29         $2.21

    (a) Includes production
     from California upstream
     properties of:
      Crude oil and condensate ---           1.0          ---          16.0
      Natural gas              ---           ---          ---          25.5
    Natural gas liquids        ---           ---          ---           0.3

    (b) Includes host country
     share in Indonesia of:
      Crude oil and condensate29.8          24.0         29.8          26.9
      Natural gas             25.3          23.8         28.9          24.8

    Agricultural products
     production volumes
     (thousand tons)
      Ammonia                  367           378          758           729
      Urea                     233           277          508           570
      Other products           171           182          348           345
        Total                  771           837        1,614         1,644

    Agricultural products sales
     volumes (thousand tons)
      Ammonia                  247           274          403           368
      Urea                     289           336          499           581
      Other products           455           438          707           669
        Total                  991         1,048        1,609         1,618


    UNOCAL CORPORATION
    EARNINGS BY BUSINESS SEGMENT
    (Unaudited)
                                2nd Quarter of 1997       2nd Quarter of 1996
                               Before-tax After-tax     Before-tax After-tax
    Millions of dollars

      Exploration and production
        United States
          Spirit Energy 76     $60           $38         $135           $84
          Other                 17            11          135            84
    International               76            28          118            68

    Geothermal Operations       11            13            9             4

    Diversified Business Group
      Agricultural Products     40            26           57            37
      Carbon and Minerals       85            56           11             9
      Pipelines                 18            16           17            14
      Other                     42            36            9             5

    Corporate and Unallocated
      Administrative and
       general expense        (22)          (14)         (25)          (16)
      Net interest expense    (29)          (23)         (63)          (48)
      Environmental and
       litigation expense     (16)          (10)         (53)          (33)
      New Ventures            (20)          (15)          (6)           (4)
      Other                   (13)           (6)         (24)          (16)

      Earnings from continuing
       operations before
       discontinued operations
       and extraordinary item  249           156          320           188
      Earnings from
       discontinued operations ---           ---           80            50
      Extraordinary item      (52)          (38)          ---           ---
        Total                 $197          $118         $400          $238


        Exploration and Production -- this segment explores for, produces and
    markets crude oil, condensate, natural gas and natural gas liquids

        Geothermal Operations -- this segment explores for, produces and sells
    geothermal resources used to generate electricity.

    Diversified Business Group:
        Agricultural Products -- this business unit manufactures and markets
    nitrogen-based products for wholesale agricultural and industrial markets
    supplying the western United States and the Pacific Rim.
        Carbon and Minerals -- this business unit produces and markets
    petroleum coke, graphites, solvents and specialty minerals.
        Pipelines -- this business unit principally includes the company's
    equity interests in affiliated pipeline companies.
        Other -- principally includes the company's equity interest in The
    UNO-VEN Company.


    UNOCAL CORPORATION
    SPECIAL ADJUSTMENTS
    (Unaudited)

                             2nd Quarter of 1997        2nd Quarter of 1996
                         Before-tax     After-tax   Before-tax     After-tax
    Dollars in millions
    except per share amounts

    Reported earnings         $197          $118         $400          $238
    Less: Special items
      Exploration and Production
        United States
          Spirit Energy 76
          Other
          Asset sales          ---           ---          110            68
      International
        Asset sales           (17)          (17)          ---           ---
        Bangladesh well
         blowout              (10)           (7)          ---           ---
      Geothermal Operations
        Deferred tax
        adjustment -- Sarulla  ---             7          ---           ---
      Diversified Business Group
        Carbon and Minerals
          Asset Sales           67            41          ---           ---
      Other
        UNO-VEN restructuring   46            39          ---           ---
      Corporate and Unallocated
        Asset sales              1             1          ---           ---
      Environmental provision  (1)           ---         (32)          (20)
      Litigation provision     (8)           (5)         (14)           (8)
      Other                    ---           ---         (11)           (9)
      Discontinued Operations
        Asset sales            ---           ---            4             2
    Extraordinary item        (52)          (38)          ---           ---
    Total special items         26            21           57            33
      Adjusted earnings       $171           $97         $343          $205


    UNOCAL CORPORATION
    EARNINGS BY BUSINESS SEGMENT
    EXCLUDING SPECIAL ADJUSTMENTS
    (Unaudited)

                             2nd Quarter of 1997        2nd Quarter of 1996
                         Before-tax    After-tax     Before-tax   After-tax
    Millions of dollars

    Exploration and Production
      United States
        Spirit Energy 76       $60           $38         $135           $84
        Other                   17            11           25            16
      International            103            52          118            68

    Geothermal Operations       11             6            9             4

    Diversified Business Group
     Agricultural Products      40            26           57            37
    Carbon and Minerals         18            15           11             9
    Pipelines                   18            16           17            14
    Other                      (4)           (3)            9             5

    Corporate and Unallocated
      Administrative and
       general expense        (22)          (14)         (25)          (16)
      Net interest expense    (29)          (23)         (63)          (48)
    Environmental and
      litigation expense       (7)           (5)          (7)           (5)
      New Ventures            (20)          (15)          (6)           (4)
      Other                   (14)           (7)         (13)           (7)

    Earnings from
     continuing operations     171            97          267           157
    Earnings from
    discontinued operations    ---           ---           76            48
    Total                     $171           $97         $343          $205

    Less: Dividends on
     preferred stock                         ---                          9
    Adjusted net earnings
     applicable
     to common shares                        $97                       $196
    Adjusted net earnings
    per common share                       $0.39                      $0.79
    Adjusted net earnings
     from continuing
     operations per common share           $0.39                      $0.60


    UNOCAL CORPORATION
    EARNINGS BY BUSINESS SEGMENT
    (Unaudited)

                          First Six Months of 1997    First Six Months of 1996
    Millions of dollars    Before-tax    After-tax     Before-tax   After-tax

    Exploration and Production
      United States
        Spirit Energy 76      $221          $138         $257          $160
        Other                   51            32          168           104
      International            268           131          245           138

    Geothermal Operations       21            19           18             9

    Diversified Business Group
      Agricultural Products     70            46           82            53
      Carbon and Minerals       97            66           37            27
      Pipelines                 35            30           47            37
      Other                     44            37           10             6

    Corporate and Unallocated
      Administrative and
       general expense        (42)          (27)         (54)          (34)
      Net interest expense    (83)          (65)        (135)          (98)
      Environmental and
       litigation expense     (34)          (21)         (76)          (47)
      New Ventures            (31)          (22)         (10)           (6)
      Other                   (31)          (20)         (44)          (30)

    Earnings from continuing
     operations before
     discontinued operations
     and extraordinary item    586           344          545           319
    Earnings (loss) from
     discontinued operations  (71)          (44)           69            43
    Extraordinary item        (52)          (38)          ---           ---

    Total                     $463          $262         $614          $362


    UNOCAL CORPORATION
    SPECIAL ADJUSTMENTS
    (Unaudited)

                          First Six Months of 1997  First Six Months of 1996
                          Before-tax     After-tax   Before-tax     After-tax
    Dollars in millions
    except per share amounts

    Reported earnings         $463          $262         $614          $362

    Less: Special items
      Exploration and Production
      United States
      Spirit Energy
        Asset sales              3             2            4             2
      Other
        Asset Sales            ---           ---          110            68
      International
        Asset sales           (16)          (16)            6             4
        Bangladesh well
         blowout              (10)           (7)          ---           ---
      Geothermal Operations
        Deferred tax
         adjustment -- Sarulla ---             7          ---           ---
      Diversified Business Group
      Carbon and Minerals
        Asset sales             67            41          ---           ---
      Pipeline
        Asset sales            ---           ---           12             7
      Other
        UNO-VEN restructuring   46            39          ---           ---
      Corporate and Unallocated
        Asset sales              7             5            1             1
        Environmental
         provision            (15)           (9)         (42)          (26)
        Litigation provision   (8)           (5)         (20)          (12)
        Other                  ---           ---         (11)           (9)
      Discontinued Operations
        Asset sales            ---           ---            4             2
        Net loss on disposal  (71)          (44)          ---           ---
      Extraordinary item      (52)          (38)          ---           ---

    Total special items       (49)          (25)           64            37
      Adjusted earnings       $512          $287         $550          $325


    UNOCAL CORPORATION
    EARNINGS BY BUSINESS SEGMENT
    EXCLUDING SPECIAL ADJUSTMENTS
    (Unaudited)

                         First Six Months of 1997  First Six Months of 1996
                         Before-tax    After-tax        Before     After-tax
    Millions of dollars

    Exploration and Production
      United States
        Spirit Energy 76      $218          $136         $253          $158
        Other                   51            32           58            36
      International            294           154          239           134

    Geothermal Operations       21            12           18             9

    Diversified Business Group
      Agricultural Products     70            46           82            53
      Carbon and Minerals       30            25           37            27
      Pipelines                 35            30           35            30
      Other                    (2)           (2)           10             6

    Corporate and Unallocated
      Administrative and
       general expense        (42)          (27)         (54)          (34)
      Net interest expense    (83)          (65)        (135)          (98)
      Environmental and
       litigation expense     (11)           (7)         (14)           (9)
      New Ventures            (31)          (22)         (10)           (6)
      Other                   (38)          (25)         (34)          (22)

    Earnings from continuing
     operations                512           287          485           284
    Earnings from
     discontinued operations   ---           ---           65            41
        Total                 $512          $287         $550          $325

    Less: Dividends on
     preferred stock                          --                         18

    Adjusted net earnings
     applicable
     to common shares                       $287                       $307

    Adjusted net earnings
    per common share                       $1.15                      $1.24

    Adjusted net earnings
     from continuing
     operations per
     common share                          $1.00                      $1.07

Updated: July 1997