press release

Unocal extends stock repurchase program

El Segundo, Calif., Jan. 26, 1998 - Unocal Corporation today said that the company's board of directors has authorized extension of the company's common stock repurchase program.

The extension authorizes management to repurchase up to $200 million of the company's common stock. The common shares will be repurchased through open market or privately negotiated transactions at the discretion of company management, depending upon financial and market conditions and as otherwise permitted under applicable laws. There is no set time limit on the repurchases.

Unocal's previous stock repurchase program began in late 1996. The company completed the $400 million share repurchase program earlier this month, with a total of 10.3 million shares purchased over the past year.

Unocal is a leading global energy resource and project development company, with major oil and gas exploration and production activities in Asia and the U.S. Gulf of Mexico. The company maintains twin headquarters in California and Malaysia, with major offices in Singapore, Jakarta, Bangkok and Sugar Land, Texas.

Updated: January 1998