press release

Unocal Keystone Gas Storage holding open season for its expanded storage capacity

Sugar Land, Texas, October 14, 2003 - Unocal Keystone Gas Storage, LLC (Keystone), a wholly owned subsidiary of Unocal Corporation (NYSE: UCL), said today it is conducting a non-binding open season for 2 billion cubic feet (Bcf) of available capacity at its gas storage facility located in West Texas.

During the open season, which continues through November 7, 2003, Keystone is soliciting expressions of interest for firm gas storage services for part or all of its soon-to-be-available 2 Bcf of unsubscribed firm storage capacity.

Expected completion of the facility's fourth cavern by October 2004 will expand capacity by 1 Bcf, and a fifth cavern to be completed by December 2005 will add another 1 Bcf of capacity. Keystone also is seeking expressions of interest for additional storage capacity that could be available starting as early as 2006. Keystone is building out the facility to a minimum 5 Bcf of capacity with 167 MMcf/d of injection capability and 400 MMcf/d of deliverability.

Keystone is a high-deliverability salt cavern natural gas storage facility strategically located in the Permian Basin production region near the Waha hub, with connections to the El Paso Natural Gas, Northern Natural Gas and Transwestern pipelines, which provide access to markets in Texas, the Southwest, the Midwest and California. Keystone has been in service since September 2002 and currently has 2 Bcf of working gas capacity, 100 MMcf/d of injection capability and 200 MMcf/d of deliverability.

Interested parties wanting to learn more about the Keystone open season process or to obtain an open season information package should contact Chris Hoekenga at 281-287-7512 ( or Anne Fiedler at 281-287-5243 (

About Unocal Midstream & Trade

Unocal Midstream & Trade (UMT), Unocal Corporation's midstream asset management and energy marketing business unit, manages Unocal's pipeline, terminal and storage assets. UMT owns and manages 65 Bcf of natural gas storage and has interests in more than 8,000 miles of crude oil, natural gas and product pipelines as well as 12 million barrels of crude oil and products storage. In addition to Keystone, UMT operates and manages the Aitken Creek Gas Storage Reservoir in Northeast British Columbia, with 48 Bcf of storage capacity and more than 400 MMcf/d of injection and withdrawal capability. UMT also manages a 43-percent non-operated interest in the Alberta Hub, a 40 Bcf natural gas storage facility near Edson, Alberta.

About Unocal Corporation

Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies with principal operations in North America and Asia.

Updated: October 2003