press release

Unocal names Charles Williamson CEO, Timothy Ling President and COO, and John Creighton Non-Executive Chairman; Roger Beach to retire after distinguished career

Unocal names Charles Williamson CEO, Timothy Ling President and COO, and John Creighton Non-Executive Chairman; Roger Beach to retire after distinguished career

El Segundo, California, Dec. 5, 2000 - Unocal Corporation (NYSE: UCL) said today its board of directors has elected Charles R. Williamson as Chief Executive Officer, effective Jan. 1, 2001. Williamson, currently Executive Vice President, International Operations, will succeed Roger C. Beach, who will retire as Chairman and CEO at the end of December.

The company also announced that Timothy H. Ling has been named President and Chief Operating Officer. Ling is currently Executive Vice President, North America operations. John W. Creighton, Jr., one of Unocal's outside directors, has been elected Non-Executive Chairman of the board of directors. Both appointments are effective Jan. 1, 2001.

"The timing of my retirement is part of an orderly succession that the board and I have been working on for the past two years," said Beach. "Chuck Williamson brings global experience and a track record of success to the CEO position. He can take Unocal to the next level of performance and capture the full value of our growth portfolio. Chuck, Tim and Terry Dallas, our Chief Financial Officer, will form a truly high-performance, complementary management team."

Beach, 64, has been the company's CEO since 1994 and Chairman since 1995. He has led Unocal's transformation from an integrated oil and gas company with extensive refining and marketing operations in the United States to one of the world's largest independent exploration and production companies, with major energy development activities overseas. Beach will retire after nearly 40 years with the company.

"Under Roger Beach's leadership, Unocal has developed one of the industry's best growth portfolios, with high-potential exploration programs in four of the world's major deepwater basins," Williamson said. "We will achieve record earnings and cash flow in 2000. The entire organization has benefited from Roger's leadership and vision."

Biographical information

Williamson, 52, joined Unocal in 1977. He has spent his career in exploration and production, holding senior positions of increasing responsibility in the United Kingdom, The Netherlands, and Thailand. He was named Executive Vice President, International Energy Operations, and a member of Unocal's board of directors in 1999. Williamson holds a Ph.D. in geology from the University of Texas at Austin.

Ling, 42, joined Unocal in 1997 as CFO. He was named Executive Vice President, North America Energy Operations, and a member of Unocal's board of directors in 1999. Previously, Ling was a partner with McKinsey & Company. He received a bachelor of science degree from Cornell University and a master of business administration degree from Stanford University.

Creighton, 68, was president and CEO of Weyerhaeuser Company from 1991 until his retirement in 1997. He was elected to Unocal's board of directors in 1995. He is also a director of UAL, Inc.

Forward-looking statements in this news release are based on assumptions concerning market, operational, competitive, regulatory, environmental, and other considerations. Actual results could differ materially as a result the foregoing and other factors as outlined in Unocal's 1999 Form 10-K report filed with the Securities and Exchange Commission.

Updated: December 2000