Unocal names Terry Dallas as new CFO; Timothy Ling to focus on expanded North American operations, e-business initiatives
El Segundo, Calif., June 6, 2000 -- Unocal Corporation (NYSE: UCL) today announced that Terry G. Dallas, 49, has been named as the company's new chief financial officer. Dallas was formerly senior vice president and treasurer with Atlantic Richfield Company.
As CFO, Dallas succeeds Timothy H. Ling, 42, who will now be free to focus on his role as executive vice president for North American Energy Operations and development of e-commerce initiatives for the company. Ling previously held both positions.
"Terry brings significant transaction expertise and key industry experience, both domestic and international," said Roger C. Beach, Unocal chairman and chief executive officer. "His financial skills and knowledge will increase our capacity for future growth."
Dallas will report to Beach and be a member of the company's management committee.
Beach added, "With the addition of Terry to our management team, Tim Ling will continue to focus on the company's core Gulf of Mexico oil and gas operations, Global Trade and Unocal Canada, while assuming additional operational and business development responsibilities."
Ling's expanded operating responsibilities include a new, integrated real estate and asset management organization, Northrock (Unocal's Canadian E&P business unit), the company's Alaska oil and gas operations and Unocal's e-business development group, which recently made equity investments in several B2B on-line procurement ventures. Also reporting to Ling will be Unocal's agricultural products business unit, which is being sold to Agrium, Inc.
Unocal's North American energy operations also include exploration and production activities in the Lower 48 and Canada. A Unocal subsidiary is currently conducting a tender offer to acquire the outstanding common stock of Calgary-based Northrock Resources Ltd. (TSE: NRK), that is not held by Unocal.
Unocal is also embarking on a major deepwater exploration drilling program in the Gulf of Mexico where the company has acquired a significant acreage position in key trends. The company will be using a new drillship, the Discoverer Spirit, which is expected to begin drilling in the third quarter.
Ling is a member of the Unocal board of directors and serves on the board of Pure Resources, Inc. (NYSE: PRS), the company that was formed in May from the merger of Unocal's Permian and San Juan basins assets with Titan Exploration, Inc. Unocal holds a 65.4-percent interest in Pure Resources.
Biographical data: Terry G. Dallas
Terry Dallas is a proven financial executive who has spent more than 20 years with Atlantic Richfield Company. Since 1994, he has been the company treasurer and principal merger and acquisition leader.
He has strong experience in utilizing capital markets. Over the past 6 years, he raised $3 billion in public debt for Arco to support the capital structure, acquisitions, and asset development. He was pivotal in identifying and executing transactions that supported Arco's growth and core strategies, including the creation and spin off of Vastar.
Dallas holds a bachelor of science degree from Georgia Institute of Technology and an MBA in finance from UCLA.
Updated: June 2000