press release

Unocal schedules webcast of presentation to Banc of America Securities Energy Conference

El Segundo, Calif., June 18, 2001 -- Unocal Corporation (NYSE: UCL) will webcast its presentation to the Banc of America Securities 2001 Energy Conference in New York City for 8:15 a.m., Eastern Daylight Savings Time, Tuesday, June 19.

Robert E. Wright, Unocal vice president for Investor Relations, will deliver the presentation to the conference.

Interested parties may listen to the live presentation over the Internet by logging onto Unocal's web site at the scheduled time. Listeners will need to have RealPlayer installed on their computer. The presentation will be archived and available for replays until July 6, 2001.

About Unocal Corporation

Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. In North America, Unocal is one of largest independent natural gas producers, with current net production of 1 billion cubic feet per day. For additional information about Unocal's global activities, visit the company's web site.

The presentation may include discussion about future goals and projections of future earnings, cash flow, capital spending, crude oil and natural gas production, reserves, and gross resource potential of oil and gas prospects. These goals and projections are "Forward Looking Statements," and are based on Unocal's internal plans and forecasts. The actual results in the future will be influenced by the inherent risks of our businesses and the economic situations in the various countries where Unocal operates, or attempts new business opportunities. The actual results will be determined by a number of factors, including: oil and natural gas commodity prices, the company's drilling success rate, the company's success in capturing new business opportunities and the timing of new project developments, the decline rates of present fields and future resource discoveries, and the costs incurred for future exploration, development, and production operations. For a more complete discussion of certain factors, refer to Unocal Corporation's 2000 Form 10-K, pages 47-51.

The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Unocal uses certain terms in this presentation, such as resource potential and discovery volumes, that the SEC's guidelines strictly prohibit Unocal from including its filings with the SEC. U.S. investors are urged to consider closely the disclosure in Unocal's 2000 Form 10-K. Copies of the company's SEC filings are available from the company by calling 800-252-2233. The reports are also available on the Unocal web site.

Updated: June 2001