press release

Unocal stockholders elect directors, vote on proposals

El Segundo, Calif., June 2, 1997 -- Unocal Corporation stockholders today elected four directors at the company's annual stockholders' meeting and overwhelmingly rejected two proposals relating to Unocal's investments in Myanmar.

Stockholders also ratified the appointment of Coopers & Lybrand, L.L.P. as independent accountants and approved the performance goal for the company's Management Incentive Program.

Election of Directors

At the meeting, John W. Amerman, chairman of the board of Mattel, Inc., Roger C. Beach, chairman of the board and chief executive officer of Unocal Corporation, and John W. Creighton, Jr., president and chief executive officer of Weyerhaeuser Company, were re-elected as directors for three-year terms expiring in 2000.

Kevin W. Sharer, president and chief operating officer of Amgen, was newly elected to Unocal's board.

Sharer was appointed to his current position at Amgen in 1992 and also serves as a director of the company. Thousand Oaks, Calif.-based Amgen is the world's largest independent biotechnology company.

From 1989 to 1992, he was executive vice president and president of the Business Markets Division of MCI Communications Corporation. He also served in a variety of executive capacities at General Electric Co. and as a consultant for McKinsey & Company.

A resident of Los Angeles, Sharer is president of the Board of Trustees of the Los Angeles County Museum of Natural History.

He earned a bachelor's degree in aeronautical engineering from the U.S. Naval Academy and also holds an M.B.A. degree from the University of Pittsburgh.

The following directors continue their terms: Malcolm R. Currie, former chairman of the board and chief executive officer of Hughes Aircraft Company; Neal E. Schmale, chief financial officer, Unocal Corporation; Charles R. Weaver, former chairman of the board and chief executive officer of The Clorox Company; Frank C. Herringer, chairman of the board and chief executive officer of Transamerica Corporation; John F. Imle, Jr., president, Unocal Corporation; Donald P. Jacobs, dean, J. L. Kellogg Graduate School of Management at Northwestern University; J. Steven Whisler, senior vice president, Phelps Dodge Corporation; and Marina v.N. Whitman, professor of Business Administration and Public Policy at the University of Michigan.

Stockholder Resolutions

At the meeting, Unocal stockholders defeated two proposals relating to the company's activities in Myanmar. The first proposal, which was rejected by more than 94 percent of the votes cast at the meeting, requested a report on the actual and potential economic and public relations costs to Unocal of opposition to its investments in Myanmar. Stockholders also rejected by more than 95 percent a proposal requesting an investigation into the internal financial operations of a state-owned energy company involved in the Yadana natural gas development project.

Executive Appointment

Unocal's board of directors appointed Joseph A. Householder as vice president, Tax, and comptroller. He replaces Charles S. McDowell, who has served as vice president and comptroller since 1991, and is retiring after 29 years of service with the company.

Householder joined Unocal in 1986 as tax counsel. He has served as general tax counsel since 1990 and was named vice president, Tax, in 1994.

Householder earned a juris doctorate from Loyola Law School and a bachelor's degree in business administration from the University of Southern California. He is also a graduate of the Executive Program at the UCLA Anderson Graduate School of Management.

He is a member of the State Bar of California, American Institute of Certified Public Accountants and the Tax Executives Institute.

Updated: June 1997