SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) March 11, 2004
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UNOCAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
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(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
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(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
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(Registrant's Telephone Number, Including Area Code)
Item 5. Other Events.
The Company's Pure Resources Inc. subsidiary has agreed to sell certain fee
minerals interests it holds in several states for approximately $190 million in
cash. The purchase price will be adjusted to reflect the effective date of
October 1, 2003. The sale is expected to close by the end of the second quarter
2004, and the Company expects to record a gain.
The transaction includes royalty interests, overriding royalty interests, minor
working interests, and subsurface mineral rights on approximately 3.3 million
net acres, primarily in Texas, Louisiana, Mississippi, Arkansas and Alabama. The
assets being sold account for approximately 2,250 barrels of oil equivalent per
day of the Company's production.
This filing contains certain forward-looking statements about the success of
future business transactions and the expected earnings impact from the sale of
assets. These statements are not guarantees of future performance. The
statements are based upon Unocal's current expectations and beliefs and are
subject to a number of known and unknown risks and uncertainties that could
cause actual results to differ materially from those described in the forward
looking statements. Actual results could differ materially as a result of
factors discussed in Unocal's 2003 Annual Report on Form 10-K and subsequent
reports filed with the Securities and Exchange Commission.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNOCAL CORPORATION
(Registrant)
Date: March 15, 2004 By: /s/ JOHN A. BRIFFETT
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John A. Briffett
Assistant Comptroller