Unocal Reports 4Q Results
September 1, 1999
Unocal Corporation said continued depressed crude oil and natural gas prices, coupled with asset writedowns and restructuring costs, were major factors in the company's reporting a preliminary loss of $29 million in the fourth quarter. This compares with earnings of $142 million in the fourth quarter a year earlier.
Because of continued low commodity prices, the company has projected capital expenditures of about one billion dollars for 1999, compared with $1.7 billion in 1998. Unocal has also laid out a goal of reducing annualized cash expenses by $150 million to $200 million from the 1998 level to bolster cash flow.
"Our capital plan focuses on preserving our high-potential deepwater exploration and development program in the Gulf of Mexico and Indonesia, while ensuring our debt ratio remains below 50 percent," said Roger C. Beach, Unocal chairman and CEO.
The company expects to drill four new deepwater exploration wells in the Gulf of Mexico this year.
Related News
Euroseas Charters Newbuild Container Ship and Secures Financing for Another One
QatarEnergy and Nakilat Sign Long-Term Agreement for Nine QC-Max LNG Vessels
VARD to Build Hybrid Ocean Energy Construction Vessel for Island Offshore
Conflict Heating Up Over Cosco's Megaport in Peru
Cambodia to Cut Shipping Through Vietnam by 70% With New China-funded Canal