Average Net Crude Oil News

Unocal Corporation said it expects the company's worldwide average net crude oil and natural gas production to rise 44 percent to nearly 700,000 boepd by 2004. The updated outlook reflects a 7.6-percent annual growth in net worldwide production from an estimated 485,000 boepd in 1999. Earlier, the company's forecast profile was for 2004 production of 918,000 boepd. This earlier forecast was heavily weighted toward increases in the years 2002 to 2004. "We have revised our production forecast as a result of a change in our philosophy, especially with respect to the later year projections, as well as to reflect factors that may delay certain projects," said Roger C. Beach, Unocal chairman and CEO.