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Gas industry

Unocal Corp. Reports Third Quarter Earnings of $59 Million

Strategic Insights

— 1 min read

Unocal Corp. posted operating earnings of $59 million for the third quarter, a decline from the $91 million earned during the same period last year. The decrease was attributed to lower domestic natural gas prices and reduced margins from petroleum refining and marketing operations. However, the company's worldwide average crude oil price increased to $13.76 per barrel, up from $13.76 per barrel last year.

Key Takeaways:

  • Unocal Corp.'s earnings from operations for the third quarter were $59 million, a decrease from $91 million in the same period last year.
  • The company's operating earnings per common share were 21 cents, down from 34 cents per common share in the same period last year.
  • Unocal Corp.'s revenues decreased to $5.98 billion, down from $6.38 billion last year.
  • The company's net expense for corporate and other was $89 million, compared to $76 million last year.
  • Adjusted earnings per common share were 66 cents, down from $1.04.
  • Unocal Corp.'s worldwide average natural gas sales price was $1.76 per thousand cubic feet (mcf), down from $2.04 per mcf in the third quarter of 1993.
  • The company's foreign exploration and production operations recorded significant gains due to higher crude oil production in Indonesia and the Netherlands and increased natural gas sales in Thailand.
  • Unocal Corp.'s operations at the Salak field in Indonesia resulted in earnings of $105 million, up from $101 million in the same period last year.

Statistics:

  • Third quarter earnings: $59 million
  • Earnings per common share: 21 cents
  • Operating earnings: $91 million (same period last year)
  • Revenues: $5.98 billion (down from $6.38 billion last year)
  • Net expense for corporate and other: $89 million (compared to $76 million last year)
  • Adjusted earnings per common share: 66 cents (down from $1.04)
  • Worldwide average natural gas sales price: $1.76 per mcf (down from $2.04 per mcf in 1993)
  • Crude oil price: $13.76 per barrel (up from $13.76 per barrel last year)
  • Salak field earnings: $105 million (up from $101 million last year)

Sources:

  • CO: Unocal Corp.
  • ST: California
  • IN: OIL
  • SU: ERN
  • LD-JL
  • -- LA023 --
  • 9582
  • 10/31/94
  • 14:19 EST

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