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) June 20, 2002
------------------------
UNOCAL CORPORATION
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
--------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
--------------------------------------------------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
--------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Item 5. Other Events
Gulf Region USA Restructuring
------------------------------
The Company's Gulf Region business unit commenced a restructuring program to
improve its overall cost structure and profitability and better position the
unit for ongoing exploratory success. The actions taken so far under the
restructuring program are expected to reduce pre-tax costs by approximately $20
million per year by making organizational changes to eliminate unnecessary work
processes and reconfiguring the business unit to meet current and future
business needs.
The restructuring measures involve about 200 layoffs from the Gulf Region
workforce in the Company's Sugar Land, Texas, office and field locations. The
cuts represent about 7 percent of the Company's total U.S. workforce. The focus
of the exploration program has been redirected from the Gulf of Mexico's mature
shallow depths to the emerging "deep shelf" play.
The restructuring also will involve the divestment of low margin properties by
the end of 2002. The divestments will allow the Gulf Region unit to concentrate
its efforts on more profitable fields and potentially high impact exploration
prospects. The impact of the asset sales on production and reserves is expected
to be minimal.
The Company expects to record an after-tax charge of approximately $12 million
for the layoff part of the restructuring program in the second quarter of 2002.
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: June 25, 2002 By: /s/ JOE D. CECIL
--------------- -------------------------------
Joe D. Cecil
Vice President and Comptroller
-4-