has received a waiver from Chevron
Corporation enabling Unocal to engage in discussions with CNOOC Limited and
its representatives concerning a transaction proposed by CNOOC Limited at any
time until the date of the Unocal stockholder vote on the proposed merger with
Unocal intends promptly to commence such discussions with CNOOC Limited.
There can be no assurance that any agreement with CNOOC Limited will be
reached. In connection with entering into the Chevron merger agreement, the
Unocal board of directors recommended the transaction to Unocal stockholders.
That recommendation remains in effect.