This announcement affects approximately $3 billion in public debt.
Unocal is one of the world's largest independent oil and gas exploration and production companies, with worldwide reserves at year-end 2004 of approximately 1.8 billion barrels of oil equivalent (boe). Natural gas accounts for approximately 62% of the company's production mix. Unocal's core operating areas are Southeast Asia, the lower 48 states of the U.S., Alaska, and Canada. Unocal is also involved in the carbon and minerals business and is a large producer of geothermal energy through its interests in the Philippines and Indonesia.
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