Unocal Sees Lower Profits as a Result of Lower Oil Prices
Unocal Corp. reported that second-quarter profits fell as energy prices were down from a year ago.
Unocal reported a net profit of $114 million, or 46 cents per share, compared with $247 million, or 99 cents per share, for the second-quarter of 2001. Excluding one-time items, earnings fell to 55 cents per share from 92 cents a year earlier. Analysts polled by Thomson First Call had expected 45 cents to 55 cents a share, with an average estimate of 51 cents.
Shares of El Segundo, California-based Unocal, which is reorganizing some of its exploration and production business and cutting 200 jobs, closed Tuesday at $29.58 on the New York Stock Exchange. The shares fell 5.6 percent in the second quarter, while the Standard & Poor's oil exploration and production index dropped 7.4 percent. During the quarter, oil prices were down about 6 percent from a year earlier.