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Unocal Profit Slides With Oil Prices

July 29, 1998| Bloomberg News

Unocal Corp. said its second-quarter profit fell 36% as crude oil prices hit 12-year lows, cutting revenue at the nation's 15th-largest oil company. Earnings before a gain fell to $62 million, or 26 cents a diluted share, from $97 million, or 39 cents, a year earlier. The earnings were in line with the 25-cent average estimate of analysts polled by First Call Corp. Revenue fell 16% to $1.4 billion from $1.65 billion. Average oil prices during the quarter were about 26% lower than in the year-earlier period. El Segundo-based Unocal continues to focus on cost-cutting to offset lower crude prices, Chief Executive Roger Beach said. The company's shares rose 25 cents to close at $33.13 on the NYSE.

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