Unocal Affiliate Will Incorporate: Union Exploration Partners...

Unocal Affiliate Will Incorporate: Union Exploration Partners Ltd. is changing from a Texas limited partnership to a Delaware corporation and renaming itself Unocal Exploration Corp. Richard J. Stegemeier, chairman of UXP’s parent, Los Angeles-based Unocal, said a corporation would be a more efficient vehicle for generating capital for UXP, particularly in the improving climate for domestic oil and gas exploration and development. In a filing with the Securities and Exchange Commission, Houston-based UXP said each of its outstanding partnership units will be converted into a common share of UXC that can be traded on the New York and Pacific stock exchanges.