Unocal May Sell Southeastern Operations

Continuing a restructuring it began several years ago, Los Angeles-based Unocal Corp. plans to hire First Boston Corp. to help evaluate the possible sale and other options for the oil company’s southeastern marketing operations and its national truck-stop network.

“Our strategy is to shift capital dollars to projects that yield a greater return and cash flow,” Roger C. Beach, Unocal senior vice president and president of its refining and marketing division, said Tuesday.

The company indicated that it may be looking for a long-term supply commitment from an interested buyer to help it retain the Unocal brand.

Unocal’s southeastern operations include 50 company-owned retail outlets, contracts with over 200 marketers with more than 4,200 outlets--nearly half its 10,000 service stations nationwide--and a lube oil blending and packaging plant. Its Auto/TruckStop network includes 150 truck stops.

One analyst applauded Unocal’s move, saying that the continued restructuring “is another sign of progress and a step toward further efficiency.”

In recent years, Unocal has suspended manufacturing operations at its refinery in Beaumont, Tex., and transferred the Chicago refinery and related Midwest marketing and distribution assets to Uno-Ven Co., a joint venture with Venezuela Petroleum Holdings Inc.