Unocal Weighs Restructuring Canada Assets

Unocal Corp. said it was considering the restructuring of certain Canadian oil and gas properties held by its Unocal Canada Ltd. division. The company said the restructuring could involve an exchange of assets for an equity interest in a publicly traded Canadian oil and gas company, or the formation of an alliance, joint venture or operating partnership with a Canadian firm. Unocal Canada’s current working interest production from fields in Alberta, British Columbia and Saskatchewan is about 25,000 barrels of oil equivalent per day before royalty interest. The energy resources company, based in El Segundo, said it had written up a short list of possible Canadian firms but did not say when it would enter a deal. Unocal’s stock rose 50 cents to close at $44.25 on the NYSE.