Unocal Sees Capital Spending Flat in 2000

Oil exploration and production company Unocal Corp. said it expects its capital spending for 2000 to total between $1.1 billion and $1.2 billion, about the same as this year’s level. “More than 90% of the capital spending plan focuses on oil and gas exploration and production projects, with about half earmarked for projects outside the U.S.,” said Chairman and Chief Executive Roger Beach. Capital spending for 1999 is expected to total about $1.16 billion, excluding the acquisition of an interest in Northrock Resources Ltd. The company said it expects to spend about $210 million on emerging exploration and production businesses in the deep-water Gulf of Mexico and Indonesia, as well as in Brazil and West Africa. That includes the company’s first deep-water development of the West Seno field in Indonesia. Beach noted that the capital forecast does not include the costs of any possible acquisitions. Unocal shares closed down 69 cents at $32.38 in trading on the New York Stock Exchange.