Unocal to Cut 195 Jobs in Restructuring

Unocal Corp., which explores for oil and natural gas and develops power plants and pipelines, plans to cut 195 jobs and take an unspecified first-quarter charge in a restructuring to boost profit. Unocal said it plans to lay off about 2.6% of its worldwide work force of 7,500 in a voluntary program. The El Segundo-based company was expected to earn 48 cents a share in the first quarter, according to the average estimate of seven analysts polled by First Call/Thomson Financial. Shares rose $1.56 to close at $28.69 on the NYSE.