Unocal to Cut Back Gulf Coast Business
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Unocal Corp. said it plans to fire 200 workers in Texas, or about 7% of its U.S. work force, and sell some less-profitable oil and natural gas properties as part of a reorganization of its Gulf Coast operations.
The plan will cut costs by $20 million a year and result in expenses of $12 million for this quarter, the El Segundo-based company said.
Unocal last year began shifting its exploration focus from shallower basins in the Gulf of Mexico, where production has waned, to deeper gas deposits on the continental shelf.
Unocal shares closed up 9 cents at $36.64 on the New York Stock Exchange before the news was announced.
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