Unocal Posts Hefty Losses for Quarter, Year

Unocal Corp. on Monday posted a $68-million loss for the fourth quarter, primarily because of $154 million in special charges, higher expenses and weak natural gas prices.

The results for the three-month period ended Dec. 31, 1994, amounted to a loss of 32 cents per share and compares with earnings of $44 million, or 14 cents per share, during the same period the previous year.

The company reported revenue of $1.98 billion, up slightly from $1.97 billion in the fourth quarter of 1993. The company posted gains in all its core operations--except refining, market and transporting.

The 1994 fourth quarter included charges of $94 million for environmental cleanup, $22 million in legal expenses, $22 million for property write-downs and $15 million in restructuring expenses.

Without the special charges, the company would have posted income of $86 million, or 32 cents per share, for the quarter, up 23% from $70 million, or 25 cents per share, during the previous year’s fourth quarter.

For all of 1994, Unocal reported a net loss of $153 million, or 78 cents per share, compared to earnings of $213 million, or 73 cents per share, for 1993. Revenue was down 4%, to $7.97 billion from $8.34 billion the previous year.

Excluding charges of $277 million for an accounting change and a $176 million for other special items, Unocal would have posted income of $300 million, or $1.09 per share, down from $347 million, or $1.29 per share, in 1993.