Unocal to Cut 195 Jobs in Restructuring
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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.
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