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Article: Unocal 1997 Capital Spending Plan Reflects Shift to Development of Asia Projects
- Article from:
- PR Newswire
- Article date:
- December 9, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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EL SEGUNDO, Calif., Dec. 9 /PRNewswire/ -- Unocal Corporation today said that two-thirds of its forecasted $1.34 billion in capital expenditures in 1997 will be for overseas projects. The 1997 investment plan compares with an estimated $1.38 billion in capital expenditures for 1996.
Roger C. Beach, Unocal chairman and chief executive officer, said the 1997 capital spending forecast reflects Unocal's continued shift toward higher return energy development projects overseas.
"In 1995, about 70 percent of our capital spending, or more than $1 billion, was on domestic projects," he said. "For 1997, 67 percent of our capital spending plan, or about ...