Unocal Accepts Increased Offer from Chevron

Chevron Corporation and Unocal Corporation have announced an amended merger agreement, which provides for an increase in the consideration to be received by Unocal stockholders.

The revised transaction is structured as 40 percent cash and 60 percent stock, providing an overall value of $63.01 per share of Unocal common stock based on the closing price of Chevron stock on July 19, 2005.

Unocal stockholders may elect to receive, for each share of Unocal stock, either $69 in cash, 1.03 shares of Chevron stock, or a combination of $27.60 in cash and 0.618 of a share of Chevron common stock, with the all-cash and all-stock elections subject to proration. In the aggregate, Chevron will issue approximately 168 million shares of Chevron stock and pay approximately $7.5 billion in cash.

The Unocal board of directors recommends that Unocal stockholders vote in favor of adopting the Chevron merger agreement, as amended, at the special meeting of stockholders scheduled for Aug. 10, 2005.

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Unocal Corporation
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China National Offshore Oil Corporation (CNOOC)

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Posted 20/07/05

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