James H. Painter Sr. VP, Exploration and Technology Unocal Corporation Banc of America Securities

1. James H. Painter Sr. VP, Exploration and Technology Unocal Corporation Banc of America Securities Energy & Power Conference Lake Las Vegas, Nevada November 16, 2004

2. Preface General – The following slides are being provided as part of Unocal’s conference presentation.  These slides are not intended to be complete discussions of the matters referenced therein and should be viewed in the context of Unocal’s presentation and Unocal’s most recent Form 10-K, Form 10-Q and Form 8-Ks filed with the Securities and Exchange Commission (SEC) and Unocal’s most recent quarterly earnings release and other press releases, all of which are located at www.unocal.com. Forward-Looking Statements – This presentation, including the following slides, contains forward-looking statements about matters such as Unocal’s assessment of hydrocarbon formations and potential resources; drilling and development plans and operations; other objectives and plans for future operations; project start-up dates; production rates, timing and growth; cash flows and capital expenditures; and negotiations, sales and transactions with third parties.  Although these statements are based upon Unocal’s current expectations and beliefs, they are subject to known and unknown risks and uncertainties that could cause actual results and outcomes to differ materially from those described in, or implied by, the forward-looking statements, including volatility in commodity prices and the effectiveness of Unocal’s hedging program;  Unocal’s ability to find or acquire commercially productive oil and gas reservoirs and to develop and produce deepwater fields and other complex projects in a timely and cost-effective manner; local demand, infrastructure and the distance to markets for Unocal’s hydrocarbon production; the accuracy of Unocal’s estimates and judgments regarding hydrocarbon resources and formations; decline rates of producing properties; adverse geological and other operational factors; the extent of Unocal’s operating cash flow and other capital resources available to fund its capital expenditures; international and domestic regulatory, political, and economic factors; other risks associated with Unocal’s substantial international operations;  negotiations with, and performance by, foreign government entities, joint venture partners, independent contractors, equipment suppliers, operators of properties in which Unocal has an interest and other third parties; competition within Unocal’s highly competitive industry; and other factors discussed in Unocal’s 2003 Annual Report on Form 10-K, as amended, and subsequent reports filed by Unocal with the SEC (SEC File No. 1-8483).  Copies of Unocal’s SEC filings are available from Unocal by calling 800-252-2233 or from the SEC by calling 800-SEC-0330. The reports are also available on the Unocal web site.  Unocal undertakes no obligation to update the forward-looking statements in this presentation, including the following slides, to reflect future events or circumstances. All such statements are expressly qualified by this cautionary statement.

3. Estimated Resource Potential Disclosures – The SEC has generally permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions.  Unocal uses the terms “resource potential” and “recovery potential” and provides other similar estimates of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines may prohibit Unocal from including in filings with the SEC.  These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by Unocal.  Please refer to Unocal’s 2003 Annual Report on Form 10-K, as amended, for disclosures regarding Unocal’s estimates of its proved reserves as of December 31, 2003. Supplemental Non-GAAP Financial Measures – This presentation, including the following slides, includes disclosure of EBITDAX, which is a "non-GAAP financial measure" as defined under SEC regulations. EBITDAX is defined as net earnings before interest, taxes, depreciation, depletion and amortization, asset impairments, exploration expenses, dry hole costs, special items, and cumulative effects of accounting changes.  Special items represent certain significant matters that positively or negatively impact net earnings and that management determines to be not representative of Unocal’s ongoing operations. Examples include: gain/loss from major asset sales; environmental remediation costs related primarily to inactive, closed or previously owned Unocal facilities and third party sites; costs or settlements associated with major restructuring plans; litigation settlement costs primarily associated with former Unocal operations or closed/inactive facilities; significant impairments due to changes in commodity prices; material damage to Unocal facilities or operations due to fire, explosion, earthquakes, storms or other "acts of god" not covered by insurance; certain costs associated with major acquisitions including litigation and significant trading derivatives; and insurance recoveries associated with former Unocal operations or for costs incurred in prior years. Unocal’s management believes that EBITDAX is helpful to investors and analysts because it facilitates a comparison of companies like Unocal that use the "successful efforts" accounting method with other companies in the exploration and production industry that utilize the "full-cost" method of accounting.  EBITDAX is not a substitute for net earnings determined in accordance with GAAP as a measure of profitability or other GAAP financial measures. Special items excluded from EBITDAX do in fact positively or negatively impact net earnings. Other companies may define special items differently. Hence, EBITDAX may not be comparable with similarly titled amounts reported by other companies.  A quantitative reconciliation of EBITDAX to GAAP net earnings is found in Unocal’s 2001-2004 Quarterly Fact Book, which is located in the investor relations section of Unocal’s web site.

4. Investors Ask: Why Unocal? • Clear line of sight to 2005–2008 production growth • Huge discovered Asia gas position (Thailand, Indonesia, Bangladesh, Vietnam) • Major resource potential remaining in Asia and Gulf of Mexico deepwater • Stabilized North American business (US onshore, GOM shelf, Alaska, Canada)

5. 9 Months 2004 Financial Performance andBalance Sheet Improvements($ in millions except share amounts) Net earnings per share * $3.48 per share EBITDAX per share * $8.69 per share Increase in cash * $376 Debt / Total Cap reduced * 46% to 39% ROE / ROCE * (annualized) 24% / 16% Reduction in net debt ** $723 Common equity repurchases $150 Call of convertible securities $250 Pension plan contribution $100 * First nine months Diluted ** 2003 Pro forma for Fin 46 Fin 46-R , 12/31/03 Net Debt: ($3,017 million)

6. 2005 Net Production OutlookFrom New Major Projects Expected 4Q/05 Production (BOE/D) GOM Deepwater – Mad Dog 5,000 – 6,000 GOM Deepwater – K-2 5,000 – 6,000 Bangladesh – Moulavi Bazar 15,000 – 25,000 Azerbaijan – AIOC Phase 1 ~ 18,000 Thailand – Pattani Oil Phase 2~ 15,000 Total added production: 55,000 – 70,000

7. Strong 2006+ Pipeline ofMajor Developments • AIOC • Phases 1 & 2 add ~750 MBOD by 2007 • Phase 3 (sanctioned 3Q04) adds ~300 MBOD by 2009 • Thailand • Start-up of third gas pipeline 2Q06 increases DCQ 80 MMSCFD • Vietnam • 5-8 TCF of gas (gross unrisked) could come on near end of decade • Bangladesh • GPSA signed 11/8 for 4Q06 startup of 200 MMSCFD • Gulf of Mexico Deepwater • Multiple discoveries (St. Malo, Tobago, Trident, Puma) come online near end of decade • Indonesia Deepwater • Gendalo development (Phase I) adds 250-300 MMSCFD by late 2007 • Gehem / Ranggas development planning underway for end of decade

8. Drillbit Success Continues • Gulf of Mexico Deepwater • Lower Tertiary (St. Malo, Tobago, Trident discoveries; Multiple prospects in Keathley Canyon / Walker Ridge) • Miocene (Mad Dog, K-2, Puma discoveries; Sequoia drilling) • Indonesia Deepwater • Successful appraisals on Gehem, Gula, Ranggas, Sadewa • First exploration on outboard PSCs scheduled late 2004 / early 2005 • Tarakan Basin oil wildcats scheduled 4Q 04 • North America • Alaska, Permian, Canada, GOM shelf extensions • Thailand / Vietnam • Arthit, S. Gomin, Blocks 48/95 & B

10. Unocal International E&P Operations Bangladesh Myanmar Thailand Indonesia Production operations Exploration provinces Netherlands Production (2003) 965 MMCFD 79,000 BOPD Reserves (12-31-03) 1,176 MMBOE Azerbaijan Vietnam Congo Australia

11. Unocal InternationalFocused on Asia for 40+ Years • Leverage advantaged positions • Thailand gas and Indonesia deepwater • Build large-scale businesses • Azerbaijan, Bangladesh, Vietnam • Pursue regional expansion via farm-ins and asset acquisitions • Emphasize safety, development of national workforce, host country relations and community involvement Our strategy . . .

14. AIOC Development Project AIOC Contract Area Caspian Sea • Est. 3.9 to 6.9 billion barrels of oil recoverable by 2024 • Now producing ~151,000 BOPD • Unocal has 10.28% interest • Phases 1 & 2 add 750,000 BOPD at peak – under construction • Phase 3 adds 300,000 BOPD at peak – sanctioned 9/20/2004 Novorossiysk Tbilisi Black Sea Supsa Existing Baku Under Construction 42” diameter 1,740 km Ceyhan Mediterranean Sea Main Export Pipeline (B-T-C) • 1,762 km (1,095 mi.) in length • 85% complete as of 9/20/2004; project on schedule • First production expected 2Q 2005 • 70% of $2.95 billion cost financed

15. AIOC Production and Operating Cash FlowUnocal Net Under Production Sharing Agreement Expected production, MBOED Expected after-tax cash flow, $ MM ~ 1 MMBOED gross in 2009 * After-tax cash flow from operations

16. Azeri-Chirag-Guneshli (ACG) FieldAzerbaijan International Operating Company EOP (Chirag) Phase 2 (West Azeri) Phase 1 (Central Azeri) Phase 2 (East Azeri) Sangachal Terminal Phase 3 (Deepwater Guneshli) Estimated recoverable oil: 3.9 to 6.9 billion barrels

17. Azeri Project Progress C. Azeri Topsides – 96% complete (Float-over scheduled Oct. 2004) C. Azeri Jacket – Installation completed May’04 Offshore Pipelines – 88% complete Sangachal Terminal Expansion – 92% complete

18. Thailand – Myanmar – VietnamEnergy Demand Driving New Infrastructure MYANMAR Yangon LAOS THAILAND Sein Badamyar Pipeline debottlenecking 2004 M6 M5 M8 CAMBODIA Bangkok Yadana Andaman Sea Ratchaburi Rayong Oil expansion 2005 3rd gas pipeline 2006 Lease areas Myanmar Thailand Vietnam Pipelines Existing Proposed Power plants Industrial VIETNAM Satun Tavoy Unocal 1-2-3-4 Erawan Gas pipeline 2008 Block A Block B 52/97 Pailin Arthit

19. Thailand Power ConsumptionRapid Growth Continues 1999 - 2004 Gigawatt-hours Source: Electricity Generating Authority of Thailand

20. Unocal Gulf of Thailand Contract VolumesExpected to Increase MMCFD DateGrossNet 2003 1,090 590 July 2006 * 1,220 670 Beyond 2006 * 1,610 920 * per Heads of Agreement 9 mo. 2004 actual GOT net production: 636 MMCFD

21. Unocal Thailand – Future GrowthThere’s Still a Long Way to Go . . . Life Expected to DateRemaining Inventory 171 Projects ~ 500 1,920 Wells ~ 5,700 95 Wellheadplatforms ~ 350 7.1 Capital ($B gross) ~ 9.0 6.7 Resource (risked TCFE gross) ~ 13.2 (Produced)

22. Vietnam − An Emerging Gas Market HO CHI MINH CITY O MON • Unocal Vietnam Blocks • 43% average W.I. • 2.7 million acres • 5-8 TCF est. potential (gross unrisked) • 10 gas discoveries in 3 fields to date • Pipeline / power feasibility studies 2004 380 km Unocal 1-2-3-4 Block 48/95 B-KQ-1X Block B Arthit Block 52/97 Proposed pipeline from Kim Long discovery Malay Basin

23. East Kalimantan, IndonesiaA Major Oil and Gas Province Brunei Unocal operations area Malaysia Singapore Indonesia (E. Kalimantan)

24. Unocal PSC areas BRUNEI MALAYSIA KALIMANTAN Gehem / Ranggas Complex 1950-2900 BCF* 73-150 MMBO* Gendalo Complex 2200-3400 BCF* 20-35 MMBC* Unocal Indonesia Deepwater Developments Gehem / Ranggas Complex • 10 wells to date, 5,200 ft. water depth • Development concept selection under way • Development plan expected 2005 • Undrilled satellite prospects Gendalo Complex • 8 wells to date, 2,500–5,000 ft. water depth • F.E.E.D. under way • Development decision expected 2005 • First production expected 2007 at 250-300 MMCFD (Phase 1) Bontang LNG plant West Seno Santan terminal Senipah terminal * Discovery volumes

25. Indonesia − Bontang LNG PlantGas Contracts & Market Potential Plant Inlet Capacity Existing contracts • Market share set through 2010 • Opportunity to fill existing contract requirements Early contracts / Spot mkt. • Up to 500 MMCFD spare capacity available Fill-up contracts • Replace existing contracts beyond 2010 MMCFD Early contracts / Spot market Fill-up contracts Existing contracts

26. . . . . . . . . ..... …….. ……….. …………… . . . . . . . . . . . . ..... …….. ……….. …………… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gendalo A World-Class Reservoir West Seno – Faulted, stacked channel sands with compartmentalization; difficult to image Gendalo – Thick fan sands with good continuity; easily imaged Initial Production Rates (per well) West Seno: 1 – 4 MBOE/D Gendalo: 50 – 80 MMCF/D

27. Tarakan Basin Bukat-Ambalat PSCs Indonesia – New Oil Plays 4Q 2004 Tarakan Basin • Cumulative production to date: 370 MMBO, 1.4 TCF (onshore & shallow water) • No DW wells • 2 wells planned 4Q04 Kutei Basin • First well in Papalang PSC to be drilled 4Q04 Kutei Basin Papalang PSC

30. INDIA Jalalabad Gas Field Bibiyana Gas Field 12 13 B A N G L A D E S H 14 Dhaka Moulavi Bazar Gas Field INDIA 100 km Unocal acreage MYANMAR BangladeshWorld Class Gas Resources • Producing ~195 MMCFD (gross) from Jalalabad; September 2004 • Moulavi Bazar field development 70 -100 MMCFD (gross) domestic production expected 2Q 2005 • Bibiyana field development ~ 200 MMCFD (gross) domestic production expected 4Q 2006

31. Bangladesh Gas Market Supply / Demand MMCFD Unocal Moulavi Bazar start-up planned

32. Bangladesh Moulavi Bazar Development • In October 2003, Unocal signed an agreement with Petrobangla to develop the Moulavi Bazar gas field, located on Block 14 • Unocal plans to drill two development wells, build a gas processing plant and a 15-mile-long pipeline to connect field with existing natural gas pipeline grid • Unocal expects to produce 70 to 100 MMCFD from field for domestic markets, beginning 1H 2005 • Estimated gross resource potential is > 440 BCF • Total development costs estimated at $45 MM

33. Bangladesh Bibiyana Development • Gas Purchase & Sales Agreement (GPSA) signed November 8, 2004 • Production of 200 MMCFD and 1 MBCD expected 4Q 2006 • Minimum production sales volumes under GPSA increase to 400 MMCFD (gross) at the end of 2008 • Unocal expects to eventually drill up to 15 development wells, install a gas plant, and construct a 25-mile pipeline • Total development costs estimated at $230 MM through 2008 • Discovery well had net gas pay of 1,063 ft. and a drill stem test of 173 MMCFD • Resource potential ~ 3 TCF

34. Unocal North American Operations Alaska Production (2003) 208 MBOE/D Reserves (12-31-03) 583 MMBOE Canada Onshore U.S. GOM Shelf GOM Deepwater

35. North American Operations * Production Capex Cash Expense 9 Mos. 2004 2004E 9 Mos. 2004 (MBOE/D)($MM)($ per BOE) Gulf of Mexico 55 60 5.65 Pure Resources 54 265 10.30 Alaska 29 80 11.35 Canada 30 130 9.20 Total N. America 168 535 8.75 * Excludes deepwater

36. Unocal discoveries Near-term wells Industry discoveries Currently drilling Exploration Focus Areas Green Cyn. Miocene Lower Tertiary Perdido Fold Belt Deepwater Gulf of MexicoDiscoveries and Drilling Inventory Chilkoot UCL Knottyhead Sequoia Tahiti Mirage K2 Mad Dog Puma Great White Jack Cascade La Jolla Chinook Tobago Trident Sardinia Hadrian St. Malo

37. Unocal discoveries Industry discoveries Near-term wells Unocal prospects Deepwater Gulf of MexicoLower Tertiary Trend Prospectivity Cascade BHP Gorgona Cyprus Cats Eye Coronado Chinook BHP Walker Ridge Keathley Canyon La Jolla UCL West Sardinia Das Bump BP Sardinia Sicily Ponza Deep Hadrian XOM Jack CVX St. Malo Isle Royale BP Significant inventory of additional prospects identified by industry not shown

38. Top Leaseholders in the Lower Tertiary * Average WI () Net Acres ( ) CVX XOM BP Shell KMG DVN UCL AHC COP * Includes: Alaminos Canyon, Keathley Canyon, Walker Ridge, Sigsbee Escarpment, and Amery Terrace Source: Lexco, which does not capture cross-assignments

39. Unocal blocks St. Malo Discovery 588 589 590 591 592 • Lower Tertiary play (>29,000 ft.) • Discovery well (10/03) drilled in 6,900 ft. water depth; >450 ft. net pay in 1,400 ft. oil column • Successful appraisal well (6/04) drilled about one mile east of discovery well; >400 ft. net oil pay in deeper interval • Test data evaluation & study of potential development options now under way • Unocal WI 28.75% (25.2% net) 632 633 634 635 636 St. Malo #1 St. Malo #2 676 677 678 679 680 720 721 722 723 724 764 765 766 767 768 La Jolla / Das Bump BP drilling

40. Mad Dog partnership acreage Original Mad Dog unit (GC 826) Puma partnership acreage Puma Discovery 693 694 • Discovery well with 2 sidetracks drilled 12/03 in ~4,130 ft. water depth (BP-operated) • 500 ft. (net) Lower/ Middle Miocene pay at 19,034 ft. • 8-10 miles from Mad Dog • Further appraisal likely in 2H 2004 • Unocal WI 15% (13.1% net) 733 734 735 736 737 738 739 740 Mad Dog SW Ridge Appraisal (1Q 05) 777 778 779 780 781 782 783 784 821 822 823 824 825 826 827 828 865 866 867 868 869 870 871 872 Mad Dog discovery Puma #1

41. Trident partnership Other Unocal blocks Shell, BP, CVX unit Trident / Tobago Discoveries 728 729 730 731 770 771 772 773 774 775 Tobago #1 813 814 815 816 817 818 Great White • Discovery well (Trident #1, 7/01); encountered 300+ ft. of high-quality oil (40º API) net pay • Successful appraisal well (Trident #2, 12/01) confirmed lateral continuity of reservoir • Successful second appraisal well (Trident #3, 11/02) • 100-200 MMBOE gross resource potential • Unocal WI 59.5% (52.1% net) 857 858 859 860 861 901 902 903 904 905 906 900 Trident #2 947 948 949 Trident #1 Trident #3 USA MEXICO

42. Unocal blocks N Deepwater GOM − K2 Development GC 562 Possible K2 well locations • Discovery well (10/99) in ~ 4,000 ft. water depth • 55-125 MMBOE gross unrisked resource potential • Project sanction 1Q 04 with first oil 2Q 05 • Subsea tieback to Anadarko’s Marco Polo TLP (installed 1/04) • Peak production expected at 50-65 MBOE/D gross • Unocal WI 12.5% (10.9% net) Possible pipeline route (dual flowlines) Marco Polo GC 608 3-D perspective of seafloor betweenK2 and Marco Polo

43. Deepwater GOM − Mad Dog Development Setting the Mad Dog topsides July, 2004 • Spar development (BP operated), 80,000 BOPD / 50 MMCFD • 200 - 450 MMBOE risked full field estimated recovery potential • On track to deliver first oil early 2005 • Unocal WI 15.6% (13.3% net) Project Schedule 9899000102030405 Discovery Appraisal Sanction Construction First Oil

44. M S A L L A T X H o u s t o n Current Pure operations Pure Resources Overview • High quality, long-lived reserve base • Geographically focused operations • Significant project inventory • Good full-cycle economics San Juan Basin 16 MBOED Permian Basin 33 MBOED East Texas 6 MBOED

45. Pure Resources: Opportunity Rich • Large inventory of quality development / exploitation projects @ $20 oil • 55,000 BOE/D production with expected growth in 2005 • 257 MMBOE of proved reserves • Large player in Permian Basin, active in deal flow • R/P of 12 years

46. What To Watch For Next 9 Months • First production from new projects • AIOC Phase 1, Mad Dog, K-2, Bangladesh, Thai oil • Deepwater GOM exploration and appraisal • Sequoia, Mad Dog Deep, La Jolla / Das Bump • Lower Tertiary tests in Keathley Canyon / Walker Ridge • Green Canyon Miocene tests – Chilkoot & Knottyhead • St. Malo and Puma appraisals • Indonesia • Development plans for Gendalo early gas • Exploration in Tarakan Basin and outboard PSCs • Bangladesh – New Gas Sales Agreement signed • Azerbaijan – BTC pipeline commissioned

47. Unocal’s Vision and Values