Unocal Corp. Returns to Profitability

Los Angeles-based Unocal Corp. reported first-quarter earnings of $74 million, or 27 cents a share, Wednesday, contrasted with a loss of $214 million, or 92 cents a share, for the same period a year ago. Excluding the effect of special adjustments, Unocal’s earnings for the quarter were $54 million, compared to $71 million the year before.

Revenue for the three months ended March 31 totaled $1.96 billion, compared to $1.92 billion in the first quarter of 1994.

Roger C. Beach, Unocal’s chief executive, said the first-quarter results reflected higher prices for crude oil and nitrogen fertilizer, which were offset by lower prices for natural gas and losses in the company’s West Coast refining and marketing operations.

“We maintained solid earnings in our exploration and production operations because of higher crude oil prices, lower domestic operating costs and increased natural gas, crude oil and condensate production in the Far East,” he said.

“On the downstream side, though, our refining and marketing earnings were buffeted by lower product margins and reduced crude oil runs because of major turnarounds at our California refineries in the quarter.”