Release: Unocal sets date of special meeting for vote on Chevron merger

(EL SEGUNDO, Calif., June 29 )Unocal Corporation announced today that its board of directors has set Aug. 10, 2005, as the date of the special meeting of Unocal's stockholders at which a vote is scheduled to be taken on the proposed merger with Chevron Corporation.

Stockholders who hold shares of Unocal common stock at the close of business on June 29, 2005, the record date for the special meeting, will be entitled to vote on the Chevron merger at the special meeting.

Unocal previously announced that on June 22, 2005, it received a proposal from CNOOC Limited to acquire all outstanding shares of Unocal for $67 per share in cash. Unocal also announced that it has received a waiver from Chevron enabling Unocal to engage in discussions with CNOOC and its representatives concerning the proposed CNOOC transaction.

In connection with entering into the Chevron merger agreement, the Unocal board of directors recommended the transaction to Unocal's stockholders. That recommendation remains in effect. Unocal expects that, prior to the August 10 special meeting, and after engaging in discussions with CNOOC, Unocal will update stockholders regarding the Unocal board's evaluation of the CNOOC proposal.(end of release)