Filed by Unocal Corporation
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Pure Resources, Inc.
Commission File No. 001-15899
The following slides were presented during Unocal's Q3 2002 Earnings Conference
Call on Thursday, October 24, 2002:
UNOCAL
ADJUSTED EARNINGS
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$ MILLION $ PER SHARE
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Third Quarter 2002 126 .52
Second Quarter 2002 134 .55
Decrease 8 .03
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Factors:
Lower non E&P results (16) (.07)
Lower N. American gas prices (9) (.04)
$2.74 vs. $2.97
Lower production volumes (7) (.03)
466 MBOE/D vs. 486 MBOE/D
Lower effective International
Income tax rate 15.06
Higher Worldwide oil/liquids prices 12.05
$24.19 vs. $22.63
Other (1) --
UNOCAL E&P
LOWER 48 RESULTS
3Q 2002 vs. 2Q 2002
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$ MILLION
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Lower earnings 19
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Lower natural gas prices (6)
$2.97 vs. $3.12
Lower production volumes (6)
Higher dry hole expense (8)
Pure Put & transaction costs (8)
Lower operating/exploration/D & D costs 8
Higher oil & liquids prices 4
$24.74 vs. $23.47
Other factors (3)
UNOCAL E&P
ALASKA RESULTS
3Q 2002 VS. 2Q 2002
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$ MILLION
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Higher results 15
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Timing of impairment in 2Q 12
Higher oil & liquids prices 2
$22.17 vs. $20.86
Lower operating expense 2
Higher Dry Holes (1)
UNOCAL E&P
CANADA RESULTS
3Q 2002 VS. 2Q 2002
$ MILLION
---------
Higher results 1
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Lower Dry Holes & Operating Expense 3
Higher oil & liquids prices 1
$22.70 vs. $21.92
Lower natural gas prices (3)
$2.08 vs. $3.03
UNOCAL E&P
INTERNATIONAL RESULTS
3Q 2002 VS. 2Q 2002
$ MILLION
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Higher earnings 11
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Lower effective income tax rate 15
37% vs. 43%
Higher liquids prices 5
$24.80 vs. $22.84
Higher natural gas prices 2
$2.69 vs. $2.64
Timing of liftings 5
Higher dry hole expense (5)
Higher operating expense (5)
Higher Thailand D&D (5)
UNOCAL
NON E&P BUSINESS RESULTS
2Q 2002 VS. 1Q 2002
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$ MILLION
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Lower earnings 17
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Geothermal & power (9)
Lower generation & Foreign Exchange
Midstream (6)
Timing of pipeline accruals
Lower oil & gas marketing margins (2)