Unocal Sets Budget

EL SEGUNDO, Calif. -- Unocal Corp., which manufactures several patent-protected reformulated gasolines, estimates 2002 capital spending at $1.7 billion, about the same as 2001 expenditures but with more emphasis on development programs.

The company said it has slated $1.1 billion for 2002 development spending up from $900 million in 2001. Unocal sees 2002 exploration capital of about $400 million, down from $500 million in 2001.

The planned 2002 capital-spending plan doesn't include major acquisition expenditures, which amounted to $650 million in the just-ended year. Spending this year will be split evenly between international and North American operations.