ENERGY

Unocal Will Merge With Unocal Exploration: The parent company, Unocal Corp., will link its indirect subsidiary, Unocal Exploration Corp., with Union Oil Co. of California, a wholly owned subsidiary. Unocal Exploration shareholders will receive 0.54 shares of Unocal common stock at the time of the merger, which the company expects to complete by May 2. Unocal Exploration stockholders should benefit, said Unocal Chairman Richard J. Stegemeier, because the Unocal stock will be worth more than the current price of the subsidiary’s shares. Unocal Exploration develops and produces oil and natural gas resources.