RESTRUCTURING STILL RAMPANT IN U.S.
Restructuring and response to recession is far from over in the petroleum industry. Last week Unocal Corp. disclosed a major reorganization of its operating business units, part of a company wide restructuring program first unveiled in April. It also outlined other steps it plans to take to speed its program of reducing debt by $1.5 billion during the next 5 years and increasing cash flow. Unocal forecast that expense cuts and work force reductions will yield a $200 million/year increase in