Unocal unveiled details of a limited partnership.

A total of 7.5 million units of the master limited partnership, called Union Exploration Partners, will be offered to the public at between $22 and $26, Unocal announced. The partnership will acquire nearly all the assets of the Gulf region of Union Oil of California, Unocal’s subsidiary. Union Oil will own about 96.6% of the partnership after the sale. The offering is expected to occur about July 1, and a distribution to shareholders of $37.5 million in partnership units is anticipated in August, with other distributions planned in the future, a Unocal spokesman said.