SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): June 17, 1996
UNION TEXAS PETROLEUM HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-9019 76-0040040
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
1330 Post Oak Boulevard, Houston, Texas 77056
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 623-6544
<PAGE>
Item 5. OTHER EVENTS.
Press Releases. The information set forth in press releases of the registrant
dated May 8, 1996 and June 10, 1996, which are filed as exhibits hereto, are
incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
Exhibit
Number Description
99.1 Press release dated May 8, 1996
99.2 Press release dated June 10, 1996
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNION TEXAS PETROLEUM
HOLDINGS, INC.
By: /s/ Alan R. Crain, Jr.
Alan R. Crain, Jr.
Vice President and General Counsel
Date: June 17, 1996
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INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press release dated May 8, 1996
99.2 Press release dated June 10, 1996
<PAGE>
EXHIBIT 99.1
UNION TEXAS PETROLEUM (LETTERHEAD)
NEWS RELEASE
Contact: Carol L. Cox
(713) 968-2714
UNION TEXAS PETROLEUM REPORTS RESULTS
OF ANNUAL STOCKHOLDER MEETING
Houston, May 8, 1996 -- At Union Texas Petroleum Holdings, Inc.'s
annual stockholders meeting held this morning in Houston, stockholders elected
the company's 11 members of its Board of Directors to one-year terms expiring in
1997. The directors include John Whitmire, Chairman and CEO of Union Texas;
Glenn A. Cox, retired President and Chief Operating Officer of Phillips
Petroleum; Saul A. Fox, Partner of Kohlberg Kravis Roberts & Company (KKR);
Edward A. Gilhuly, Partner of KKR; James H. Greene Jr., Partner of KKR; Henry R.
Kravis, Partner of KKR; Michael Michelson, Partner of KKR; Stanley P. Porter,
retired Vice Chairman of Arthur Young & Company; George R. Roberts, Partner of
KKR; Richard R. Shinn, retired Executive Vice Chairman of the New York Stock
Exchange and retired Chairman and CEO of Metropolitan Life Insurance Company;
and Sellers Stough, retired Vice President-Finance of Chevron Corporation.
The stockholders also ratified the appointment of Price Waterhouse as
independent accountants.
One of the largest independent producers located in the U.S.,
Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) explores for and
produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and
other strategic areas. The company has petrochemical operations in Louisiana.
Union Texas celebrated its 100th anniversary in January 1996.
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EXHIBIT 99.2
UNION TEXAS PETROLEUM (LETTERHEAD)
NEWS RELEASE
Contact: Carol C. Cox
(713) 968-2714
UNION TEXAS PETROLEUM ANNOUNCES ORGANIZATIONAL
CHANGES TO IMPLEMENT NEW GROWTH STRATEGIES
Houston, June 10, 1996 -- Union Texas Petroleum Holdings, Inc. today
announced a number of organizational changes in its exploration and production
and petrochemical operations.
"These organizational changes will enable Union Texas to clearly focus
on pursuing new growth strategies, which in turn will help us to accomplish our
mission of achieving superior growth in shareholder value," said Chairman and
CEO John Whitmire. "During the past ten years, the Union Texas team did an
excellent job of reducing debt and becoming more efficient. Now it's time to put
some muscle into growing this company, aggressively seeking new business
opportunities and maximizing the strong performance from our existing core
operations."
Under the new management structure, Senior Vice Presidents Bill Krips
and Art Peabody are responsible for overseeing the company's newly created
regional business units and growth teams, respectively.
REGIONAL BUSINESS UNITS
Union Texas has created three regional business units, where the
respective senior managers are responsible for developing growth plans and
building on the company's existing assets in their regions.
Jim Knight has been appointed Regional Vice President of Union Texas'
business unit that covers Europe, Africa, the Middle East and the former Soviet
Union, including the company's existing operations in the United Kingdom and
Pakistan.
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Trey Wilson has been named Regional Vice President of the company's
business unit which covers the Americas, including Union Texas' petrochemical
operations in Louisiana and its interests in Alaska.
Alan Cunningham has been appointed Regional Vice President of Union
Texas' business unit that covers the Pacific Rim and Asia. He also oversees the
company's interests in its Sanga-Sanga joint venture in Indonesia.
Norm Mason has been named Director-Technical Services and is
responsible for the company's technical services group, including drilling
services, which supports Union Texas' regional business units and growth teams.
GROWTH TEAMS
Union Texas also has developed four growth teams that are focused on
exploration, enhanced oil recovery projects, acquisitions, and evaluations of
the company's portfolio of assets and opportunities.
Roger Pierce has been named Vice President - Exploration and is
responsible for evaluation of all new venture exploration opportunities as well
as management of exploration activities at Union Texas' existing operations. He
also directs the company's petrophysical activities.
Rich MacDougal has been appointed Director-Enhanced Oil Recovery. He is
responsible for identifying, evaluating and securing enhanced oil recovery
projects that will allow Union Texas to expand into new core areas.
Barry Schnapper has been appointed Director-Acquisitions and is
responsible for implementing the company's acquisitions program which he is
coordinating with Union Texas' regional business units.
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Mike Dawson has been named Director-Portfolio Management and is
responsible for evaluating the company's assets and opportunities and providing
business analysis to the regional business units and senior management.
CORPORATE
Larry Kalmbach will continue in his role as Vice President and Chief
Financial Officer with additional responsibilities for the company's purchasing
and administration departments. John Zimmerman will continue in his role as Vice
President-Investor Relations.
Alan Crain has been appointed Vice President and General Counsel of
Union Texas and oversees the company's law, commercial negotiations and security
departments. Amy Watkins has been named Secretary of the company.
Joel Empie will continue in his role as Vice President and will provide
counsel to the company's senior management regarding business development and
technology. He also oversees Union Texas' technical committee.
Chris Dimick will continue to serve as Director-Human Resources.
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One of the largest independent producers located in the U.S.,
Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) explores for and
produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and
other strategic areas. The company has petrochemical operations in Louisiana.
Union Texas celebrated its 100th anniversary in January 1996.
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