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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)(1)
UNION TEXAS PETROLEUM HOLDINGS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.05 PER SHARE
(Title of Class of Securities)
908640-10-5
(CUSIP Number)
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 908640-10-5 13G PAGE 2 OF 8 PAGES
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1. Names of Reporting Persons
S.S. or I.R.S. Identification No. of Above Persons
PETROLEUM ASSOCIATES, L.P.
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2. Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [ X ]
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3. SEC Use Only
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4. Citizenship or Place of Organization
DELAWARE
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5. Sole Voting Power
Number of 21,646,004
Shares --------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned By -0-
Each --------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With 21,646,004
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8. Shared Dispositive Power
-0-
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
21,646,004
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares [ ]
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11. Percent of Class Represented by Amount in Row (9)
24.9%
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12. Type of Reporting Person
PN
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CUSIP No. 908640-10-5 13G PAGE 3 OF 8 PAGES
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1. Names of Reporting Persons
S.S. or I.R.S. Identification No. of Above Persons
KKR PARTNERS II, L.P.
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2. Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [ X ]
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3. SEC Use Only
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4. Citizenship or Place of Organization
DELAWARE
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5. Sole Voting Power
Number of 187,330
Shares --------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned By -0-
Each --------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person With 187,330
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8. Shared Dispositive Power
-0-
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
187,330
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares [ ]
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11. Percent of Class Represented by Amount in Row (9)
0.2%
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12. Type of Reporting Person
PN
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ITEM 1.
(A) NAME OF ISSUER:
Union Texas Petroleum Holdings, Inc.
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1330 Post Oak Boulevard
Houston, Texas 77056
ITEM 2.
(A) NAME OF PERSONS FILING:
Petroleum Associates, L.P.
KKR Partners II, L.P.
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
c/o Kohlberg Kravis Roberts & Co.
9 West 57th Street
New York, New York 10019
(C) CITIZENSHIP:
Petroleum Associates, L.P. -- Delaware
KKR Partners II, L.P. -- Delaware
(D) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.05 per share
(E) CUSIP NUMBER:
908640-10-5
ITEM 3. Not applicable.
ITEM 4. OWNERSHIP
(A) AMOUNT BENEFICIALLY OWNED:
KKR Associates, L.P., a New York limited partnership,
is the sole general partner of Petroleum Associates,
L.P., a Delaware limited partnership, and KKR
Partners II, L.P., a Delaware limited partnership, in
which capacity it may be deemed to be the beneficial
owner of the shares of Union Texas Petroleum
Holdings, Inc. common stock beneficially owned by
Petroleum Associates, L.P. and KKR Partners II, L.P.
As of December 31, 1996, (i) Petroleum Associates,
L.P. was the record owner of 21,646,004 shares of
common stock of Union Texas Petroleum Holdings,
Inc.; and (ii)
Page 4 of 8 pages
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KKR Partners II, L.P. was the record owner of 187,330
shares of common stock of Union Texas Petroleum
Holdings, Inc. Henry R. Kravis, George R. Roberts,
Paul E. Raether, Robert I. MacDonnell, Michael W.
Michelson, James H. Greene, Jr., Michael T. Tokarz,
Edward A. Gilhuly, Perry Golkin, Clifton S. Robbins
and Scott Stuart are the general partners of KKR
Associates, L.P., and Messrs. Kravis and Roberts are
also the members of the Executive Committee of KKR
Associates, L.P., and in such capacity may be deemed
to share beneficial ownership of any shares of
common stock of Union Texas Petroleum Holdings, Inc.
that KKR Associates, L.P. may beneficially own or be
deemed to beneficially own, but disclaim any such
beneficial ownership.
(B) PERCENT OF CLASS:
See Item 11 of each cover page.
(C) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) Sole power to vote or direct the vote:
See Item 5 of each cover page.
(ii) Shared power to vote or to direct the vote:
See Item 6 of each cover page.
(iii) Sole power to dispose or to direct the disposition
of:
See Item 7 of each cover page.
(iv) Shared power to dispose or to direct the disposition
of:
See Item 8 of each cover page.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
See Item 4 above.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
Page 5 of 8 pages
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ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Petroleum Associates, L.P. and KKR Partners II, L.P. are
Delaware limited partnerships, the sole general partner of
each of which is KKR Associates, L.P., a New York limited
partnership. As the sole general partner of each of Petroleum
Associates, L.P. and KKR Partners II, L.P., KKR Associates,
L.P. may be deemed to be the beneficial owner of the
securities held by such limited partnerships. Petroleum
Associates, L.P. and KKR Partners II, L.P. may be deemed to be
a group in relation to their respective investments in Union
Texas Petroleum Holdings, Inc. Petroleum Associates, L.P. and
KKR Partners II, L.P. do not affirm the existence of a group.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
Not applicable.
Page 6 of 8 pages
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: February 13, 1997
PETROLEUM ASSOCIATES, L.P.
By: KKR ASSOCIATES, L.P.
Its: General Partner
By: /s/ Edward A. Gilhuly
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Name: Edward A. Gilhuly
Title: General Partner
KKR PARTNERS II, L.P.
By: KKR ASSOCIATES, L.P.
Its: General Partner
By: /s/ Edward A. Gilhuly
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Name: Edward A. Gilhuly
Title: General Partner
Page 7 of 8 pages
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EXHIBITS
Exhibit 1 - Joint Filing Agreement (incorporated by reference to Exhibit 1 to
the Statements on Schedule 13G of Petroleum Associates, L.P. and
KKR Partners II, L.P. filed on February 16, 1993).
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