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): February 13, 1997
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.
Eastern Indonesia. The Kai exploratory well located in the
Maluku (Moluccas) Island group in the Banda Sea in Eastern Indonesia has
recently been plugged and abandoned with the related expenses included in the
fourth quarter of the 1996 financial statements. Results of the well are under
review to determine what future exploration program should be undertaken in the
area. A subsidiary of Union Texas Petroleum Holdings, Inc. serves as operator
and has a 44.44% working interest in the Kai production sharing contract.
Press Releases. The information set forth in the press
releases of the registrant dated February 11, 1997, filed as an exhibit hereto,
is incorporated by reference herein.
The press releases contain forward-looking statements within
the meaning of and in reliance upon the "safe harbor" provisions of the Private
Securities Litigation Reform Act, as set forth in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, that involve risks and uncertainties, including price volatility,
exploration, development, operational and implementation risks, and other
factors described from time to time in the registrant's publicly available SEC
reports, which could cause actual results to differ materially. The capital
spending budget is subject to revision based upon results of activities, market
conditions, acquisition opportunities and other factors.
Item 7. FINANCIAL STATEMENT AND EXHIBITS.
(c) Exhibits.
Exhibit
Number Description
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99.1 Press release dated February 11, 1997
<PAGE>
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: February 13, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press release dated February 11, 1997
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News Release
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[GRAPHIC OMITTED]
Union Texas Petroleum
1330 Post Oak Boulevard
P.O. Box 2120
Houston, Texas 77252-2120
(713) 623-6544
Contact: Carol Cox
713-968-2714
UNION TEXAS PETROLEUM TO JOIN NEW EXPLORATION VENTURES IN
BOLIVIA, YEMEN, JORDAN, GREECE AND PAPUA NEW GUINEA
Houston, February 12, 1997 -- Union Texas Petroleum Holdings, Inc.
(NYSE: UTH) today announced that it is entering into several new exploration
ventures in a number of areas worldwide, including Bolivia, Yemen, Jordan,
Greece and Papua New Guinea. Chairman and CEO John Whitmire and Senior Vice
President Art Peabody discussed the company's 1997 exploration plans at an
energy conference hosted by PaineWebber today in New York.
"Our 1997 exploration activities reflect the major strategic changes
we are making to our exploration program," said Whitmire. "We are putting much
greater emphasis on proven basins with an objective of being a participant in
emerging oil and gas plays in areas that have proven hydrocarbon systems and
significant potential. We are placing less emphasis on frontier plays which the
company had focused on in the past few years."
During the past 12 months, Union Texas has been pursuing a number of
additions to its exploration portfolio:
*o The company is joining an oil and gas venture in Bolivia where an
exploration well is planned for 1997; Union Texas' participation in
the venture is pending final approvals from the Bolivian government.
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<PAGE>
*o In Yemen, Union Texas will participate in a venture that plans to
conduct a seismic program during the first half of 1997 with plans for
one or two exploration wells in the second half of 1997.
*o Union Texas has entered into an agreement to acquire a 50% working
interest from a subsidiary of Anadarko Petroleum Corp. in an oil and
gas production sharing contract in the Hashemite Kingdom of Jordan.
Two stratigraphic test wells are planned to be drilled in 1997 to
evaluate the area's stratigraphic column and confirm the presence of a
working petroleum system. Union Texas' acquisition is subject to final
approval by the Natural Resources Authority of Jordan.
*o Union Texas also is participating in a group led by Enterprise Oil
which the Greek government has invited to negotiate the conclusion of
lease agreements for two blocks onshore western Greece. If
negotiations are successfully concluded, the venture currently plans
to conduct seismic studies in 1997 with plans to drill in 1998 or
1999.
*o In Papua New Guinea, Union Texas has signed an agreement in principal
to enter an additional exploration block. The block is located in the
highlands, where several significant discoveries recently have been
made.
"We are very excited to enter these new exploration ventures,"
Whitmire noted. "These programs represent significant progress in building a
more balanced, long-term exploration portfolio. We are pursuing additional
high-potential exploration ventures to further expand our opportunities."
During 1997, Union Texas plans to participate in 25 to 31 exploration
wells, including exploration programs at its producing ventures in the U.K.
North Sea, Indonesia and Pakistan.
- MORE -
<PAGE>
Union Texas earlier announced a 1997 capital spending program of
approximately $229 million, of which $68 million is earmarked for exploration
activities, an increase of nearly 90% from $36 million spent in 1996. About $42
million, or 61%, of the $68 million budgeted for exploration programs in 1997 is
allocated for the company's new exploration ventures.
As part of Union Texas' 1997 exploration program, the company also is
participating in drilling and seismic activities in Italy's Southern Apennines
area, onshore and offshore Tunisia, Alaska's Kenai Peninsula and a new block in
Eastern Pakistan.
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.
This news release contains forward-looking statements within the
meaning of the Securities Litigation Reform Act that involve risks and
uncertainties, including price volatility, exploration, development, operational
and implementation risks, and other factors described from time to time in the
company's publicly available SEC reports, which could cause actual results to
differ materially. This capital spending budget is subject to revision based
upon results of activities, market conditions, acquisition opportunities and
other factors.
NOTE TO EDITORS AND REPORTERS: For more information, contact:
Carol Cox, media 713-968-2714 (office)
713-968-2711 (fax)
John Zimmerman, analysts and investors 713-968-2740
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