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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 21, 1995
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-9210 95-4035997
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
10889 WILSHIRE BOULEVARD, LOS ANGELES, CALIFORNIA 90024
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(310) 208-8800
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ITEM 5. OTHER EVENTS.
On December 21, 1995, the principal chemical operating
subsidiary of Occidental Petroleum Corporation, Occidental
Chemical Corporation, and the U.S. Department of Justice
announced that they have reached agreement on a tentative
settlement of claims of the U.S. Government against
Occidental for remediation costs incurred by the U.S. at
Love Canal and related actions by Occidental against the
U.S. for U.S. Army involvement at Love Canal. Under the
terms of the tentative settlement, Occidental will pay the
U.S. Government $129 million, plus interest, over a four-
year period. Occidental does not expect to record an
additional charge to its balance sheet as a result of this
settlement.
The settlement will finally resolve over $200 million
in remediation cost claims of the U.S. Government against
Occidental, and is subject to approval by the U.S. District
Court and final approval by the U.S. Department of Justice
after publication for comments in the Federal Register.
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SIGNATURES
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 hereunto duly
authorized.
OCCIDENTAL PETROLEUM CORPORATION
(Registrant)
Date: December 27, 1995 Donald P. de Brier
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Donald P. de Brier,
Executive Vice President
and General Counsel
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