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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) OCTOBER 25, 1995
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE 1-9210 95-4035997
(State or other jurisdiction (Commission (I.R.S. Employer)
of incorporation) File Number) Identification No.)
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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
Occidental Petroleum Corporation announced on October 25, 1995
that it plans to consolidate its worldwide oil and gas operations into a single
operating company with headquarters in Bakersfield, California, under David R.
Martin, president and chief executive officer of Occidental Oil & Gas
Corporation. This action is the latest in a series of corporate-wide steps begun
in 1991 to maximize shareholder value.
A comprehensive review is currently under way to work out the final
details of the plan. By mid-January 1996, announcements will be made regarding
relocations, work consolidations, system redesigns, asset redeployment and
separations. As a result of the reorganization, Occidental expects to recognize
a charge against fourth quarter earnings which will not have a material adverse
effect upon its financial position.
With the integration of OXY USA Inc. and Occidental International
Exploration & Production Company into Occidental Oil & Gas Corporation, Tulsa,
Oklahoma will become the site of the Mid-Continent region office in early 1996.
The operations from the current Mid-Continent region office in Oklahoma City
will be transferred to Tulsa. The Occidental Petroleum corporate data center,
tax and audit departments will remain in Tulsa.
The Occidental Crude Sales office in Houston is being closed and the
function is being consolidated in Bakersfield under a newly formed worldwide
marketing group responsible for marketing crude oil and natural gas. Occidental
Engineering Services Company located in Bakersfield will be integrated into the
newly formed International Enhanced Oil Recovery & Engineering group. The
reorganization also could affect selected foreign offices.
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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)
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DATE: November 3, 1995 S. P. Dominick, Jr.
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S. P. Dominick, Jr., Vice President and Controller
(Chief Accounting and Duly Authorized Officer)
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