<PAGE>
================================================================================
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) AUGUST 17, 1999
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
================================================================================
<PAGE>
Item 5. Other Events
- ------- ------------
Occidental Petroleum Corporation ("Occidental") today announced that it
will redeem on September 16, 1999, all of the 3,131,001 outstanding shares of
its $3.00 Cumulative CXY-Indexed Convertible Preferred Stock at a price of
$51.50 per share plus accumulated and unpaid dividends ($.625) to, but not
including, the redemption date, for a total redemption price of $52.125. Each
share of preferred stock will be convertible during the redemption period at the
option of the holder into 3.168 shares of Common Stock of Occidental. The right
to so convert expires at 5:00 p.m. (New York City time) on September 16, 1999.
Holders of Preferred Stock who convert their shares on or prior to September 10,
1999 will be entitled to receive the regular quarterly dividend of $.25 per
share of Common Stock payable October 15, 1999 to stockholders of record on
September 10, 1999. The closing price of the Common Stock on the New York Stock
Exchange on August 17, 1999 was $20.8125 per share. If all of the outstanding
shares of the Preferred Stock were converted into Common Stock, Occidental would
issue approximately 9.9 million shares of Common Stock.
Notice of the redemption and instructions for delivery of the Preferred
Stock certificates will be mailed today to all registered holders. ChaseMellon
Shareholder Services, L.L.C. will act as redemption agent and conversion agent
and may be contacted by mail at P.O. Box 3302, South Hackensack, New Jersey,
07606, Attn: Reorganization Dept., or by telephone at 800-777-3674.
The redemption is part of Occidental's previously announced program to
maximize its return to shareholders on its equity investment in Canadian
Occidental Petroleum.
After the redemption Occidental will continue to own outright 40.2 million
shares of Canadian Occidental common stock.
<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 hereunto duly authorized.
OCCIDENTAL PETROLEUM CORPORATION
(Registrant)
DATE: August 17, 1999 S. P. Dominick, Jr.
---------------------------------------------------
S. P. Dominick, Jr., Vice President and Controller
