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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) NOVEMBER 18, 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
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Item 5. Other Events
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On November 18, 1999, Occidental Petroleum Corporation announced that its
OXY USA Inc. subsidiary has agreed to resolve its long-standing Oklahoma
litigation with Chevron U.S.A. Inc. (a subsidiary of Chevron Corporation) for a
cash payment of $775 million from Chevron U.S.A. Occidental intends to use the
proceeds from the settlement primarily to pay down its debt.
This litigation arose from the 1982 termination by Gulf Oil Corp. (which
was subsequently acquired by Chevron) of its merger agreement with
Oklahoma-based Cities Service Company (which was subsequently acquired by
Occidental). In 1996, a judgment in favor of OXY USA (formerly Cities Service)
was entered against Chevron U.S.A. by a state district court in Tulsa, Oklahoma.
The Oklahoma Supreme Court affirmed the trial court judgment earlier this year.
Shortly thereafter, Chevron filed a petition to the U.S. Supreme Court to review
the judgment. That petition has been withdrawn under the terms of the agreement
with Chevron U.S.A.
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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: November 19, 1999 S. P. Dominick, Jr.
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S. P. Dominick, Jr., Vice President
and Controller
