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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) MARCH 1, 2000
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 March 1, 2000, Occidental Petroleum Corporation ("Occidental") announced
that it has agreed to sell for $29.61 Canadian per share its 29.2 percent stake
in Canadian Occidental Petroleum Ltd. ("CanOxy") for gross proceeds of
approximately $1.2 billion Canadian. Occidental expects its after-tax net
proceeds from the sale to be approximately $700 million U.S. and to report a
gain of approximately $300 million U.S.
Of Occidental's total 40.2 million shares of CanOxy, 20.2 million will be
sold to the Ontario Teachers Pension Plan Board. The remaining 20 million will
be sold to CanOxy.
Occidental also said it has agreed to exchange interests of approximately
equal value in certain oil and gas and chemicals operations with CanOxy.
Specifically, Occidental will receive CanOxy's 15 percent interest in
Occidental's oil and gas operation in Ecuador, giving Occidental 100 percent.
CanOxy will receive Occidental's 15 percent interest in CanOxy's sodium chlorate
operations in Canada and in Taft, Louisiana.
The transactions are subject only to approval by CanOxy stockholders and
Canadian and U.S. regulators.
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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: March 2, 2000 S. P. Dominick, Jr.
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S. P. Dominick, Jr., Vice President and Controller
