SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of
1934
Date of Report (Date of earliest event reported) March 17, 1994
_______________
Oryx Energy Company
_________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-10053 23-1743284
_________________________________________________________________
(State or other juris- (Commission File (IRS Employer
diction of incorporation) Number) Identification Number)
13155 Noel Road, Dallas, Texas 75240-5067
________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 715-4000
_____________
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Item 5. Other Events
In March 1994, Oryx Energy Company (Company) adopted plans
designed
to achieve significant future cost reductions (Restructuring).
Components of the Restructuring include asset disposals and staff
reductions. Associated therewith, the Company will recognize a
$161 million pretax ($103 million after tax) charge in the first
quarter of 1994. Management expects the Restructuring to result
in
a minimum of $61 million annual cost reductions in 1995.
The Properties included in the divestment plan make up 52-percent
and 31-percent of the Company's U.S. onshore fields and
properties.
During 1993, however, these properties accounted for less than
three percent of the Company's worldwide oil and gas production
and
at December 31, 1993, they accounted for less than four percent
of
the Company's worldwide proved reserves and net investment in
properties, plants and equipment. The staff reductions will
affect
about 20-percent of the Company's workforce.
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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.
Oryx Energy Company
By /S/ EDWARD W. MONEYPENNY
Edward W. Moneypenny
Senior Vice President, Finance,
and Chief Financial Officer
Date: March 17, 1994
