UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Fretthold, Timothy J.
P.O. Box 696000
9830 Colonnade Blvd.
San Antonio, TX 78230
2. Date of Event Requiring Statement (Month/Day/Year)
December 3, 1996
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Issuer Name and Ticker or Trading Symbol
Ultramar Diamond Shamrock Corporation
(UDS)
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President and Chief Administrative Officer
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
Common Stock |21,545(b) |D | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |5,952(d) |I |(d) |
- - -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (r|05/10/93 |05/10/01 |Common Stock |5,972 |$25.00 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|05/20/93 |05/20/01 |Common Stock |2,838 |$24.39 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|05/26/95 |05/01/99 | Common Stock |1,406 |$22.43 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|05/26/95 |05/06/01 |Common Stock |4,288 |$22.43 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|05/26/95 |05/04/02 |Common Stock |2,064 |$22.43 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|08/16/95 |04/30/00 |Common Stock |3,648 |$24.51 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|(aa) |01/31/04 |Common Stock |6,732 |$27.21 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|02/11/96 |02/01/03 |Common Stock |2,132 |$28.80 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|06/17/96 |05/06/01 |Common Stock |1,625 |$25.37 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|06/17/96 |05/04/02 |Common Stock |1,369 |$25.37 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|(bb) |02/06/05 |Common Stock |4,039 |$23.53 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|(cc) |07/31/05 |Common Stock |3,774 |$25.37 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|01/26/98 |05/04/02 |Common Stock |1,237 |$28.06 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|01/26/98 |02/01/03 |Common Stock |1,641 |$28.06 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|(dd) |02/05/06 |Common Stock |10,506 |$29.17 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|02/07/98 |02/01/03 |Common Stock |1,573 |$29.29 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option (r|04/23/98 |02/06/05 |Common Stock |1,916 |$33.09 | | |
ight to buy)(g) | | | | | | | |
- - -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(b) 2,381 of such shares were issued pursuant to Long-Term Incentive Plans and
remain subject to forfeiture as
of December 3,
1996.
(d) Held by Trustee of Diamond Shamrock, Inc. Employee Stock Ownership
Plans.
(g) Employee Stock Option granted under Diamond Shamrock's 1990 Long-Term
Incentive Plan.
(aa) Option granted to reporting person under Long-Term Incentive Plans exempt
under Rule 16b-3. The option
becomes exercisable in 40%, 30% and 30% increments on January 31, 1995, January
31, 1996 and January 31,
1997,
respectively.
(bb) Option granted to reporting person under Long-Term Incentive Plans exempt
under Rule 16b-3. 2020 shares
become exercisable on February 6, 1997 and 2019 shares become exercisable on
February 6, 1998.
(cc) Option granted to reporting person under Long-Term Incentive Plans exempt
under Rule 16b-3. The option
becomes exercisable in 40%, 30% and 30% increments on July 31, 1996, July 31,
1997 and July 31, 1998,
respectively.
(dd) Option granted to reporting person under Long-Term Incentive Plans exempt
under Rule 16b-3. The option
becomes exercisable in 40%, 30% and 30% increments on February 5, 1997,
February 5, 1998 and February 5,
1999,
respectively.
SIGNATURE OF REPORTING PERSON
/s/ Timothy J. Fretthold
DATE
December 11, 1996
