UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Marbut, Bob
P.O. Box 696000
San Antonio, Texas 78269-6000
2. Issuer Name and Ticker or Trading Symbol
Diamond Shamrock, Inc. (DRM)
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
September, 1996
5. If Amendment, Date of Original (Month/Year)
October 14, 1996
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
Director
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>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |09/01/|A |V|293(a) |A |$27.375 |14,015(b) |D | |
|96 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock | |05/07|A(c)|V|1,500 |A |05/07|05/07|Common Stock|1,500 |(c) |3,000(c) |D | |
| |/96 | | | | |/99 |/06 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(a) Such shares were issued pursuant to Diamond Shamrock, Inc.'s Long Term
Incentive Plan and are subject to
forfeiture as of September 30,
1996.
(b) 1,927 of such shares were issued pursuant to Diamond Shamrock, Inc.'s Long
Term Incentive Plan, are
exempt under Rule 16b-3 under the Securities and Exchange Act of 1934, and were
subject to forfeiture as of
9/30/96.
(c) Employee Stock Options granted under Diamond Shamrock, Inc.'s 1990 Long
Term Incentive Plan.
SIGNATURE OF REPORTING PERSON
/s/ BOB MARBUT (Power of Attorney)
DATE
January 21, 1997
