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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) JUNE 28, 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 June 28, 2000, Occidental Petroleum Corporation announced that it and
its chemical subsidiary, Occidental Chemical Corporation ("OxyChem"), have
signed a letter of intent with Olin Corporation ("Olin") to combine the
companies' chlor-alkali and related businesses in a joint venture with annual
sales of approximately $1.2 billion.
The joint venture, to be based in Dallas, Texas, will have an annual
capacity of approximately 4 million tons of chlorine, 4.1 million tons of
caustic soda and 425,000 tons of potassium hydroxide. OxyChem would own about 66
percent of the venture, and Olin about 34 percent. The alliance will provide
both OxyChem and Olin customers with quality products and service while
improving operational efficiency.
The venture will be accomplished without incurring new debt and is expected
to achieve cost savings of $60 million annually as a result of operating and
supply-chain efficiencies and consolidation of administrative functions.
The venture will include:
o Certain of OxyChem's chlor-alkali, ethylene dichloride, potassium
hydroxide and related co-product businesses and facilities, including
its interest in an Armand Products partnership in Alabama and its
Carbocloro joint venture in Brazil.
o Olin's chlor-alkali, sodium and potassium hypochlorite, and sodium
hydrosulfite businesses and facilities in the United States and
Brazil, including its interest in the Sunbelt joint venture with The
Geon Company.
Completion of the transaction is expected by the fourth quarter of 2000,
subject to approval by each company's board of directors, completion of
definitive agreements and review by regulatory agencies.
Forward-Looking Statements
This report may contain forward-looking statements which reflect
management's expectations and are based upon data available at the time the
statements were made. Actual results are subject to future events and
uncertainties, which could materially impact performance.
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: July 13, 2000 S. P. Dominick, Jr.
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S. P. Dominick, Jr., Vice President and Controller
(Chief Accounting and Duly Authorized Officer)
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