SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ____________ to ____________
Commission file number: 1-9210
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Occidental Petroleum Corporation Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Occidental Petroleum Corporation
10889 Wilshire Boulevard
Los Angeles, California 90024
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
By: /s/ Samuel P. Dominick, Jr.
----------------------------------------------------
Samuel P. Dominick, Jr. - Member of the
Occidental Petroleum Corporation
Pension and Retirement Plan Administrative Committee
Dated: June 28, 2001
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
December 31, 2000 and 1999
Index
-----
Page(s)
-------
Report of Independent Public Accountants 1 - 2
Financial Statements:
Statements of Net Assets Available for Plan Benefits
as of December 31, 2000 and 1999 3
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2000 4
Notes to Financial Statements 5 - 14
Accompanying Appendices:
Appendix I: Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment
Purposes as of December 31, 2000 15 - 25
Appendix II: Schedule H - Part IV - Line 4j - Schedule of Reportable
Transactions (for non-participant directed investments) for the Year
Ended December 31, 2000 26
Note: Schedules other than those listed above have been omitted because they are
not applicable or are not required by 29 CFR 2520.103 - 10 of the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974, as amended.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Pension and Retirement Plan
Administrative Committee:
We have audited the accompanying statements of net assets available for plan
benefits of the OCCIDENTAL PETROLEUM CORPORATION SAVINGS PLAN (the "Plan") as of
December 31, 2000 and 1999, and the related statement of changes in net assets
available for plan benefits for the year ended December 31, 2000. These
financial statements and the supplemental schedules referred to below are the
responsibility of the Plan administrator. Our responsibility is to express an
opinion on these financial statements and supplemental schedules based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 2000 and 1999, and the changes in its net assets available for
plan benefits for the year ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedules included in appendices I
and II, as listed in the accompanying index, are presented for purposes of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Los Angeles, California
June 28, 2001
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
As of December 31, 2000 and 1999
(Dollar amounts in thousands)
2000 1999
------------ ------------
Assets
------
Investments:
At fair value $ 673,905 $ 739,785
At contract value 122,190 132,496
------------ ------------
Total investments 796,095 872,281
Receivables:
Interest and dividends 11,392 2,919
Participant contributions 2,625 2,495
Employer contributions 1,537 1,030
Due from broker for securities sold 4,074 --
------------ ------------
Total receivables 19,628 6,444
------------ ------------
Total assets 815,723 878,725
Liabilities
-----------
Accrued Liabilities 65 42
------------ ------------
Total liabilities 65 42
------------ ------------
Net Assets Available for Plan Benefits $ 815,658 $ 878,683
============ ============
The accompanying notes are an integral part of these financial statements.
3
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 2000
(Dollar amounts in thousands)
Additions:
Additions to net assets attributable to:
Investment income:
Interest $ 1,168
Dividends 17,178
Net appreciation in fair value of investments 7,694
-----------
Total investment income 26,040
-----------
Contributions:
Participant 26,801
Employer 16,045
Participant rollover 11,951
-----------
Total contributions 54,797
-----------
Total additions 80,837
-----------
Deductions:
Deductions from net assets attributable to:
Benefits paid to participants 143,211
Plan expenses 651
-----------
Total deductions 143,862
-----------
Net Decrease 63,025
Net Assets Available for Plan Benefits,
Beginning of year 878,683
-----------
End of year $ 815,658
===========
The accompanying notes are an integral part of this financial statement.
4
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Notes to Financial Statements
December 31, 2000 and 1999
1. Description of the Plan
The following description of the Occidental Petroleum Corporation Savings Plan
(the "Plan") provides only general information. Participants should refer to the
Plan document for a more complete description of the Plan's provisions.
a. General
The Plan is a defined contribution plan generally available to certain
employees of Occidental Petroleum Corporation ("OPC", "Oxy", or the
"Employer"), a Delaware corporation, and participating subsidiaries
(collectively, the "Company"). The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA").
b. Plan Administration
The Plan is administered by the OPC Pension and Retirement Trust and
Investment Committee as to investment decisions and by the OPC Pension and
Retirement Plan Administrative Committee as to all matters except
investment decisions (these two committees are herein referred to
collectively as the "Committees"). Members of the Committees are selected
by the Board of Directors of OPC. The Committees have been given all powers
necessary to carry out their respective duties, including, but not limited
to, the power to administer and interpret the Plan and to answer all
questions affecting eligibility of participants. The Northern Trust Company
(the "Trustee") is the trustee and custodian of a trust fund which holds
all of the assets of the Plan. The Company pays certain costs and expenses
incurred in administering the Plan. Such costs and expenses were not
significant for the year ended December 31, 2000.
c. Contributions
Participant Contributions - Prior to June 30, 2000, participants were
allowed to contribute from 1 to 12 percent of compensation (as defined) to
the Plan on a before- or after-tax basis, or in any combination thereof,
subject to certain Internal Revenue Code ("IRC") limitations. Effective
July 1, 2000, the upper limit on participant contributions increased from
12 to 15 percent.
Employer Contributions - Prior to June 30, 2000, the Employer contributed
75 percent of a participant's contribution up to the first 6 percent of
compensation. Effective July 1, 2000, Employers contributions increased to
100 percent of a participant's contribution up to the first 6 percent of
compensation. All Employer contributions are invested in the Occidental
Petroleum Corporation Common Stock Fund (the "Oxy Stock Fund").
5
d. Participant Accounts
Participants accounts are credited with the participant's contribution and
allocations of the Employer's contribution and investment income, and
charged with an allocation of administrative expenses and investment
losses, if any. Allocations are based on account balances, as defined. The
benefit to which a participant is entitled is the benefit that can be
provided from the participant's vested account.
e. Vesting
Participants immediately vest in their contributions plus actual investment
income thereon, if any. Vesting in the Employer's contribution portion of
the account plus actual earnings thereon is based on years of service.
Generally, a participant receives 20 percent vesting for each year of
service until full vesting is achieved after 5 years of service.
f. Forfeitures
Forfeited nonvested accounts are used to reduce Employer contributions.
During 2000, Employer contributions were reduced by approximately $169,000
from forfeited nonvested accounts. Unallocated forfeitures at December 31,
2000 and 1999 were not significant to the financial statements.
g. Distributions
Generally, upon termination of service for any reason other than death,
participants with an account balance greater than $5,000, may elect to
receive the vested portion of their account in the following distribution
options: (i) one lump sum payment, (ii) straight life annuity, (iii)
ten-year term certain annuity, (iv) joint and survivor annuity, (v) partial
cash distribution or (vi) deferral of payment with certain restrictions.
Upon termination of service due to death, the beneficiary may elect to
receive the vested interests in the form of (i), (ii), (iii) or (vi) only.
A participant whose vested account balance is $5,000 or less, may receive
distributions only under options (i), (v) or (vi). Participants may elect
to receive distributions from their account balance in the Oxy Stock Fund
in cash or in shares of OPC common stock.
h. Participant Loans
Participants may borrow from their account a minimum of $1,000 up to a
maximum equal to the lesser of: (i) $50,000, reduced by the highest
outstanding loan balance in the past twelve months, (ii) 50 percent of
their vested account balance, or (iii) a loan amount which would require
payroll deductions for repayment equal to 25 percent of the participant's
base compensation. Loan transactions are treated as a transfer between the
investment fund and the participant loan fund. Loan terms range from 1 to 5
years for general purpose loans and 6 to 10 years for primary residence
loans. The loans bear interest at a fixed rate equal to the Western Federal
Credit Union's loan rate for a loan secured by a member's deposit account
at the time the loan is approved. During 1999, the interest rate charged on
new loans ranged from 5 to 7 percent. During 2000 the interest rate charged
on new loans was 5 percent. Loan repayments are made ratably through
payroll deductions.
6
i. Investment Options
As of December 31, 2000, the Plan offered 12 investment options. Upon
enrollment in the Plan, participants may direct their contributions, in 5
percent increments, in any of the investment options offered at the time.
Participants may change their investment options daily. Participants should
refer to the Plan fund description pamphlet for a complete description of
the investment options and for the detailed composition of each investment
fund. Effective December 29, 2000, the Plan terminated one investment
option. Participants directed balances out of this investment fund and into
other investment funds.
2. Summary of Significant Accounting Policies
a. Basis of Accounting
The financial statements of the Plan are prepared under the accrual method
of accounting.
b. Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities, and changes therein, and disclosure of contingent assets and
liabilities. Actual results could differ from those estimates.
c. Risks and Uncertainties
The Plan provides for various investment options in mutual funds, actively
managed funds and the Oxy Stock Fund. Investment securities are exposed to
various risks such as interest rate, market and credit. Due to the level of
uncertainty related to changes in the value of investment securities, it is
at least reasonably possible that changes in the various risk factors, in
the near term, could materially affect participants' account balances and
the amounts reported in the financial statements.
Additionally, many mutual funds invest in the securities of foreign
companies, which involves special risks and considerations not typically
associated with investing in U.S. companies. These risks include
devaluation of currencies, less reliable information about issuers,
different securities transaction clearance and settlement practices, and
possible adverse political and economic developments. Moreover, securities
of many foreign companies and their markets may be less liquid and their
prices more volatile than similar types of securities of comparable U.S.
companies.
Derivative financial instruments are used by the Plan's equity and fixed
income investment managers to remain fully invested in the asset class and
to hedge currency risk. Leveraging of the Plan assets and speculation are
prohibited.
d. Investment Valuation and Income Recognition
The Plan's investments are stated at fair value except for the investments
in guaranteed investment contracts which are valued at contract value.
Shares of registered investment companies are valued at quoted market
prices, which represent the net asset value of shares held by the Plan at
year end. The OPC
7
common stock is valued at its quoted market price. The unit price of common
or commingled trust funds is based on the current market values of the
underlying assets of the fund. Participant loans are valued at cost, which
approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
Realized gains and losses on investments are based on the market value of
the asset at the beginning of the year, or at the time of purchase for
assets purchased during the year, and the related fair value on the day the
investments are sold during the year. Unrealized gains and losses of
investments are based on the market value of the assets at the beginning of
the year, or at the time of purchase for assets purchased during the year,
and the related fair value at the end of the year. Net realized and
unrealized appreciation/(depreciation) in fair value of investments is
reflected in the accompanying statement of changes in net assets available
for plan benefits as "net appreciation in fair value of investments."
e. Payment of Plan Benefits
Benefits are recorded when paid.
3. Plan Amendments
Beginning in 1999, plan asset valuation was changed from semi-monthly to daily.
During 2000, the Plan was amended to allow for appropriate service recognition,
vesting and other provisions necessitated by OPC's recent acquisitions of Altura
Energy Ltd. (effective April 19, 2000), the Thums Long Beach Company (effective
April 24, 2000) and INDSPEC Chemical Corporation (effective during 1999).
4. Related Party Transactions
The Trustee and OPC are parties-in-interest as defined by ERISA. The Trustee
invests certain Plan assets in its collective short-term investment fund and the
Oxy Stock Fund. Such transactions qualify as party-in-interest transactions
permitted by Department of Labor regulations. Expenses paid by the Plan to the
Trustee for the year ended December 31, 2000 were approximately $137,000.
5. Plan Termination
Although it has not expressed any intent to do so, OPC has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
8
6. Investments
The following table presents investments that represent 5 percent or more of the
Plan's net assets (dollar amounts in thousands):
December 31,
2000 1999
------------ ------------
Investments at fair value:
Common Stock
------------
Oxy Stock Fund $ 261,675* $ 251,370*
Registered Investment Companies
-------------------------------
S&P 500 Index Fund 135,442 171,801
Large Cap I Fund 78,592 97,185
Large Cap II Fund 78,109 106,922
Diversified Balance Fund 61,605 35,797
Investments at contract value:
Stable Value Fund
Cash Equivalents 6,184 3,692
Security Backed Investments 28,038 34,606
Synthetic Security Backed Investments 86,103 79,940
General Account Investments 1,865 14,258
------------ ------------
Total Stable Value Fund 122,190 132,496
* Participant and non-participant directed
During 2000, the Plan's investments (including investments bought, sold and held
during the year) appreciated in value by approximately $7,694,000 as follows
(dollar amounts in thousands):
OPC Common Stock $ 32,269
Mutual Funds (32,202)
Common/Collective Trusts 7,627
-----------
$ 7,694
===========
9
7. Oxy Stock Fund
Information regarding the net assets and the significant components of the
changes in net assets relating to the Oxy Stock Fund which includes both
participant and non-participant directed investments is as follows (dollar
amounts in thousands):
December 31,
2000 1999
------------ ------------
Net Assets:
Oxy Stock Fund $ 268,505 $ 255,416
============ ============
Year Ended
December 31, 2000
-----------------
Changes in Net Assets:
Contributions $ 18,818
Investment income 11,596
Net appreciation in fair value of investments 32,269
Transfers between funds (3,830)
Benefits paid to participants (45,764)
-----------------
$ 13,089
=================
8. Guaranteed Investment Contracts
The Stable Value Fund includes deposits for guaranteed investment contracts
("GICs") and synthetic GICs. The Plan's investments in GICs are included in the
statement of net assets available for plan benefits at contract value (which
represents contributions made under the contract plus earnings, less withdrawals
and administrative expenses) because they are fully benefit responsive. For
example, participants may ordinarily direct the withdrawal or transfer of all or
a portion of their investment at contract value. Withdrawals resulting from
events initiated by the Company, such as Plan termination, are not typically
considered participant initiated transactions. With such an event, some of the
contracts contain contingencies that could lead to withdrawal penalties.
However, since no such events are being contemplated at this time, or the
withdrawals resulting from such an event will be funded outside the contracts'
provisions, these "potential" limitations do not jeopardize the contract value
reporting for these investments.
Contract value for the synthetic GICs is determined based on the fair value of
the assets underlying the synthetic GICs. The difference between the fair value
of the assets underlying the synthetic GICs and the contract value of the GICs
is the value of the "wrapper" contract issued by a third party. The fair value
for GICs varies based on the type of contract held (e.g., security-backed
investments and general account investments). Fair value of the general account
investment type GICs is derived by comparing the contract value, on a duration
basis, to the yield curve. Fair value of the non-participating synthetic GICs
are determined by comparing each contract, on a duration basis, to a Treasury
yield curve at year end, plus 40 basis points. Fair value for security backed
investment contracts was derived from outside sources, based on the type of
investment held.
10
During 2000 and 1999, the average yield earned on amounts invested in the GICs
was 6.47 percent and 6.42 percent, respectively. As of December 31, 2000 and
1999, the average crediting interest rate on such contracts was 6.75 and 6.25
percent, respectively. There were no valuation reserves recorded to adjust
contract amounts during the Plan year. Crediting rate resets are applied to
specific investment contracts, as determined at the time of purchase. The reset
values for security backed investment rates are a function of contract value,
market value, yield and duration. General account investment rates are based on
a predetermined index rate of return, plus a fixed basis point spread. The
following is a reconciliation between the fair value and the contract value of
the GICs at December 31, 2000 (dollar amounts in thousands):
Crediting
Duration Interest Rate Contract
(Years) Percentage Value Fair Value
------------- ------------- ------------- -------------
SECURITY BACKED INVESTMENTS
INVESCO Group Trust:
Monumental Life Insurance Co. 4.00 6.13 $ 1,505 $ 1,508
Allstate Life Insurance Co. 3.49 6.78 22,114 21,894
Monumental Life Insurance 0.25 7.07 1,937 1,951
------------- -------------
Total INVESCO Group Trust 25,556 25,353
------------- -------------
Separate Accounts:
John Hancock Life Insurance 3.50 5.76 787 792
Mass Mutual Life Insurance Co. 1.39 5.88 1,695 1,684
------------- -------------
Total Separate Accounts 2,482 2,476
------------- -------------
Synthetics:
Chase Manhattan Bank 3.39 7.00 13,363 13,838
Continental Assurance Co. 2.47 6.23 18,420 18,662
Monumental Life Insurance Co. 2.35 7.56 17,740 18,291
State Street Bank & Trust 1.27 6.63 16,108 16,268
UBS AG 2.40 6.53 20,472 20,678
------------- -------------
Total Synthetics 86,103 87,737
GENERAL ACCOUNT INVESTMENTS
Allstate Life Insurance Co. 0.75 6.24 1,387 1,343
Sun America Life Insurance Co. 3.00 7.75 478 505
------------- -------------
Total General Account Investments 1,865 1,848
SHORT TERM INVESTMENT FUND
Northern Trust Company 6,184 6,184
------------- -------------
Total Guaranteed Investment Contracts 122,190 123,598
------------- -------------
Less: Synthetic Wrappers -- (1,634)
Add: Difference between the fair
value and contract values on
the non synthetic GICs -- 226
------------- -------------
Total Contract Value of Guaranteed
Investment Contracts $ 122,190 $ 122,190
============= =============
11
The difference of $226,000 between the fair value and the contract value of the
guaranteed investment contracts is due to the security backed investments and
general account investments that do not have synthetic wrappers associated with
them.
The following is a reconciliation between the fair value and the contract value
of the GICs at December 31, 1999 (dollar amounts in thousands):
Crediting
Duration Interest Rate Contract
(Years) Percentage Value Fair Value
------------- ------------- ------------- -------------
SECURITY BACKED INVESTMENTS
PRIMCO Group Trust:
Transamerica Life & Annuity 4.00 4.84 $ 1,332 $ 1,265
Allstate Life Insurance Co. 3.00 5.89 28,868 28,124
Bankers Trust 0.25 6.27 1,696 1,701
------------- -------------
Total INVESCO Group Trust 31,896 31,090
------------- -------------
John Hancock Life Insurance 3.50 5.35 697 667
Mass Mutual Life Insurance Co. 2.95 6.28 2,011 1,971
------------- -------------
Total Separate Accounts 2,708 2,638
------------- -------------
Synthetics:
Continental Assurance Co. 1.68 5.80 18,943 18,572
Monumental Life Insurance Co. 2.48 6.85 18,282 18,409
State Street Bank & Trust 2.50 6.44 20,357 20,160
UBS AG 2.88 6.28 22,358 22,041
------------- -------------
Total Synthetics 79,940 79,182
GENERAL ACCOUNT INVESTMENTS
Allstate Life Insurance Co. 1.75 6.24 1,220 1,210
GE Life & Annuity Asr Co. 0.02 7.57 2,344 2,344
Hartford Life Ins. Co. 0.13 7.56 2,337 2,343
Monumental Life Ins. Co. 0.55 7.11 1,994 2,007
Principal Life Ins Co. 0.89 5.81 1,095 1,091
SAFECO Life Ins. Co. 0.19 5.95 391 392
John Hancock Life Insurance 0.25 6.07 3,492 3,586
Sun America Life Insurance Co. 3.08 7.78 415 444
Transamerica Occidental 0.91 5.70 972 967
------------- -------------
Total General Account Investments 14,260 14,384
SHORT TERM INVESTMENT FUND
Northern Trust Company 3,692 3,692
------------- -------------
Total Guaranteed Investment Contracts $ 132,496 $ 130,986
============= =============
12
9. Reconciliation of the Financial Statements to the Form 5500
The following is a reconciliation of net assets available for plan benefits per
the financial statements to the Form 5500 (dollar amounts in thousands):
December 31,
2000 1999
------------ ------------
Net assets available for plan benefits per the financial
statements $ 815,658 $ 878,683
Amounts allocated to withdrawing participants (6,306) (7,240)
------------ ------------
Net assets available for plan benefits per the Form 5500 $ 809,352 $ 871,443
============ ============
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500 for the year ended December 31, 2000
(dollar amounts in thousands):
Benefits paid to participants per
the financial statements $ 143,211
Add: Amounts allocated to withdrawing
participants at December 31, 2000 6,306
Less: Amounts allocated to withdrawing
participants at December 31, 1999 (7,240)
-----------------
Benefits paid to participants per the Form 5500 $ 142,277
=================
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit payments that have been processed and approved for payment prior to
December 31, but not yet paid as of that date.
The following is a reconciliation of investments per the financial statements to
the Form 5500 as of December 21, 2000 (dollar amounts in thousands):
Total investments per the financial statements $ 796,095
Less: Difference between fair value and contract value of GICs (226)
-----------------
Total investments per the Form 5500 $ 795,869
=================
10. Tax Status
The Internal Revenue Service has determined and informed the Company by a letter
dated September 5, 1996, that the Plan and related trust are designed in
accordance with applicable sections of the IRC. The Plan has been amended since
receiving the determination letter. However, the Committees, using their
judgment and the advice of their advisors, believe that the Plan is currently
designed and operating in a manner that qualifies it for continued tax-exempt
status.
13
11. Subsequent Event
Effective January 1, 2001, two new investment options were added to the Plan;
participants were allowed to direct their contributions into these two
investment options.
14
Appendix I
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
(Dollar amounts in thousands)
EIN No. 95-4035997 Plan No. 001
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
COMMON STOCK
------------
OXY STOCK FUND
Cash Equivalents:
* Northern Trust Company Collective Short-Term Investment Fund,
1.80 percent $ 1,669
Common Stock:
* Occidental Petroleum
Corporation Common Stock, 10,721,896 shares,
Par $0.20 $ 246,574 260,006
------------ ------------
Total Oxy Stock Fund $ 246,574 $ 261,675
============ ============
REGISTERED INVESTMENT
COMPANIES
---------------------
INTERNATIONAL GROWTH FUND
Common Stock:
Putnam International Growth Fund, 735,246 shares $ 18,168
------------
Total International Growth Fund $ 18,168
============
S&P 500 INDEX FUND
Common Stock:
Vanguard Vanguard S&P 500 Index Fund,
1,259,575 shares $ 135,442
------------
Total S&P 500 Index Fund $ 135,442
============
15
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
LARGE CAP II FUND
Common Stock:
Fidelity Institutional
Retirement Services
Company Fidelity Contrafund 1,588,559 shares $ 78,109
------------
Total Large Cap II Fund $ 78,109
============
LARGE CAP I FUND
Common Stock:
Fidelity Institutional
Retirement Services
Company Fidelity Magellan Fund, 658,778 shares $ 78,592
------------
Total Large Cap I Fund $ 78,592
============
DIVERSIFIED BALANCED FUND
Common Stock:
Fidelity Institutional
Retirement Services
Company Fidelity Puritan Fund 3,271,622 shares $ 61,605
------------
Total Diversified Balanced Fund $ 61,605
============
LARGE CAP VALUE FUND
Cash Equivalents:
* Northern Trust Company Collective Short-Term Investment Fund,
1.80 percent $ 470
Common Stock:
Aetna Inc Common Stock, 800 shares 32
American Electric Power Co Common Stock, 3,160 shares 146
16
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
Amerada Hess Corp Common Stock, 1,200 shares 88
Arrow Electric Inc Common Stock, 1,600 shares 45
Ashland Common Stock, 200 shares 7
Avnet Inc Common Stock, 1,600 shares 34
Bank One Corp Common Stock, 3,300 shares 121
Bankamerica Corp Common Stock, 3,100 shares 142
Burl Northern Santa Fe Corp Common Stock, 4,800 shares 136
Cabot Corp Common Stock, 900 shares 24
Conagra Foods Inc Common Stock, 5,900 shares 153
Conoco Inc Common Stock, 2,600 shares 74
Cons Edison Inc Common Stock, 2,600 shares 100
Cooper Ind Inc Common Stock, 1,200 shares 55
Cooper Tire & Rubber Co Common Stock, 300 shares 3
CSX Corp Common Stock, 2,100 shares 54
Dana Corp Common Stock, 3,200 shares 49
Dillards Inc Common Stock, 350 shares 4
Dow Chemical Co Common Stock, 2,400 shares 88
Eastman Chem Co Common Stock, 1,000 shares 49
Fedt Dept Stores Inc Common Stock, 1,900 shares 67
First Un Corp Common Stock, 800 shares 22
FirstEnergy Corp Common Stock, 3,200 shares 101
FMC Corp Common Stock, 400 shares 29
GA Pac Corp Common Stock, 1,700 shares 53
Genuine Parts Co Common Stock, 1,250 shares 33
B F Goodrich Company Common Stock, 1,900 shares 69
Goodyear Tire & Rubber Co Common Stock, 1,950 shares 45
GPU Inc Common Stock, 1,800 shares 66
Huntington Bancshares Inc Common Stock, 1,000 shares 16
Ingram Micro Inc Common Stock, 1,500 shares 17
Int'l Paper Company Common Stock, 4,018 shares 164
Leggett & Platt Inc Common Stock, 2,200 shares 42
Lubrizol Corp Common Stock, 400 shares 10
Lyondell Chemical Co Common Stock, 300 shares 5
May Department Stores Co Common Stock, 2,800 shares 92
MBIA Inc Common Stock, 200 shares 15
Mead Corp Common Stock, 1,750 shares 55
Millennium Chemicals Inc Common Stock, 100 shares 2
National City Corp Common Stock, 4,900 shares 141
Newell Rubbermaid Inc Common Stock, 2,800 shares 64
Norfolk Southern Corp Common Stock, 7,300 shares 97
Nucor Corp Common Stock, 1,200 shares 48
* Occidental Petroleum Corp Common Stock, 7,000 shares 170
17
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
Philip Morris Companies Inc Common Stock, 600 shares 26
Phillips Petro Co Common Stock, 1,475 shares 84
Quantum Corp DSSG Common Stock, 750 shares 10
Regions Financial Corp Common Stock, 2,700 shares 74
Sears Roebuck & Co Common Stock, 1,250 shares 43
Sherwin-Williams Co Common Stock, 1,900 shares 50
Smurfit-Stone Container Corp Common Stock, 2,100 shares 31
Sonoco Prod Co. Common Stock, 1,400 shares 30
Summit Bancorp Common Stock, 1,000 shares 38
Super Value Inc Common Stock, 2,400 shares 33
Tech Data Corp Common Stock, 1,000 shares 27
Temple Inland Inc Common Stock, 600 shares 32
Texaco Inc Common Stock, 800 shares 50
Thomas & Betts Corp Common Stock, 1,200 shares 19
TJX Cos Inc Common Stock, 1,700 shares 47
Tyson Foods Inc Common Stock, 1,400 shares 18
Union Carbide Corp Common Stock, 2,100 shares 113
Union Pacific Corp Common Stock, 3,000 shares 152
V F Corp Common Stock, 900 shares 33
Westvaco Corp Common Stock, 1,800 shares 53
Whirlpool Corp Common Stock, 1,300 shares 62
Willamette Ind Inc Common Stock, 700 shares 33
Wis Energy Common Stock, 350 shares 10
------------
Total Common Stock 3,895
------------
Total Large Cap Value Fund 4,365
============
SMALL CAP GROWTH FUND
Cash Equivalents:
* Northern Trust Company Collective Short-Term Investment Fund,
1.80 percent $ 1,293
Common Stock:
Adaptec Inc Co Common Stock, 8,600 shares 88
Alexander & Baldwin Inc Common Stock, 8,750 shares 230
Alliant Energy Corp Common Stock, 8,400 shares 268
Alltrista Corp Common Stock, 8,100 shares 109
Amer Natl Ins Co Common Stock, 2,100 shares 153
18
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
American Std Cos Inc Common Stock, 6,000 shares 296
Andrew Corp Common Stock, 12,300 shares 268
Arden Realty Group Inc Common Stock, 9,300 shares 234
AvalonBay Cmntys Reit Common Stock, 4,900 shares 246
Avnet Inc Common Stock, 12,126 shares 261
Beckman Coulter Inc Common Stock, 5,300 shares 222
Bio-Rad Labs Inc Common Stock, 900 shares 29
Block Drug Co Common Stock, 4,419 shares 233
Borg Warner Inc Common Stock, 8,900 shares 356
Briggs & Stratton Corp Common Stock, 5,500 shares 244
Brush Engineered Matls Inc Common Stock, 1,700 shares 34
Cabot Corp Common Stock, 10,500 shares 277
Cent VT Pub Service Corp Common Stock, 7,200 shares 88
Conmed Corp Common Stock, 7,350 shares 126
Cooper Tire & Rubber Common Stock, 4,500 shares 48
Corn Prods Intl Inc Common Stock, 9,750 shares 283
Crompton Corp Common Stock, 24,871 shares 261
Cytec Ind Inc Common Stock, 6,650 shares 266
Duke-Weeks Rlty Corp Common Stock, 6,494 shares 160
Eastgroup Pptys Inc Common Stock, 5,550 shares 124
Empire Dist Elec Co Common Stock, 8,250 shares 217
Esterline Technologies Corp Common Stock, 12,700 shares 333
Felcor Lodging Tr Inc Common Stock, 5,000 shares 120
FMC Corp Common Stock, 3,350 shares 240
Gardner Denver Inc Common Stock, 9,500 shares 202
GBC Bancorp Cal Common Stock, 5,600 shares 215
Gem Semiconductor Common Stock, 17,000 shares 106
Gtech Holdings Corp Common Stock, 9,000 shares 185
Harleysville Group Inc Common Stock, 7,450 shares 218
Harman Intl Ind Inc Common Stock, 3,200 shares 117
Harsco Corp Common Stock, 3,100 shares 77
Hexcel Corp Common Stock, 21,425 shares 191
Hibernia Corp Common Stock, 21,600 shares 275
Hutchinson Technologies Inc. Common Stock, 16,050 shares 221
Idacorp Inc Common Stock, 1,500 shares 74
Input/Output Inc Common Stock, 6,000 shares 61
Interstate Bakeries Corp Common Stock, 18,300 shares 257
Kellwood Co Common Stock, 10,750 shares 227
Kennametal Inc Common Stock, 10,350 shares 301
Liberty Ppty Tr Sh Ben Int Common Stock, 8,200 shares 234
Lincoln Electric Holdings Common Stock, 4,400 shares 86
Litton Ind Inc Common Stock, 4,400 shares 346
19
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
Lubrizol Corp Common Stock, 3,400 shares 88
Lyondell Chemical Co Common Stock, 5,000 shares 77
Mentor Corp Common Stock, 4,400 shares 86
Michael Foods Inc Common Stock, 9,800 shares 295
Millennium Chem Inc Common Stock, 13,750 shares 249
Minerals Technologies Inc Common Stock, 1,500 shares 51
Modine Mfg Co Common Stock, 6,600 shares 137
Moog Inc Common Stock, 7,750 shares 225
NVR Inc Common Stock, 2,350 shares 290
Oneida Ltd Common Stock, 11,800 shares 219
Oshkosh Truck Corp Common Stock, 4,350 shares 191
Owens Ill Inc Common Stock, 10,000 shares 57
Pac Century Financial Corp Common Stock, 12,900 shares 228
Partnerre Hldg Ltd Common Stock, 3,850 shares 235
Penn Engr & Mfg Corp Common Stock, 7,400 shares 261
Phoenix Technologies Ltd Common Stock, 14,450 shares 195
Playtex Products Inc Common Stock, 15,600 shares 150
Post Pptys Inc Reit Common Stock, 3,200 shares 120
Precision Castparts Corp Common Stock, 8,000 shares 336
Pub Svc Co Common Stock, 8,400 shares 225
Quantum Corp DSSG Common Stock, 8,000 shares 106
Quantum Corp HDDG Common Stock, 9,000 shares 72
Rayonier Inc Common Stock, 4,500 shares 179
Regal Beloit Corp Common Stock, 17,000 shares 290
Reliance Steel & Aluminum Co Common Stock, 9,900 shares 245
Rock-Tenn Co Common Stock, 15,500 shares 115
RTI Intl Metals Inc Common Stock, 21,000 shares 301
Russ Berrie & Co Common Stock, 3,300 shares 70
Russell Corp Common Stock, 4,600 shares 71
Ryerson Tull Inc Common Stock, 7,473 shares 62
Schuler Homes Inc Common Stock, 3,600 shares 32
Schweitzer-Mauduit Intl Inc Common Stock, 14,300 shares 274
Smurfit-Stone Container Corp Common Stock, 15,700 shares 235
Southwestern Energy Co Common Stock, 16,800 shares 174
Summit Ppty Inc Common Stock, 8,300 shares 216
Supertex Inc Common Stock, 2,400 shares 47
Tesoro Pete Corp Common Stock, 24,300 shares 282
Thomas & Betts Corp Common Stock, 3,100 shares 50
Ucar Intl Inc Common Stock, 28,700 shares 280
Valero Energy Corp Common Stock, 8,150 shares 303
Wash Fed Inc Common Stock, 10,035 shares 285
Wellman Inc Common Stock, 16,550 shares 234
20
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
WIS Energy Common Stock, 4,600 shares 104
Wolverine Tube Inc Common Stock, 16,000 shares 192
WPS Res Corp Common Stock, 8,100 shares 300
------------
Total Common Stock 17,441
------------
Total Small Cap Stock Fund $ 18,734
============
HIGH YIELD BOND
Corporate Bonds:
Miller Anderson & Sherrerd High Yield Bond, 96,783 shares $ 658
------------
Total High Yield Bond Fund $ 658
============
BOND FUND
Corporate Bonds:
PIMCO PIMCO Intermediate Bond, 456,240 shares $ 4,740
------------
Total Bond Fund $ 4,740
============
STABLE VALUE FUND
Cash Equivalents:
* Northern Trust Company Collective Short Term Investment Fund, $ 6,184
1.80 percent ------------
Total Cash Equivalents in Stable Value Fund $ 6,184
------------
Security Backed Investments:
INVESCO Group Trust:
Monumental Life Insurance #00285TR $ 1,951
#00230TR 1,508
Allstate Life Insurance Co. #77045 - IOT, Yield 6.78 percent 21,894
------------
Total Current Value Invesco Group Trust $ 25,353
------------
21
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
Separate Accounts:
Massachusetts Mutual
Life Insurance #10488, Yield 5.93 percent $ 1,684
John Hancock Mutual
Life Insurance #9698, Yield 5.76 percent 792
------------
Total Current Value Separate Accounts $ 2,476
------------
Synthetic:
Chase Manhattan Bank:
United States Treasury Note USTN, Yield 5.875 percent, due July 2005 $ 3,785
CIT Equipment Collateral CITEC, Issued 2000, A4 2,790
Federal National Mortgage
Co. FNMA, Yield 5.75, due February 2008 2,657
Chase Man. RV Owner Trust CHMRV, Issued 1997, A, A8 1,694
CIT Equipment Collateral CITEC, Issued 2000, A4 1,482
United States Treasury Note USTN, Yield 5.875 percent,
due November 2005 1,400
Cash 30
------------
Total Current Value of Underlying Assets 13,838
Chase Manhattan Bank
Wrapper Synthetic Wrapper Agreement #429939-T (475)
------------
Total Contract Value of Chase Manhattan Bank $ 13,363
------------
Continental Assurance
Company:
Federal Home Loan Mortgage
Co FHLMC, Yield 7 percent, due July 2005 $ 3,638
GMAC - MBIA Wrapped GMAC, Yield 8.25 percent,
due February 2002 2,633
GMAC Comm. Mortgage
Security Inc. GMAC, Issued 1999, C1, A1 1,934
Daimer Chrysler DCAT, Issued 2000, B, A4 1,758
Ford Auto Owners Trust FORDO, Issued 1999, C, A4 1,684
Green Tree Financial GTHEL, Issued 1999, A, A3 1,682
DVI Receivables Inc. DVI, Issued 2000, A4 1,661
Case Equipment Loan Trust CELT, Issued 1999, A, A3 1,515
DLJ Comm Mtg DLJCM, Issued 2000, A1, A1 1,386
Fannie Mae DUS Program FNMX, #73098 433
22
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
Federal National Mortgage
Co. FNMA, Yield 5.125 percent,
due February 2004 338
------------
Total Current Value of Underlying Assets 18,662
Continental Assurance
Company Wrapper Synthetic Wrapper Agreement #63005806 (242)
------------
Total Contract Value of Continental
Assurance Company $ 18,420
------------
Monumental Life Insurance
Company:
Sears Credit Account Trust SCAMT, Issued 1999, 3, A $ 2,398
Avis AESOP Leasing L.P. AESOP, Issued 1997, 1A, A2 2,369
John Hancock/ MBIA Wrap Hancock MBIA 2,030
JP Morg Comm Mort Fin Crp JPMC, Issued 2000, C9, A1 1,785
Morgan Stanley - Wells
Fargo MSC, Issued 1996, WF1, A2 1,720
MTG Capital Funding MCFI, Issued 1996, MCI, A2A 1,328
Daimler-Benz Auto Gran DCAT, Issued 2000, D, A4 1,180
Daimler Chrysler DCAT, Issued 2000, B, A4 1,037
Distribution Financial
Service Trust DFS, Issued 1999, 1, A4 1,008
Money Store Home
Improvement Loan TMSHI, Issued 1997, 2, A3 817
AMERESCO ACMF, Issued 1997, C1, A1 733
ORIX ORIX, Issued 2000, B, A3 685
Merrill Lynch Mortgage
Investor MLMI, Issued 1997, C1, A1 682
United States Treasury US Treasury Note, 7.25 percent,
due August 2004 479
Cash 40
------------
Total Current Value of Underlying Assets 18,291
Monumental Life Insurance
Company Wrapper Synthetic Wrapper Agreement #00079TR (551)
------------
Total Contract Value of Monumental
Life Insurance Company $ 17,740
------------
23
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
State Street Bank and
Trust:
Citibank Credit Card MT CCIMT, Issued 1996, 1, A $ 2,860
First Omni Bank Credit
Card MT FOMNI, Issued 1996, A, A 2,436
Fannie Mae DUS Program FN, 73745 2,371
Union Acceptance Corp. UAC, Issued 2000, B, A3 2,087
Sears Credit Account Trust SCAMT, Issued 1996, 1, A 1,475
Federal Home Loan Mtge Co FG G40394 1,049
Premier Auto Master Trust PRAT, Issued 1999, 1, A4 1,012
PNC Student Loan PNCSL, Issued 1997, 2, A6 967
World Omni Auto Lease Trust WOLS, Issued 1997, B, A4 877
Fannie Mae DUS Program FN, 109011 621
First USA Master Trust FUSAM, Issued 1997, 6, A 340
Cash 173
------------
Total Current Value of Underlying Assets 16,268
State Street Bank and
Trust Wrapper Synthetic Wrapper Agreement #96022 (160)
------------
Total Contract Value of State Street Bank &
Trust $ 16,108
------------
UBS AG:
First Sierra Equipment
Trust FSR, Issued 1997, 1, A4 $ 3,379
Citibank Credit Cart MT CCIMT, Issued 1996, 1, A 3,117
Fannie Mae DUS Program FN, 73934 2,810
Illinois Power SPT IPST, Issued 1998, A7 1,940
Capital One Auto PCCMT Issued 2000, 11 1,695
Amex. Optima Credit Card
MT AMXCA, Issued 1999, 1, A 1,674
PNC Mortgage Security
Corporation PNCMS, Issued 1997, 6, A2 1,461
Avis AESOP Leasing LP AESOP, Issued 1997, 1A, A2 1,353
Amex Optima CC MT AMXCA Issued 2000, 1,A 1,268
Commonwealth Edison TFCs COMED, Issued 1998, 1, A5 725
Citibank Credit Card Mt CCIMT, Issued 1998, 3, A 705
24
Schedule H - Part IV - Line 4i - Schedule of Assets Held for Investment Purposes
As of December 31, 2000
EIN No. 73-1561426 Plan No. 071
(a) (b) (c) (d) (e)
Identity of issuer, Description of investment including
Related borrower, lessor, maturity date, rate of interest, Current
Party or similar party collateral, par, or maturity value Cost Value
- -------- -------------------------- ---------------------------------------------- ------------ ------------
United States Treasury USTN, Yield 3.375 percent, due January 2007 403
Cash 148
------------
Total Current Value of Underlying Assets 20,678
UBS AG Wrapper Synthetic Wrapper Agreement #5015 (206)
------------
Total Contract Value UBS AG $ 20,472
------------
General Account Investments:
Allstate Life Insurance Co #5868, Yield 6.24 percent, due October 1, 2001 $ 1,343
Sun America Life Insurance
Company #4892, Yield 7.75 percent, due January 2, 2004 505
------------
Total General Account Investments $ 1,848
------------
Total Value of Stable Value Fund $ 121,964
============
* PARTICIPANT LOANS Participant Loans, interest rates ranging
from 5 to 7 percent $ 11,817
------------
Total Participant Loans $ 11,817
============
Total Assets Held for Investment Purposes $ 795,869
============
* Represents a party in interest as defined by ERISA
25
Appendix II
OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN
Schedule H - Part IV - Line 4j - Schedule of Reportable Transactions **
For the Year Ended December 31, 2000
(Dollar amounts in thousands)
EIN No. 95-4035997 Plan No. 001
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Description of Asset Expense Value of
(including interest Incurred Asset on Net
Identity of rate and maturity Purchase Selling Lease with Cost of Transaction Gain or
Party Involved in case of a loan) Price Price Rental Transaction Asset Date Loss
- ----------------------- -------------------- -------- -------- -------- ----------- -------- ----------- --------
*Occidental Common Stock Fund
Petroleum 15 Acquisitions $ 25,672 $ -- $ -- $ -- $ 25,672 $ 25,672 $ --
Corporation 9 Dispositions -- 26,109 -- 58 26,595 26,109 (544)
* Represents a party-in-interest as defined by ERISA
** Participant directed transactions are not taken into account for purposes of
preparing this schedule
26
EXHIBIT INDEX
Exhibit
No. Exhibit Page Number
- --------------------------------------------------------------------------------
23 Consent of Independent Public Accountants 28
27
Exhibit 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report dated June 22, 2001, included in this Form 11-K for the year ended December 31, 2000, into Occidental Petroleum Corporation's previously filed Registration Statement No. 333-72719. /s/ ARTHUR ANDERSEN LLP Arthur Andersen LLP Los Angeles, California June 28, 2001 28