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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) MARCH 22, 2002
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 4. Changes in Registrant's Certifying Accountant
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Effective March 22, 2002, the Board of Directors of Occidental Petroleum
Corporation (the "Company") decided to no longer engage Arthur Andersen LLP
("Arthur Andersen" or "AA") as the Company's independent public accountants and
engaged KPMG LLP ("KPMG") to serve as the Company's independent public
accountants for the fiscal year 2002, in accordance with the recommendation of
the Board's Audit Committee.
Arthur Andersen's audit reports on the Company's consolidated financial
statements for each of the fiscal years ended December 31, 2001 and 2000 did not
contain an adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles.
During the Company's two fiscal years ended December 31, 2001 and 2000 and
the subsequent interim period preceding the decision to change independent
public accountants, there were no disagreements with Arthur Andersen on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure which, if not resolved to AA's satisfaction would
have caused them to make reference to the subject matter of the disagreement in
connection with the audit reports on the Company's consolidated financial
statements for such years, and there were no reportable events as defined in
Item 304(a)(1)(v) of Regulation S-K.
The Company provided Arthur Andersen with a copy of the foregoing
disclosures. Attached as Exhibit 16.1 is a copy of AA's letter, dated March 22,
2002, stating its agreement with such statements.
In the years ended December 31, 2001 and 2000 and through the date hereof,
the Company did not consult KPMG with respect to the application of accounting
principles to a specified transaction, either completed or proposed, or the type
of audit opinion that might be rendered on the Company's consolidated financial
statements, or any other matters or reportable events as set forth in Items
304(a)(2)(i) and (ii) of Regulation S-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
16.1 Letter from Arthur Andersen LLP to the Securities and
Exchange Commission dated March 22, 2002.
99.1 Press release dated March 22, 2002.
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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: March 22, 2002 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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EXHIBIT INDEX
Exhibit No. Description
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16.1 Letter from Arthur Andersen LLP to the Securities and Exchange
Commission dated March 22, 2002.
99.1 Press release dated March 22, 2002.
EXHIBIT 16.1
[LOGO] ANDERSEN
Arthur Andersen LLP
633 West Fifth Street
Los Angeles, CA 90071-2006
Tel 213 614 6500
Fax 213 614 6670
www.andersen.com
March 22, 2002
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir/Madam:
We have read the second, third and fourth paragraphs of Item 4 included in the
Form 8-K dated March 22, 2002 of Occidental Petroleum Corporation and
subsidiaries filed with the Securities and Exchange Commission and are in
agreement with the statements contained therein.
Very truly yours,
/s/ ARTHUR ANDERSEN LLP
Arthur Andersen LLP
EXHIBIT 99.1
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[OXY LOGO] NEWS RELEASE OCCIDENTAL PETROLEUM CORPORATION
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10889 Wilshire Boulevard, Los Angeles, California 90024 (310) 208-8800
For Immediate Release: March 22, 2002
OCCIDENTAL APPOINTS KPMG AUDITOR
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LOS ANGELES -- Occidental Petroleum Corporation (NYSE: OXY) announced today
that its Board of Directors has appointed KPMG as the company's independent
auditor for 2002, replacing Arthur Andersen, LLP.
Dr. Ray R. Irani, chairman and chief executive officer of Occidental, said,
"The Andersen team that has served Occidental provided outstanding audit
services and met our high standards during the course of a long and highly
professional relationship."
Occidental Petroleum Corporation is one of the world's largest independent
oil and natural gas exploration and production companies with operations
concentrated in the United States, the Middle East and Latin America. Through
its chemical subsidiary, OxyChem, Occidental also is a leading North American
manufacturer and marketer of basic chemicals and certain performance chemicals.
In 2001, Occidental reported net income of approximately $1.2 billion on net
sales of $14 billion.
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Contacts: Lawrence P. Meriage (media)
310-443-6562
Kenneth J. Huffman (investors)
212-603-8183
On the web: www.oxy.com