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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 16, 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 16, 2000, Occidental Petroleum Corporation announced that it is
exploring options to sell or otherwise exit several of its chemical intermediate
businesses, including its Niagara Falls chemical intermediate facility. These
businesses have combined annual sales of approximately $430 million. This
process is expected to be completed by the end of the year.
This will continue Occidental's program of focusing its chemical division
on its core chlor-alkali and vinyls businesses. OxyChem's performance chemicals
businesses, including silicates, pool and chrome chemicals, will not be affected
by this strategic decision.
Proceeds from the asset sales will be applied to Occidental's previously
announced debt-reduction program. An after-tax charge of $80 million will be
taken in the second quarter as a result of this decision. The after-tax charge
reflects costs in connection with the disposition of the Niagara Falls chemical
intermediate facility, including, among other things, the write down to
realizable value of the assets, employee severance and decommissioning.
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: June 16, 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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