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UNITED STATES
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) FEBRUARY 8, 2005
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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Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
SECTION 2 - FINANCIAL INFORMATION
Item 2.02. Results of Operations and Financial Condition
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On February 8, 2005, Occidental Petroleum Corporation released information
regarding the revision upward of its earnings for the fiscal quarter ended
December 31, 2004. The exhibits to this Form 8-K and the information set forth
in this Item 2.02 are being furnished pursuant to Item 2.02, Results of
Operations and Financial Condition. The full text of the press release is
attached to this report as Exhibit 99.1. Updated Investor Relations Supplemental
Schedules are attached to this report as Exhibit 99.2.
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SECTION 8 - OTHER EVENTS
Item 8.01. Other Events
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Occidental Petroleum Corporation announced on February 8, 2005 that its
fourth quarter net income was $77 million higher ($0.19 per share) than the $665
million ($1.67 per share) the company disclosed on January 24, 2005. The
improvement in income is due to an increase in the carrying value of
Occidental's investment in Lyondell Chemical Company because of an increase in
Lyondell's book value resulting from its November 30, 2004 acquisition of
Millennium Chemical Company. There is no cash effect to this non-core earnings
item.
Lyondell acquired Millennium Chemical Company by issuing additional shares
of Lyondell common stock. Under current accounting rules (SEC Staff Accounting
Bulletin No. 51), Occidental is required to record its share of the increase in
Lyondell's net equity resulting from this issuance. The effect of this is an
increase of $121 million in the carrying value of Occidental's investment in
Lyondell and an increase in Occidental's net income of $77 million after-tax
($0.19 per share). At the time Occidental issued its earnings press release on
January 24, Lyondell had not announced its fourth quarter and total-year 2004
results, and a year-end balance sheet was not available until Lyondell released
its results on February 3, 2005. In its earnings press release, Occidental
stated that earnings from an equity investment were based on a preliminary
estimate of their earnings. Also, in its conference call regarding fourth
quarter results, Occidental commented that Lyondell had not yet reported its
results.
Occidental owns 41 million shares of Lyondell common stock. As a result of
the Millennium acquisition, Occidental's ownership percentage of Lyondell has
decreased from approximately 22 percent to 17 percent.
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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: January 24, 2005 S. P. Dominick, Jr.
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S. P. Dominick, Jr., Vice President and Controller
(Chief Accounting and Duly Authorized Officer)
EXHIBIT INDEX
99.1 Press release dated February 8, 2005.
99.2 Updated Investor Relations Supplemental Schedules