Summary
Occidental Petroleum Corporation (OXY) filed an 8-K on May 11, 2005, reporting significant updates for investors. The company announced a change in its principal accounting officer with the retirement of Vice President and Controller Samuel Dominick, who had a long tenure with the company since 1966. He is succeeded by Jim A. Leonard, who was appointed Vice President and Controller, effective May 6, 2005. Mr. Leonard has extensive experience within Occidental, most recently as Senior Assistant Controller. In addition to executive changes, the filing details a material divestiture and a resolution of tax matters. Occidental sold 11 million shares of Lyondell Chemical Company common stock for approximately $300 million in gross proceeds. Despite this sale, key OXY executives Dr. Ray R. Irani and Stephen I. Chazen will continue to serve on Lyondell's board. Furthermore, Occidental has entered into a closing agreement with the IRS to resolve certain foreign tax credit issues related to the tax years 1997-2000.
Key Highlights
- 1Samuel Dominick retired as Vice President and Controller after a long career with Occidental Petroleum.
- 2Jim A. Leonard was appointed as the new Vice President and Controller, effective May 6, 2005.
- 3Occidental sold 11 million shares of Lyondell Chemical Company for approximately $300 million.
- 4OXY's CEO and CFO will remain on the Lyondell Board of Directors.
- 5Occidental reached a closing agreement with the IRS to resolve certain foreign tax credit issues for tax years 1997-2000.
- 6The filing includes press releases as exhibits detailing these events.