LOS ANGELES, July 28, 1999 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE: OXY) said today in a 13-D filing with the U.S. Securities and Exchange Commission and similar reports with Canadian securities administrators that it is reviewing ways to maximize for its stockholders the value of its investment in Canadian Occidental Petroleum Ltd (CXY).
As part of this review, all options are being considered, including those which could result in a change in Occidental's investment in the Canadian company.
Occidental's investment in CXY dates back to 1971, and Occidental currently owns 40.2 million shares, or approximately 29 percent, of the outstanding common stock of CXY.