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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8834)	2/4/1998 6:44:00 PM
From: Arnie	of 15196

FINANCING / Occidental Petroleum to redeem Voting Preferred Stock LOS ANGELES, Feb. 4 /CNW/ -- Occidental Petroleum Corporation (NYSE: OXY) today announced that it will redeem on March 6, 1998, all of the 3,606,484 outstanding shares of its $3.875 cumulative convertible voting preferred stock issued in connection with the 1994 acquisition of Placid Oil Company at a call price of $51.9375 per share plus accumulated and unpaid dividends to the redemption date. Each share of $3.875 preferred stock is currently convertible at the option of the holder into approximately 2.2 shares of common stock of Occidental. The closing price of the common stock on the New York Stock Exchange on February 3, 1988, was $25.8125 per share. Notice of the redemption and instructions for delivery of the preferred stock certificates will be mailed today to the registered holders. ChaseMellon Shareholder Services, L.L.C., will act as redemption agent.

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