LOS ANGELES, Jan. 19, 1999 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE: OXY) announced today the appointment of its president, Dr. Dale R. Laurance, to the additional position of chairman and chief executive officer of its exploration and production subsidiary.
Commenting on the appointment, Occidental's chairman and chief executive officer, Dr. Ray R. Irani, said, "As we have simplified Occidental's asset base to focus on larger, high quality core assets, it is important that we adapt our management structure to respond more effectively and efficiently.
"We have significantly increased the size and importance of our oil and gas assets over the past year. With the acquisition of the Elk Hills field over 65% of our assets are now in oil and gas and we expect to continue to grow and improve the earnings from these operations. Applying Dale Laurance's leadership talents directly to this business will greatly enhance our continuing transformation," he said.
In addition to Oil and Gas executives, corporate officers reporting to Dr. Laurance are David A. Hentschel, who is appointed executive vice president - oil and gas; John W. Morgan, executive vice president - operations; W. Howard Collins, vice president - public relations, and Kenneth J. Huffman, vice president - investor relations.
Continuing to report to Dr. Irani, in addition to Dr. Laurance, are J. Roger Hirl, executive vice president of Occidental, president and chief executive officer of Occidental Chemical; Stephen I. Chazen, executive vice president - corporate development; Donald P. de Brier, executive vice president and general counsel; Richard W. Hallock, executive vice president - human resources; Anthony R. Leach, executive vice president and chief financial officer, and Robert M. McGee, president of Occidental International Corporation.
Roger L. Abel, formerly president and chief operating officer of the oil and gas subsidiary, will assume other corporate duties as an executive vice president of Occidental Petroleum Corporation.