Occidental Petroleum 2006 Annual Report Download - page 8
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Occidental’s merger, acquisition and divestiture activities carry risks that it may: not fully realize anticipated benefits due to delays,
miscalculation of reserves or production or changed circumstances; bear unexpected integration costs or experience other integration difficulties;
experience share price declines based on the market’s evaluation of the activity; assume or retain liabilities that are greater than anticipated; or be
unable to resell acquired assets as planned or at planned prices.
Information related to competition, foreign operations, litigation, environmental matters, derivatives and market risks, and oil and gas reserve
estimation fluctuations appears under the headings: Business and Properties — Oil & Gas Operations — Competition and Sales and Marketing;"
MD&A — "Oil & Gas Segment — Business Review ," and "— Industry Outlook" and "Chemical Segment — Business Review," and " — Industry
Outlook," "Lawsuits, Claims, Commitments, Contingencies and Related Matters," "Environmental Liabilities and Expenditures," "Foreign
Investments” and "Critical Accounting Policies and Estimates," and "Derivative Activities and Market Risk."
ITEM 1B UNRESOLVED STAFF COMMENTS
None.
ITEM 3 LEGAL PROCEEDINGS
For information regarding legal proceedings, see the information in Note 9 to the Consolidated Financial Statements, which is incorporated
herein by reference.
An OPC subsidiary is engaged in discussions with the Texas Commission on Environmental Quality (TCEQ) to voluntarily resolve alleged
environmental law violations. The alleged violations include exceeding emissions limitations, and failing to meet operating, reporting and
recordkeeping requirements relating to a natural gas processing plant in west Texas acquired by the subsidiary in 2005. The TCEQ seeks an
administrative penalty of approximately $200,000 although the subsidiary expects to resolve the allegations for less.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of Occidental’s security holders during the fourth quarter of 2006.
The current term of employment of each executive officer of Occidental will expire at the May 4, 2007 organizational meeting of the Board of
Directors or when a successor is selected. The following table sets forth the executive officers and significant employees of Occidental:
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