[Federal Register Volume 63, Number 76 (Tuesday, April 21, 1998)]
[Notices]
[Pages 19770-19771]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10423]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 1-9210]
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Occidental Petroleum Corporation, Common Stock, $.20
Par Value)
April 14, 1998.
Occidental Petroleum Corporation (``Company'') has filed an
application with the Securities and Exchange Commission
(``Commission''), pursuant to Section 12(d) of the Securities Exchange
Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to
withdraw the above specified security (``Security'') from listing and
registration on the Pacific Exchange, Inc. (``PCX'' or ``Exchange'').
The reasons cited in the application for withdrawing the Security
from listing and registration include the following:
The Security of the Company has been listed for trading on the
Exchange and the New York Stock Exchange, Inc., pursuant to a
Registration Statement on Form 8-B, dated June 26, 1986, as amended.
The Company has complied with Exchange Rule 3.4 by (i) filing with
the Exchange a certified copy of the resolutions adopted by the
Company's Board of Directors authorizing the delisting of the Security
from the PCX as well as the foreign exchanges on which the Security is
listed and (ii) setting forth in detail to the Exchange the reasons for
the proposed delisting. As part of an overall corporate cost control
project, the Company examined the trading volume for the Security on
the various stock exchanges on which it is listed as well as the costs,
including personnel time, associated with such listings. The
examination included discussions with several major brokerage firms as
well as listing representatives for the various exchanges. The
conclusion was that there was extremely little value to the Company or
its stockholders in being listed on exchanges other than the NYSE. In
the case of the PCX, trading volume for the Security represents only
about 2.6% of the volume on the NYSE. Moreover, although the annual
maintenance fee for the PCX is relatively low, the Company generally
does pay the maximum amount each year in additional listing fees.
By letter dated February 4, 1998, the Exchange informed the Company
that it has approved the Company's request to be removed from listing
and registration on the PCX.
By reason of Section 12(b) of the Act and the rules and regulations
thereunder, the Company shall continue to file reports under Section 13
of the Act with the Commission and the NYSE.
Any interested person may, on or before May 5, 1998, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether
the application has been made in accordance with the rules of the
Exchange and what terms, if any, should be imposed by the Commission
for the protection of
[[Page 19771]]
investors. The Commission, based on the information submitted to it,
will issue an order granting the application after the date mentioned
above, unless the Commission determines to order a hearing on the
matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-10423 Filed 4-20-98; 8:45 am]
BILLING CODE 8010-01-M
