Oxy Shuffles, Streamlines Management

Occidental Petroleum Corp. said President Dale R. Laurance has been appointed to the additional jobs of chairman and chief executive of Oxy’s exploration and production subsidiary. Oxy said it is attempting to streamline its management structure because the Los Angeles oil company has simplified its asset structure, with more than 65% of its assets now concentrated in oil and gas exploration and production. Roger L. Abel, who was president and chief operating officer of the oil and gas subsidiary, will take on other corporate duties as an executive vice president of Occidental Petroleum. Oxy recently said it will have a cash shortfall for 1998 that may force the company to sell assets, restructure debt or reduce spending. Oxy announced in November that it would cut 500 jobs during the next two years. The company will report earnings next week that are expected to be down sharply because of low oil prices. Oxy shares fell 25 cents to close at $17.19 on the New York Stock Exchange.