Occidental Petroleum Corp. is headed for a sweeping restructuring under Ray R. Irani, newly installed as chairman, president, and chief executive officer. Formerly president and chief operating officer, Irani was named to his new posts upon the death last month of Armand Hammer, Oxy chairman and CEO for 33 years (OGJ, Dec. 17, 1990, p. 30). Irani said the restructuring program will focus on Oxy's strengths in oil, gas, and chemicals and establishment of a more prudent debt policy. The program will slash long term debt by 40% and significantly improve the company's liquidity. The program also aims to yield increases of $200 milli...

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