Armand Hammer Wouldn't Recognize This Oxy

Armand Hammer was a man of many interests. And he was rare ly shy about using his clout as chairman of Occidental Petroleum Corp. to pursue them. Under Hammer, Oxy ventured into Arabian horse breeding. The eccentric Hammer even launched a film company that cranked out documentaries about his globe-trotting missions to the Soviet Union and other countries. Now, barely a month after Hammer's death at age 92, the cult of personality at Occidental is coming to an end. On Jan. 14, Oxy's new chairman, Ray R. Irani, unveiled a $5 billion restructuring designed to slash the company's burdensome debt level and refocus on its core oil, natural-gas, and chemical operations (table). Irani is clearly signaling that he will take a more bottom-line approach than Hammer ever did. Says Irani: "What I'm interested in is profits and cash flow--in that order."

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