Oxy Oil & Gas Unit Forms Acquisition Group

Bakersfield-based Occidental Oil & Gas Corp. said it formed an acquisition group to help expand its oil and gas business. The company named R. Casey Olson, formerly managing director of CIBC Wood Gundy Securities Corp., to head the new group. The unit of Los Angeles-based Occidental Petroleum Corp. has said it wants to set goals for oil and gas production profit of $700 million in 1997 and $900 million in 1998, a spokesman said. The company reported earnings of $480 million from oil and gas production in 1996. Occidental Petroleum shares fell 37.5 cents to close at $25.625 on the NYSE.