<PAGE>   1
                                                                   EXHIBIT 99.1
================================================================================



                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                 -------------

                                   FORM 11-K


             FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
              AND SIMILAR PLANS PURSUANT TO SECTION 15 (d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


(MARK ONE)
      [x]        ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                 EXCHANGE ACT OF 1934 
                 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997

                                       OR

      [ ]        TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                 EXCHANGE ACT OF 1934
                 FOR THE TRANSITION PERIOD FROM ______________TO______________
             

                          COMMISSION FILE NO. 1-10053



A.     FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM
       THAT OF THE ISSUER NAMED BELOW:

                 ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN


B.     NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE
       ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:


                              ORYX ENERGY COMPANY
                                13155 NOEL ROAD
                             DALLAS, TX 75240-5067


================================================================================


<PAGE>   2
                                   SIGNATURE



THE PLAN.        Pursuant to the requirements of the Securities Exchange Act of
1934, the Plan Administrator has duly caused this annual report to be signed by
the undersigned, thereunto duly authorized.

                                           
                                             Oryx Energy Company
                                          Capital Accumulation Plan


   
                                     By:  /s/ FRANCES G. HEARTWELL
                                        ----------------------------------------
                                             Frances G. Heartwell
                                             PLAN ADMINISTRATOR
    


Date:    June 22, 1998



<PAGE>   3
                 ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                                      INDEX



   
<TABLE>
<CAPTION>
                                                                                            Page
                                                                                            ----
<S>                                                                                         <C>
Report of Independent Accountants
Balance Sheet as of December 31, 1997                                                        F-1
Balance Sheet as of December 31, 1996                                                        F-2
Statement of Income and Changes in Plan Equity for the Year Ended December 31, 1997          F-3
Statement of Income and Changes in Plan Equity for the Year Ended December 31, 1996          F-4
Statement of Income and Changes in Plan Equity for the Year Ended December 31, 1995          F-5
Notes to Financial Statements                                                                F-6

Schedules:
  Schedules I, II and III have been omitted because the required information
  is shown in the financial statements or notes thereto.

Eligibility:
 a. Consent of Independent Accountants
</TABLE>
    




<PAGE>   4

                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Plan Administrator of the Oryx Energy Company
  Capital Accumulation Plan:

We have audited the accompanying balance sheets of the Oryx Energy Company
Capital Accumulation Plan as of December 31, 1997 and 1996 and the related
statements of income and changes in plan equity for each of the three years in
the period ended December 31, 1997. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Oryx Energy Company Capital
Accumulation Plan as of December 31, 1997 and 1996 and the results of its
operations for each of the three years in the period ended December 31, 1997 in
conformity with generally accepted accounting principles.

   
    

   
                              /s/ COOPERS & LYBRAND L.L.P.
    




Dallas, Texas
June 1, 1998


<PAGE>   5
                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                                  BALANCE SHEET
                                DECEMBER 31, 1997
                             (THOUSANDS OF DOLLARS)


   
<TABLE>
<CAPTION>
                                                                                                                                   
                                                                             Participant Directed                                 
                                             -------------------------------------------------------------------------------------
                                                                      Vanguard               Vanguard
                                               Vanguard                  U.S.     Vanguard  International  Stable                 
                                               Balanced    Vanguard    Growth      Explorer    Growth      Value    Participant   
ASSETS                                        Index Fund  Windsor II  Portfolio      Fund     Portfolio     Fund        Loans     
                                              ----------  ---------- ----------   ---------   ---------    ------    ----------    
<S>                                           <C>         <C>        <C>          <C>         <C>          <C>       <C> 
Cash                                           $     1     $     8     $     3     $     1     $    --     $     9     $    --    

Accounts Receivable                                 --          --          --          --          --           7          --    
Investments, at fair value
   (Notes 1 and 2):
   Participation in:
      Short-term investment fund (cost
        approximates market value)                  --          --          --          --          --          --          --    
      Registered investment funds
        (cost $66,562)                          18,275      33,980      14,114       6,484       6,834          --          --    
      Capital preservation fund
        (cost $49,741)                              --          --          --          --          --      49,741          --    
      Oryx Energy Company common stock
        fund participant directed (567,399
        shares; cost $4,738)                        --          --          --          --          --          --          --    
      Oryx Energy Company common stock
        fund non-participant directed
        (320,776 shares; cost $4,792)               --          --          --          --          --          --          --    
      Oryx Energy Company leveraged ESOP
        common stock fund (2,436,853
        shares; cost $93,529)
        (Note 4)                                    --          --          --          --          --          --          --    
Participant loans                                   --          --          --          --          --          --       5,167    
                                               -------     -------     -------     -------     -------     -------     -------    
TOTAL ASSETS                                   $18,276     $33,988     $14,117     $ 6,485     $ 6,834     $49,757     $ 5,167    
                                               =======     =======     =======     =======     =======     =======     =======    
LIABILITIES AND PLAN EQUITY

Withdrawals and Other Benefits Payable         $    32     $    39     $     6     $     4     $    17     $   291     $    --    
ESOP Note Payable (Note 4)                          --          --          --          --          --          --          --    
Plan Equity (Deficit)                           18,244      33,949      14,111       6,481       6,817      49,466       5,167    
                                               -------     -------     -------     -------     -------     -------     -------    

TOTAL LIABILITIES AND PLAN EQUITY              $18,276     $33,988     $14,117     $ 6,485     $ 6,834     $49,757     $ 5,167    
                                               =======     =======     =======     =======     =======     =======     =======    

<CAPTION>
                                            Participant       Non-Participant 
                                             Directed            Directed
                                             --------     ---------------------
                                              Oryx          Oryx                           
                                              Stock         Stock        LESOP         
ASSETS                                         Fund         Fund         Fund         Total  
                                             --------     --------     --------     --------
<S>                                          <C>          <C>          <C>          <C>
Cash                                         $     11     $     --     $     --     $     33
Accounts Receivable                                18                                     25
Investments, at fair value
   (Notes 1 and 2): 
   Participation in:
      Short-term investment fund (cost
        approximates market value)                162           --           --          162
      Registered investment funds                                                       
        (cost $66,562)                             --           --           --       79,687
      Capital preservation fund
        (cost $ 49,741)                            --           --           --       49,741
      Oryx Energy Company common stock  
        fund participant directed (567,399
        shares; cost $4,738)                   14,458           --           --       14,458
      Oryx Energy Company common stock  
        fund non-participant directed 
        (320,776 shares; cost $4,792)              --        8,180           --        8,180
      Oryx Energy Company leveraged 
        ESOP common stock fund 
        (2,436,853 shares; cost $93,529)
        (Note 4)                                   --           --       62,144       62,144
Participant loans                                  --           --           --        5,167
                                             --------     --------     --------     --------
TOTAL ASSETS                                 $ 14,649     $  8,180     $ 62,144     $219,597
                                             ========     ========     ========     ========
                                                                                            
LIABILITIES AND PLAN EQUITY                                                                 
                                                                                         
Withdrawals and Other Benefits Payable       $    178     $    --      $      4     $    571
ESOP Note Payable (Note 4)                         --          --        95,960       95,960
Plan Equity (Deficit)                          14,471       8,180       (33,820)     123,066
                                             --------     -------      --------     --------
                                                                                            
TOTAL LIABILITIES AND PLAN EQUITY            $ 14,649     $ 8,180      $ 62,144     $219,597
                                             ========     =======      ========     ========
</TABLE>                                     
    

   (The accompanying notes are an integral part of these financial statements)



                                      F-1


<PAGE>   6


                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                                  BALANCE SHEET
                                DECEMBER 31, 1996
                             (THOUSANDS OF DOLLARS)

   
<TABLE>
<CAPTION>
                                                                                                                              
                                                                       Participant Directed                               
                                             ------------------------------------------------------------------------
                                                                       Vanguard                 Vanguard
                                             Vanguard                    U.S.      Vanguard   International   Stable       
                                             Balanced     Vanguard      Growth      Explorer     Growth        Value        
ASSETS                                      Index Fund   Windsor II    Portfolio      Fund      Portfolio       Fund
                                            ----------   ----------    ---------   ---------  -------------   -------
<S>                                         <C>           <C>          <C>         <C>         <C>            <C>          
Investments, at fair value
   (Notes 1 and 2):
   Participation in:
      Registered investment funds
        (cost $50,007)                       $ 13,288     $ 23,484     $ 10,460     $  5,355     $  6,020     $     --  
      Capital preservation fund
        (cost $53,299)                             --           --           --           --           --       53,299  
      Oryx Energy Company common stock
        fund participant directed
        (631,333 shares; cost $8,724)              --           --           --           --           --           --  
      Oryx Energy Company common stock
        fund non-participant directed
        (344,411 shares; cost $5,070)              --           --           --           --           --           --  
      Oryx Energy Company leveraged
        ESOP common stock fund
        (2,465,000 shares; cost $94,601)
        (Note 4)                                   --           --           --           --           --           --  
Participant loans                                  --           --           --           --           --           --  
                                             --------     --------     --------     --------     --------     --------  
TOTAL ASSETS                                 $ 13,288     $ 23,484     $ 10,460     $  5,355     $  6,020     $ 53,299  
                                             ========     ========     ========     ========     ========     ========  

LIABILITIES AND PLAN EQUITY

Withdrawals and Other Benefits Payable       $     40     $    109     $     60     $     16     $      6     $    168  
ESOP Note Payable (Note 4)                         --           --           --           --           --           --  
Plan Equity (Deficit)                          13,248       23,375       10,400        5,339        6,014       53,131  
                                             --------     --------     --------     --------     --------     --------  

TOTAL LIABILITIES AND PLAN EQUITY            $ 13,288     $ 23,484     $ 10,460     $  5,355        6,020     $ 53,299  
                                             ========     ========     ========     ========     ========     ========  
<CAPTION>

                                                                          Non-Participant 
                                             Participant Directed             Directed
                                            ----------------------     --------------------
                                                            Oryx         Oryx                
                                            Participant    Stock         Stock        LESOP         
ASSETS                                         Loans        Fund         Fund         Fund         Total  
                                             --------     --------     --------     --------     ---------

<S>                                          <C>          <C>          <C>          <C>          <C>
Investments, at fair value
   (Notes 1 and 2):
   Participation in:
      Registered investment funds
        (cost $50,007)                       $     --     $     --     $     --     $     --      $ 58,607
      Capital preservation fund
        (cost $53,299)                             --           --           --           --      $ 53,299 
      Oryx Energy Company common stock
        fund participant directed
        (631,333 shares; cost $8,724)              --       15,734           --           --        15,734
      Oryx Energy Company common stock
        fund non-participant directed
        (344,411 shares; cost $5,070)              --           --        8,524           --         8,524
      Oryx Energy Company leveraged
        ESOP common stock fund
        (2,465,000 shares; cost $94,601)
        (Note 4)                                   --           --           --       61,035        61,035
Participant loans                               5,445           --           --           --         5,445
                                             --------     --------     --------     --------     ---------
TOTAL ASSETS                                 $  5,445     $ 15,734     $  8,524     $ 61,035     $ 202,644
                                             ========     ========     ========     ========     =========

LIABILITIES AND PLAN EQUITY

Withdrawals and Other Benefits Payable       $     --     $    100     $     --     $     27     $     526
ESOP Note Payable (Note 4)                         --           --           --       99,092        99,092
Plan Equity (Deficit)                           5,445       15,634        8,524      (38,084)      103,026
                                             --------     --------     --------     --------     ---------

TOTAL LIABILITIES AND PLAN EQUITY            $  5,445     $ 15,734     $  8,524     $ 61,035     $ 202,644
                                             ========     ========     ========     ========     =========

</TABLE>
    


   (The accompanying notes are an integral part of these financial statements)



                                      F-2

<PAGE>   7


                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                 STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
                      FOR THE YEAR ENDED DECEMBER 31, 1997
                             (THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
                                                                 Participant Directed
                                 --------------------------------------------------------------------------------------  
                                                                                              Vanguard
                                  Vanguard                       Vanguard      Vanguard     International                
                                  Balanced       Vanguard      U.S. Growth     Explorer        Growth         Stable     
                                 Index Fund      Windsor II     Portfolio        Fund         Portfolio     Value Fund   
                                  ---------      ---------      ---------      ---------      ---------      ---------   
<S>                               <C>            <C>            <C>            <C>            <C>            <C>         
Additions (Deductions):
   Employee contributions         $     572      $   1,309      $     821      $     374      $     410      $   1,223   
   Employer contributions                --             --             --             --             --             --   
   Interfund transfers                1,755          2,167            402            237            209         (1,917)  
   Dividend income                      629            705            129             27             85             --   
   Interest income                       --             --             --             --             --          3,008   
   Other receipts
      (disbursements)                    --             --             --             --             --             (1)  
   Realized gain (loss) on
      investments (Note 5)              627          4,127          1,683          1,000          1,115             --   
   Unrealized appreciation of
      investments (Note 5)            1,861          3,101            938           (301)          (845)            --   
   Withdrawals and other
      benefit payments                 (446)          (830)          (259)          (194)          (169)        (5,927)  
   Administrative expense
      (Note 2)                           (2)            (5)            (3)            (1)            (2)           (51)  
   Interest expense                      --             --             --             --             --             --   
                                  ---------      ---------      ---------      ---------      ---------      ---------   

Net Additions (Deductions)            4,996         10,574          3,711          1,142            803         (3,665)  

Plan Equity (Deficit),
   January 1, 1997                   13,248         23,375         10,400          5,339          6,014         53,131   
                                  ---------      ---------      ---------      ---------      ---------      ---------   

Plan Equity (Deficit),
    December 31, 1997             $  18,244      $  33,949      $  14,111      $   6,481      $   6,817      $  49,466   
                                  =========      =========      =========      =========      =========      =========   

<CAPTION>
                                                                      Non-Participant
                                      Participant Directed              Directed
                                   -------------------------      -----------------------
                                                    Oryx            Oryx
                                   Participant      Stock           Stock          LESOP
                                      Loans          Fund           Fund            Fund          Total
                                    ---------      ---------      ---------      ---------      ---------
<S>                                 <C>            <C>            <C>            <C>            <C>      
Additions (Deductions):
   Employee contributions           $      --      $     190      $      --      $      --      $   4,899
   Employer contributions                  --             --             --         11,455         11,455
   Interfund transfers                   (176)        (1,684)          (450)          (543)            --
   Dividend income                         --             --             --             --          1,575
   Interest income                        291             --             13             --          3,312
   Other receipts
      (disbursements)                    (393)           (34)            --             --           (428)
   Realized gain (loss) on
      investments (Note 5)                 --          1,712            300           (385)        10,179
   Unrealized appreciation of
      investments (Note 5)                 --           (816)           (66)         2,207          6,079
   Withdrawals and other
      benefit payments                     --           (510)          (141)          (147)        (8,623)
   Administrative expense
      (Note 2)                             --            (21)            --             --            (85)
   Interest expense                        --             --             --         (8,323)        (8,323)
                                    ---------      ---------      ---------      ---------      ---------

Net Additions (Deductions)               (278)        (1,163)          (344)         4,264         20,040

Plan Equity (Deficit),
   January 1, 1997                      5,445         15,634          8,524        (38,084)       103,026
                                    ---------      ---------      ---------      ---------      ---------

Plan Equity (Deficit),
    December 31, 1997               $   5,167      $  14,471      $   8,180      $ (33,820)     $ 123,066
                                    =========      =========      =========      =========      =========
</TABLE>

   (The accompanying notes are an integral part of these financial statements)



                                      F-3


<PAGE>   8

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                 STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
                      FOR THE YEAR ENDED DECEMBER 31, 1996
                             (THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
                                                                Participant Directed
                                 --------------------------------------------------------------------------------------  
                                                                                              Vanguard
                                  Vanguard                       Vanguard      Vanguard     International                
                                  Balanced       Vanguard      U.S. Growth     Explorer        Growth         Stable     
                                 Index Fund      Windsor II     Portfolio        Fund         Portfolio     Value Fund   
                                  ---------      ---------      ---------      ---------      ---------      ---------   
<S>                               <C>            <C>            <C>            <C>            <C>            <C>         
Additions (Deductions):
   Employee contributions         $     483      $   1,025      $     487      $     374      $     391      $   1,274 
   Employer contributions                --             --             --             --             --             -- 
   Interfund transfers                 (465)         2,009          2,552            166            386         (2,111)
   Dividend income                      589          1,654            755            300            259             -- 
   Interest income                       --             --             --             --             --          3,526 
   Other receipts
      (disbursements)                    --             --             --             --             --              6 
   Realized gain (loss) on
      investments (Note 5)              750          1,332            744            337            329             -- 
   Unrealized appreciation of
      investments (Note 5)              392          1,480            312             31            238             -- 
   Withdrawals and other
      benefit payments               (1,507)        (1,930)          (402)          (752)          (805)        (5,965)
   Administrative expense
      (Note 2)                           (2)            (4)            (2)            (1)            (1)           (51)
                                  ---------      ---------      ---------      ---------      ---------      --------- 

Net Additions (Deductions)              240          5,566          4,446            455            797         (3,321)

Plan Equity (Deficit),
   January 1, 1996                   13,008         17,809          5,954          4,884          5,217         56,452 
                                  ---------      ---------      ---------      ---------      ---------      --------- 

Plan Equity (Deficit),
    December 31, 1996             $  13,248      $  23,375      $  10,400      $   5,339      $   6,014      $  53,131 
                                  =========      =========      =========      =========      =========      ========= 

<CAPTION>
                                                                      Non-Participant
                                      Participant Directed              Directed
                                   -------------------------      -----------------------
                                                    Oryx            Oryx
                                   Participant      Stock           Stock         LESOP
                                      Loans          Fund           Fund           Fund          Total
                                   ---------      ---------      ---------      ---------      ---------

<S>                                <C>            <C>            <C>           <C>            <C>      

Additions (Deductions):
   Employee contributions         $      --      $     157      $      --      $      --      $   4,191
   Employer contributions                --             --          2,550             --          2,550
   Interfund transfers                 (317)        (1,512)          (246)          (462)            --
   Dividend income                       --             13             --             --          3,570
   Interest income                      360             --             --             --          3,886
   Other receipts
      (disbursements)                    (4)            --             --             --              2
   Realized gain (loss) on
      investments (Note 5)               --         (2,474)           248           (985)           281
   Unrealized appreciation of
      investments (Note 5)               --         10,230          3,291         29,155         45,129
   Withdrawals and other
      benefit payments                   --           (750)          (171)          (262)       (12,544)
   Administrative expense
      (Note 2)                           --            (21)            --             --            (82)
                                  ---------      ---------      ---------      ---------      ---------

Net Additions (Deductions)               39          5,643          5,672         27,446         46,983

Plan Equity (Deficit),
   January 1, 1996                    5,406          9,991          2,852        (65,530)        56,043
                                  ---------      ---------      ---------      ---------      ---------

Plan Equity (Deficit),
    December 31, 1996             $   5,445      $  15,634      $   8,524      $ (38,084)     $ 103,026
                                  =========      =========      =========      =========      =========
</TABLE>

   (The accompanying notes are an integral part of these financial statements)



                                      F-4

<PAGE>   9


                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                 STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
                      FOR THE YEAR ENDED DECEMBER 31, 1995
                             (THOUSANDS OF DOLLARS)

<TABLE>
<CAPTION>
                                                                Participant Directed
                                 --------------------------------------------------------------------------------------  
                                                                                              Vanguard
                                  Vanguard                       Vanguard      Vanguard     International                
                                  Balanced       Vanguard      U.S. Growth     Explorer        Growth         Stable     
                                 Index Fund      Windsor II     Portfolio        Fund         Portfolio     Value Fund   
                                  ---------      ---------      ---------      ---------      ---------      ---------   
<S>                               <C>            <C>            <C>            <C>            <C>            <C>         

Additions (Deductions):
   Employee contributions         $     560      $     977      $     333      $     349      $     445      $   1,815   
   Employer contributions                --             --             --             --             --             --   
   Interfund transfers                   (7)         2,148          1,840            630         (1,154)        (1,596)  
   Dividend income                      502          1,044            241            380            142             --   
   Interest income                       --             --             --             --             --          4,355   
   Other receipts
      (disbursements)                     1              1             --             --             --              5   
   Realized gain (loss) on
      investments (Note 5)              194            318            195             83             73             --   
   Unrealized appreciation
      of investments (Note 5)         2,260          3,296            893            441            509             --   
    Withdrawals and other
      benefit payments               (1,417)        (1,934)          (524)          (289)          (808)        (9,275)  
   Administrative expense
      (Note 2)                           (2)            (2)            (1)            (1)            (1)           (46)  
                                  ---------      ---------      ---------      ---------      ---------      ---------   

Net Additions (Deductions)            2,091          5,848          2,977          1,593           (794)        (4,742)  

Plan Equity (Deficit),
   January 1, 1995                   10,917         11,961          2,977          3,291          6,011         61,194   
                                  ---------      ---------      ---------      ---------      ---------      ---------   

Plan Equity (Deficit),
    December 31, 1995             $  13,008      $  17,809      $   5,954      $   4,884      $   5,217      $  56,452   
                                  =========      =========      =========      =========      =========      =========   
<CAPTION>
                                                                      Non-Participant
                                      Participant Directed              Directed
                                   -------------------------      -----------------------
                                                    Oryx            Oryx
                                   Participant      Stock           Stock         LESOP
                                      Loans          Fund           Fund           Fund        Total
                                   ---------      ---------      ---------      ---------    ---------
<S>                               <C>            <C>             <C>            <C>          <C>      
Additions (Deductions):
   Employee contributions         $      --      $     158      $      --      $     --      $  4,637
   Employer contributions                --             --          2,805            --         2,805
   Interfund transfers                 (473)          (655)            (4)         (729)           --
   Dividend income                       --             --             --            --         2,309
   Interest income                      343             10             --             3         4,711
   Other receipts
      (disbursements)                    --             28             (5)           --            30
   Realized gain (loss) on
      investments (Note 5)               --         (1,965)            14        (2,884)       (3,972)
   Unrealized appreciation
      of investments (Note 5)            --          3,430            163         6,784        17,776
    Withdrawals and other
      benefit payments                 (217)        (1,162)          (121)         (652)      (16,399)
   Administrative expense
      (Note 2)                           --            (12)            --            --           (65)
                                  ---------      ---------      ---------      --------      --------

Net Additions (Deductions)             (347)          (168)         2,852         2,522        11,832

Plan Equity (Deficit),
   January 1, 1995                    5,753         10,159             --       (68,052)       44,211
                                  ---------      ---------      ---------      --------      --------

Plan Equity (Deficit),
    December 31, 1995             $   5,406      $   9,991      $   2,852      $(65,530)     $ 56,043
                                  =========      =========      =========      ========      ========
</TABLE>

   (The accompanying notes are an integral part of these financial statements)



                                      F-5


<PAGE>   10

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                          NOTES TO FINANCIAL STATEMENTS

1.       GENERAL DESCRIPTION:

         The Oryx Energy Company Capital Accumulation Plan (Plan) is a combined
         stock bonus and employee stock ownership plan (ESOP) sponsored by Oryx
         Energy Company (Oryx Energy or Company) which became effective on
         November 1, 1988. The Plan provides an individual account for each
         participant. Amounts disbursed to participants or conversions between
         funds are based solely upon amounts contributed to each participant's
         account adjusted to reflect any withdrawals and distributions,
         investment earnings attributable to such fund balances and appreciation
         or depreciation of the market value of the fund.

         This summary of information about the Plan is qualified in its entirety
         by reference to the provisions of the Plan, as amended.

         Employee Contributions

         In general, an employee may instruct the employer to contribute to the
         Plan up to five percent, in whole percentages, of base pay (Earnings)
         on either a pre-tax basis or post-tax basis. Earnings exclude such
         payments as bonuses, overtime and premium payments. An employee may
         also elect to make additional contributions of up to 10 percent of
         Earnings. The additional contributions may be on either a pre-tax
         basis, post-tax basis or any combination thereof. An employee who
         cannot make pre-tax contributions of five percent of Earnings due to
         certain limitations imposed by the Internal Revenue Code of 1986, as
         amended (Code), as described in Note 3, can nonetheless make post-tax
         contributions up to the limits imposed by the Plan, subject to the
         additional Code limitations described in Note 3.

         Employer Contributions

         The first five percent of employee contributions are matched by the
         Company at 110 percent up to the first $50,000 of employee Earnings and
         at 100 percent thereafter (Employer Contributions). From time to time,
         the Company also contributes additional amounts when necessary to meet
         the loan repayment requirements on the ESOP Notes described in Note 4.

         Vesting Rights

         Participants are immediately 100 percent vested in their account
         balances derived from Company contributions, employee contributions and
         any amounts rolled-over to the Plan from another eligible retirement
         plan.

         Plan Termination

         Although it has not expressed any intent to do so, the Company has the
         right under the Plan to discontinue its contributions at any time and
         to terminate the Plan subject to the provisions of the Employee
         Retirement Income Security Act of 1974 (ERISA).



                                      F-6

<PAGE>   11
                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

         Participant Investment Programs

         Employee contributions and certain employer contributions are invested
         by the trustee as directed by participants. Participants make
         investment elections to have their contributions invested in increments
         of one percent in any combination of the seven funds listed below
         (eight funds available beginning April 1, 1998 with the addition of the
         Vanguard Bond Index Fund, also described below). In addition,
         participants may convert past investments into any of the seven funds
         by making fund transfers. These fund conversions may be made in one
         percent increments. A portion of each fund is maintained in short-term
         investments for administration of the fund. Effective October 1, 1998,
         The Bank of New York replaced Vanguard Fiduciary Trust Company
         (Vanguard) as the trustee for investment activity.

         Participants have the option of investing their contributions in any of
         the following funds:

         Vanguard Balanced Index Fund: Employs two investment
         strategies--balancing and indexing--in seeking to provide both current
         income and the potential for capital growth. The fund attempts to
         replicate, with respect to 60 percent of its net assets, the
         performance of the Wilshire 5000 Index, a broad-based barometer of the
         U.S. stock market. With respect to the remaining 40 percent of its net
         assets, the fund attempts to replicate the performance of the Lehman
         Brothers Aggregate Bond Index, a recognized benchmark of the U.S. bond
         market.

         Vanguard Windsor II: Pursues a growth and income strategy that
         emphasizes stocks with price-earnings ratios lower than the market and
         dividend yields higher than the market. The fund's advisors employ both
         fundamental and quantitative analysis to identify stocks for purchase.

         Vanguard U.S. Growth Portfolio: Invests in stocks of seasoned companies
         based in the U.S. The portfolio emphasizes growth companies with strong
         market positions, reasonable financial strength and relatively low
         sensitivity to changing economic conditions.

         Vanguard Explorer Fund: Invests in the stock of small or unseasoned
         companies--generally with a market value between $75 million and $200
         million--that are deemed to offer favorable prospects for growth.

         Vanguard International Growth Portfolio: Invests in non-U.S. equity
         securities selected for long-term capital appreciation potential. The
         portfolio tends to be widely diversified geographically, with assets
         invested in as many as 30 foreign stock markets.

         Stable Value Fund: Seeks to provide relatively stable returns, current
         income and preservation of principal by investing in high
         credit-quality instruments. The fund holds investment contracts issued
         by insurance companies (GICs), investment contracts backed by U.S.
         Government obligations and high credit-quality corporate bonds
         (including mutual funds that invest in such obligations).



                                      F-7


<PAGE>   12

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

         As of December 31, 1997 the Stable Value Fund was comprised of the
         following

<TABLE>
<CAPTION>
                                       Effective Annual    Effective Annual
                                        Interest Rate       Interest Rate        Percent of
                                           (Net of             (Net of           Investment
                                         Expenses) at        Expenses) at       Fund Value at      Last
                                         December 31,        December 31,        December 31,    Maturity
             Company                          1996                1997               1997          Date
             -------                   ---------------     ----------------     -------------    --------
<S>                                    <C>                 <C>                  <C>              <C>
Insurance/Bank Contracts
-------------------------------------
John Hancock                                  6.05%                6.05%            10.37%        6/30/00
American International Life Assurance
   Company of New York                        5.36%                5.36 %            8.99%        7/31/98
Morgan Guarantee Trust Company                5.91%                5.91%            23.33%       12/08/99
New York Life Insurance Company               7.92%                7.92%             6.07%        3/31/98
Deutsche Bank                                 6.33%                6.40%            11.00%        6/30/00
Rabobank                                      5.85%                5.87%            11.15%        3/31/99
                                                                                   ------
Other
-------------------------------------
Vanguard Retirement Savings Trust               --%                5.93%            29.09%
                                                                                   ------
                                                                                   100.00%
                                                                                   ======
</TABLE>


         Vanguard Bond Index Fund - Total Bond Market Portfolio: (Available to
         participants as of April 1, 1998). Seeks a high level of interest
         income by investing in a sample of bonds from the Lehman Brothers
         Aggregate Bond Index, an index of U.S. Treasury, federal agency,
         mortgage-backed, and high-quality corporate securities. 

         Oryx Stock Fund: Invests in Oryx Energy Company common stock, par value
         $1 per share (Oryx Common Stock). Cash contributions directed for
         investment in this fund are used by The Bank of New York, as trustee,
         to purchase Oryx Common Stock on securities exchanges and from Oryx
         Energy, individual stockholders, the trustee of the Oryx Energy Company
         Retirement Plan or any other bona fide offeror of such Oryx Common
         Stock, at the lowest price obtainable at the time.

         Investment of Employer Contributions

         Effective January 1, 1995, Employer Contributions may be made in the
         form of shares of Company stock. Employer Contributions made in the
         form of Company stock are included in the Non-Participant Directed Oryx
         Stock Fund. During 1996 and 1995, all Employer Contributions were made
         in the form of Company stock. During 1997, the Company resumed Employer
         Contributions in cash (see Note 4).

         All Employer Contributions made in cash (Cash Contributions) are
         invested in the LESOP Fund, a fund primarily invested in Oryx Common
         Stock and held in trust by State Street Bank and Trust Company. Cash
         Contributions are made in such amounts as are necessary to fund
         quarterly loan payments on the ESOP Notes (no amounts due in 1996 and
         1995, see Note 4). These Cash Contributions, along with any dividends
         paid on the shares acquired with the loan proceeds, are used by the
         Plan to repay the principal and interest on the original $110 million
         ESOP loan. As loan payments are made, shares held in the unallocated
         account are released and allocated (or credited) to individual employee
         accounts. The number of shares released after each loan payment is
         based on the ratio of the current loan payment to the sum of all future
         loan payments. The shares released are allocated proportionally to
         individual employee accounts based on the amount of each employee's
         Employer Contribution relative to total Employer Contributions.
         Participants also receive an allocation of shares representing any
         dividends due on shares held in their 



                                      F-8

<PAGE>   13

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

         accounts. For financial reporting purposes, unallocated shares and
         shares allocated to the participants are included in the LESOP fund as
         non-participant directed (see Note 4).

         Investment of Fund Earnings

         Generally, earnings from dividends and interest on each of the funds
         are retained by the trustee and reinvested in the same fund.
         Participants may elect to receive any dividends on certain Oryx Common
         Stock held in the Oryx Stock Fund from Employer Contributions made
         prior to August 1, 1989.

         Participant Loans

         Participants may obtain loans from their account balances in any of the
         Vanguard Funds and/or the Participant Directed Oryx Stock Fund of the
         Plan. Participant loans are administered in accordance with the
         provisions of Code Section 72(p) and Department of Labor (DOL)
         Regulation Section 2550.408b-1. The loan amount may be up to 50 percent
         of a participant's available balance, subject to a maximum of $50,000.
         The loan bears interest based on the prime rate in effect on the first
         day of the month in which the loan is applied for plus one percent.
         Personal loans may have a term of up to five years and residential
         loans up to 15 years. Both the principal and interest portions of loan
         repayments are reinvested in the participant's accounts in accordance
         with his current investment elections. Defaults on loan repayments are
         treated as distributions.

         Investment Program Participants

         There were 1,356, 1,414 and 1,440 participants at December 31, 1997,
         1996 and 1995, respectively, who participated in one or more of the
         funds. Participant accounts in each of the funds at December 31 were as
         follows:

<TABLE>
<CAPTION>
                                    1997      1996      1995
                                   ------    ------    ------
<S>                                  <C>       <C>       <C>
Balanced Index Fund                  690       652       691
Windsor II                           882       831       788
U.S. Growth Portfolio                659       586       491
Explorer Fund                        497       487       473
International Growth Portfolio       549       573       570
Stable Value Fund                    934       995     1,109
LESOP Fund                           881       839       895
Oryx Stock Fund                    1,109     1,167     1,248
</TABLE>

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

         The Plan utilizes the accrual basis of accounting and has a fiscal
         year end of December 31.

         Investments

         The valuation of the Plan's investments in all funds is based on the
         market value of the assets held in the funds. The Plan's relative
         interest in the investment funds underlying the Vanguard Funds is
         determined on a unit-method basis. The valuation of the Vanguard Funds
         is based on the closing market price of the assets which comprise the
         funds on the last business day of the plan year. Investments in the
         Stable Value Fund are carried at contract value (which equals original
         cost plus accrued interest less any distributions). The valuation of
         common stock in the Oryx Stock Fund and the LESOP Fund is based on the
         closing market 



                                      F-9

<PAGE>   14

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

         price as reported on the New York Stock Exchange on the last business
         day of the plan year. Purchases and sales of securities are reflected
         on the trade-date basis. Dividend income is recognized on the
         ex-dividend date.

         Gains and losses on disposition of investments are determined using
         historical average cost. The DOL requires realized and unrealized gains
         and losses to be determined using the investment value at the beginning
         of the plan year (referred to as the "current value method") rather
         than the historical cost basis. Accordingly, the realized gain on
         investments and unrealized appreciation of assets as reported on the
         Form 5500 Annual Return/Report of Employee Benefit Plan of $6,044,415
         and $10,214,601, respectively, are different than those reported on the
         Statements of Income and Changes in Plan Equity, of $10,179,363 and
         $6,079,653, respectively.

         Financial Instruments

         Statement of Financial Accounting Standards No. 107, "Disclosures About
         Fair Value of Financial Instruments," requires disclosures about fair
         value for all financial instruments in the Plan. All instruments, other
         than the investment contracts in the Stable Value Fund, are reported at
         fair value and require no additional disclosure. The fair values of
         investment contracts in the Stable Value Fund as of December 31, 1997
         and 1996 are approximately $49,722,669 and $53,811,000, respectively.
         Fair values were determined using a discounted cash flow analysis
         assuming market rates for similar contracts. However, the fair value
         disclosed is not that which would be realized due to restrictions on
         early redemption or sale of the contracts. The value of the ESOP note
         cannot be estimated because it is a special purpose loan made on
         non-standard terms which would have no value if transferred or
         exchanged. Participant loans are carried at original loan amounts less
         principal reductions. Such loan amounts approximate fair value.

         Administrative Expenses

         All expenses related to the purchase and sale of securities are paid
         out of the respective assets of such funds. All administrative expenses
         related to the LESOP Fund are paid by the Company. All other expenses
         (other than those paid by the Company) incurred in administering the
         Plan are generally charged, on a pro rata basis, to each of the
         respective funds.

         Statement Presentation

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities and disclosure of contingent assets and liabilities at the
         date of the financial statements and the reported amounts of revenues
         and expenses during the reporting period. Actual results could differ
         from those estimates.

         Risks and Uncertainties

         The Plan provides for various investment options in combinations of
         GICs and mutual funds. Investments of this nature are exposed to
         various risks, such as interest rate, market and credit risks. Due to
         the level of risk associated with these types of securities, it is at
         least reasonably possible that changes in the values of investment
         securities will occur in the near term and that such changes could
         materially affect participants' account balances and the amounts
         reported in the statement of net assets available for plan benefits.



                                      F-10

<PAGE>   15

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

3.       CERTAIN FEDERAL TAX MATTERS:

         Tax Status of the Plan

         The Internal Revenue Service (IRS) issued the most recent favorable
         determination letter on May 28, 1994 stating that the Plan constitutes
         a qualified plan under Sections 401(a), 401(k) and 501(a) of the Code
         and that the Plan qualifies as an ESOP under Section 4975(e)(7). As
         such, the assets and investment gains of the Plan are exempt from
         Federal income tax under Section 501(a) of the Code. The Company is
         entitled to a current deduction on its consolidated Federal income tax
         return for its contributions to the Plan on behalf of employees. A
         request for the issuance of a new determination letter, covering 1996
         and 1995 amendments, will be submitted to the IRS during 1999.

         Limits on Employee Contributions

         The IRS imposed limitation on employee pre-tax contributions is $9,500
         for 1997 and is subject to upward adjustment for any increases in the
         cost of living as determined under IRS regulations. The pre-tax
         contributions, the combined post-tax contributions and Employer
         Contributions allocated to participants who come within the
         classification of Highly Compensated Employees (HCEs) as defined in the
         Code may not exceed certain technical limits under Sections 401(k) and
         401(m) of the Code. Generally, the allowable percentage of such
         contributions for the HCEs is dependent upon the percentage of
         contributions made by all other employees. These limitations may have
         the effect of reducing the level of contributions initially selected by
         HCEs. Total Company and employee contributions may also be limited by
         Section 415 of the Code.

         Tax Effects Upon Participants

         The Federal income tax consequences analysis which follows includes
         relevant provisions of the Tax Reform Act of 1986. Under existing
         income tax law, qualification of the Plan has the following Federal
         income tax consequences, in general:

         (a)   A participant will not be subject to tax on Employer
               Contributions, pre-tax contributions or additional employer
               contributions contributed to the Plan for his benefit, or
               earnings thereon, until such time as such amounts are distributed
               to him. Pre-tax contributions are subject to Social Security tax
               and are included as earnings to determine the participant's
               Social Security benefit. Pre-tax contributions are also used to
               determine the participant's benefit under any qualified
               retirement plans sponsored by the Company.

         (b)   Lump sum distributions of Employer Contributions, pre-tax
               contributions, including earnings thereon, and earnings on
               post-tax contributions (exclusive of any net unrealized
               appreciation described below) consisting of cash or Oryx Common
               Stock, upon a participant's retirement, death, termination of
               employment or the occurrence of one of several other qualifying
               events will be subject to income tax and possibly the additional
               10 percent Federal tax described in paragraph (c). Certain large
               distributions may be partially subject to an additional Federal
               tax. Distributions may be eligible for ten-year or five-year
               forward averaging and/or limited capital gains treatment on
               pre-1974 contributions, which could significantly reduce the tax
               on the distributions. Unless otherwise elected, net realized
               appreciation on Oryx Common Stock distributed as part of a lump
               sum distribution will not be taxed upon distribution, but will be
               taxable when the recipient subsequently disposes of the Oryx
               Common Stock. A lump sum distribution or a portion thereof,
               excluding post-tax contributions, may be rolled over into an
               eligible retirement plan (including



                                      F-11


<PAGE>   16

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED


               individual retirement plans), thereby deferring taxation on
               the portion rolled over until distribution from the eligible
               retirement plan. At such time, the distribution will be taxed at
               ordinary income tax rates if it is from an individual retirement
               plan, or possibly, in accordance with the special tax provisions
               discussed above if it is from an eligible retirement plan other
               than an individual retirement plan.

               If any portion of a payment to a participant is an eligible
               rollover distribution, the Plan is required by law to withhold 20
               percent of that amount and remit it to the IRS as income tax
               withholding. The mandatory 20 percent withholding may be avoided
               if the eligible rollover distribution is paid directly from the
               Plan to an individual retirement plan or another eligible
               retirement plan.

          (c)  In-service Plan asset (cash or Oryx Common Stock) withdrawals of
               pre-1987 post-tax contributions are not subject to income tax.
               Withdrawals of post-1986 post-tax contributions will be deemed to
               be withdrawals of both post-1986 post-tax contributions and
               earnings thereon with the latter subject to income tax. Such
               in-service withdrawals of Employer Contributions and other
               employer contributions, including earnings thereon and earnings
               on post-tax contributions, will also be subject to income tax
               when withdrawn. Taxable amounts will be taxed at ordinary income
               tax rates. In addition, with limited exceptions, taxable
               withdrawals will be subject to an additional 10 percent Federal
               tax if received before age 59-1/2, death, early retirement before
               age 55 or disability. Certain large distributions may be
               partially subject to an additional Federal tax. Unless the
               participant elects otherwise, net unrealized appreciation will be
               subsequently taxed as described in paragraph (b).

               Oryx Stock Fund dividend distributions paid to participants, if
               any, in accordance with Code Section 404(k) are subject to income
               tax at ordinary income tax rates but are not subject to the
               additional 10 percent Federal tax. Pre-tax contributions, or
               earnings thereon, cannot be withdrawn until retirement, death,
               termination of employment or the occurrence of one of several
               other qualifying events.

          (d)  If a distribution consists of an annuity, the annuity generally
               will not be taxable at the time of distribution, but amounts
               received under such annuity will be taxed at ordinary income tax
               rates when received to the extent such amounts are not deemed to
               be a return of the participant's own post-tax contributions. If
               one of the exceptions described in paragraph (c) does not apply
               and generally if the payments are not substantially equal, the
               taxable amounts would also be subject to the additional 10
               percent Federal tax. If the annuity forms part of a lump sum
               distribution, it will affect the tax payable on the distribution.

4.       ESOP NOTES:

         On August 1, 1989, the Company borrowed $110 million by privately
         placing ESOP Notes. The interest rates on the ESOP Notes range from
         8.35 percent to 8.70 percent. The Company made an inside loan to the
         Plan equal to the proceeds from the issuance of the ESOP Notes for the
         purpose of acquiring Oryx Common Stock. The terms of the inside loan
         were substantially similar to the terms of the ESOP notes of the
         Company. In December 1989, the Plan completed the purchase of 2,864,805
         shares at an average price of $38.40. This Oryx Common Stock is held by
         the Plan (LESOP Fund) in an unallocated suspense account. Employer
         Contributions have been made to the Plan, in cash, to fund quarterly
         loan repayments on the inside loan. Shares are released from the
         suspense account as the loan is repaid and are allocated to eligible
         participants in a non-participant directed account. No participant
         contributions will be required or 



                                      F-12


<PAGE>   17

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

         permitted in paying off the loan. During 1994, Standard & Poor's
         downgraded the Company's debt rating. Subsequently, the holders of the
         ESOP Notes exercised their rights to require the Company to repay the
         notes in full at par (plus a make whole premium).

   
         At December 31, 1997 and 1996, there were 1,999,241 and 2,139,234
         shares of Oryx Common Stock with a market value of $50,980,646 and
         $52,946,041, respectively, held in the unallocated suspense account.
         There were also 437,612 and 325,766 shares of Oryx Common Stock with a
         market value of $11,159,105 and $8,093,089, respectively, held in the
         allocated non-participant directed account. LESOP Fund interest and any
         dividend income are used for debt service. Interest expense incurred by
         the Plan on debt with the Company was $8,323,006 in 1997 and nil in
         1996 and 1995. In accordance with a resolution of the Company's
         Compensation Committee of the Board of Directors, principal and
         interest payments on the inside note were suspended for 1996 and 1995.
         Accordingly, the Plan did not accrue interest expense related to the
         ESOP note during such periods.
    

         In March 1996, the Company received a private letter ruling from the
         IRS regarding certain items related to the Plan. In response to the IRS
         suggestions contained in the private letter ruling, the Compensation
         Committee determined that the Company would resume making Employer
         Contributions in cash in 1997. Those contributions are used by the Plan
         to fund loan repayments on the inside note on a monthly basis.

         Maturities on the note during future years are as follows:

<TABLE>
<CAPTION>
Year ending December 31:
<S>                        <C>    
1998                       $ 3,640
1999                         3,898
2000                         4,397
2001                         4,896
2002                         5,436
Later years                 73,693
                           -------
                           $95,960
                           =======
</TABLE>

5.       SUPPLEMENTAL FUND INFORMATION:

         Realized Gain (Loss) on Investments

         The realized gain (loss) on investments for each of the three years in
         the period ended December 31, 1997, were as follows:

<TABLE>
<CAPTION>
                                                   1997                                       1996
                                  ---------------------------------------    --------------------------------------
                                                 Average     Net Realized                   Average    Net Realized
           Fund                    Proceeds        Cost       Gain (Loss)     Proceeds        Cost      Gain (Loss)
------------------------------    ----------    ---------    ------------    ---------     ---------   ------------
                                                               (Thousands of Dollars)
<S>                               <C>           <C>           <C>            <C>           <C>           <C>      
Balanced Index Fund               $   2,727     $   2,100     $     627      $   4,810     $   4,059     $     751
Windsor II                            9,557         5,430         4,127          7,288         5,956         1,332
U.S. Growth Portfolio                 7,699         6,016         1,683          3,949         3,205           744
Explorer Fund                         4,221         3,221         1,000          3,517         3,180           337
International Growth Portfolio       15,528        14,413         1,115          2,967         2,638           329
     
LESOP Fund                              692         1,077          (385)           723         1,708          (985)
Oryx Stock Fund                      11,380         9,368         2,012         16,873        19,100        (2,227)
                                                              ---------                                  ---------

Total realized gain (loss)                                    $  10,179                                  $     281
                                                              =========                                  =========
</TABLE>



                                      F-13

<PAGE>   18

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

<TABLE>
<CAPTION>
                                                  1995
                                  ---------------------------------------
                                                  Average     Net Realized
        Fund                        Proceeds       Cost       Gain (Loss)
------------------------------    ------------   ---------    -----------
                                     (Thousands of Dollars)
<S>                               <C>            <C>           <C>      
Balanced Index Fund               $   2,885      $   2,691     $     194
Windsor II                            3,523          3,205           318
U.S. Growth Portfolio                 1,204          1,009           195
Explorer Fund                         1,294          1,211            83
International Growth Portfolio        2,716          2,643            73
LESOP Fund                           15,976         18,860        (2,884)
Oryx Stock Fund                       4,796          6,747        (1,951)
                                                               ---------
Total realized loss                                            $  (3,972)
                                                               =========
</TABLE>

         Unrealized Appreciation (Depreciation) of Investments

         The changes in unrealized appreciation (depreciation) of investments
         for each of the three years in the period ended December 31, 1997, were
         as follows:

<TABLE>
<CAPTION>
                                                        1997           1996          1995
                                                     ---------      ---------      ---------
                                                               (Thousands of Dollars)
<S>                                                  <C>            <C>            <C>       
Beginning of Year                                    $ (14,857)     $ (59,986)     $ (77,762)
Unrealized Appreciation (Depreciation) for  Year         6,079         45,129         17,776
                                                     ---------      ---------      ---------
End of Year                                          $  (8,778)     $ (14,857)     $ (59,986)
                                                     =========      =========      =========
</TABLE>

         Net Asset Value Per Unit

         The December 31, 1997 net asset value for mutual fund investments was:

   
<TABLE>
<CAPTION>
                                                      Net Asset
            Fund                      Units        Value Per Unit
-----------------------------       ----------     --------------
<S>                                  <C>             <C>      
Balanced Index Fund                  1,121,873       $   16.29
Windsor II                           1,187,274           28.62
U.S. Growth Portfolio                  491,789           28.70
Explorer Fund                          117,255           55.30
International Growth Portfolio         416,970           16.39
</TABLE>
    



                                      F-14

<PAGE>   19

                  ORYX ENERGY COMPANY CAPITAL ACCUMULATION PLAN
                    NOTES TO FINANCIAL STATEMENTS, CONTINUED

6.       PLAN AMENDMENTS:

         Effective January 1, 1997, Company matching contributions are based on
         several factors, including participant contributions, the market value
         of Oryx common stock and a new LESOP share release schedule (the
         schedule of shares released under the LESOP loan agreement from the
         unallocated suspense account Note 4).

         Participants will receive the greater of:

         o    The number of shares equal to a 110%-100% match, priced at the
              market value or,

         o    The pro rata number of shares scheduled to be released to the
              LESOP.



                                      F-15

<PAGE>   20
   
                                                                       EXHIBIT a
    


                       CONSENT OF INDEPENDENT ACCOUNTANTS




We consent to the incorporation by reference in the Registration Statement of
the Oryx Energy Company Capital Accumulation Plan on Form S-8 (Registration No.
33-24918) of our report dated June 1, 1998 included in this Form 11-K, on our
audits of the financial statements of the Oryx Energy Company Capital
Accumulation Plan as of December 31, 1997 and 1996 and for each of the three
years in the period ended December 31, 1997.

   
                                   /s/ COOPERS & LYBRAND L.L.P.
    

Dallas, Texas
   
June 24, 1998