<PAGE>
 
                                 SCHEDULE 13D


                   Under the Securities Exchange Act of 1934
                               (Amendment No. 9)


                  The Louisiana Land and Exploration Company
           ---------------------------------------------------------
                               (Name of Issuer)


                            Shares of Common Stock
                       --------------------------------
                        (Title of Class of Securities)


                                   546268103
                      ----------------------------------
                                (CUSIP Number)

                              Michael S. Paquette
                         Vice President and Controller
                   Fund American Enterprises Holdings, Inc.
                                The 1820 House,
                                 Main Street,
                          Norwich, Vermont 05055-0850
                                (802) 649-3633
                  ------------------------------------------
           (Name, Address and Telephone Number of Person Authorized
                    to Receive Notices and Communications)

                               November 16, 1995
              --------------------------------------------------
            (Date of Event which Requires Filing of this Statement)

     If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box _____.

     Check the following box if a fee is being paid with this statement _____.
(A fee is not required only if the reporting person:  (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.  See Rule 13d-7.)

     NOTE:  Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.

<PAGE>
 
                              CUSIP NO. 546268103
 
- --------------------------------------------------------------------------------

(1)  Name of Reporting Person. S.S. or I.R.S. Identification No. of Above Person

                   Fund American Enterprises Holdings, Inc.
                                  94-2708455

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

(2)  Check the Appropriate Box if a Member     (a)  _______________________
     of a Group (See Instructions)
                                               (b)  _______________________

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

(3)  SEC Use Only

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

(4)  Source of Funds (See Instructions)             N/A (see Item 3)

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

(5)  Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
     or 2(e)

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

(6)  Citizenship or Place of Organization      Delaware
                                               --------

- --------------------------------------------------------------------------------
     Number of Shares    (7)  Sole Voting Power
     Beneficially Owned       ----------------------
     by Each Reporting
     Person With         (8)  Shared Voting Power
                              ----------------------
                              2,928,100

                         (9)  Sole Dispositive Power
                              ----------------------
 
                         (10) Shared Dispositive Power
                              ------------------------
                              2,928,100

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

(11) Aggregate Amount Beneficially Owned by Each Reporting Person
     2,928,100

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

(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)

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

(13) Percent of Class Represented by Amount in Row (11)  Approximately 8.75%

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

(14) Type of Reporting Person (See Instructions)      HC, CO

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

                                    2 of 9

<PAGE>
 
                                 CUSIP NO. 546268103

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

(1)  Name of Reporting Person. S.S. or I.R.S. Identification No. of Above Person

                        Fund American Enterprises, Inc.
                                  51-0328932

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

(2)  Check the Appropriate Box if a Member     (a)  _______________________
     of a Group (See Instructions)
                                               (b)  _______________________

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

(3)  SEC Use Only

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

(4)  Source of Funds (See Instructions)      N/A (see Item 3)

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

(5)  Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
     or 2(e)

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

(6)  Citizenship or Place of Organization      Delaware
                                               --------
- --------------------------------------------------------------------------------

     Number of Shares                   (7)  Sole Voting Power
     Beneficially Owned                      -----------------
     by Each Reporting                  
     Person With                        (8)  Shared Voting Power      
                                             -------------------
                                             596,565                  
                                        
                                        (9)  Sole Dispositive Power    
                                             ----------------------    
                                                                       
                                        (10) Shared Dispositive Power  
                                             ------------------------  
                                             596,565                    

- --------------------------------------------------------------------------------
 
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
                         596,565

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

(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)

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

(13) Percent of Class Represented by Amount in Row (11)  Approximately 1.78%

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

(14) Type of Reporting Person (See Instructions)            CO

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

                                    3 of 9

<PAGE>
 
                              CUSIP NO. 546268103

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

(1)  Name of Reporting Person.  S.S. or I.R.S. Identification No. of Above
     Person

                                  FFOG, Inc.
                                  51-0301710

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

(2)  Check the Appropriate Box if a Member   (a)  _______________________
     of a Group (See Instructions)
                                             (b)  _______________________

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

(3)  SEC Use Only

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

(4)  Source of Funds (See Instructions)      N/A (see Item 3)

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

(5)  Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
     or 2(e)

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

(6)  Citizenship or Place of Organization    Delaware
                                             --------

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

     Number of Shares                        (7)  Sole Voting Power
     Beneficially Owned                           ----------------------
     by Each Reporting  
     Person With                             (8)  Shared Voting Power
                                                  ----------------------
                                                  2,331,535

                                             (9)  Sole Dispositive Power
                                                  ----------------------
 
                                             (10) Shared Dispositive Power
                                                  ------------------------
                                                  2,331,535

- --------------------------------------------------------------------------------
 
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
                                                  2,331,535

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

(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)

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

(13) Percent of Class Represented by Amount in Row (11)  Approximately 6.97%

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

(14) Type of Reporting Person (See Instructions)         CO

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

                                    4 of 9

<PAGE>
 
                              CUSIP NO. 546268103

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

(1)  Name of Reporting Person.  S.S. or I.R.S. Identification No. of Above
     Person

                   Source One Mortgage Services Corporation
                                   38-2011419

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

(2)  Check the Appropriate Box if a Member   (a)  _______________________
     of a Group (See Instructions)
                                             (b)  _______________________

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

(3)  SEC Use Only

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

(4)  Source of Funds (See Instructions)      N/A (see Item 3)

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

(5)  Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
     or 2(e)

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


(6)  Citizenship or Place of Organization    Delaware
                                             --------

- --------------------------------------------------------------------------------
 
     Number of Shares                        (7)  Sole Voting Power
     Beneficially Owned                           ----------------------
     by Each Reporting  
     Person With                             (8)  Shared Voting Power
                                                  ----------------------
                                                         0

                                             (9)  Sole Dispositive Power
                                                  ----------------------
  
                                             (10) Shared Dispositive Power
                                                  ------------------------
                                                         0

- --------------------------------------------------------------------------------
 
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
                                                       0

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

(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)

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

(13) Percent of Class Represented by Amount in Row (11)  0%

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

(14) Type of Reporting Person (See Instructions)       CO

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

                                    5 of 9

<PAGE>
 
ONLY ITEMS REPORTED IN THIS AMENDMENT NO. 9 TO SCHEDULE 13D ARE AMENDED FROM THE
FILING ON SCHEDULE 13D ("THE SCHEDULE 13D") WITH THE SECURITIES AND EXCHANGE
COMMISSION, AS SUBSEQUENTLY AMENDED. ALL OTHER ITEMS REMAIN UNCHANGED. UNLESS
OTHERWISE SPECIFIED, ALL DEFINED TERMS USED HEREIN HAVE THE MEANING PREVIOUSLY
ASCRIBED TO THEM IN THE SCHEDULE 13D.

Item 7.  Material to be Filed as Exhibits.
         ---------------------------------

         Exhibit 1. Press Release dated November 16, 1995 entitled "Fund 
American Seeks Shareholders' Representation on Louisiana Land Board".


                                    6 of 9

<PAGE>
 
                                   SIGNATURE

  After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.


Dated:  November 16, 1995

                                  FUND AMERICAN ENTERPRISES HOLDINGS, INC.



                                  BY: /s/ Michael S. Paquette
                                     ---------------------------------------
                                     Name:  Michael S. Paquette
                                     Title: Vice President and Controller



                                  FUND AMERICAN ENTERPRISES, INC.



                                  BY: /s/ Terry L. Baxter
                                     ---------------------------------------
                                     Name:  Terry L. Baxter
                                     Title: President and Secretary



                                  FFOG, INC.



                                  BY: /s/ Michael S. Paquette
                                     ---------------------------------------
                                     Name:  Michael S. Paquette
                                     Title: Vice President and Secretary



                                    7 of 9

<PAGE>
 
                                 SCHEDULE I TO SCHEDULE 13D
                                 --------------------------

         Following is a list of the directors and executive officers of Fund
American Enterprises Holdings, Inc. ("FAEH"), Fund American Enterprises, Inc.
("FAE"), and FFOG, Inc. ("FFOG") setting forth the business address and present
principal occupation or employment (and the name, principal business and address
of any corporation or organization in which such employment is conducted) of
each such person. Each such person is a citizen of the United States of America.


<TABLE>
<CAPTION>
 
                                                                 Present       
Name and                                                    Principal Occupation
Business Address                 Office                        or Employment   
- ----------------                 ------                     -------------------- 
<S>                              <C>                       <C>                  
FAEH

Dennis P. Beaulieu               Corporate Secretary       Corporate Secretary
Fund American Enterprises        of FAEH                   of FAEH
   Holdings, Inc.
The 1820 House, Main Street
Norwich  VT  05055-0850
 
John J. Byrne                    Chairman of the Board,    Chairman of the Board,
Fund American Enterprises        President & Chief         President & Chief
   Holdings, Inc.                Executive Officer of      Executive Officer of
The 1820 House, Main Street      FAEH, Chairman of the     FAEH
Norwich  VT  05055-0850          Board of FAE and FFOG
 
Howard L. Clark                  Director                  Retired
200 Park Avenue, Suite 4501      of FAEH
New York  NY  10166
 
Howard L. Clark, Jr.             Director                  Vice Chairman of Lehman
Lehman Brothers Holdings Inc.    of FAEH                   Brothers Holdings Inc.
American Express Tower
New York  NY  10128
 
Robert P. Cochran                Director                  President & Chief
Financial Security Assurance     of FAEH                   Executive Officer of
   Holdings Ltd.                                           Financial Security Assurance
350 Park Avenue                                            Holdings Ltd.
New York  NY  10022
 
George J. Gillespie, III         Director                  Partner in Cravath,
Cravath, Swaine & Moore          of FAEH                   Swaine & Moore
825 Eighth Avenue
New York  NY  10019
 
K. Thomas Kemp                   Executive Vice President  Executive Vice President
Fund American Enterprises        of FAEH, Director of      of FAEH
   Holdings, Inc.                FAEH, FAE and FFOG
The 1820 House, Main Street
Norwich  VT  05055-0850
 
Gordon S. Macklin                Director                  Chairman of White River
8212 Burning Tree Road           of FAEH                   Corporation
Bethesda  MD 20817
</TABLE>



                                    8 of 9

<PAGE>
 
                      SCHEDULE I TO SCHEDULE 13D (cont.)
                      ----------------------------------

<TABLE>
<CAPTION>
                                                                Present        
Name and                                                  Principal Occupation
Business Address               Office                        or Employment   
- ----------------               ------                    --------------------
<S>                            <C>                       <C>                  
FAEH
 
Michael S. Paquette            Vice President &          Vice President &
Fund American Enterprises      Controller of FAEH,       Controller of FAEH
   Holdings, Inc.              Director of FAE and FFOG
The 1820 House, Main Street
Norwich  VT  05055-0850
 
Allan L. Waters                Senior Vice President &   Senior Vice President &
Fund American Enterprises      Chief Financial Officer   Chief Financial Officer
   Holdings, Inc.              of FAEH, Director of      of FAEH
The 1820 House, Main Street    FAE
Norwich  VT  05055-0850
 
Arthur Zankel                  Director                  Co-Managing Partner
First Manhattan Co.            of FAEH                   First Manhattan Co.
437 Madison Ave.
New York  NY 10022


FAE

Terry L. Baxter                President & Secretary     President & Secretary of FAE
Fund American Enterprises,     of FAE,  
 Inc.                          Director of FAE 
The 1820 House, Main Street             
Norwich  VT  05055-0850    
                           


FFOG

K. Thomas Kemp                 President                      (see above)
(see above)

Michael S. Paquette            Vice President & Secretary     (see above)
(see above)

</TABLE>
 
                                   
                                    9 of 9





<PAGE>
 
                                                                       EXHIBIT 1

     FUND                                                 PRESS
     AMERICAN                                             RELEASE

                                                        CONTACT: ALLAN L. WATERS
                                                                  (802) 649-3633

   FUND AMERICAN SEEKS SHAREHOLDERS' REPRESENTATION ON LOUISIANA LAND BOARD

NORWICH, VT - November 16, 1995 -- Fund American Enterprises Holdings, Inc. 
announced that it has amended its Schedule 13D filing with the Securities and 
Exchange Commission related to the Company's investment in The Louisiana Land & 
Exploration Company. Fund American currently owns 8.75% of the outstanding 
common shares of Louisiana Land.

To enhance shareholder representation on the Louisiana Land Board, Fund American
has asked Louisiana Land to add to its Board three designees selected by Fund 
American. The Fund American designees will be experienced businessmen who will 
add to the Louisiana Land Board significant insight regarding the creation of 
shareholder value.

In a letter to Louisiana Land Chairman, H. Leighton Steward, filed with the SEC
as part of the Schedule 13D amendment, Fund American Chairman, Jack Byrne said,
"For years we have been concerned about Louisiana Land's disappointing earnings
performance and management's continued extensive commitment of capital to an
exploration, development and property acquisition program which
 has failed to
produce satisfactory results." The letter goes on to note that, over the last
five fiscal years, Louisiana Land has produced over $1 billion of operating cash
flows but, after the costs of exploration and development, has reported an
aggregate net loss of about $150 million. Mr. Byrne also said, "Our
dissatisfaction with Louisiana Land's performance, and with the absence of focus
by the Board on enhancement of shareholder value, has reached the point that we
think the time has come for some changes in the Company's Board of Directors."

Louisiana Land has said, through a press release, that it will be in contact
with Fund American in the near future regarding this proposal. Fund American
believes that a timely and favorable response to the proposal is the most
effective way to serve the owners' interests. In the Schedule 13D filing, Fund
American said that it will continue to consider all alternative courses of
action to enhance value for Louisiana Land's shareholders.

Fund American has retained investment advisor Petrie Parkman & Co. and the law 
firm of Simpson Thacher & Bartlett as its advisors in this matter.