Occidental Petroleum Increases Dividend

  Occidental Petroleum Increases Dividend

  *Annual dividend increased to $2.56 per share from $2.16 per share
  *Increased the annual dividend rate 18.5%
  *Compound annual dividend growth rate of 16% since 2002

Business Wire

LOS ANGELES -- February 14, 2013

Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of
Directors has increased the company’s dividend 18.5 percent to an annual rate
of $2.56 per share, from the previous annual rate of $2.16 per share. This
increase brings the company’s compound annual dividend growth rate over the
last 11 years to 16 percent.

President and Chief Executive Officer Stephen I. Chazen said, “We have now
increased our dividend every year for 11 consecutive years, and a total of 12
times during that period. This 18.5-percent increase brings the 11-year
compounded dividend growth rate to 16 percent per year. The total increase in
the annual dividend rate from 2002 is 412 percent.

“This increase reflects our confidence in the company’s financial strength and
future performance. Consistent dividend growth, together with growing oil and
gas production and well-above-average returns on capital, are the primary
elements of Oxy’s long-term business strategy.”

The $0.64 per share quarterly dividend will be payable on April 15, 2013, to
stockholders of record as of March 8, 2013.

                                  About Oxy

Occidental Petroleum Corporation is an international oil and gas exploration
and production company with operations in the United States, Middle East/North
Africa and Latin America regions. Oxy is the one of the largest U.S. oil and
gas company, based on equity market capitalization. Oxy's wholly owned
subsidiary, OxyChem, manufactures and markets chlor-alkali products and
vinyls. Oxy is committed to safeguarding the environment, protecting the
safety and health of employees and neighboring communities and upholding high
standards of social responsibility in all of the company's worldwide
operations.

                          Forward-Looking Statements

Portions of this release contain forward-looking statements and involve risks
and uncertainties that could materially affect expected results of operations,
liquidity, cash flows and business prospects. Factors that could cause results
to differ materially include, but are not limited to: global commodity pricing
fluctuations; supply and demand considerations for Occidental’s products;
general domestic political and regulatory approval conditions;
higher-than-expected costs; international political conditions; not
successfully completing, or any material delay of, any development of new
fields, expansion projects, capital expenditures, efficiency-improvement
projects, acquisitions or dispositions; potential failure to achieve expected
production from existing and future oil and gas development projects or
acquisitions; exploration risks such as drilling unsuccessful wells; any
changes in general economic conditions domestically or internationally; the
ability to attracted trained engineers; potential liability for remedial
actions under existing or future environmental regulations and litigation;
potential liability resulting from pending or future litigation; potential
disruption or interruption of Occidental’s production or manufacturing or
damage to facilities due to accidents, chemical releases, labor unrest,
weather, natural disasters, political events or insurgent activity; failure of
risk management; changes in law or regulations; or changes in tax rates. Words
such as “confidence,” “strategy” or similar expressions that convey that these
are potential future events or outcomes generally indicate forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this report. Unless legally
required, Occidental does not undertake any obligation to update any
forward-looking statements, as a result of new information or future events or
otherwise. Material risks that may affect Occidental’s results of operations
and financial position appear in Part I, Item 1A “Risk Factors” of the 2011
Form 10-K.

Contact:

Occidental Petroleum Corporation
Media:
Melissa E. Schoeb
310-443-6504
melissa_schoeb@oxy.com
or
Investors:
Chris Stavros
212-603-8184
chris_stavros@oxy.com
On the web: www.oxy.com
 
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