Occidental Petroleum Names Marshall D. Smith as Chief Financial Officer of California Resources Corporation

  Occidental Petroleum Names Marshall D. Smith as Chief Financial Officer of
  California Resources Corporation

Business Wire

HOUSTON -- July 15, 2014

Occidental Petroleum Corporation (NYSE: OXY) today announced the appointment
of Marshall D. (Mark) Smith as Senior Executive Vice President and Chief
Financial Officer for its subsidiary, California Resources Corporation.
Following its separation from Occidental, California Resources Corporation
will be an independent oil and natural gas exploration and production company
focused on high-growth, high-return conventional and unconventional assets
exclusively in California.

Mr. Smith was most recently Senior Vice President and Chief Financial Officer
at Ultra Petroleum, an independent energy company engaged in domestic natural
gas and crude oil exploration, development and production. Mr. Smith’s 32
years of experience in the energy industry spans operations, strategic
planning, corporate finance and business development. He began his career as a
petroleum engineer working at both major and independent oil companies, later
focusing on mergers, acquisitions and corporate finance advisory assignments.
Mr. Smith served as Vice President of Upstream Business Development at
Constellation Energy from 2004 to 2005. He was Vice President of Business
Development at J.M. Huber Energy from 2002 to 2004, and Chief Financial
Officer of Gulf Liquids, Inc., from 2001 to 2002. Mr. Smith holds a B.S. in
Petroleum Engineering from the University of Oklahoma, and an MBA from
Oklahoma City University.

“I’m pleased to add Mark to the California Resources executive management
team,” said Todd A. Stevens, President and Chief Executive Officer of
California Resources Corporation. “His background in corporate finance
combined with expertise in petroleum engineering and deep understanding of
operating independent oil and gas companies will be a tremendous asset to the

The spin-off of California Resources Corporation from Occidental is subject to
market conditions, customary regulatory approvals, receipt of an affirmative
IRS ruling, execution of separation and intercompany agreements, acceptance of
the new company’s stock for listing and final approval by the board of

                          About Occidental Petroleum

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. Occidental is one of the largest U.S. oil
and gas companies, based on equity market capitalization. Occidental’s wholly
owned subsidiary OxyChem manufactures and markets chlor-alkali products and
vinyls. Occidental 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

                          Forward-Looking Statement

Portions of this press release contain forward-looking statements and involve
risks and uncertainties that could materially affect expected results of
operations, liquidity, cash flows and business prospects. Actual results may
differ from anticipated results sometimes materially, and reported results
should not be considered an indication of future performance. Factors that
could cause results to differ include, but are not limited to: delay of, or
other negative developments affecting the spin-off; inability to obtain new
financing for CRC; regulatory approvals or receipt of an affirmative IRS
ruling; completion of a review by the SEC of the Form 10 filed by CRC;
execution of separation and intercompany agreements; approval of the final
terms by our board of directors; inability of the separated businesses to
operate independently; global commodity pricing fluctuations; supply and
demand considerations for Occidental’s products; higher-than-expected costs;
the regulatory approval environment; reorganization or restructuring of
Occidental’s operations; not successfully completing, or any material delay
of, field developments, expansion projects, capital expenditures, efficiency
projects, acquisitions or dispositions; lower-than-expected production from
development projects or acquisitions; exploration risks; general economic
slowdowns domestically or internationally; political conditions and events;
liability under environmental regulations including remedial actions;
litigation; disruption or interruption of production or manufacturing or
facility damage due to accidents, chemical releases, labor unrest, weather,
natural disasters, cyber attacks or insurgent activity; failure of risk
management; changes in law or regulations; or changes in tax rates. Words such
as "estimate", "project", "predict", "will", "would", "should", "could",
"may", "might", "anticipate", "plan", "intend", "believe", "expect", "aim",
"goal", "target", "objective", "likely" or similar expressions that convey the
prospective nature of 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 release. Unless legally
required, Occidental does not undertake any obligation to update any
forward-looking statements, as a result of new information, future events or
otherwise. Material risks that may affect Occidental’s results of operations
and financial position appear in Part 1, Item 1A "Risk Factors" of the 2013
Form 10-K. Occidental posts or provides links to important information on its
website at www.oxy.com.


Occidental Petroleum Corporation
Melissa E. Schoeb
Chris Stavros
On the web: www.oxy.com
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