LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced today that its
Board of Directors increased the number of shares authorized for
repurchase by 20 million shares. Since beginning the program in October
2005, the company has repurchased approximately 52.4 million shares,
leaving 22.6 million shares to be repurchased from time to time in the
open market or otherwise. The share repurchases will continue to be
funded solely from available cash from operations and are subject to
market conditions and other factors.
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 fourth
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. 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 operations.
FORWARD LOOKING STATEMENTS
Statements in this release that contain words such as "will," "expect"
or "estimate," or otherwise relate to the future, are forward-looking
and involve risks and uncertainties that could significantly affect
expected results. Factors that could cause results to differ materially
include, but are not limited to: global commodity pricing fluctuations
and supply/demand considerations for oil, gas and chemicals;
higher-than-expected costs; operational interruptions; political risk;
and not successfully completing (or any material delay in) any
expansion, capital expenditure, acquisition, or disposition. You should
not place undue reliance on these forward-looking statements which speak
only as of the date of this filing. 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.
U.S. investors are urged to consider carefully the disclosure in
Occidental's Form 10-K, available through the following toll-free
telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com.
You also can obtain a copy from the SEC by calling 1-800-SEC-0330.