LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced today that its
Board of Directors has increased the company's quarterly dividend from
$.32 per share to $.33 per share for an annual rate of $1.32 per share,
compared to the previous annual rate of $1.28 per share.
The dividend will be payable on July 15, 2009, to stockholders of record
as of June 10, 2009.
Oxy has raised the dividend every year since 2002. This increase is the
company's eighth over the period, during which Oxy's dividend has risen
164 percent. The company has paid quarterly dividends continuously since
1975.
Chairman and Chief Executive Officer Dr. Ray R. Irani said, "This
dividend increase reflects the company's strong financial condition and
our confidence in its continued solid performance. Oxy's objective is to
deliver top-quartile returns. This is accomplished through growth,
increasing dividends and solid returns on invested capital."
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. 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
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: not successfully completing (or any
material delay in) any expansion, capital expenditure, acquisition, or
disposition; global commodity pricing fluctuations and supply/demand
considerations for oil, gas and chemicals; higher-than-expected costs;
political risk; operational interruptions; changes in tax rates; and
exploration risks, such as drilling of unsuccessful wells. 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.
U.S. investors are urged to consider carefully the disclosure in our
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.