May 06, 2010 02:07 PM Eastern Daylight Time
Occidental Petroleum Announces 15 Percent
Dividend Increase
-
Annual Dividend Increased to $1.52 Per Share From $1.32 Per Share
-
Ninth Consecutive Increase with Dividend Raised Annually Since 2002
LOS ANGELES--(BUSINESS WIRE)--Occidental
Petroleum Corporation (NYSE:OXY) announced today that its Board of
Directors has increased the company’s annual dividend 15 percent to an
annual rate of $1.52 per share, compared to the previous annual rate of
$1.32 per share.
The $.38 per share quarterly dividend will be payable on July 15, 2010,
to stockholders of record as of June 10, 2010.
Oxy has raised the dividend every year since 2002, bringing the
company’s annual compounded annual dividend growth rate to 14.4 percent.
Oxy 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 financial and operational
performance. Dividend growth, along with production growth with good
returns on invested capital are key elements in Oxy’s long-term strategy
to enhance stockholder value and deliver top-quartile returns.”
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 actual results to differ
materially include, but are not limited to: global commodity price
fluctuations and supply/demand considerations for oil, gas and
chemicals; not successfully completing (or any material delay in) any
expansions, field development, capital projects, acquisitions, or
dispositions; higher-than-expected costs; political risk; operational
interruptions; changes in tax rates; exploration risks, such as drilling
of unsuccessful wells; and commodity trading risks. 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 disclosures 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.