LOS ANGELES--(BUSINESS WIRE)--Occidental
Petroleum Corporation (NYSE:OXY) announced today that its Board of
Directors has increased the Company’s dividend to an annual rate of
$2.88 per share and also increased Occidental’s share repurchase program.
The Board raised the Company’s dividend by $.08 to $.72 per quarter, or
an annual rate of $2.88 per share, from the previous annual rate of
$2.56 per share. Occidental has now increased its dividend every year
for 12 consecutive years, and a total of 13 times during that period.
The total increase in the annual dividend rate from 2002 is 476 percent.
The Company has paid quarterly dividends continuously since 1975.
The Board also has authorized the repurchase of an additional 30 million
shares of the Company’s common stock. The share repurchase authorization
remaining at the end of 2013 was 7 million shares. The program does not
require purchases to be made within a particular timeframe. Share
repurchases will continue to be funded from available cash from
operations, excess cash on hand and proceeds from asset sales as part of
the previously announced strategic review. Occidental expects to
announce additional increases to its share repurchase authorization as
the strategic review progresses.
“The dividend increase reflects our commitment to growing Occidental’s
dividend annually, and we will continue to make share repurchases as
opportunities arise,” said President and Chief Executive Officer Stephen
I. Chazen. “These actions demonstrate our confidence in the Company’s
financial strength and future performance.”
The $.72 per share quarterly dividend will be payable on April 15, 2014,
to stockholders of record as of March 10, 2014.
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 one of the largest
U.S. oil and gas companies, 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.
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. 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 materially include, but are
not limited to: reorganization or restructuring of Occidental’s
operations; global commodity pricing fluctuations; supply and demand
considerations for Occidental’s products; higher-than-expected costs;
the regulatory approval environment; not successfully completing, or any
material delay of, any 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 “will,” “expects,” “commitment” 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 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 2012 Form 10-K. Occidental
posts or provides links to important information on its website at www.oxy.com.