Occidental Petroleum Announces 28 Percent Dividend Increase

LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors has increased the company's annual dividend 28 percent to an annual rate of $1.28 per share, compared to the previous annual rate of $1.00 per share.

The $.32 per share quarterly dividend will be payable on July 15, 2008, to stockholders of record as of June 10, 2008.

This is Oxy's seventh dividend increase since 2002, bringing the annual compound dividend growth rate to 16.2 percent over the period. Oxy last raised its dividend in July 2007. 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 current outstanding financial condition and our confidence in its continued strong financial and operational performance. Dividend growth, along with our share repurchase program and production growth with good returns are cornerstones of Oxy's long-term strategy to enhance stockholder value and generate top-quartile results."

Oxy's Board of Directors will continue to evaluate the dividend policy on a regular basis.

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: exploration risks, such as drilling of unsuccessful wells; 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 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 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.