Occidental Petroleum Announces Dividend Increase

LOS ANGELES, April 30, 2009 (GLOBE NEWSWIRE) -- 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.

CONTACT:  Occidental Petroleum Corporation
          Richard S. Kline
          Chris Stavros

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