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.