HOUSTON--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) said today that its Board of Directors has declared an increase of the company’s regular quarterly dividend to $0.77 per share. On an annual basis, the dividend is $3.08 per share at the new rate, compared to the previous annual rate of $3.04 per share.
President and Chief Executive Officer Vicki Hollub said, “Occidental has now increased its dividend every year for 15 consecutive years. The total increase in the annual dividend rate from 2002 exceeds 500 percent.”
“The dividend increase reflects our commitment to growing Occidental’s dividend annually for our shareholders, and our confidence in the company’s financial strength and future performance,” said Board Chairman Eugene Batchelder.
Occidental has paid quarterly dividends continuously since 1975. The $0.77 per share quarterly dividend will be payable on October 16, 2017, to stockholders of record as of September 11, 2017.
About Occidental Petroleum
Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls. Occidental posts or provides links to important information on its website at www.oxy.com.
This press release contains forward-looking statements, which are based on current expectations and involve risks and uncertainties, including factors that could cause actual outcomes and results to differ materially from current expectations. Factors that could cause actual outcomes and results to differ include, but are not limited to: 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, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; 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; reorganization or restructuring of Occidental’s operations; or changes in tax rates. 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. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2016 Form 10-K.