OXY Increases Dividend by 21%

Occidental Petroleum (OXY) has increased the company's annual dividend 21 percent to an annual rate of $1.84 per share, compared to the previous annual rate of $1.52 per share.

The Occidental Board announced in December its intention to increase the dividend. The $.46 per share quarterly dividend will be payable on April 15, 2011, to stockholders of record as of March 10, 2011.

Oxy has raised the dividend every year since 2002, raising it 268 percent over the period. The increase brings the company's compound annual dividend growth rate since 2002 to 15.6 percent. Oxy has paid quarterly dividends continuously since 1975.

Occidental Chairman and Chief Executive Officer Dr. Ray R. Irani said, "This dividend increase reflects the company's confidence in our financial and operational performance. Dividend growth along with production growth and good returns on invested capital are key elements of Oxy's long-term strategy to continue to enhance stockholder value."