Occidental Selects Bank of New York as Master Trustee

The Bank of New York has been selected by Occidental Petroleum Corporation as master trustee to provide custody, daily valuation, securities lending, brokerage and performance measurement services for its $1.6 billion pension trust.

James Havert, Vice President and Treasurer of Occidental Petroleum Corporation, said, "After a comprehensive due diligence process, we elected to expand our relationship with The Bank of New York to include custody, securities lending and brokerage services."

Keith N. Kuhn, Head of BNY Western Trust Company, said, "We will work closely with Occidental Petroleum to deliver a suite of securities services that will meet the complex needs of their defined benefit and defined contribution plans. These integrated services are accessed through INFORM, our web-based information delivery platform."

According to information provided by the company, Occidental Petroleum Corporation, headquartered in Los Angeles, California, with over 7,000 employees worldwide, is one of the world's largest oil and natural gas exploration and production companies and a major North American chemical manufacturer.

The Bank of New York's dedicated Plan Sponsor Services Division provides plan sponsors integrated solutions that add value to their investment process. The Bank's services include currency overlay, investment and cash management, investment risk management, performance measurement analytics, master trust, custody, retirement plan services, securities lending, and trade execution.