Occidental Realigns Oil and Gas Operations

Occidental Petroleum's Chairman and Chief Executive Officer, Dr. Ray R. Irani, announced that effective immediately, its oil and gas operations are being divided into two core regions -- Western Hemisphere and Eastern Hemisphere. John W. Morgan has been appointed to the position of President, Oxy Oil and Gas - Western Hemisphere and R. Casey Olson has been appointed President, Oxy Oil and Gas - Eastern Hemisphere. Both Executives will report to Dr. Irani.

"This realignment will enhance the ability of each organization to focus on optimizing production and competing successfully for new growth opportunities which are unique to each region," said Dr. Irani. "These changes will allow us to continue with the implementation of our business strategy, with its focus on disciplined capital investment, to generate attractive total returns to our stockholders by balancing near term profitability with long-term growth."