Occidental Petroleum Increases Dividend by 16%

Occidental Petroleum's (NYSE: OXY) Board of Directors has approved a quarterly dividend of $.36 per share of common stock for an annual rate of $1.44 per share, compared to the previous annual rate of $1.24. The dividend will be payable on January 15, 2006 to stockholders of record on December 9, 2005. Occidental has paid cash dividends continuously since 1975.

"This is the fourth increase in the dividend since 2002,'' said Dr. Ray R. Irani, Chairman, President and Chief Executive Officer, "and is in keeping with the Board's pledge to evaluate our dividend policy annually as part of our commitment to enhance total returns to our stockholders. With this latest increase, our dividend rate is 44 percent higher than in 2002, and reflects the company's growing financial strength and strong operational performance.''