Occidental Petroleum Increases Dividend 13.6%

Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors has increased the quarterly dividend to $.25 per share of common stock for an annual rate of $1.00 per share, compared to the previous annual rate of $.88 per share. The dividend will be payable on October 15, 2007, to stockholders of record on September 10, 2007.

"This is a 13.6 percent increase in Oxy's annual dividend and is the company's sixth increase in the past five years, bringing our compound annual dividend growth rate over the five years to 14.6 percent," said Dr. Ray R. Irani Chairman, President and Chief Executive Officer.

"Production growth with good returns, share repurchases and dividend growth are the cornerstones of our creating top quartile results. This dividend increase reflects our confidence in the company's continued strong financial and operational performance. The Board will continue to evaluate the dividend policy annually," said Dr. Irani.