Occidental Elects Chazen President and CFO

Dr. Ray R. Irani, chairman and CEO of Occidental Petroleum Corporation, announced that the board of directors elected Stephen I. Chazen as president and CFO.

"In addition to his role as Chief Financial Officer, Mr. Chazen has been responsible for implementing Occidental's overall strategy, and has overseen corporate development, oil and gas marketing, and chemicals," said Dr. Irani. "He will continue to do so, and will now also be responsible for oil and gas exploration. His combination of experience in financial matters and oil and gas and chemicals operations will help us create additional value for our stockholders."

Chazen, 61, joined Occidental in 1994 as executive vice president - Corporate Development. He was named CFO in 1999. Prior to joining Occidental, he was a managing director in the investment banking group of Merrill Lynch & Co.