Oxy Raises Quarterly Dividend

Occidental Petroleum Corporation’s Board of Directors has declared a regular quarterly dividend of $.32 per share on common stock payable October 15, 2008, to stockholders of record on September 10, 2008.

Oxy's board voted to raise the quarterly dividend in July of this year to the annual rate of $1.28 per share from the previous annual rate of $1.00 per share. It was Oxy's seventh dividend increase since 2002, bringing the company's dividend growth rate to 16.2 percent over the period. The company has paid quarterly dividends continuously since 1975.