Occidental Petroleum Increases Quarterly Dividend

Occidental has increased the company's quarterly dividend from $.32 per share to $.33 per share for an annual rate of $1.32 per share, compared to the previous annual rate of $1.28 per share.

The dividend will be payable on July 15, 2009, to stockholders of record as of June 10, 2009.

Oxy has raised the dividend every year since 2002. This increase is the company's eighth over the period, during which Oxy's dividend has risen 164 percent. The company has paid quarterly dividends continuously since 1975.

Chairman and Chief Executive Officer Dr. Ray R. Irani said, "This dividend increase reflects the company's strong financial condition and our confidence in its continued solid performance. Oxy's objective is to deliver top-quartile returns. This is accomplished through growth, increasing dividends and solid returns on invested capital."