Oxy Increases Dividend by 15%

Occidental Petroleum Corporation has increased the company's annual dividend 15 percent to an annual rate of $1.52 per share, compared to the previous annual rate of $1.32 per share.

The $.38 per share quarterly dividend will be payable on July 15, 2010, to stockholders of record as of June 10, 2010.

Oxy has raised the dividend every year since 2002, bringing the company's annual compounded annual dividend growth rate to 14.4 percent. Oxy 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 financial and operational performance. Dividend growth, along with production growth with good returns on invested capital are key elements in Oxy's long-term strategy to enhance stockholder value and deliver top-quartile returns."