news releases

Occidental Petroleum Announces Pricing for Debt Tender Offer

LOS ANGELES, Jan. 29, 2007 -- Occidental Petroleum Corporation (NYSE:OXY) today announced the reference yields and pricing for its previously announced cash tender offer to purchase any and all of its 10-1/8% Senior Debentures due 2009, 9-1/4% Senior Debentures due 2019, 8.750% Senior Notes due 2023, 7.200% Senior Debentures due 2028 and 8.450% Senior Notes due 2029. The full terms and conditions of the tender offer are set forth in Occidental's offer to purchase dated January 23, 2007, and related letter of transmittal.

                                                              Accrued
                                                 Purchase     Interest
                                                 Price per      per
                     Reference           Fixed    $1,000      $1,000
                       U.S.              Spread  principal   principal
   CUSIP             Treasury  Reference (basis    amt of      amt of
    No.     Security Security    Yield    pts)   Securities  Securities
 ---------  -------- --------- --------- ------  ----------  ----------
 674599BF1   10-1/8%   4.625%    4.935%    28    $1,118.77    $38.25
             Senior     due
           Debentures November
            due 2009    2009

 674599BE4   9-1/4%    4.625%    4.896%    75    $1,320.06    $46.25
            Senior      due
           Debentures November
            due 2019    2016

 67461FED5   8.750%    4.500%    4.997%    88    $1,294.80    $ 3.89
            Senior      due
             Notes    February
            due 2023    2036

 674599BM6   7.200%    4.500%    4.997%    88    $1,158.94    $24.00
            Senior      due
           Debentures February
            due 2028   2036

 674599BT1   8.450%    4.500%    4.997%    85    $1,320.14    $38.96
             Senior     due
             Notes    February
             due 2029   2036

The purchase price for each series of debt securities was determined today at 2:00 p.m., New York City time, by reference to a fixed spread specified for each series of debt securities over the yield based on the bid-side price of the applicable U.S. Treasury Security as indicated above. In addition, Occidental will pay accrued and unpaid interest, as set forth in the table above, up to, but excluding, the settlement date on all validly tendered debt securities accepted for purchase in the tender offer. The settlement date for the tender offer will be the first business day following the expiration date and currently is expected to be January 31, 2007.

The tender offer will expire at 5:00 p.m., New York City time, on January 30, 2007, unless extended. The tender offer remains subject to meeting certain conditions, and Occidental reserves the right to extend, terminate, withdraw or amend the tender offer at any time subject to applicable law.

J.P. Morgan Securities Inc. and Citigroup Corporate and Investment Banking are the dealer managers of the tender offer. Questions regarding the tender offer may be directed to J.P. Morgan Securities Inc. (toll-free) at (866) 834-4666 or Citigroup Corporate and Investment Banking at (toll-free) (800) 558-3745. Global Bondholders Services Corporation has been retained to serve as the depositary and information agent. Requests for copies of the offer to purchase, letter of transmittal and related materials should be directed to Global Bondholders Services Corporation at (212) 430-3774 or (toll-free) at (866) 470-4200.

This news release is not an offer to purchase or a solicitation of an offer to sell any securities. The tender offer is being made only pursuant to the terms of the offer to purchase, dated January 23, 2007, and the related letter of transmittal. In any jurisdiction where the laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed made on behalf of Occidental by J.P. Morgan Securities Inc. or Citigroup Corporate and Investment Banking, or one or more registered brokers or dealers under the laws of such jurisdiction.

Statements in this release that contain words such as "will," "expect" or "estimate," or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause results to differ materially include, but are not limited to: exploration risks, such as drilling of unsuccessful wells; global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher-than-expected costs; political risk; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

CONTACT:  Occidental Petroleum Corporation 
          Lawrence P. Meriage (media)
            310-443-6562
          Christopher G. Stavros (investors)
            212-603-8184
          On the Web: www.oxy.com