news releases

Occidental Petroleum Declares Dividend

LOS ANGELES, Oct. 11, 2007 -- Occidental Petroleum Corporation (NYSE:OXY) said today that its board of directors has declared a regular quarterly dividend of $.25 per share on common stock payable January 15, 2008, to stockholders of record on December 10, 2007. Oxy's board voted to raise the quarterly dividend in July to the annual rate of $1.00 per share from the previous annual rate of $.88 per share.

About Oxy

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

CONTACT:   Occidental Petroleum Corporation
           Richard S. Kline (media)
             310-443-6249
           Christopher G. Stavros (investors)
             212-603-8184
           On the Web: www.oxy.com