news releases

Occidental Petroleum Agrees To Buy ARCO Long Beach Inc.

LOS ANGELES, Nov. 17, 1999 -- Occidental Petroleum Corporation (NYSE:OXY) said today that it has agreed to buy ARCO Long Beach Inc., a subsidiary of Atlantic Richfield Company.

ARCO Long Beach has owned THUMS, the Long Beach Unit operating contractor, since 1990. ARCO Long Beach currently realizes net production of about 30,000 barrels a day and, at year-end 1998, ARCO's net reserves from the unit totaled 88 million barrels. In addition, the State of California and the City of Long Beach have interests in the Long Beach Unit.

Terms were not disclosed. The transaction is expected to close in the first quarter of 2000 subject to certain government and regulatory approvals.

Contacts:  Howard Collins (media)
           310-443-6523
           Kenneth J. Huffman (investors)
           212-603-8183

           On the web: www.oxy.com