news releases

OXY Capital Trust I To Redeem 8.16% Trust Originated Preferred Securities

LOS ANGELES, Dec. 15, 2003 -- Occidental Petroleum Corporation (NYSE:OXY) announced today that on January 20, 2004, it intends to redeem all of its outstanding 8.16% Subordinated Deferrable Interest Notes Due 2039. This redemption will result in the simultaneous mandatory redemption by Oxy Capital Trust I of its outstanding 8.16% Trust Originated Preferred Securities (CUSIP 692070204) (NYSE:OXYPRB).

The redemption price will be $25.00 per Trust Originated Preferred Security plus accrued and unpaid distributions to the redemption date.

The Bank of New York is the redemption agent and property trustee.

CONTACT:  Occidental Petroleum Corporation 
          Lawrence P. Meriage (media)
          (310) 443-6562

          Kenneth J. Huffman (investors)
          (212) 603-8183
           On the Web: www.oxy.com