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Occidental Replaces 100% Of 1999 Oil & Gas Production, Increases Capital Spending Over 40% From 1999 Level

LOS ANGELES, Feb. 14, 2000 -- Occidental Petroleum Corporation (NYSE:OXY) today announced that it replaced 100 percent of 1999 worldwide oil and gas production on an equivalent barrel basis. Over the past five years, Occidental has replaced an average 171 percent of its oil and gas production.

Occidental also said it has lowered its finding and development costs by 65 percent since 1997, to $3.03 per barrel in 1999.

In addition, Occidental said it has set its capital spending budget for 2000 at approximately $850 million, versus $600 million in 1999, to take advantage of increased opportunities created by continued strong energy prices and strengthening margins for key chemicals. About three-fourths of the capital is earmarked for growing the oil and gas business, and the remainder is designated for chemicals.

For 1999, worldwide oil reserve additions were 107 million barrels, versus 112 million barrels of production, for a replacement ratio of 96 percent. Worldwide natural gas reserve additions were 292 billion cubic feet, replacing 261 billion cubic feet of production for a replacement ratio of 112 percent. The production-replacement figures include additions and purchases but exclude asset sales.

At year-end, Occidental had proved reserves of 1.04 billion barrels of oil and 1.89 trillion cubic feet of natural gas, or 1.35 billion barrels of oil equivalent.

CONTACTS:  Howard Collins (media)
           310-443-652
           Kenneth J. Huffman (investors)
           212-603-8183
  
           On the web: www.oxy.com