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Occidental Petroleum Corporation Explores Options to Exit Several Chemical Intermediate Businesses

LOS ANGELES, Jun 16, 2000 -- Occidental Petroleum Corporation said today that it is exploring options to sell or otherwise exit several of its chemical intermediate businesses, including its Niagara Falls chemical intermediate facility. These businesses have combined annual sales of approximately $430 million. This process is expected to be completed by the end of the year.

This will continue Occidental's program of focusing its chemical division on its core chlor-alkali and vinyls businesses. OxyChem's performance chemicals businesses, including silicates, pool and chrome chemicals, will not be affected by this strategic decision.

Proceeds from the asset sales will be applied to Occidental's previously announced debt-reduction program. An after-tax charge of $80 million will be taken in the second quarter as a result of this decision. -0-

CONTACTS:  Howard Collins (media)
           310-443-6523
           Kenneth J. Huffman (investors)
           212-603-8183
           On the web: www.oxy.com