Occidental Petroleum Announces Dividend

LOS ANGELES, Oct. 8, 2009 (GLOBE NEWSWIRE) -- Occidental Petroleum Corporation
(NYSE:OXY) said today that its board of directors has declared a regular
quarterly dividend of $.33 per share on common stock payable on January 15,
2010, to stockholders of record as of December 10, 2009.

This quarterly dividend is at the same level as the dividend paid in July. Oxy
has paid quarterly dividends continuously since 1975.

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. Oxy 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.

Forward-Looking Statements

Statements in this release that contain words such as "will," "expect" or
"estimate," or otherwise relate to the future, are forward-looking and involve
risks and uncertainties that could significantly affect expected results.
Factors that could cause results to differ materially include, but are not
limited to: not successfully completing (or any material delay in) any
expansion, capital expenditure, acquisition, or disposition; global commodity
pricing fluctuations and supply/demand considerations for oil, gas and
chemicals; higher-than-expected costs; political risk; operational
interruptions; changes in tax rates; and exploration risks, such as drilling of
unsuccessful wells. You should not place undue reliance on these forward-looking
statements which speak only as of the date of this release. Unless legally
required, Occidental does not undertake any obligation to update any
forward-looking statements as a result of new information, future events or
otherwise. U.S. investors are urged to consider carefully the disclosure in our
Form 10-K, available through the following toll-free telephone number,
1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You
also can obtain a copy from the SEC by calling 1-800-SEC-0330.

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CONTACT: Occidental Petroleum Corporation
Media:
Richard S. Kline
310-443-6249
richard_kline@oxy.com
Investors:
Chris Stavros
212-603-8184
chris_stavros@oxy.com
www.oxy.com