Occidental's Board Issues Unanimous Statement on CEO Succession Process

Occidental
Petroleum Corporation (NYSE:OXY) -- The Occidental Petroleum Board
of Directors today issued the following unanimous statement in response
to questions about the CEO succession process announced in February:

In 2010, as a result of shareholder concerns, the Board instituted a
leadership succession plan. Ray Irani, 78, stepped down as CEO and
became Executive Chairman of the Board. Stephen Chazen, 66, who had been
President and COO, became President and CEO. The Board also announced
that Dr. Irani will retire as Executive Chairman and as a member of the
Board effective at the end of 2014.

During the past two years, the Company focused on three main objectives:
achieving production growth in the oil and gas business; generating
rates of return on invested capital significantly in excess of our cost
of capital; and delivering consistent annual dividend growth. The
Company met these goals, but 2012 presented challenges, including
disappointing stock performance. Our focus on growing production led to
some execution inefficiencies, resulting in increases in operating and
capital costs. To remedy this, the Company began taking aggressive steps
to improve operational efficiencies without impacting overall production
growth or compromising our standards regarding health, safety and the
environment. These actions reflect the commitment of the Board and
senior management to improve profitability and total shareholder return
in 2013 and beyond.

As these 2012 events unfolded, the independent directors began to
reflect on the longer term succession plans for the Company′s senior
management. After extensive deliberation, they concluded that now is the
time to seek new leadership to be in place for the longer term. During
executive session meetings, they determined, in accordance with the
Board′s on-going succession planning responsibilities, to begin the
process to identify a successor to Mr. Chazen. The search committee of
independent directors retained a search firm to assist with the process.
Given that Mr. Chazen was to be named as a nominee for the Board in the
Company′s Annual Meeting proxy, it was determined that the search
process required disclosure.

In regard to recent press articles and inaccurate speculation, the
independent directors reiterate that there is no 'fight at the top.? All
decisions regarding CEO succession planning were made over many meetings
by the independent directors alone in executive session, in accordance
with best governance practices. Dr. Irani did not attend, and did not
play any role in, these meeting deliberations. The decision was
unanimous. These deliberations did not involve or consider any change in
the Company′s business strategy or long term goals. There were no
schisms, nor philosophical divisions in the directors′ decision.

Dr. Irani confirmed, 'There should be no lingering question about my
future plans here at Oxy. I will retire as Executive Chairman and as a
member of the Board at the end of 2014.?

In the meantime, as the search effort proceeds, Mr. Chazen remains in
place as CEO, with the full authority of that office. He has assured the
Board that he will stay as CEO until a replacement is designated. The
Board is committed to having him do so.

Mr. Chazen stated, 'Our business is in excellent shape. Our financial
condition is sound, and our long term business strategies are unchanged.
Our program to improve operational efficiency is proceeding ahead of our
original plan. Ray and I continue to meet to discuss issues, and work
well together on the Company′s business and strategies, as we have done
over the past 19 years. I have enjoyed my time here at Oxy as CFO, COO
and CEO. I am not aware of any differences between me and the Board as
to the Company′s strategies. I did not ask to leave at this time, but I
respect the Board′s decision to seek a new generation of leadership. For
the good of the Company, its shareholders and its employees, I will
assist the Board in their search and in the transition. In the meantime,
I will continue to do my job.?

The Board and our senior management remain united behind the Company′s
strategic plan and its commitment to continued and improved operational
efficiency, profitable growth and long term value creation for the
shareholders.

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 one of the largest
U.S. oil and gas companies, 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.

Occidental Petroleum Corporation

Media:

Dale A. Petroskey

310-443-6249

dale_petroskey@oxy.com

or

Melissa
E. Schoeb

310-443-6504

melissa_schoeb@oxy.com

or

Investors:

Chris
Stavros

212-603-8184

chris_stavros@oxy.com

On
the web: www.oxy.com