Occidental Petroleum Announces Dividend Increase

Friday, Feb 10, 2012

Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors has increased the company’s dividend 17 percent to an annual rate of $2.16 per share, compared to the previous annual rate of $1.84 per share. This increase brings the company’s compound annual dividend growth rate over the last 10 years to 15.8 percent.

President and Chief Executive Officer Stephen I. Chazen said, “We have now increased our dividend every year for 10 consecutive years, and a total of 11 times during that period. This 17-percent increase brings the 10-year compounded dividend growth rate to 15.8 percent per year. The total increase in the annual dividend rate from 2002 is 332 percent.

“We are confident in our company’s financial strength and in our continued solid financial and operational performance. Dividend growth along with rising production and well-above-average returns on capital are the key elements in Oxy’s long-term strategy to achieve top-quartile total shareholder returns in our peer group.”

The $0.54 per share quarterly dividend will be payable on April 15, 2012, to stockholders of record as of March 9, 2012.

Source: Occidental Petroleum Corporation

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