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Occidental Petrl. (OCP)

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Tuesday 15 April, 2003

Occidental Petrl.

Acquisition

Occidental Completes Permian Basin Acquisitions

LOS ANGELES, April 15, 2003 (PRIMEZONE) -- Occidental Petroleum
Corporation (NYSE:OXY) announced today the closing of three acquisitions
in the Permian Basin during the first part of 2003. These three
transactions will result in proved reserve additions totaling an
estimated 73 million barrels of oil equivalent (BOE) for a net
acquisition cost of approximately $235 million, or roughly $3.20 per
BOE.

"As a result of these acquisitions, our net production is expected to
increase effective April 15th by an average of 10,000 barrels of oil
equivalent (BOE) per day. We are increasing our 2003 production forecast
from 525,000 to 535,000 BOE per day," said Dr. Ray R. Irani, Chairman
and CEO of Occidental Petroleum Corporation. "These transactions further
fortify our industry leading position in the Permian Basin and are
consistent with our strategy of focusing on large, long-lived assets in
our core geographic areas. We currently operate a majority of the
properties in which we are increasing our interests. We expect to fund
these acquisitions from free cash flow and have no plans to enter the
capital markets."

Statements in this presentation that contain words such as "will" or
"expect," or otherwise related 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: global commodity pricing fluctuations, and
supply/demand consideration, for oil, gas and chemicals; higher-than-
expected costs; and not successfully completing (or any material delay
in) any expansion, capital expenditure, acquisition, or disposition.
Occidental disclaims any obligation to update any forward-looking
statements.

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CONTACT: Occidental Petroleum Corporation
 Lawrence P. Meriage, media
 (310) 443-6562

 Kenneth J. Huffman, investors
 (212) 603-8183
 www.oxy.com

 

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