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Occidental Petrl. (OCP)

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Thursday 27 February, 2003

Occidental Petrl.

Share Offering

Occidental Prices $300 Million Notes Offering

LOS ANGELES, Feb. 26, 2003 (PRIMEZONE) -- Occidental Petroleum
Corporation (NYSE:OXY) today announced that it had priced $300 million
of 7-year Medium-Term Senior Notes, Series C, with an interest rate of
4.25 percent. The proceeds from the offering will be temporarily
invested and then used together with internally generated cash flow to
repurchase the $450 million of 6.4 percent notes due 2013, subject to
remarketing April 1, 2003.

This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.

Copies of the written prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended, may be obtained from Salomon
Smith Barney Inc., 388 Greenwich Street, New York, New York 10013.

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.

SOURCE: Occidental Petroleum Corporation

CONTACT: Lawrence P. Meriage (media), 310-443-6562, or Kenneth J.
Huffman, (investors), 212-603-8183, both of Occidental Petroleum Corp.
                                                                                                           

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