LOS ANGELES, Feb. 12, 2004 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors has declared a quarterly dividend of $.275 per share of common stock for an annual rate of $1.10 per share, compared to the previous annual rate of $1.04. The dividend will be payable on April 15, 2004 to stockholders of record on March 10, 2004. Occidental has paid cash dividends continuously since 1975.
In announcing the Board's declaration, Dr. Ray R. Irani, Chairman and Chief Executive Officer said, "The decision to increase the dividend for the second consecutive year reflects both our confidence in the sustainability of the company's strong earnings and cash generating power and our commitment to enhance total returns to our shareholders. Our balance sheet is stronger than at any point in the company's recent history and annual profits and free cash flow for the years 2000 through 2003 were the highest in the company's history. Our 2003 combined oil and gas production, which grew by 6% from the 2002 level, is in line with our five-year forecast of average annual growth of 5% from 2002 through 2006. The Board will continue to evaluate the dividend policy annually."