LOS ANGELES, April 29, 2003 (PRIMEZONE) -- Occidental Petroleum Corporation's (NYSE:OXY) Board of Directors has amended its Policy on Stockholder Rights Plans (commonly known as "poison pills"). Although a stockholder proposal recommending stockholder approval of poison pills received only 38% of the vote at Occidental's 2003 Annual Meeting of Stockholders, the Board of Directors amended its policy in recognition of stockholder support. The amendment to the Policy on Stockholders Rights Plans is as follows:
"In the event that the Board of Directors determines to adopt a Stockholders Rights Plan without prior stockholder approval, then in such event the terms of such Plan shall provide that the Plan shall automatically terminate on the first anniversary of the adoption of such Plan unless, prior to such anniversary, such Plan shall have been approved by the Company's stockholders."
Occidental does not have a poison pill and has no plans to adopt one.
A complete copy of Occidental's Policy on Stockholder Rights Plans, as amended, is available on the Company's website: www.oxy.com.