LOS ANGELES, Dec 10, 2002 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors has declared a quarterly dividend of $.26 per share of common stock for an annual rate of $1.04 per share, compared to the previous annual rate of $1.00. The dividend will be payable on April 15, 2003 to stockholders of record on March 10, 2003.
In announcing the Board's declaration, Dr. Ray R. Irani, Chairman and Chief Executive Officer said, "The decision to increase the dividend was based on Occidental's strengthened balance sheet, improved operations and enhanced profitability, and further demonstrates our continuing dedication to creating value for our shareholders. Our balance sheet is the strongest it's been in more than two decades and we are confident of achieving our combined oil and gas annual production growth forecast each year through 2006. These factors place the company in a favorable position to continue generating strong earnings and free cash flow. In view of this very positive outlook, the Board will evaluate the dividend policy annually."