<html xmlns="http://www.w3.org/1999/xhtml" xmlns="http://www.w3.org/1999/xhtml">
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 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.oxy.com%2F&amp;esheet=51576793&amp;newsitemid=20170619005723&amp;lan=en-US&amp;anchor=Occidental+Petroleum+Corporation&amp;index=1&amp;md5=9cce1a457d677fc9cab4ce6caacb2f49" rel="nofollow" rel="nofollow">Occidental 
 Petroleum Corporation</a> OXY announced today that it has agreed 
 to a number of purchase and sale transactions in the Permian Basin. On a 
 combined basis, these transactions require no net cash outlay and add 
 approximately 3,500 barrels of oil equivalent per day to the Company's 
 production. Occidental will reduce its Permian Resources position by 
 13,000 net acres, divesting non-strategic acreage in Andrews, Martin and 
 Pecos Counties and adding incremental acreage to enhance a future core 
 development area in Glasscock County. Occidental also agreed to increase 
 its ownership interests and assume operatorship of a CO2 
 enhanced oil recovery (EOR) property.
 
 
 "These transactions support our pathway to breakeven at $50 after 
 dividend and production growth and our long-term, returns-focused value 
 proposition. The combined results accelerate cash flow and enhance our 
 future returns by exchanging low-priority development acreage for low 
 decline, low capital intensity EOR production that has significant 
 opportunity for value improvement," said Vicki Hollub, President and 
 Chief Executive Officer. "By monetizing assets in the tail of the 
 portfolio that were not strategic to us, but are synergistic to other 
 companies, we are creating value for our shareholders."
 
 
 The net Permian Resources transactions will generate proceeds of 
 approximately $0.6 billion. The divested acres had no significant 
 near-term development plans while the acquired acreage provides 
 additional value within the future development area. The Permian EOR 
 transaction included the acquisition of working interests in the 
 Seminole-San Andres Unit, a premier CO2 flood, interests in 
 the Seminole Gas Processing Plant, source fields at Bravo Dome Unit and 
 West Bravo Dome Unit and the Sheep Mountain and Rosebud CO2 pipelines 
 for $0.6 billion. Occidental has had an ownership interest in these EOR 
 assets since 2000. Seminole-San Andres Unit will become Occidental's 
 largest domestic oil producing EOR unit.
 
 
 All the transactions are expected to close by the third quarter. An 
 updated investor presentation, which includes additional details is 
 available at: <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.oxy.com%2Finvestors%2FEarnings%2FPages%2FInvestor-Presentations.aspx&amp;esheet=51576793&amp;newsitemid=20170619005723&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.oxy.com%2Finvestors%2FEarnings%2FPages%2FInvestor-Presentations.aspx&amp;index=2&amp;md5=ee14d637b90f68c6ac5198c0b8b47fee" rel="nofollow" rel="nofollow">http://www.oxy.com/investors/Earnings/Pages/Investor-Presentations.aspx</a>.
 
 
 About Occidental Petroleum
 
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.oxy.com%2F&amp;esheet=51576793&amp;newsitemid=20170619005723&amp;lan=en-US&amp;anchor=Occidental+Petroleum+Corporation&amp;index=3&amp;md5=7b73e23bf898ddb30dc5445874f53262" rel="nofollow" rel="nofollow">Occidental 
 Petroleum Corporation</a> is an international oil and gas exploration 
 and production company with operations in the United States, Middle East 
 and Latin America. Headquartered in Houston, Occidental is one of the 
 largest U.S. oil and gas companies, based on equity market 
 capitalization. Occidental's midstream and marketing segment gathers, 
 processes, transports, stores, purchases and markets hydrocarbons and 
 other commodities. The company's wholly owned subsidiary OxyChem 
 manufactures and markets basic chemicals and vinyls. Occidental posts or 
 provides links to important information on its website at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.oxy.com&amp;esheet=51576793&amp;newsitemid=20170619005723&amp;lan=en-US&amp;anchor=www.oxy.com&amp;index=4&amp;md5=32c640ef70ac53a726974357dd6d356a" rel="nofollow" rel="nofollow">www.oxy.com</a>.
 
 
 Forward-Looking Statements
 
 
 Portions of this press release contain forward-looking statements and 
 involve risks and uncertainties that could materially affect expected 
 results of operations, liquidity, cash flows and business prospects. 
 Actual results may differ from anticipated results, sometimes 
 materially, and reported results should not be considered an indication 
 of future performance. Factors that could cause results to differ 
 include, but are not limited to: global commodity pricing fluctuations; 
 supply and demand considerations for Occidental's products; 
 higher-than-expected costs; the regulatory approval environment; not 
 successfully completing, or any material delay of, field developments, 
 expansion projects, capital expenditures, efficiency projects, 
 acquisitions or dispositions; uncertainties about the estimated 
 quantities of oil and natural gas reserves; lower-than-expected 
 production from development projects or acquisitions; exploration risks; 
 general economic slowdowns domestically or internationally; political 
 conditions and events; liability under environmental regulations 
 including remedial actions; litigation; disruption or interruption of 
 production or manufacturing or facility damage due to accidents, 
 chemical releases, labor unrest, weather, natural disasters, 
 cyber-attacks or insurgent activity; failure of risk management; changes 
 in law or regulations; reorganization or restructuring of Occidental's 
 operations; or changes in tax rates. Words such as "estimate," 
 "project," "predict," "will," "would," "should," "could," "may," 
 "might," "anticipate," "plan," "intend," "believe," "expect," "aim," 
 "goal," "target," "objective," "likely" or similar expressions that 
 convey the prospective nature of events or outcomes generally indicate 
 forward-looking statements. You should not place undue reliance on these 
 forward-looking statements, which speak only as of the date of this 
 release. Unless legally required, Occidental does not undertake any 
 obligation to update any forward-looking statements, as a result of new 
 information, future events or otherwise. Material risks that may affect 
 Occidental's results of operations and financial position appear in Part 
 I, Item 1A "Risk Factors" of the 2016 Form 10-K.
 
 
 
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Occidental Petroleum Monetizes Non-Strategic Permian Resources Acreage and Enhances Permian EOR Business Resulting in Higher Net Production - Occidental Petroleum (NYSE:OXY)

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