Occidental Petroleum Announces Dividend
July 14 2016 - 12:51PM
Business Wire
Occidental Petroleum Corporation (NYSE:OXY) announced today that
its Board of Directors has authorized an increase of the company’s
dividend to an annual rate of $3.04 per share, from the previous
annual rate of $3.00 per share.
President and Chief Executive Officer Vicki A. Hollub said,
“Occidental has now increased its dividend every year for 14
consecutive years, and a total of 15 times during that period. The
total increase in the annual dividend rate from 2002 exceeds 500
percent. The dividend increase reflects our commitment to growing
Occidental’s dividend annually for our shareholders, and our
confidence in the company’s financial strength and future
performance.”
Occidental has paid quarterly dividends continuously since 1975.
The $.76 per share quarterly dividend will be payable on October
14, 2016, to stockholders of record as of September 9, 2016.
About Occidental
Petroleum
Occidental Petroleum Corporation 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.
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;
reorganization or restructuring of Occidental’s operations; 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; 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 2015 Form 10-K. Occidental posts or
provides links to important information on its website at
www.oxy.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160714006087/en/
Occidental Petroleum CorporationMedia:Melissa E.
Schoeb713-366-5615melissa_schoeb@oxy.comorInvestors:Christopher M.
Degner212-603-8111christopher_degner@oxy.comOn the web:
www.oxy.com
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