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DUFF & PHELPS REAFFIRMS RATINGS OF OCCIDENTAL PETROLEUM CORPORATION

 CHICAGO, Jan. 29 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed its 'BBB+' (Triple-B-Plus) rating on the outstanding senior debt of Occidental Petroleum Corporation (OXY). Additionally, the Duff 2 rating of OXY's commercial paper has been reaffirmed. About $5.5 billion of long-term debt is outstanding.
 The benefits from Occidental's corporate and financial restructuring that began in 1991 have been obfuscated by weakness in energy and petrochemical prices. In reaction to this weakness, OXY recently announced further actions to conserve cash and improve cash flow, including reducing planned capital spending and cutting $150 million from operating and overhead expenses. Further, OXY announced its intention to exit the coal business, and took a noncash charge of $600 million to write-down the value of the coal assets.
 Despite the near-term weakness in petrochemical and energy pricing, OXY's principal businesses of oil and gas, petrochemicals and natural gas pipelines are fundamentally sound. Cash flow from these operations will be more than sufficient to fund capital spending, dividends and additional debt reduction. Assuming no major asset sales, financial projection measures should improve gradually over the next several years with improving petrochemical and energy markets.
 -0- 1/29/93
 /CONTACT: David W. Eisinger of Duff & Phelps, 312-368-3145/
 (OXY)


CO: Occidental Petroleum Corporation ST: California IN: OIL SU: RTG6

PS -- NY036 -- 0701 01/29/93 11:01 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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