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OCCIDENTAL HOLDS ANNUAL MEETING

 OCCIDENTAL HOLDS ANNUAL MEETING
 LOS ANGELES, April 29 /PRNewswire/ -- While the restructuring


program that Occidental Petroleum Corp. (NYSE: OXY) began last year is complete, "this simply means that we have achieved one set of goals," Dr. Ray R. Irani, the company's chairman, president and chief executive officer, said today.
 "To be successful in an ever-changing environment, we must continually restructure to improve performance in the face of new challenges and opportunities," Dr. Irani told stockholders attending the company's annual meeting at the Santa Monica Civic Auditorium.
 "In today's business climate," Dr. Irani said, "that means we must continue to find ways to operate more efficiently -- to do more at a lower cost."
 Dr. Irani said that in the future, Occidental will:
 -- Continue reducing costs and improving operating efficiencies wherever possible to permit the company to maintain competitive advantage in the marketplace;
 -- Continue to divest marginal and underperforming assets for attractive prices; and
 -- Continue to focus resources on those core businesses that promise the greatest return -- international oil and gas exploration, natural gas transmission and chemicals.
 "The restructured Occidental has only just begun to realize its full potential and I am confident that the future will be bright," Dr. Irani said.
 He said that Occidental had not only kept its restructuring promises of a year ago -- it had exceeded them.
 He noted that the restructuring program was completed in one year instead of the two originally projected; that long-term debt has been reduced by $3 billion and ongoing interest costs have been reduced by $300 million per year; that enhanced efficiencies have improved income by $350 million per year rather than the $200 million projected, excluding changes in the business climate; that unprofitable businesses have been shut down or sold and mature assets with limited potential have been sold; and that the balance sheet has been strengthened faster than many had believed possible.
 Dr. Irani said that oil and gas remains Occidental's flagship operation, noting that the company is embarked on an ambitious worldwide exploration program this year, with plans to drill about 50 exploratory wells in 10 countries. In 1993, Occidental plans to begin drilling in promising new areas in Algeria and Colombia.
 New discoveries currently being developed in Ecuador, Oman and Yemen will add significantly to cash flow and income and should increase net international production by 28 percent when all of these discoveries are on stream by 1994.
 In addition, Dr. Irani said a major discovery offshore Malaysia, announced this week, is estimated to contain significant amounts of natural gas, and Occidental is encouraged by preliminary results from a new well offshore the Philippines.
 Occidental also is discussing contracts with several countries, including Algeria and Russia, to use the company's geologic, engineering and construction expertise to help countries develop oil reserves.
 Dr. Irani said Occidental's natural gas transmission operation, MidCon Corp., has become a steady and significant source of cash flow and earnings.
 "MidCon's earnings and cash flow have increased dramatically over the last few years as we have put take-or-pay problems behind us," Dr. Irani said. "We expect to do at least as well in 1992 despite the warm weather in the early part of this year."
 Regarding Occidental's chemical operation, OxyChem, Dr. Irani noted that the chemical industry is cyclical, with OxyChem's annual earnings in recent years rising from about $300 million to $1 billion, then dropping back in 1991 to $383 million before special items.
 "Currently, we believe we are at or near a cyclical low," Dr. Irani said. "The good news is that we have sharply cut our costs over the past few years, and we are positioned to benefit substantially from the next upturn in the economy."
 -0- 4/29/92
 /CONTACT: Howard Collins (media), 310-443-6523, or Kenneth J. Huffman (investors), 212-603-8183, both of Occidental Petroleum/
 (OXY) CO: Occidental Petroleum Corp. ST: California IN: OIL CHM SU:


KJ-CH -- LA015 -- 4431 04/29/92 13:29 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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