Occidental Petroleum Completes Spin-off of California Resources Corporation

HOUSTON—(BUSINESS WIRE)—Occidental
Petroleum Corporation (NYSE:OXY) today announced it has completed
the spin-off of its subsidiary California Resources Corporation
(NYSE:CRC). California Resources, which begins “regular way” trading
today on the New York Stock Exchange as a stand-alone company, is an
independent oil and natural gas exploration and production company
focused on high-growth, high-return conventional and unconventional
assets exclusively in California.

“We spent more than 15 years building a California company, and we
expect it to provide significant value to California Resources
Corporation stockholders,” said Stephen I. Chazen, President and Chief
Executive Officer. “The steps we have taken during our strategic review
will result in a greater ability to concentrate Occidental’s resources
in areas where we have key competitive advantages.”

To effect the spin-off, the companies were separated on November 30,
2014, through the distribution of approximately 80.5 percent of the
outstanding shares of California Resources to holders of Occidental
common stock. Each Occidental shareholder received 0.4 shares of
California Resources common stock for every one share of Occidental
common stock held at the close of business November 17, 2014, the record
date for the distribution, for a total of approximately 310 million
shares. Occidental retained 71.5 million shares of the California
company.

About Occidental Petroleum

Occidental
Petroleum Corporation is an international oil and gas exploration
and production company with operations in the United States, Middle
East/North Africa 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 in support of Occidental’s
businesses. The company’s wholly owned subsidiary OxyChem manufactures
and markets chlor-alkali products 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; 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 2013 Form 10-K. Occidental posts or provides links to
important information on its website at www.oxy.com.