Occidental Mails Letter to Shareholders

Occidental Petroleum Corporation (“Occidental” or “the Company”) (NYSE: OXY) today mailed a letter to shareholders in connection with definitive proxy materials it has filed with the Securities and Exchange Commission (“SEC”) in response to materials filed by Carl Icahn. The letter and other materials are available at voteforoccidental.com.

Occidental is on a clear path to enhance value creation through the pending acquisition of Anadarko Petroleum Corporation (NYSE: APC) and the Company believes that its shareholders’ interests would be best served by focusing on completion and integration of that acquisition. Mr. Icahn's own statements demonstrate that he does not understand or support the strategic and financial merits of the acquisition, and the Occidental Board believes that his Board nominees would interfere with the Company’s ability to successfully integrate Anadarko’s valuable assets and deliver on the promise of this acquisition at this critical juncture.

Occidental’s Board comprises ten highly qualified directors, nine of whom are independent, and all of whom bring meaningful expertise across a diverse range of backgrounds in areas key to the Company’s business. Occidental does not believe that another director election approximately ten weeks after the last one, in the middle of completing and integrating a large and complex acquisition, is in the best interests of Occidental or its shareholders.

The Occidental Board of Directors unanimously recommends that shareholders do NOT sign any written request sent to them by Mr. Icahn or his affiliates.

The full text of the letter follows:

July 22, 2019

Dear Fellow Stockholder:

The Board of Directors and management team at Occidental Petroleum Corporation (the “Company” or “Occidental”) are committed to applying our proven operating model to build a global energy leader with the scale and focus to deliver significant value and returns to our stockholders. This letter contains important information regarding your investment in Occidental and an upcoming decision you will need to make regarding your shares.

As you may be aware, Icahn Partners LP, Icahn Partners Master Fund LP and High River Limited Partnership (together with certain affiliated entities and persons, the “Icahn Group”) recently became stockholders and accumulated beneficial ownership of approximately 4.4% of Occidental’s common stock, par value $0.20 per share (“Occidental Common Stock”), on or after May 2, 2019.