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Oxy Notes Changes To Executive Compensation Program

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October 14, 2010

The board of Occidental Petroleum Corp., Los Angeles, (NYSE: OXY) has approved significant changes to its executive long-term incentive compensation program that will substantially reduce the company's overall compensation levels to be more in line with its peers. The new program will neutralize the potential impact of commodity pricing and further align the interests of senior executives with those of Occidental shareholders.

The new program resulted from a comprehensive review of the company's compensation practices, which included consultations with independent compensation consultants and many productive discussions with a large number ...

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