DBRS Rates Occidental Petroleum Corporation’s New Issues at “A”

DBRS has today assigned a rating of “A” with a Stable trend to the following Occidental Petroleum Corporation (Oxy) new debt issuance:

(1) Proposed $600 million 1.45% Senior Notes (Notes) maturing December 13, 2013.
(2) Proposed $700 million 2.50% Notes maturing February 1, 2016.
(3) Proposed $1.3 billion 4.10% Notes maturing February 1, 2021.

The new debt issues are expected to settle on December 16, 2010.

The Notes are being issued under the preliminary prospectus supplement dated December 13, 2010 to the prospectus dated August 11, 2008, and the Senior Indenture dated April 1, 1998.

The Notes will rank equally with all of Oxy’s existing and future unsecured senior debt. Net proceeds from the offering are expected to be used for general corporate purposes.

Notes:
The applicable methodology is Rating Oil and Gas Companies, which can be found on our website under Methodologies.

All figures are in U.S. dollars unless otherwise noted