THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Occidental Petroleum Corporation (OXY)

3/15/2005 Proxy Information

In 1994 and 1995, the Occidental Board of Directors approved split-dollar arrangements with five senior executives of Occidental, all of which were disclosed in previous proxy statements. Under the split-dollar arrangements, the executives forfeited all or part of their vested retirement benefits under the Supplemental Retirement Plan and the Senior Executive Supplemental Retirement Plan (which was subsequently merged with the Supplemental Retirement Plan) in exchange for OccidentalÕs agreement to purchase split-dollar life insurance policies with a stated death benefit. Occidental retains all ownership of and interest in the cash surrender values of the life insurance policies and the insured senior executive reimburses Occidental annually for the economic benefit of the term life insurance coverage provided under the split-dollar arrangements. If a policy is ever surrendered, Occidental would recover the greater of the cash surrender value of such policy or the premiums paid by Occidental in connection with that policy. Upon the death of the insured senior executive, or the death of the survivor of the insured senior executive and his spouse in the case of a survivorship policy, Occidental will receive all proceeds of the life insurance policy in excess of the fixed dollar amount payable to beneficiaries designated by the insured senior executive. The proceeds receivable by Occidental under each policy will be an amount not less than the premiums paid by Occidental under the split-dollar arrangements in connection with that policy. Over the ensuing ten years, the policies acquired in connection with the split-dollar arrangements did not perform as originally illustrated, resulting in a reduced death benefit. Therefore, the Board of Directors in 2005 authorized Occidental to make an additional premium payment on the policies subject to the split-dollar arrangements in order to ensure that the policies will not lapse prior to the earlier of their surrender or the death of the insureds. The additional premium paid by Occidental in 2005 on the policies relating to Dr. Irani totalled $2,046,609.

3/15/2005 Proxy Information

No related party transactions or special relationships reported for this company. Director relationships marked "Outside Related" at this firm will most often be former executives of the company. Additional information regarding these relationships will be added during our regular updates.

3/15/2004 Proxy Information

Dale R. Laurance is Chairman, President and Chief Executive Officer of Occidental Oil and Gas Corporation, since 1999, and President of Occidental Petroleum Corporation since 1996.

3/12/2003 Proxy Information

No related party transactions or special relationships reported for this company. Director relationships marked "Outside Related" at this firm will most often be former executives of the company. Additional information regarding these relationships will be added during our regular updates.