Dr. Ray R. Irani, Chairman and Chief Executive Officer of Occidental Petroleum Corporation declared that the Board of Directors has elected Stephen I. Chazen as President and Chief Financial Officer.

Commenting on the appointment, Dr. Irani said, "In addition to his role as Chief Financial Officer, Mr. Chazen has been responsible for implementing Occidental's overall strategy, and has overseen corporate development, oil and gas marketing, and chemicals. He will continue to do so, and will now also be responsible for oil and gas exploration. His combination of experience in financial matters and oil and gas and chemicals operations will help us create additional value for our stockholders."

Mr. Chazen, 61, joined Occidental in 1994 as Executive Vice President - Corporate Development. He was named Chief Financial Officer in 1999. Prior to joining Occidental, Mr. Chazen was a managing director in the investment banking group of Merrill Lynch & Co.

Tags: Occidental Petroleum Corporation