Occidental Petroleum Corporation (‘Occidental’ or the ‘Company’) announced that it has entered into an agreement with Carl C. Icahn and affiliated entities (the ‘Icahn Group’) to add three new Icahn designated directors to Occidental's Board. Pursuant to the agreement, effective immediately Andrew Langham, Nicholas Graziano and Margarita Paláu-Hernández have been appointed to Occidental's Board of Directors (the ‘Board’) as new independent directors. Existing directors Spencer Abraham, Eugene Batchelder, Margaret M. Foran and Elisse B. Walter will retire from the Board effective at the Company's 2020 Annual Meeting of Stockholders (the ‘2020 Annual Meeting’). With appointments and planned retirements on March 25, 2020 and the previously announced appointment of Stephen I. Chazen as Chairman of the Board, following the 2020 Annual Meeting of Stockholders, the Board will be comprised of 11 directors, 10 of whom are independent. Messrs. Langham and Graziano and Ms. Paláu-Hernández will each initially serve a term expiring at the 2020.