Occidental Makes Discovery in Permian Basin

LOS ANGELES, Mar 3, 2003 (PRIMEZONE) -- Occidental Petroleum Corporation
(NYSE:OXY) today announced a wildcat discovery in the Wolfcamp formation
in its Anton-Irish Clearfolk field in the Texas Panhandle.  The
discovery well, Snead #1, was drilled to a total depth of 6,780 feet.
Current production is approximately 3,000 barrels of oil per day, with
potential structure-wide reserves estimated at 12 million barrels of
oil.  Eighteen development wells have been drilled to date with up to 10
new wells planned for 2003.

This is the first significant discovery on the Matador Arch in more than
40 years and was discovered by reprocessing existing 3-D seismic data of
the deeper Anton-Irish structure.

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CONTACT:  Occidental Petroleum Corporation
          Lawrence P. Meriage, media
          (310) 443-6562

          Kenneth J. Huffman, investors
          (212) 603-8183
          www.oxy.com