OREANDA-NEWS. February 19, 2014. Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors has increased the Company’s dividend to an annual rate of USD2.88 per share and also increased Occidental’s share repurchase program.

The Board raised the Company’s dividend by USD.08 to USD.72 per quarter, or an annual rate of USD 2.88 per share, from the previous annual rate of USD 2.56 per share. Occidental has now increased its dividend every year for 12 consecutive years, and a total of 13 times during that period. The total increase in the annual dividend rate from 2002 is 476 percent. The Company has paid quarterly dividends continuously since 1975.

The Board also has authorized the repurchase of an additional 30 million shares of the Company’s common stock. The share repurchase authorization remaining at the end of 2013 was 7 million shares. The program does not require purchases to be made within a particular timeframe. Share repurchases will continue to be funded from available cash from operations, excess cash on hand and proceeds from asset sales as part of the previously announced strategic review. Occidental expects to announce additional increases to its share repurchase authorization as the strategic review progresses.

“The dividend increase reflects our commitment to growing Occidental’s dividend annually, and we will continue to make share repurchases as opportunities arise,” said President and Chief Executive Officer Stephen I. Chazen. “These actions demonstrate our confidence in the Company’s financial strength and future performance.”

The USD.72 per share quarterly dividend will be payable on April 15, 2014, to stockholders of record as of March 10, 2014.