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Thursday, January 31, 2013

BRIEF-OXY sees costs under $14/boe in 2013 vs $14.99 in 2012, (NYSE: OXY)

Occidental Petroleum Corp : * Expects production costs to be under $14/barrel of oil equivalent in 2013, versus $14.99 for 2012 -slide * Halfway towards target of reducing U.S. drilling costs by 15 percent in 2013-slide * Expects to announce further dividend increase after board meeting in 2nd weekof February -slide * Reserve replacement ratio for 2012 was about 143 percent of production -slide * Sees U.S. oil production for 2013 growing by 8-10 percent from 2012 average,flat production internationally -slide * Estimates 2013 total capital spending of $9.6 billion -slide * Says almost all of the 6 percent reduction in capital spending for 2013 will

Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY traded higher by 2.66% or $2.27/share to $87.59. In the past year, the shares have traded as low as $72.43 and as high as $106.68. On average, 4755040 shares of OXY exchange hands on a given day and today's volume is recorded at 5657837.