Occidental Petroleum Corp said on Thursday its board voted to increase its share repurchase authorization by 30 million shares to be funded in part by the $1.4 billon sale of natural gas assets in the central United States.Occidental, which is restructuring and under pressure to return more cash to shareholders, also raised its annual dividend by 12.5 percent to $2.88 per share."The dividend increase reflects our commitment to growing Occidental's dividend annually, and we will continue to make share repurchases as opportunities arise," Chief Executive Officer Stephen I. Chazen said in a statement.Occidental's buyback authorization had 7 million shares remaining at the end of 2013.
Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY traded higher by 0.09% or $0.08/share to $92.27. In the past year, the shares have traded as low as $77.21 and as high as $99.42. On average, 3837230 shares of OXY exchange hands on a given day and today's volume is recorded at 3707627.
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