Occidental to Sell Stake in Lyondell Chemical

Occidental announced that it plans to sell all of its 20,990,070 share (8.3%) holdings in Lyondell Chemical Company. Occidental has sold 6,990,070 shares of Lyondell common stock to a single purchaser in a private transaction for a price of more than $32 per share. Occidental also entered into a total return swap agreement with respect to its remaining 14 million shares of Lyondell common stock. This agreement will enable Occidental to realize a similar market price with respect to future sales of such shares. Although Occidental currently intends to dispose of such shares in open market sales over the next few months utilizing Rule 144, it has no obligation to do so. Assuming all of its remaining 14,000,000 shares are sold on this basis, including the receipts from the completed sale, Occidental anticipates aggregate net after-tax proceeds from the sale of the shares of approximately $520 million and a net gain of approximately $200 million.