CalSTRS and Relational Support Election of All Occidental Directors

News release

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) and Relational Investors LLC (Relational) are supporting the election of all Occidental Petroleum Board nominees at the company’s annual meeting scheduled for May 6, 2011.

CalSTRS and Relational are satisfied with the changes the company announced in October 2010 regarding executive compensation, CEO succession planning, and director retirement policy. CalSTRS and Relational support these initiatives and plan to continue to work with the board to maximize long-term shareholder value.

Together, CalSTRS and Relational own 8.5 million Company shares representing approximately 1 percent of the shares outstanding and valued at over $850 million.

The California State Teachers’ Retirement System, with a portfolio valued at $152.9 billion, is the largest teacher pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 852,000 public school educators and their families from the state’s 1,600 school districts, county offices of education, and community college districts.

Relational Investors LLC is an employee-owned Registered Investment Adviser and asset management firm, which manages approximately $6.4 billion. The firm serves some of the largest pension funds and institutional investors in the world. Relational’s mission is to create long-term value for clients by applying its “relational” strategy. The firm invests in and strives to create excess performance in publicly traded, underperforming companies that it believes are undervalued in the marketplace.