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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.
