EXHIBIT 99.1


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[OXY LOGO]  NEWS RELEASE                        OCCIDENTAL PETROLEUM CORPORATION
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         10889 Wilshire Boulevard, Los Angeles, California 90024  (310) 208-8800

For Immediate Release: October 12, 2004


                  OXYCHEM TO ACQUIRE VULCAN'S CHLORINE-CAUSTIC
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                            SODA MANUFACTURING PLANTS
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     LOS ANGELES -- Occidental Chemical Corporation (OxyChem), a wholly owned
subsidiary of Occidental Petroleum Corporation (NYSE: OXY), announced today that
it has agreed to purchase three chemical manufacturing facilities from Vulcan
Materials Company for $214 million in cash, plus contingent payments based upon
the future performance of these businesses. The primary products produced at the
three facilities are chlorine, with a combined annual capacity of approximately
815,000 tons, its co-product caustic soda, and 315,000 tons of ethylene
dichloride (EDC). OxyChem currently has the annual capacity to produce
approximately 3,100,000 tons of chlorine and 1,500,000 tons of EDC.

     During 2003, the assets being acquired generated adjusted earnings before
interest, taxes, depreciation and amortization (EBITDA) of approximately $40
million. Current estimated annual capital expenditures for these facilities are
$20 million. Stephen I. Chazen, Senior Executive Vice President and Chief
Financial Officer of Occidental Petroleum Corporation, said "OxyChem believes it
has significant operational and overhead synergies with the Vulcan operations
which should reduce costs by at least $40 million per year. We believe this
strategic acquisition, which is subject to regulatory approvals, will enhance
Occidental's earnings, cash flow and return on capital employed."

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Contacts:  Lawrence P. Meriage (media)
           310-443-6562
           Kenneth J. Huffman (investors)
           212-603-8183
           On the web: www.oxy.com


Note: The reported historic performance of the businesses acquired is based on
information provided by the seller which, while believed to be accurate, has not
been audited. In addition, statements in this press release that contain words
such as "believes", "will" or "expect", or otherwise relate to the future, are
forward-looking and involve risks and uncertainties that could significantly
affect expected results. Factors that could cause results to differ materially
from expectations include, but are not limited to: global commodity pricing
fluctuations, and


supply/demand considerations for chemicals; higher-than-expected integration or
environmental remediation costs; and not successfully completing (or any
material delay in) any expansion, capital expenditure, acquisition, or
disposition. Occidental disclaims any obligation to update any forward-looking
statements.

Occidental has not provided a GAAP measure of financial performance with respect
to the disclosure of EBITDA of the acquired business. Such a measure is not
available because Occidental is acquiring only a portion of the contracts
associated with the business, none of the debt and all of the joint venture.