LOS ANGELES, Feb 25, 2003, (PRIMEZONE) -- Following meetings with Occidental Petroleum Corporation (NYSE:OXY) management, Walden Asset Management on behalf of its clients, including the Needmor Fund, Boston Common Asset Management, LLC on behalf its client, Brethren Benefit Trust, Inc., and the Sinsinawa Dominicans agreed to withdraw a climate change proposal submitted for consideration at Occidental Petroleum's 2003 annual meeting. The proposal requested that Occidental Petroleum prepare a report describing the operating, financial and reputation risks to the company associated with past, present and future greenhouse gas emissions related to its operations and products.
The proponents noted in their withdrawal letter that Occidental had previously made important disclosures on this subject in its Health, Environment and Safety Annual Reports (HES Report). Occidental agreed to include an expanded discussion of greenhouse gas emissions in its forthcoming 2002 HES Report based on its response to the Carbon Disclosure Project's Greenhouse Gas Emissions Questionnaire submitted in November 2002. Occidental's Health, Environment and Safety Annual Reports are available on its web site at www.oxy.com.