LOS ANGELES, Feb. 9, 2007 (PRIME NEWSWIRE) -- Occidental Petroleum Corporation (NYSE:OXY) today announced that steps are being taken in collaboration with regulatory officials, including California's Division of Occupational Safety and Health (Cal/OSHA), to resume production at its Elk Hills, California operation following a February 6 incident involving the rupture of natural gas gathering lines and a resulting fire. Approximately one-half acre of the 75 square-mile oil and natural gas field was directly impacted. Apart from the affected gathering lines, no other production or processing facilities were damaged. Lines were inspected in October 2006 as part of the company's comprehensive mechanical integrity program.
The company is awaiting approval from Cal/OSHA of its plan to re-enter the area to repair the affected gathering lines. Preparations for the repairs are moving forward quickly, and the company plans to resume production within a few days.
At the time of the incident gross daily production from the field was averaging approximately 70,000 barrels of oil and natural gas liquids and 280 million cubic feet of natural gas. Occidental is the operator of the field and holds approximately a 78 percent interest.
Statements in this release that contain words such as "will," "expect" or "estimate," or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. You should not place undue reliance on these forward-looking statements which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. U.S. investors are urged to consider carefully the disclosure in our Form 10-K, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.