API Board Elects Occidental Petroleum’s Chazen as Next Chairman

WASHINGTON, November 11, 2013 – Occidental Petroleum Corporation President and CEO Stephen I. Chazen has been elected Chairman of the American Petroleum Institute’s (API) Board of Directors effective January 1, 2014, for a one-year term. Mr. Chazen succeeds Marathon Oil Corporation’s Executive Chairman, Clarence P. Cazalot, Jr.

“Steve Chazen’s experience and knowledge will reinforce API’s growing outreach to the public and policymakers,” said API President and CEO Jack Gerard. “He knows firsthand how America’s oil and natural gas industry creates jobs, generates revenue for the government, and makes our nation more energy secure. Under Steve’s leadership, API and our 15 million strong and growing network of grassroots activists will continue our advocacy efforts on the benefits of the energy revolution taking place in the United States.”

Mr. Chazen, who has more than 40 years of experience in the oil and natural gas industry, joined Occidental Petroleum in 1994 as Executive Vice President – Corporate Development. He was named Chief Financial Officer in 1999 and elected President and Chief Financial Officer in 2007. He was named President and Chief Operating Officer and elected to the company’s Board of Directors in 2010 and became President and CEO the following year. Prior to joining Occidental, Mr. Chazen was a managing director in the investment banking group of Merrill Lynch & Co.

Mr. Chazen holds a Ph.D. in geology from Michigan State University, a master's degree in finance from the University of Houston, and a bachelor's degree in geology from Rutgers College.

In addition to Occidental Petroleum Corporation and the American Petroleum Institute, he serves on the Boards of Directors for Ecolab Incorporated, the Aquarium of the Pacific and the Catalina Island Conservancy.

Gerard also thanked outgoing Executive Chairman Clarence Cazalot, who is retiring from Marathon Oil Corp., for his leadership over the past year and his long service on API’s Board of Directors.

“Clarence’s influence has been felt throughout API and our entire industry,” said Gerard. “We wish him a long and happy retirement.”

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy and are backed by a growing grassroots movement of over 15 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.