Lyondell Converts Series B Common Stock to Unregistered Common Stock; No Change in Total Common Stock Share Count

Lyondell Converts Series B Common Stock to Unregistered Common
Stock; No Change in Total Common Stock Share Count 


HOUSTON, Dec. 10  /PRNewswire-FirstCall/ -- Lyondell Chemical Company
(NYSE:LYO) today announced that its Board of Directors has elected to convert
the company's outstanding shares of Series B Common Stock, held solely by
Occidental Petroleum (through a subsidiary), to Common Stock on December 31,
2004.  These shares will not be registered at the time of the conversion.

Dividends on these newly converted shares will be paid in cash, avoiding
dilution related to payment-in-kind dividends on shares of Series B Common
Stock.

The conversion does not change the total number of outstanding shares which
currently is approximately 242 million.

Lyondell Chemical Company, headquartered in Houston, Texas, is North America's
third-largest independent, publicly traded chemical company. Lyondell is a
major global manufacturer of basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide
and acetyls.  It also is a significant producer of gasoline blending
components.  The company has a 58.75 percent interest in LYONDELL- CITGO
Refining LP, a refiner of heavy, high-sulfur crude oil.  Lyondell is a global
company operating on five continents and employs approximately 10,000 people
worldwide. 

DATASOURCE: Lyondell Chemical Company



CONTACT:  investors, Doug Pike, [phone], or media, Susan Moore,

[phone], both of Lyondell Chemical Company



Web site:  http://www.lyondell.com/ 

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