FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
         OMB APPROVAL   OMB Number: 3235-0287   Expires: January 31, 2005

[  ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940   Estimated average burden
  hours per response....   0.5

(Print or Type Responses)
1.	Name and Address of Reporting Person*	2.	Issuer Name and Ticker or Trading Symbol			6.	Relationship of Reporting Person(s) to Issuer
							(Check all applicable)
Irani, Ray R.			Occidental Petroleum Corporation
			OXY				X       Director	10% Owner
(Last)                                (First)                          (Middle)							X       Officer (give title	Other (specify
Occidental Petroleum Corporation		3.	I.R.S. Identification Number	4.	Statement for Month/Day/Year		below)	below)
10889 Wilshire Boulevard			of Reporting Person, if an
			entity (voluntary)		02/04/2003
(Street)							Chairman and Chief Executive Officer
				5.	If Amendment, Date of Original
Los Angeles, California 90024					(Month/Year)
						7.	Individual or Joint/Group Filing (Check Applicable Line)
(City)                               (State)                           (Zip)							X       Form filed by One Reporting Person
							Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.

Title of Security

2.

Transaction

2a.

Deemed

3.

Transaction Code

4.

Securities Acquired (A) or

5.

Amount of

6.

Ownership

7.

Nature of

(Instr. 3)

Date

Execution

Disposed of (D)

Securities

Form:

Indirect

Date, if any

(Instr. 8)

Beneficially

Direct (D) or

Beneficial

(Month/Day/

(Instr. 3, 4 and 5)

Owned at End

Indirect (I)

Ownership

Year)

(Month/Day/

of Month

Year)

Code

V

Amount

(A) or (D)

Price

(Instr. 3 and 4)

(Instr. 4)

(Instr. 4)

Common Stock

02/04/2003

M

144,367

A

$17.7500

D

Common Stock

02/04/2003

S

144,367

D

$28.9840

680,424

D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v).

Page 1 of 2

FORM 4 (continued)                               Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1.

Title of Derivative

2.

Conver-

3.

Trans-

3a.

Deemed

4.

Transac-

5.

Number of Deriv-

6.

Date Exer-

7.

Title and Amount of

8.

Price

9.

Number

10.

Owner-

11.

Na-

Security

sion or

action

Execu-

tion Code

ative Securities

cisable and Ex-

Underlying

of

of Der-

ship

ture

(Instr. 3)

Exercise

Date

tion

(Instr. 8)

Acquired (A) or

piration Date

Securities

Deriv-

ivative

Form

of In-

Price of

Date,

Disposed of (D)

(Month/Day/

(Instr. 3 and 4)

ative

Secur-

of De-

direct

Deriv-

(Month/

if any

(Instr. 3, 4 and 5)

Year)

Secur-

ities

rivative

Bene-

ative

Day/

ity

Bene-

Secur-

ficial

Security

Year)

(Month/

ficially

ity:

Own-

Day/

(Instr.

Owned

Direct

ership

Year)

Date

Expira-

Amount or

5)

at End

(D) or

(Instr. 4)

Code

V

(A)

(D)

Exer-

tion

Title

Number of

of

Indi-

cisable

Date

Shares

Month

rect (I)

(Instr. 4)

(Instr. 4)

Employee stock option (right to buy)

$17.7500

02/04/03

M

144,367

(1)

05/29/04

Common Stock

144,367

0

D

Explanation of Responses:

(1)    The option vested in three equal annual installments beginning on April 29, 1995.

**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:		File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	/s/ CHRISTEL H. PAULI **Signature of Reporting Person	February 5, 2003 Date
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.			Christel H. Pauli, Attorney-in-Fact for Ray R. Irani

Page 2 of 2 -----END PRIVACY-ENHANCED MESSAGE-----