425

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 31, 2005

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-9210	95-4035997
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

10889 Wilshire Boulevard Los Angeles, California	90024
(Address of principal executive offices)	(ZIP code)

Registrant’s telephone number, including area code:

(310) 208-8800

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

[ X ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02.Results of Operations and Financial Condition

On October 31, 2005, Occidental Petroleum Corporation released information regarding its results of operations for the fiscal period ended September 30, 2005. The exhibits to this Form 8-K and the information set forth in this Item 2.02 are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The full text of the press release is attached to this report as Exhibit 99.1. The full text of the speeches given by Dr. Ray R. Irani and Stephen I. Chazen are attached to this report as Exhibit 99.2. Investor Relations Supplemental Schedules are attached to this report as Exhibit 99.3.

Section 8 – Other Events

Item 8.01.Other Events

On October 31, 2005, Occidental Petroleum Corporation announced net income for the third quarter 2005 of $1.747 billion ($4.32 per share), compared with $758 million ($1.91 per share) for the third quarter 2004. Included in the third quarter 2005 net income are the effects of three significant items — a $463 million after-tax gain resulting from Valero's acquisition of Premcor, a $335 million tax benefit due to the reversal of tax reserves no longer required and a $98 million after-tax charge from the write-off of certain chemical plants. Core earnings for the third quarter were $1.089 billion ($2.69 per share), compared with $759 million ($1.92 per share) for the same period in 2004.

Oil and Gas

Oil and gas segment earnings were $1.760 billion for the third quarter 2005, compared with $1.216 billion for the third quarter 2004, an increase of approximately 45 percent. The third quarter 2005 included a $9 million insurance premium increase related to hurricanes in the Gulf of Mexico. After adjusting for the impact of this increase, core earnings were $1.769 billion for the quarter. The improvement in the third quarter 2005 core earnings included $692 million from higher worldwide crude oil and gas prices, partially offset by higher operating, exploration, and other costs and increased DD&A rates.

Chemicals

Chemical segment earnings were $3 million for the third quarter 2005, compared with $141 million for the third quarter 2004. The third quarter 2005 included a $139 million charge for the write-off of two previously idled plants and one currently operated plant, a charge of $20 million for the write-down of a plant and a $5 million charge due to higher insurance premiums directly related to hurricanes in the Gulf of Mexico. After adjusting for the $164 million pre-tax charges, core earnings were $167 million for the third quarter 2005, compared with $141 million for last year's third quarter.

The improvement in the third quarter 2005 core earnings was primarily due to higher margins in chlorine, caustic soda and polyvinyl chloride resulting from higher sales prices, partially offset by higher energy and feedstock costs. Volumes were reduced and feedstock costs increased as a result of the hurricanes.

Other Items

The $335 million tax benefit recorded in the third quarter 2005 is due to the reversal of tax reserves no longer required as U.S. federal corporate returns for tax years 1998-2000 became closed due to the lapsing of the statute of limitations.

A $726 million pre-tax gain resulting from Valero's acquisition of Premcor and our subsequent sale of 89 percent of the Valero shares received was recorded in the third quarter 2005. Occidental tendered its 9 million shares of Premcor for cash and shares of Valero Energy Corporation stock pursuant to the Premcor-Valero merger agreement.

Nine-Months Results

For the first nine months of 2005, net income was $4.129 billion ($10.26 per share), compared with $1.826 billion ($4.63 per share) for the first nine months of 2004.

Core income was $2.806 billion for 2005, compared with $1.819 billion for 2004. See the attached schedules for a reconciliation of net income to core earnings for the third quarter and nine months.

Worldwide production for the first nine months of 2005 was 561,000 barrels of oil equivalent per day, compared to 569,000 barrels for the first nine months of 2004. Horn Mountain's production for the first nine months of 2005 was 14,500 barrels of oil equivalent, compared to 24,500 barrels of oil equivalent in 2004, primarily as a result of weather in the Gulf of Mexico and scheduled maintenance downtime. Compared to a year ago, production under the company's production-sharing contracts in Oman, Qatar, Yemen and Long Beach was negatively impacted by higher prices. If prices had remained at the nine months 2004 levels, production in the first nine months of 2005 would have been about 13,000 equivalent barrels per day higher. The nine months of 2005 included production of 13,000 equivalent barrels per day from the recent Permian acquisitions and the first lifting from Libya of 3,000 barrels per day.

Additional Information and Where to Find It

Occidental will file a Form S-4, Vintage will file a proxy statement and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4 AND PROXY STATEMENT WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Occidental free of charge by contacting Christel Pauli, Counsel and Assistant Secretary, Occidental Petroleum Corporation, at 10889 Wilshire Blvd., Los Angeles, California 90024. The documents will also be available online at www.oxy.com.

Participants in the Solicitation

Occidental, Vintage and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Vintage shareholders in connection with the merger. Information about the directors and executive officers of Oxy and their ownership of Occidental stock is set forth in the proxy statement for Occidental's 2005 Annual Meeting of Shareholders. Information about the directors and executive officers of Vintage and their ownership of Vintage stock is set forth in the proxy statement for Vintage's 2005 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the Form S-4 and proxy statement for the merger when they become available.

Investors should read the Form S-4 and proxy statement carefully when they become available before making any voting or investment decisions.

2

Forward-Looking Statements

The matters set forth in the press release, including statements as to the expected benefits of the Vintage acquisition such as material growth in Occidental's core areas, and other statements identified by such words as "will," "estimates," "expects," "hopes," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could significantly affect expected results, including a delay in or failure to obtain required approvals, the possibility that the anticipated benefits from the acquisition cannot be fully realized, the possibility that costs or difficulties related to the integration will be greater than expected, the ability to manage regulatory, tax and legal matters, and the impact of competition. Other risk factors that could cause results to differ materially from those set forth in forward-looking statements in the press release include, but are not limited to: changes in tax rates, exploration risks, global commodity pricing fluctuations and supply and demand considerations for oil, gas and chemicals and higher than expected costs. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the press release. Unless legally required, Occidental undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ from those set forth in the forward-looking statements.

The SEC limits the ability of oil and natural gas companies, in their filings with the SEC, to disclose reserves other than proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in the press release, such as probable, possible and recoverable reserves, that the SEC's guidelines limit in filings with the SEC.

Information contained in the press release regarding Vintage's production, reserves, results, assets and other information has been taken from Vintage's public filings with the SEC. Occidental makes no representation with respect to the accuracy of this information.

3

SUMMARY OF SEGMENT NET SALES AND EARNINGS
	Third Quarter				Nine Months
($ millions, except	----------------				----------------
per share amounts)	2005		2004		2005		2004
================================	=======		=======		=======		=======
SEGMENT NET SALES
Oil and Gas	$ 2,817		$ 2,033		$ 7,389		$ 5,509
Chemical	1,190		945		3,379		2,690
Other	50		27		110		87
	-------		-------		-------		-------
Net sales	$ 4,057		$ 3,005		$10,878		$ 8,286
================================	=======		=======		=======		=======
SEGMENT EARNINGS
Oil and Gas	$ 1,760		$ 1,216		$ 4,434		$ 3,111
Chemical	3		141		442		289
	-------		-------		-------		-------
	1,763		1,357		4,876		3,400
Unallocated Corporate Items
Interest expense, net (a)	(70	)	(59	)	(178	)	(187	)
Income taxes (b)	(611	)	(495	)	(1,256	)	(1,242	)
Other (c)	660		(44	)	682		(139	)
	-------		-------		-------		-------
Income from Continuing Operations	1,742		759		4,124		1,832
Discontinued operations, net	2		(1	)	2		(6	)
Cumulative effect of accounting
changes, net	3		--		3		--
	-------		-------		-------		-------
NET INCOME	$ 1,747		$   758		$ 4,129		$ 1,826
	=======		=======		=======		=======
BASIC EARNINGS PER COMMON SHARE
Income from continuing
operations	$  4.31		$  1.91		$ 10.25		$  4.65
Discontinued operations, net	--		--		--		(.02	)
Cumulative effect of accounting
changes, net	.01		--		.01		--
	-------		-------		-------		-------
	$  4.32		$  1.91		$ 10.26		$  4.63
	=======		=======		=======		=======
DILUTED EARNINGS PER COMMON SHARE
Income from continuing
operations	$  4.24		$  1.88		$ 10.10		$  4.58
Discontinued operations, net	--		--		--		(.01	)
Cumulative effect of accounting
changes, net	.01		--		.01		--
	-------		-------		-------		-------
	$  4.25		$  1.88		$ 10.11		$  4.57
	=======		=======		=======		=======
AVERAGE BASIC COMMON SHARES
OUTSTANDING	404.3		396.3		402.4		394.1
================================	=======		=======		=======		=======

See footnotes on following page.

4

(a) The third quarter 2005 includes a $4 million interest charge to redeem all of the outstanding 5.875-percent senior notes and two unsecured subsidiary notes. The third quarter 2005 also includes a $26 million charge to purchase in the open market and retire $172 million of Occidental's senior notes. The nine months 2005 also includes an $11 million interest charge to redeem all of the outstanding 4.1-percent medium term notes and 7.65-percent senior notes. The third quarter 2004 includes a $5 million interest charge to redeem all of the outstanding 6.5-percent senior notes and purchase in the open market and retire $51 million of Occidental's senior notes. The nine months 2004 also includes an $11 million interest charge to redeem all of the outstanding 8.16-percent Trust Preferred Redeemable Securities.

(b) The third quarter 2005 includes a $335 million tax benefit due to the reversal of tax reserves no longer required as U.S. federal corporate returns for tax years 1998-2000 became closed by lapsing of the statute of limitations. The nine months 2005 also includes a $619 million tax benefit resulting from a closing agreement with the U.S. Internal Revenue Service (IRS) resolving certain foreign tax credit issues and a $10 million charge related to a state income tax issue. The nine months 2004 includes a $20 million credit related to a settlement with the IRS.

(c) The third quarter 2005 includes a $726 million pre-tax gain from Valero's acquisition of Premcor and the subsequent sale of approximately 89 percent of the Valero shares received. The nine months 2005 also includes a $140 million pre-tax gain from the sale of 11 million shares of Lyondell Chemical Company, which represented approximately 27 percent of Occidental's investment.

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

	Third Quarter		Nine Months
	----------------		----------------
($ millions)	2005	2004	2005	2004
================================	=======	=======	=======	=======
CAPITAL EXPENDITURES	$   607	$   466	$ 1,661	$ 1,270
	=======	=======	=======	=======
DEPRECIATION, DEPLETION
AND AMORTIZATION
OF ASSETS	$   376	$   321	$ 1,076	$   969
================================	=======	=======	=======	=======

5

SUMMARY OF OPERATING STATISTICS

	Third Quarter				Nine Months
	----------------				----------------
	2005		2004		2005		2004
=====================================	=======		=======		=======		=======
NET OIL, GAS AND LIQUIDS
PRODUCTION PER DAY
United States
Crude oil and liquids (MBBL)
California	73		77		75		77
Permian	165		154		156		155
Horn Mountain	10		17		13		22
Hugoton	3		3		4		3
	-------		-------		-------		-------
Total	251		251		248		257
Natural Gas (MMCF)
California	239		228		240		235
Hugoton	133		124		131		128
Permian	186		122		167		131
Horn Mountain	6		14		9		15
	-------		-------		-------		-------
Total	564		488		547		509
Latin America
Crude oil (MBBL)
Colombia	38		38		35		37
Ecuador	46		49		42		46
	-------		-------		-------		-------
Total	84		87		77		83
Middle East and North Africa
Crude oil (MBBL)
Oman	12		14		18		13
Qatar	42		44		43		44
Yemen	23		28		29		33
Libya	9		--		3		--
	-------		-------		-------		-------
Total	86		86		93		90
Natural Gas (MMCF)
Oman	35		88		51		52
Other Eastern Hemisphere
Crude oil (MBBL)
Pakistan	5		7		5		8
Natural Gas (MMCF)
Pakistan	81		73		77		74
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	539		539		536		544
Other Interests
Colombia-minority interest	(5	)	(4	)	(4	)	(5	)
Russia-Occidental net interest	27		27		27		29
Yemen-Occidental net interest	1		1		2		1
	-------		-------		-------		-------
Total Worldwide Production (MBOE)	562		563		561		569
=====================================	=======		=======		=======		=======

6

]

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. Therefore, management uses a measure called "core earnings", which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core earnings is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.

The following tables set forth the core earnings and significant items affecting earnings for each operating segment and corporate:

7

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

	Third Quarter
($ millions, except	----------------------------------
per-share amounts	2005		EPS	2004		EPS
=====================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 1,747		$  4.32	$   758		$  1.91
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 1,760			$ 1,216
Less:
Hurricane insurance charge	(9	)		--
	-------			-------
Segment Core Earnings	1,769			1,216
	-------			-------
Chemicals
Segment Earnings	3			141
Less:
Write-off of plants	(159	)		--
Hurricane insurance charge	(5	)		--
	-------			-------
Segment Core Earnings	167			141
	-------			-------
Total Segment Core Earnings	1,936			1,357
	-------			-------
Corporate
Corporate Results --
Non Segment*	(16	)		(599	)
Less:
Gain on sale of Premcor-
Valero shares	726			--
Reversal of tax reserves	335			--
Debt repurchase expense	(30	)		--
Equity investment impairment	(15	)		--
Equity investment hurricane
insurance charge	(2	)		--
Hurricane insurance charge	(10	)		--
Tax effect of pre-tax
adjustments	(178	)		--
Discontinued operations, net**	2			(1	)
Cumulative effect of accounting
changes, net**	3			--
	-------			-------
Corporate Core Results --
Non Segment	(847	)		(598	)
	-------			-------
TOTAL CORE EARNINGS	$ 1,089		$  2.69	$   759		$  1.92
=====================================	=======		=======	=======		=======

 *Interest expense, income taxes, G&A expense and other,and non-core items.

**Amount shown after tax.

8

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

	Nine Months
($ millions, except	----------------------------------
per-share amounts	2005		EPS	2004		EPS
=====================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 4,129		$ 10.36	$ 1,826		$  4.63
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 4,434			$ 3,111
Less:
Contract settlement	(26	)		--
Hurricane insurance charge	(9	)		--
	-------			-------
Segment Core Earnings	4,469			3,111
	-------			-------
Chemicals
Segment Earnings	442			289
Less:
Write-off of plants	(159	)		--
Hurricane insurance charge	(5	)		--
	-------			-------
Segment Core Earnings	606			289
	-------			-------
Total Segment Core Earnings	5,075			3,400
	-------			-------
Corporate
Corporate Results --
Non Segment*	(747	)		(1,574	)
Less:
Debt repurchase expense	(41	)		--
Trust preferred redemption charge	--			(11	)
Gain on sale of Lyondell shares	140			--
Gain on sale of Premcor-
Valero shares	726			--
State tax issue charge	(10	)		--
Settlement of federal
tax issues	619			20
Reversal of tax reserves	335			--
Equity investment impairment	(15	)		--
Equity investment hurricane
insurance charge	(2	)		--
Hurricane insurance charge	(10	)		--
Tax effect of pre-tax
adjustments	(225	)		4
Discontinued operations, net**	2			(6	)
Cumulative effect of accounting
changes, net**	3			--
	-------			-------
Corporate Core Results --
Non Segment	(2,269	)		(1,581	)
	-------			-------
TOTAL CORE EARNINGS	$ 2,806		$  6.97	$ 1,819		$  4.62
=====================================	=======		=======	=======		=======

 *Interest expense, income taxes, G&A expense and other,and non-core items.

**Amount shown after tax.

9

ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS

	Third Quarter				Nine Months
	----------------				----------------
($ millions)	2005		2004		2005		2004
=====================================	=======		=======		=======		=======
PRE-TAX
INCOME / (EXPENSE)
Oil & Gas
Exploration impairments	(1	)	(14	)	(86	)	(59	)
Corporate
Environmental remediation	(10	)	--		(29	)	--

10

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OCCIDENTAL PETROLEUM CORPORATION

(Registrant)

DATE: October 31, 2005	/s/ Jim A. Leonard
	Jim A. Leonard, Vice President and Controller (Principal Accounting and Duly Authorized Officer)

EXHIBIT INDEX

99.1 Press release dated October 31, 2005.

99.2 Full text of speeches given by Dr. Ray R. Irani and Stephen I. Chazen

99.3 Investor Relations Supplemental Schedules

EX-99

EXHIBIT 99.1

For Immediate Release: October 31, 2005

OCCIDENTAL PETROLEUM ANNOUNCES RECORD THIRD QUARTER EARNINGS

LOS ANGELES -- Occidental Petroleum Corporation (NYSE:OXY) announced net income for the third quarter 2005 of $1.747 billion ($4.32 per share), compared with $758 million ($1.91 per share) for the third quarter 2004. Included in the third quarter 2005 net income are the effects of three significant items — a $463 million after-tax gain resulting from Valero's acquisition of Premcor, a $335 million tax benefit due to the reversal of tax reserves no longer required and a $98 million after-tax charge from the write-off of certain chemical plants. Core earnings for the third quarter were $1.089 billion ($2.69 per share), compared with $759 million ($1.92 per share) for the same period in 2004.

In announcing the results, Dr. Ray R. Irani, chairman, president and chief executive officer, said, "In the current commodity price environment we continue to strengthen our operational and financial fundamentals, as well as enhance our potential for above-average production growth. In July, Oxy became the first U.S. oil company to resume oil producing operations in Libya, and the government of Oman approved a contract for Oxy to develop the Mukhaizna oil field, one of the largest oil fields in the country. We began operating Mukhaizna on September 1. We also had our first lifting of Libyan crude oil in late September. Earlier this month, we announced the acquisition of Vintage Petroleum, which is the latest in a series of strategic transactions aimed at strengthening the company's prospects for material growth in its core areas in California, the Middle East and Latin America. We also announced a 16-percent increase in the dividend rate and the

planned repurchase of 9 million Oxy shares. All of our actions are driven by a disciplined strategy, built around the objective of producing superior total returns for our stockholders by balancing near term profitability with sustainable long-term growth."

Oil and Gas

Oil and gas segment earnings were $1.760 billion for the third quarter 2005, compared with $1.216 billion for the third quarter 2004, an increase of approximately 45 percent. The third quarter 2005 included a $9 million insurance premium increase related to hurricanes in the Gulf of Mexico. After adjusting for the impact of this increase, core earnings were $1.769 billion for the quarter. The improvement in the third quarter 2005 core earnings included $692 million from higher worldwide crude oil and gas prices, partially offset by higher operating, exploration, and other costs and increased DD&A rates.

Chemicals

Chemical segment earnings were $3 million for the third quarter 2005, compared with $141 million for the third quarter 2004. The third quarter 2005 included a $139 million charge for the write-off of two previously idled plants and one currently operated plant, a charge of $20 million for the write-down of a plant and a $5 million charge due to higher insurance premiums directly related to hurricanes in the Gulf of Mexico. After adjusting for the $164 million pre-tax charges, core earnings were $167 million for the third quarter 2005, compared with $141 million for last year's third quarter.

The improvement in the third quarter 2005 core earnings was primarily due to higher margins in chlorine, caustic soda and polyvinyl chloride resulting from higher sales prices, partially offset by higher energy and feedstock costs. Volumes

2

were reduced and feedstock costs increased as a result of the hurricanes.

Other Items

The $335 million tax benefit recorded in the third quarter 2005 is due to the reversal of tax reserves no longer required as U.S. federal corporate returns for tax years 1998-2000 became closed due to the lapsing of the statute of limitations.

A $726 million pre-tax gain resulting from Valero's acquisition of Premcor and our subsequent sale of 89 percent of the Valero shares received was recorded in the third quarter 2005. Occidental tendered its 9 million shares of Premcor for cash and shares of Valero Energy Corporation stock pursuant to the Premcor-Valero merger agreement.

Nine-Months Results

For the first nine months of 2005, net income was $4.129 billion ($10.26 per share), compared with $1.826 billion ($4.63 per share) for the first nine months of 2004.

Core income was $2.806 billion for 2005, compared with $1.819 billion for 2004. See the attached schedules for a reconciliation of net income to core earnings for the third quarter and nine months.

Worldwide production for the first nine months of 2005 was 561,000 barrels of oil equivalent per day, compared to 569,000 barrels for the first nine months of 2004. Horn Mountain's production for the first nine months of 2005 was 14,500 barrels of oil equivalent, compared to 24,500 barrels of oil equivalent in 2004, primarily as a result of weather in the Gulf of Mexico and scheduled maintenance downtime. Compared to a year ago, production under the company's production-sharing contracts in Oman, Qatar, Yemen and Long Beach was negatively impacted by higher prices. If prices had remained at the nine months 2004 levels, production in the first nine months of 2005 would have been about 13,000 equivalent barrels per day higher. The nine

3

months of 2005 included production of 13,000 equivalent barrels per day from the recent Permian acquisitions and the first lifting from Libya of 3,000 barrels per day.

Additional Information and Where to Find It

Oxy will file a Form S-4, Vintage will file a proxy statement and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4 AND PROXY STATEMENT WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Oxy free of charge by contacting Christel Pauli, Counsel and Assistant Secretary, Occidental Petroleum Corporation, at 10889 Wilshire Blvd., Los Angeles, California 90024. The documents will also be available online at www.oxy.com.

Participants in the Solicitation

Oxy, Vintage and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Vintage shareholders in connection with the merger. Information about the directors and executive officers of Oxy and their ownership of Oxy stock is set forth in the proxy statement for Oxy's 2005 Annual Meeting of Shareholders. Information about the directors and executive officers of Vintage and their ownership of Vintage stock is set forth in the proxy statement for Vintage's 2005 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the Form

4

S-4 and proxy statement for the merger when they become available.

Investors should read the Form S-4 and proxy statement carefully when they become available before making any voting or investment decisions.

Forward-Looking Statements

The matters set forth in this press release, including statements as to the expected benefits of the Vintage acquisition such as material growth in Oxy's core areas, and other statements identified by such words as "will," "estimates," "expects," "hopes," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could significantly affect expected results, including a delay in or failure to obtain required approvals, the possibility that the anticipated benefits from the acquisition cannot be fully realized, the possibility that costs or difficulties related to the integration will be greater than expected, the ability to manage regulatory, tax and legal matters, and the impact of competition. Other risk factors that could cause results to differ materially from those set forth in forward-looking statements in this press release include, but are not limited to: changes in tax rates, exploration risks, global commodity pricing fluctuations and supply and demand considerations for oil, gas and chemicals and higher than expected costs. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Oxy undertakes no obligation to update publicly any forward-looking statements, whether as a

5

result of new information, future events or otherwise. Actual results may differ from those set forth in the forward-looking statements.

The SEC limits the ability of oil and natural gas companies, in their filings with the SEC, to disclose reserves other than proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and recoverable reserves, that the SEC's guidelines limit in filings with the SEC.

Information contained in this press release regarding Vintage's production, reserves, results, assets and other information has been taken from Vintage's public filings with the SEC. Oxy makes no representation with respect to the accuracy of this information.

-0-

Contacts:  Lawrence P. Meriage (media)

           310-443-6562

           Kenneth J. Huffman (investors)

           212-603-8183

           For further analysis of Occidental's quarterly

           performance, please visit the website: www.oxy.com

6

SUMMARY OF SEGMENT NET SALES AND EARNINGS
	Third Quarter				Nine Months
($ millions, except	----------------				----------------
per share amounts)	2005		2004		2005		2004
================================	=======		=======		=======		=======
SEGMENT NET SALES
Oil and Gas	$ 2,817		$ 2,033		$ 7,389		$ 5,509
Chemical	1,190		945		3,379		2,690
Other	50		27		110		87
	-------		-------		-------		-------
Net sales	$ 4,057		$ 3,005		$10,878		$ 8,286
================================	=======		=======		=======		=======
SEGMENT EARNINGS
Oil and Gas	$ 1,760		$ 1,216		$ 4,434		$ 3,111
Chemical	3		141		442		289
	-------		-------		-------		-------
	1,763		1,357		4,876		3,400
Unallocated Corporate Items
Interest expense, net (a)	(70	)	(59	)	(178	)	(187	)
Income taxes (b)	(611	)	(495	)	(1,256	)	(1,242	)
Other (c)	660		(44	)	682		(139	)
	-------		-------		-------		-------
Income from Continuing Operations	1,742		759		4,124		1,832
Discontinued operations, net	2		(1	)	2		(6	)
Cumulative effect of accounting
changes, net	3		--		3		--
	-------		-------		-------		-------
NET INCOME	$ 1,747		$   758		$ 4,129		$ 1,826
	=======		=======		=======		=======
BASIC EARNINGS PER COMMON SHARE
Income from continuing
operations	$  4.31		$  1.91		$ 10.25		$  4.65
Discontinued operations, net	--		--		--		(.02	)
Cumulative effect of accounting
changes, net	.01		--		.01		--
	-------		-------		-------		-------
	$  4.32		$  1.91		$ 10.26		$  4.63
	=======		=======		=======		=======
DILUTED EARNINGS PER COMMON SHARE
Income from continuing
operations	$  4.24		$  1.88		$ 10.10		$  4.58
Discontinued operations, net	--		--		--		(.01	)
Cumulative effect of accounting
changes, net	.01		--		.01		--
	-------		-------		-------		-------
	$  4.25		$  1.88		$ 10.11		$  4.57
	=======		=======		=======		=======
AVERAGE BASIC COMMON SHARES
OUTSTANDING	404.3		396.3		402.4		394.1
================================	=======		=======		=======		=======

See footnotes on following page.

7

(a) The third quarter 2005 includes a $4 million interest charge to redeem all of the outstanding 5.875-percent senior notes and two unsecured subsidiary notes. The third quarter 2005 also includes a $26 million charge to purchase in the open market and retire $172 million of Occidental's senior notes. The nine months 2005 also includes an $11 million interest charge to redeem all of the outstanding 4.1-percent medium term notes and 7.65-percent senior notes. The third quarter 2004 includes a $5 million interest charge to redeem all of the outstanding 6.5-percent senior notes and purchase in the open market and retire $51 million of Occidental's senior notes. The nine months 2004 also includes an $11 million interest charge to redeem all of the outstanding 8.16-percent Trust Preferred Redeemable Securities.

(b) The third quarter 2005 includes a $335 million tax benefit due to the reversal of tax reserves no longer required as U.S. federal corporate returns for tax years 1998-2000 became closed by lapsing of the statute of limitations. The nine months 2005 also includes a $619 million tax benefit resulting from a closing agreement with the U.S. Internal Revenue Service (IRS) resolving certain foreign tax credit issues and a $10 million charge related to a state income tax issue. The nine months 2004 includes a $20 million credit related to a settlement with the IRS.

(c) The third quarter 2005 includes a $726 million pre-tax gain from Valero's acquisition of Premcor and the subsequent sale of approximately 89 percent of the Valero shares received. The nine months 2005 also includes a $140 million pre-tax gain from the sale of 11 million shares of Lyondell Chemical Company, which represented approximately 27 percent of Occidental's investment.

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

	Third Quarter		Nine Months
	----------------		----------------
($ millions)	2005	2004	2005	2004
================================	=======	=======	=======	=======
CAPITAL EXPENDITURES	$   607	$   466	$ 1,661	$ 1,270
	=======	=======	=======	=======
DEPRECIATION, DEPLETION
AND AMORTIZATION
OF ASSETS	$   376	$   321	$ 1,076	$   969
================================	=======	=======	=======	=======

8

SUMMARY OF OPERATING STATISTICS

	Third Quarter				Nine Months
	----------------				----------------
	2005		2004		2005		2004
=====================================	=======		=======		=======		=======
NET OIL, GAS AND LIQUIDS
PRODUCTION PER DAY
United States
Crude oil and liquids (MBBL)
California	73		77		75		77
Permian	165		154		156		155
Horn Mountain	10		17		13		22
Hugoton	3		3		4		3
	-------		-------		-------		-------
Total	251		251		248		257
Natural Gas (MMCF)
California	239		228		240		235
Hugoton	133		124		131		128
Permian	186		122		167		131
Horn Mountain	6		14		9		15
	-------		-------		-------		-------
Total	564		488		547		509
Latin America
Crude oil (MBBL)
Colombia	38		38		35		37
Ecuador	46		49		42		46
	-------		-------		-------		-------
Total	84		87		77		83
Middle East and North Africa
Crude oil (MBBL)
Oman	12		14		18		13
Qatar	42		44		43		44
Yemen	23		28		29		33
Libya	9		--		3		--
	-------		-------		-------		-------
Total	86		86		93		90
Natural Gas (MMCF)
Oman	35		88		51		52
Other Eastern Hemisphere
Crude oil (MBBL)
Pakistan	5		7		5		8
Natural Gas (MMCF)
Pakistan	81		73		77		74
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	539		539		536		544
Other Interests
Colombia-minority interest	(5	)	(4	)	(4	)	(5	)
Russia-Occidental net interest	27		27		27		29
Yemen-Occidental net interest	1		1		2		1
	-------		-------		-------		-------
Total Worldwide Production (MBOE)	562		563		561		569
=====================================	=======		=======		=======		=======

9

]

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. Therefore, management uses a measure called "core earnings", which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core earnings is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.

The following tables set forth the core earnings and significant items affecting earnings for each operating segment and corporate:

10

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

	Third Quarter
($ millions, except	----------------------------------
per-share amounts	2005		EPS	2004		EPS
=====================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 1,747		$  4.32	$   758		$  1.91
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 1,760			$ 1,216
Less:
Hurricane insurance charge	(9	)		--
	-------			-------
Segment Core Earnings	1,769			1,216
	-------			-------
Chemicals
Segment Earnings	3			141
Less:
Write-off of plants	(159	)		--
Hurricane insurance charge	(5	)		--
	-------			-------
Segment Core Earnings	167			141
	-------			-------
Total Segment Core Earnings	1,936			1,357
	-------			-------
Corporate
Corporate Results --
Non Segment*	(16	)		(599	)
Less:
Gain on sale of Premcor-
Valero shares	726			--
Reversal of tax reserves	335			--
Debt repurchase expense	(30	)		--
Equity investment impairment	(15	)		--
Equity investment hurricane
insurance charge	(2	)		--
Hurricane insurance charge	(10	)		--
Tax effect of pre-tax
adjustments	(178	)		--
Discontinued operations, net**	2			(1	)
Cumulative effect of accounting
changes, net**	3			--
	-------			-------
Corporate Core Results --
Non Segment	(847	)		(598	)
	-------			-------
TOTAL CORE EARNINGS	$ 1,089		$  2.69	$   759		$  1.92
=====================================	=======		=======	=======		=======

 *Interest expense, income taxes, G&A expense and other,and non-core items.

**Amount shown after tax.

11

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

	Nine Months
($ millions, except	----------------------------------
per-share amounts	2005		EPS	2004		EPS
=====================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 4,129		$ 10.36	$ 1,826		$  4.63
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 4,434			$ 3,111
Less:
Contract settlement	(26	)		--
Hurricane insurance charge	(9	)		--
	-------			-------
Segment Core Earnings	4,469			3,111
	-------			-------
Chemicals
Segment Earnings	442			289
Less:
Write-off of plants	(159	)		--
Hurricane insurance charge	(5	)		--
	-------			-------
Segment Core Earnings	606			289
	-------			-------
Total Segment Core Earnings	5,075			3,400
	-------			-------
Corporate
Corporate Results --
Non Segment*	(747	)		(1,574	)
Less:
Debt repurchase expense	(41	)		--
Trust preferred redemption charge	--			(11	)
Gain on sale of Lyondell shares	140			--
Gain on sale of Premcor-
Valero shares	726			--
State tax issue charge	(10	)		--
Settlement of federal
tax issues	619			20
Reversal of tax reserves	335			--
Equity investment impairment	(15	)		--
Equity investment hurricane
insurance charge	(2	)		--
Hurricane insurance charge	(10	)		--
Tax effect of pre-tax
adjustments	(225	)		4
Discontinued operations, net**	2			(6	)
Cumulative effect of accounting
changes, net**	3			--
	-------			-------
Corporate Core Results --
Non Segment	(2,269	)		(1,581	)
	-------			-------
TOTAL CORE EARNINGS	$ 2,806		$  6.97	$ 1,819		$  4.62
=====================================	=======		=======	=======		=======

 *Interest expense, income taxes, G&A expense and other,and non-core items.

**Amount shown after tax.

12

ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS

	Third Quarter				Nine Months
	----------------				----------------
($ millions)	2005		2004		2005		2004
=====================================	=======		=======		=======		=======
PRE-TAX
INCOME / (EXPENSE)
Oil & Gas
Exploration impairments	(1	)	(14	)	(86	)	(59	)
Corporate
Environmental remediation	(10	)	--		(29	)	--

13

EX-99

EXHIBIT 99.2

Occidental Petroleum Corporation

DR. RAY R. IRANI

Chairman and Chief Executive Officer

– Conference Call –

Third Quarter 2005 Earnings Announcement

October 31, 2005

Los Angeles, California

Good morning and thank you for joining us.

High commodity prices, supported by strong oil and gas industry fundamentals, have been key contributors to another record quarter for Oxy and the best nine months in our history Steve Chazen will discuss our financial results in detail shortly. But first, I'd like to focus briefly on the steps we've taken recently to enhance both our near term financial and operational performance and our potential for above average long term production growth.

On September 1st, we replaced Royal Dutch Shell as the operator of the Mukhaizna oil field in Oman As we announced earlier this year, we and our partners plan to invest in excess of $2 billion to implement a large-scale steam flood to increase gross production from the current level of about 10,000 barrels per day to approximately 150,000 barrels per day within the next few years. Current plans call for the recovery of approximately one billion barrels over the life of the project.

In late September, we lifted our first cargo of Libyan crude oil since returning to our historic contract areas after an absence of nearly twenty years. According to our current estimate, we expect our Libyan operations will account for approximately 22,000 barrels per day of Oxy's year-end

2005 production exit rate. That's 7,000 to 10,000 barrels per day higher than our initial estimates.

Since we were awarded nine blocks during Libya's first bid round last January, we have been conducting technical evaluations of our holdings. We expect to begin shooting seismic in the next couple of weeks and anticipate drilling our first exploration well in mid-2006.

I should also point out that work is proceeding on schedule for the massive Dolphin gas project, with first gas expected at the end of 2006. We expect this project to achieve gross production of approximately 2 billion cubic feet per day in 2007.

Earlier this month, we announced the acquisition of Vintage Petroleum for a combination of cash and Oxy stock valued at approximately $3.8 billion. This acquisition is consistent with our strategy of focusing on oil and gas assets with growth potential located in our three core geographic areas of the U.S., Latin America and the Middle East. In addition, these assets are a good operational fit with our technical experience of enhancing oil and gas recovery from fields already in production.

In announcing the Vintage acquisition, we also announced our intent to repurchase 9 million Oxy shares.

As you know, our business strategy also calls for maintaining a strong balance sheet. During the year, we have paid off $890 million of debt, bringing our debt to capitalization ratio down to the teens. In announcing the Vintage acquisition and share repurchase program, we said we would finance these transactions from cash on hand at the end of the third quarter, plus cash we expect to generate in the current quarter. Following the announcement, the four major rating agencies reaffirmed Oxy's "Single A" rating.

2

Earlier this month we also announced a 16 percent dividend increase, raising the quarterly dividend to 36-cents per share, for an annual rate of $1.44 per share. That's the fourth time since 2002 that we have increased the dividend. The board of directors evaluates the dividend policy annually as part of our commitment to enhance total returns to our stockholders.

I'll now turn the call over to Steve Chazen.

3

Occidental Petroleum Corporation

STEPHEN CHAZEN

Senior Executive Vice President and Chief Financial Officer

– Conference Call –

Third Quarter 2005 Earnings Announcement

October 31, 2005

Los Angeles, California

Thank you, Ray.

Net income for the third quarter was $1.747 billion, or $4.32 per share. This is more than double the $758 million, or $1.91 per share, we earned in last year's third quarter. This year's results were affected by a $463 million after tax gain resulting from Valero's acquisition of Premcor, a $335 million tax benefit from the reversal of tax reserves and a $98 million after tax write-off of chemical plants. Our Premcor stock had an average cost of $10.75 per share. The Valero acquisition had a cash and stock value of almost $89 per share. Included in the above is a realized pre-tax gain of $22 million from the sale of all but 500,000 shares received from Valero.

Core earnings, which exclude the impact of the sale of Premcor shares, the tax reversal, the chemicals write down and other hurricane-related and debt charges, were $1.089 billion, or $2.69 per share. This compares favorably to the $759 million, or $1.92 per share, we earned in the same period last year. Our strong performance was driven by three items - higher energy prices, improved chemical earnings and lower interest expense.

Here's the segment breakdown for the third quarter.

• Oil and gas core earnings were a record $1.77 billion. This was approximately 45 percent higher than the $1.22 billion in core

4

	earnings during the same period a year ago. The price for West Texas Intermediate crude oil increased by 44 percent compared to last year. This year's results were driven by higher energy prices that were partially offset by higher costs and increased DD&A.
•	During our conference call at the end of the second quarter, we said we expected worldwide oil and gas production to average about 570,000 equivalent barrels per day, depending on the weather in the Gulf of Mexico and product prices which affect our production sharing contracts in Oman, Qatar, Yemen and Long Beach. As a result of higher oil prices and the hurricanes in the Gulf, production averaged 562,000 barrels of oil equivalent per day, which was 1.3 percent higher than the second quarter.
•	Production during the quarter reflects the loss of 5,000 equivalent barrels per day due to 37 days of downtime at Horn Mountain in the Gulf of Mexico. In addition, higher product prices reduced our net volumes from our production sharing contracts by about 8,000 barrels per day compared to the second quarter. The total production loss for the quarter averaged 13,000 equivalent barrels per day compared to last quarter.
•	The price of WTI for the quarter increased to $63.19 per barrel from $43.87 per barrel in last year's third quarter. Oxy's realized oil price for the quarter was $55.04 per barrel compared to $37.87 per barrel in last year's third quarter, which represents an increase of 45 percent.
•	Exploration costs for the quarter were $55 million.
•	The chemical segment's core earnings were $167 million compared to third quarter 2004 earnings of $141 million. This year's reported third

5

	quarter chemical results had $164 million of pre-tax charges, including $159 million for plant write-offs and $5 million for hurricane related increases in insurance costs.
•	Our chemical operations were hurt by high natural gas prices. Product prices have not risen fast enough to keep pace with rising energy and ethylene costs. It will take several months to restore margins to pre-hurricane levels.
•	After consolidating the Vulcan acquisition, we decided to close our least competitive plants and upgrade our remaining operations. As a result, we permanently closed two plants in Deer Park and Ingleside, Texas that had previously been idled. We're also shutting down a third plant operating in Delaware City, Delaware, which is a chlor-alkali facility. These closures will reduce our capacity by 10 percent and U.S. capacity by 3 percent. Netting the capacity losses from these plants against the gain from the Vulcan acquisition, our net capacity will increase by 11 percent to 3.65 million tons per year of chlorine.
•	We record the equity earnings from our investment in Lyondell Chemical Company in corporate "Other". Our sale of Lyondell shares in the second quarter reduced Oxy's Lyondell holdings to 30.3 million shares. Lyondell reported their third quarter results which included a charge against earnings for an impairment and hurricane insurance costs. Lyondell treated the charge as an unusual item — and we included it in "Non-Core".
•	Our net interest expense declined to $40 million for the quarter, excluding $30 million related to buying back debt. This compares to net interest expense for the third quarter of 2004 of $54 million, which excludes $5 million related to debt retirement.

6

• We have adopted SFAS 123(R) in the third quarter which changes the way the company accounted for its stock based compensation. Since most of Oxy's existing stock-based compensation was already recorded in the income statement, we decided to adopt SFAS 123(R) early, so that the remaining awards are accounted for in a consistent manner. The cumulative effect of adopting this statement was immaterial.

Let me now turn to Occidental's performance through the first nine months.

• Net income was $4.129 billion, compared to $1.826 billion the first nine months last year.

• Over the nine months, Oxy's annualized return on equity was 45 percent, and our annualized return on capital employed was 36 percent.

• Core earnings were a record $2.8 billion — or almost $1 billion higher than the comparable period last year.

• Oil and gas core earnings were $4.47 billion, which represents a $1.36 billion increase over the first nine months in 2004.

• Oil and gas production for the first nine months averaged 561,000 equivalent barrels per day, compared to 569,000 equivalent barrels per day during the comparable period last year.

• During the first nine months of this year, Horn Mountain's production averaged 10,000 equivalent barrels per day less than last year due primarily to the impact of the hurricanes, as well as scheduled downtime for maintenance.

7

• In addition, our net production volumes under our production sharing contracts over nine months were negatively affected by the robust price environment in 2005. If prices had remained at their 2004 levels, our net production volumes under these contracts would have been 13,000 equivalent barrels per day higher than last year.

• On the plus side, 2005 includes an average of 13,000 equivalent barrels per day from recent Permian acquisitions, the largest of which was concluded in late May.

• WTI averaged $55.40 per barrel compared with $39.11 for the comparable period last year, which represents an increase of nearly 42 percent. Occidental's realized oil price was $47.39 per barrel compared to $33.78 per barrel in 2004.

• Our oil and gas production costs have increased by approximately $1.50 per barrel compared to the average costs for last year. Approximately 50 percent of the increase was a result of higher energy prices pushing up utility, gas plant and CO2 costs, along with property and severance taxes. The remaining cost changes were the result of increased workover, maintenance and other costs.

• In chemicals, core earnings were $606 million, which represents a $317 million — or 110 percent — improvement compared to the first nine months of last year. This is due to higher margins for our products which were caused by higher sales prices for caustic and polyvinyl chloride. These increases were partially offset by higher feedstock and energy costs.

8

• Our net interest expense, excluding debt retirement charges, for the first nine months declined to $137 million — compared to $176 million for the same period last year.

• Capital spending was $607 million for the quarter and $1.66 billion for the first nine months.

• Cash flow from operations for the nine-month period was $3.7 billion.

• Since the beginning of the year, we have reduced Oxy's total debt by approximately $890 million, to $3 billion at the end of the quarter.

• During the first nine months, stockholders' equity had grown by $3.4 billion, to $13.9 billion - and the company had $1.7 billion in cash at the end of the quarter.

As we look ahead in the current quarter -

We expect oil and gas production to average between 580,000 and 590,000 equivalent barrels per day, depending on the following factors.

• October production at Horn Mountain has already been significantly impacted. The Horn Mountain production facilities and pipelines were not harmed, but damage to infrastructure onshore halted and subsequently limited production. As a result, Oxy's net October production from Horn Mountain is expected to average approximately 6,000 equivalent barrels per day. Production, which is currently averaging 14,500 equivalent barrels per day net to Oxy, remains constrained by ongoing repairs to onshore infrastructure and processing facilities. We would expect our net year-end 2005 production exit rate to be approximately 17,500 equivalent barrels per day.

9

• Production also will continue to be impacted by product prices that affect our production sharing contracts. In this product price range for the current quarter, each dollar per barrel change in the price of oil impacts production by approximately 700 barrels per day.

• We also made a small Permian acquisition in the third quarter, which is mostly gas. The benefit of this incremental production of 4,000 equivalent barrels per day will be realized in the current quarter.

• We have two liftings scheduled for Libya in November and December that are expected to total 2 million barrels, reflecting average production from Libya for the fourth quarter of approximately 22,000 barrels per day.

With regard to prices -

• Each dollar per barrel change in oil prices impacts Oil and Gas segment fourth quarter earnings by about $37 million before the impact of foreign income taxes.

• A swing of 10-cents per million BTUs in gas prices has a $5 million impact on quarterly segment earnings. Our realized domestic gas price in the fourth quarter is expected to be $9.95 per million cubic feet compared to $6.33 in the third quarter.

Additionally -

• Exploration expense for the quarter is estimated to be about $90 million.

• In the chemical business, the fourth quarter is typically the weakest quarter due to seasonal factors. Fourth quarter feedstock and energy costs will be higher than in the third quarter. We have not yet been able to pass along all of the recent increase in feedstock and energy

10

	costs in our product prices. As a result of these factors, we expect a weaker quarter for our chemical business, with earnings in the range of $90 to $120 million.
•	We expect total capital spending for the year to be approximately $2.4 billion — with oil and gas accounting for more than 90 percent of the expenditures.
•	Fourth quarter interest expense is expected to be approximately $30 million.
•	Our worldwide effective tax rate for the third quarter was 41 percent, and we expect the rate to remain unchanged for the rest of this year. Both our U. S. and foreign tax rates are included in the "Investor Relations Supplemental Schedule".

Copies of the press release announcing our third quarter earnings and the Investor Relations Supplemental Schedules are available on our website www.oxy.com or through the SEC's EDGAR system.

Now we're ready to take your questions.

See the investor relations supplemental schedules for the reconciliation of non-GAAP items. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this presentation, such as probable, possible and recoverable reserves, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. 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.

11

Additional Information and Where to Find It

Oxy will file a Form S-4, Vintage will file a proxy statement and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4 AND PROXY STATEMENT WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Oxy free of charge by contacting Christel Pauli, Counsel and Assistant Secretary, Occidental Petroleum Corporation, at 10889 Wilshire Blvd., Los Angeles, California 90024. The documents will also be available online at www.oxy.com.

Participants in the Solicitation

Oxy, Vintage and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Vintage shareholders in connection with the merger. Information about the directors and executive officers of Oxy and their ownership of Oxy stock is set forth in the proxy statement for Oxy's 2005 Annual Meeting of Shareholders. Information about the directors and executive officers of Vintage and their ownership of Vintage stock is set forth in the proxy statement for Vintage's 2005 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the Form S-4 and proxy statement for the merger when they become available. Investors should read the Form S-4 and proxy statement carefully when they become available before making any voting or investment decisions.

Forward-Looking Statements

The matters set forth in this presentation, including statements as to the expected benefits of the Vintage acquisition such as material growth in Oxy's core areas, and other statements identified by such words as "will," "estimates," "expects," "hopes," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could significantly affect expected results, including a delay in or failure to obtain required approvals, the possibility that the anticipated benefits from the

12

acquisition cannot be fully realized, the possibility that costs or difficulties related to the integration will be greater than expected, the ability to manage regulatory, tax and legal matters, and the impact of competition. Other risk factors that could cause results to differ materially from those set forth in the forward-looking statements in this presentation include, but are not limited to: changes in tax rates, exploration risks, global commodity pricing fluctuations and supply and demand considerations for oil, gas and chemicals and higher than expected costs. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Oxy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ from those set forth in the forward-looking statements.

Information contained in this presentation regarding Vintage's production, reserves, results, assets and other information has been taken from Vintage's public filings with the SEC. Oxy makes no representation with respect to the accuracy of this information.

13

EX-99

EXHIBIT 99.3

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2005 Third Quarter
Net Income (Loss)
($ millions)
	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	1,760		$	9		Hurricane insurance charge	$	1,769
Chemical		3			159		Write-off of plants		167
					5		Hurricane insurance charge
Corporate
Interest expense, net		(70	)		30		Debt repurchase expense		(40	)
Other		660			(726	)	Sale of Premcor / Valero shares		(39	)
					15		Equity investment impairment
					2		Equity investment hurricane
							insurance charge
					10		Hurricane insurance charge
Taxes		(611	)		178		Tax effect of adjustments		(768	)
					(335	)	Tax reserve reversal
Income from continuing operations		1,742			(653	)			1,089
Discontinued operations, net of tax		2			(2	)	Discontinued operations, net		--
Cumulative effect of acct changes, net	3			(3		)	Cumulative effect of acct chg	--
Net Income	$	1,747		$	(658	)		$	1,089
Basic Earnings Per Common Share
Income from continuing operations	$	4.31						$	2.69
Discontinued operations, net		--							--
Cumulative effect of acct changes, net	0.01							--
Net Income	$	4.32						$	2.69

1

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2004 Third Quarter
Net Income (Loss)
($ millions)
	Reported Income			Significant Items Affecting Income			Core Earnings
Oil & Gas	$	1,216					$	1,216
Chemical		141						141
Corporate
Interest expense, net		(59	)					(59	)
Other		(44	)					(44	)
Taxes		(495	)					(495	)
Income from continuing operations		759			--			759
Discontinued operations, net of tax	(1		)	1		Discontinued operations, net	--
Net Income	$	758		$	1		$	759
Basic Earnings Per Common Share
Income from continuing operations	$	1.91					$	1.92
Discontinued operations, net of tax	--						--
Net Income	$	1.91					$	1.92

2

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2005 First Nine Months
Net Income (Loss)
($ millions)
	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	4,434		$	26		Contract settlement	$	4,469
					9		Hurricane insurance charge
Chemical		442			159		Write-off of plants		606
					5		Hurricane insurance charge
Corporate
Interest expense, net		(178	)		41		Debt repurchase expense		(137	)
Other		682			(140	)	Sale of Lyondell shares		(157	)
					(726	)	Sale of Premcor / Valero shares
					15		Equity investment impairment
					2		Equity investment hurricane
							insurance charge
					10		Hurricane insurance charge
Taxes		(1,256	)		225		Tax effect of adjustments		(1,975	)
					(335	)	Tax reserve reversal
					(619	)	Settlement of federal tax issue
				10			State tax charge
Income from continuing operations		4,124			(1,318	)			2,806
Discontinued operations, net		2			(2	)	Discontinued operations, net		--
Cumulative effect of acct changes, net	3			(3		)	Cumulative effect of acct chg	--
Net Income	$	4,129		$	(1,323	)		$	2,806
Basic Earnings Per Common Share
Income from continuing operations	$	10.25						$	6.97
Discontinued operations, net		--							--
Cumulative effect of acct changes, net	0.01							--
Net Income	$	10.26						$	6.97

3

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2004 First Nine Months
Net Income (Loss)
($ millions)
	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	3,111						$	3,111
Chemical		289							289
Corporate
Interest expense, net		(187	)		11		Trust preferred redemption		(176	)
Other		(139	)						(139	)
Taxes		(1,242	)		(20	)	IRS settlements		(1,266	)
					(4	)	Tax effects of adjustments
Income from continuing operations		1,832			(13	)			1,819
Discontinued operations, net of tax	(6		)	6			Discontinued operations, net	--
Net Income	$	1,826		$	(7	)		$	1,819
Basic Earnings Per Common Share
Income from continuing operations	$	4.65						$	4.62
Discontinued operations, net of tax	(0.02		)					--
Net Income	$	4.63						$	4.62

4

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Items Affecting Comparability of Core Earnings Between Periods

The item(s) below are included in core earnings but are shown in this table
because they affect the comparability of core earnings between periods.

Pre-tax Income / (Expense)	Third Quarter				Nine Months
	2005		2004		2005		2004
Oil & Gas
Exploration impairments	(1	)	(14	)	(86	)	(59	)
Corporate
Environmental remediation	(10	)	--		(29	)	--

5

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate

	QUARTERLY						YEAR-TO-DATE
REPORTED INCOME	2005 QTR 3		2005 QTR 2		2004 QTR 3		2005 9 Months		2004 9 Months
Oil & Gas (a)	1,760		1,325		1,216		4,434		3,111
Chemicals	3		225		141		442		289
Corporate & other	590		26		(103	)	504		(326	)
Pre-tax income	2,353		1,576		1,254		5,380		3,074
Income tax expense
Federal and state	185		(256	)	278		278		685
Foreign (a)	426		300		217		978		557
Total	611		44		495		1,256		1,242
Income from continuing operations	1,742		1,532		759		4,124		1,832
Worldwide effective tax rate	26%		3%		39%		23%		40%
CORE INCOME	2005 QTR 3		2005 QTR 2		2004 QTR 3		2005 9 Months		2004 9 Months
Oil & Gas (a)	1,769		1,351		1,216		4,469		3,111
Chemicals	167		225		141		606		289
Corporate & other	(79	)	(113	)	(103	)	(294	)	(315	)
Pre-tax income	1,857		1,463		1,254		4,781		3,085
Income tax expense
Federal and state	342		312		278		997		709
Foreign (a)	426		300		217		978		557
Total	768		612		495		1,975		1,266
Core income	1,089		851		759		2,806		1,819
Worldwide effective tax rate	41%		42%		39%		41%		41%

(a) Revenues and income tax expense include taxes owed by Occidental but paid by governmental entities on its behalf. Oil and gas pre-tax income includes the following revenue amounts by periods.

2005 QTR 3	2005 QTR 2	2004 QTR 3	2005 9 Months	2004 9 Months
263	226	149	676	382

6

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM 2005 Third Quarter Net Income (Loss) Reported Income Comparison
	Third Quarter 2005			Second Quarter 2005			B / (W)
Oil & Gas	$	1,760		$	1,325		$	435
Chemical		3			225			(222	)
Corporate
Interest expense, net		(70	)		(47	)		(23	)
Other		660			73			587
Taxes	(611		)	(44		)	(567		)
Income from continuing operations		1,742			1,532			210
Discontinued operations, net		2			4			(2	)
Cumulative effect of acct changes, net	3			--			3
Net Income	$	1,747		$	1,536		$	211
Basic Earnings Per Common Share
Income from continuing operations	$	4.31		$	3.81		$	0.50
Discontinued operations, net		--			0.01			(0.01	)
Cumulative effect of acct changes, net	0.01			--			0.01
Net Income	$	4.32		$	3.82		$	0.50
Worldwide Effective Tax Rate		26%			3%			-23%
OCCIDENTAL PETROLEUM 2005 Third Quarter Net Income (Loss) Core Earnings Comparison
	Third Quarter 2005			Second Quarter 2005			B / (W)
Oil & Gas	$	1,769		$	1,351		$	418
Chemical		167			225			(58	)
Corporate
Interest expense, net		(40	)		(46	)		6
Other		(39	)		(67	)		28
Taxes	(768		)	(612		)	(156		)
Net Income	$	1,089		$	851		$	238
Basic Earnings Per Common Share	$	2.69		$	2.12		$	0.57
Worldwide Effective Tax Rate		41%			42%			1%

7

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM Oil & Gas Core Earnings Variance Analysis ($ millions)
2005 3rd Quarter	$	1,769
2005 2nd Quarter	1,351
	$	418
Sales Price	$	373
Sales Volume/Mix		39
Exploration Expense		56
All Others		(50	)
TOTAL VARIANCE	$	418
OCCIDENTAL PETROLEUM Chemical Core Earnings Variance Analysis ($ millions)
2005 3rd Quarter	$	167
2005 2nd Quarter	225
	$	(58	)
Sales Price		(22	)
Sales Volume/Mix		12
Operations/Manufacturing		(80	) *
All Others		32
TOTAL VARIANCE	$	(58	)

* Higher feedstock and energy costs

8

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM 2005 Third Quarter Net Income (Loss) Reported Income Comparison
	Third Quarter 2005			Third Quarter 2004			B / (W)
Oil & Gas	$	1,760		$	1,216		$	544
Chemical		3			141			(138	)
Corporate
Interest expense, net		(70	)		(59	)		(11	)
Other		660			(44	)		704
Taxes	(611		)	(495		)	(116		)
Income from continuing operations		1,742			759			983
Discontinued operations, net		2			(1	)		3
Cumulative effect of acct changes, net	3			--			3
Net Income	$	1,747		$	758		$	989
Basic Earnings Per Common Share
Income from continuing operations	$	4.31		$	1.91		$	2.40
Discontinued operations, net		--			--			--
Cumulative effect of acct changes, net	0.01			--			0.01
Net Income	$	4.32		$	1.91		$	2.41
Worldwide Effective Tax Rate		26%			39%			13%
OCCIDENTAL PETROLEUM 2005 Third Quarter Net Income (Loss) Core Earnings Comparison
	Third Quarter 2005			Third Quarter 2005			B / (W)
Oil & Gas	$	1,769		$	1,216		$	553
Chemical		167			141			26
Corporate
Interest expense, net		(40	)		(59	)		19
Other		(39	)		(44	)		5
Taxes	(768		)	(495		)	(273		)
Net Income	$	1,089		$	759		$	330
Basic Earnings Per Common Share	$	2.69		$	1.92		$	0.77
Worldwide Effective Tax Rate		41%			39%			-2%

9

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM Oil & Gas Core Earnings Variance Analysis ($ millions)
2005 3rd Quarter	$	1,769
2004 3rd Quarter	1,216
	$	553
Sales Price	$	692
Sales Volume/Mix		28
Exploration Expense		(18	)
All Others		(149	)
TOTAL VARIANCE	$	553
OCCIDENTAL PETROLEUM Chemical Core Earnings Variance Analysis ($ millions)
2005 3rd Quarter	$	167
2005 2nd Quarter	141
	$	26
Sales Price	$	125
Sales Volume/Mix		2
Operations/Manufacturing		(107	) *
All Others		6
TOTAL VARIANCE	$	26

* Higher feedstock and energy costs

10

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS
	Third Quarter				Nine Months
	2005		2004		2005		2004
NET PRODUCTION PER DAY:
United States
Crude Oil and Liquids (MBL)
California	73		77		75		77
Permian	165		154		156		155
Horn Mountain	10		17		13		22
Hugoton	3		3		4		3
Total	251		251		248		257
Natural Gas (MMCF)
California	239		228		240		235
Hugoton	133		124		131		128
Permian	186		122		167		131
Horn Mountain	6		14		9		15
Total	564		488		547		509
Latin America
Crude Oil (MBL)
Colombia	38		38		35		37
Ecuador	46		49		42		46
Total	84		87		77		83
Middle East and North Africa
Crude Oil (MBL)
Oman	12		14		18		13
Qatar	42		44		43		44
Yemen	23		28		29		33
Libya	9		--		3		--
Total	86		86		93		90
Natural Gas (MMCF)
Oman	35		88		51		52
Other Eastern Hemisphere
Crude Oil (MBL)
Pakistan	5		7		5		8
Natural Gas (MMCF)
Pakistan	81		73		77		74
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	539		539		536		544
Other interests
Colombia - minority interest	(5	)	(4	)	(4	)	(5	)
Russia - Occidental net interest	27		27		27		29
Yemen - Occidental net interest	1		1		2		1
Total worldwide production (MBOE)	562		563		561		569

11

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS
	Third Quarter		Nine Months
	2005	2004	2005	2004
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)	56.70	40.29	49.26	36.07
Natural Gas ($/MCF)	6.33	5.87	6.16	5.25
Latin America
Crude Oil ($/BBL)	53.81	36.07	45.62	32.00
Middle East and North Africa
Crude Oil ($/BBL)	56.37	37.76	48.69	34.00
Natural Gas ($/MCF)	0.97	0.97	0.96	0.97
Other Eastern Hemisphere
Crude Oil ($/BBL)	52.25	35.44	45.57	32.13
Natural Gas ($/MCF)	2.72	2.30	2.41	2.33
Total Worldwide
Crude Oil ($/BBL)	55.04	37.87	47.39	33.78
Natural Gas ($/MCF)	5.49	4.77	5.18	4.52

	Third Quarter				Nine Months
	2005		2004		2005		2004
Exploration Expense
Domestic	$	20	$	23	$	131	$	83
Latin America		5		1		28		4
Middle East and North Africa		4		1		9		15
Othern Eastern Hemisphere		26		12		45		29
TOTAL	$	55	$	37	$	213	$	131

12

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM CHEMICALS Volume (M Tons, except PVC Resins)
	Third Quarter		Nine Months
MAJOR PRODUCTS	2005	2004	2005	2004
Chlorine	801	730	2,283	2,176
Caustic Soda	817	795	2,299	2,346
Ethylene Dichlorine	185	102	490	324
PVC Resins (millions of pounds)	1,082	1,044	3,092	3,205

CHEMICALS Prices (Index)
	Third Quarter		Nine Months
MAJOR PRODUCTS	2005	2004	2005	2004
Chlorine	2.61	2.23	2.60	1.94
Caustic Soda	1.72	0.84	1.63	0.72
Ethylene Dichlorine	1.22	1.64	1.49	1.48
PVC Resins (millions of pounds)	1.19	1.13	1.24	1.05

1987 through 1990 average price = 1.00

CHLORINE

OxyChem Commentary

• In August, OxyChem announced a $25 per ton price increase effective September 28^th or as contract terms permit. Other U.S. chlor-alkali producers announced similar increases. The price increase is in response to the significant rise in energy prices following the Gulf Coast hurricanes.

• 3^rd quarter industry operating rates reflect the negative impact of hurricanes Katrina and Rita on the Gulf Coast region. The two hurricanes combined to reduce chlorine production throughout the industry by approximately 6%.

• The industry is currently struggling with both raw material sourcing and transportation issues. The disruption caused by the hurricanes has severely impacted the availability of natural gas and ethylene. In addition, disruptions in rail service have reduced chlorine railcar availability and could eventually affect operating rates.

• OxyChem anticipates that industry operating rates will increase during the 4^th quarter. Order control programs for chlorine are still in effect and are expected to remain for the balance of 2005 for OxyChem and other U.S. producers.

13

Investor Relations Supplemental Schedules

Influencing Factors:

While there is still uncertainty with respect to chlorine demand, chlorine supply/demand is expected to remain balanced in the 4^th quarter. Vinyls production and the resulting chlorine consumption are expected to be constrained by ethylene availability. Lost chlorinated derivative production in the 3^rd quarter is projected to boost chlorine demand for the remainder of the year. However, noticeable improvements in demand associated with the rebuilding along the Gulf Coast is not expected until the 1^st half of 2006.

CAUSTIC

OxyChem Commentary

• Caustic soda demand fell in the 3rd quarter in spite of improved seasonal demand. 3^rd quarter volumes were lower in the distribution, organic and pulp and paper market segments due in part to Hurricane Katrina. OxyChem's sales of liquid caustic soda are expected to improve in the 4^th quarter as there are still some U.S. producers that are experiencing production curtailments/outages as a result of the hurricanes.

• U.S. producers have announced two price increases for the 4^th quarter. An increase of $50 DST was announced in late August followed by an additional increase of $75 DST announced late September. Market conditions and higher energy costs are expected to support 4^th quarter price improvement as the Gulf Coast experiences ongoing supply issues.

• OxyChem and other U.S. producers remain on order control programs for liquid caustic soda. Order control is expected to continue for the remainder of the year.

Influencing Factors:

Significant operating issues are expected to support 4^th quarter price improvement as the supply of liquid caustic soda remains tight. Several chlor-alkali facilities are currently running at reduced rates or have not yet resumed production. While seasonal demand for liquid caustic soda will decline, the tight supply projected in the 4^th quarter will lend support for future price improvement.

EDC

OxyChem Commentary

• Export demand in the 3^rd quarter was limited by planned and unplanned Asian VCM outages coupled with increased Chinese acetylene based VCM production.

14

Investor Relations Supplemental Schedules

• There was no improvement in EDC prices during the 3^rd quarter even though PVC and VCM prices increased. Asian spot prices ended the quarter at $250 - $305 per metric ton CIF Asia.

Influencing Factors:

Prices for EDC in the Far East have stabilized after significant declines in the 2^nd quarter but have not rebounded with 3^rd quarter price increases in VCM and PVC. Continued VCM outages and capacity increases in acetylene based production have unfavorably impacted the supply/demand balance for EDC. High ethylene costs and low EDC prices will limit spot export volumes out of the U.S. in the 4^th quarter.

PVC/VCM

OxyChem Commentary

• Domestic PVC sales volumes continued to gain momentum in the 3^rd quarter following an industry wide de-stocking in the 2^nd quarter. Hurricane Katrina tightened the supply to the point that spot resin deals ceased by the end of August. Domestic demand for the 3^rd quarter increased 6% versus the prior quarter.

• Due to the production impact of Hurricane Rita, OxyVinyls declared Force Majeure for the PVC and VCM businesses, effective September 23^rd. Customers were placed on a 30% allocation program for the remainder of September and a 90% allocation was announced for October.

• Domestic PVC resin prices decreased $0.01 per pound in July, remained flat in August, and increased $0.02 per pound in September.

• OxyChem announced a $0.15 per pound price increase effective October 1 while the rest of the industry has announced a $0.12 per pound increase effective October 1. This price increase is in response to the announced ethylene increase of $0.10 per pound for October and higher 4^th quarter energy costs.

• PVC resin export prices ended the quarter at $850 - $870 per metric ton CFR Southeast Asia. Exports for the 3^rd quarter increased 20% versus the prior quarter. OxyVinyls stopped quoting spot export PVC opportunities at the end of August following Hurricane Katrina.

• VCM supply and demand was balanced through the majority of the 3^rd quarter until Hurricane Rita shut down most of the U.S. VCM production. Inventories are now at record lows limiting PVC production in both Mexico and the U.S. The production curtailments continue into the 4^th quarter.

• Published VCM spot export prices from the U.S. Gulf Coast to Latin America increased from $550 per metric ton FOB at the end of the 2^nd quarter to $705 per metric ton FOB by the end of the 3^rd quarter. Asian spot prices increased from $550 per metric ton CFR to $685 per metric ton CFR.

15

Investor Relations Supplemental Schedules

Influencing Factors:

Increased seasonal domestic demand coupled with the supply issues created by the hurricanes will continue to tighten the vinyls supply/demand balance. Additional price increases may be necessary in the 4^th quarter to offset the high feedstock costs and to enable margin improvement for both VCM and PVC.

16

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS
	Third Quarter				Nine Months
Capital Expenditures ($MM)	2005		2004		2005		2004
Oil & Gas
California	$	98	$	87	$	270	$	231
Permian		112		81		271		206
Other - U.S.		51		18		113		30
Latin America		45		40		144		123
Middle East / North Africa		226		191		690		550
Other Eastern Hemisphere		40		7		72		28
Chemicals		32		39		94		95
Corporate		3		3		7		7
TOTAL	$	607	$	466	$	1,661	$	1,270
Depreciation, Depletion &	Third Quarter				Nine Months
Amortization of Assets ($MM)	2005		2004		2005		2004
Oil & Gas
Domestic	$	184	$	153	$	508	$	466
Latin America		27		24		78		72
Middle East / North Africa		84		67		257		201
Other Eastern Hemisphere		10		13		30		35
Chemicals		66		60		187		182
Corporate		5		4		16		13
TOTAL	$	376	$	321	$	1,076	$	969

17

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM CORPORATE ($ millions)
	30-Sep-05		31-Dec-04
CAPITALIZATION
Oxy Long-Term Debt (including current maturities)	$	2,917	$	3,804
Subsidiary Preferred Stock		75		75
Others		25		26
Total Debt	$	3,017	$	3,905
EQUITY	$	13,909	$	10,550
Total Debt to Total Capitalization		18%		27%

18

Investor Relations Supplemental Schedules

See the investor relations supplemental schedules for the reconciliation of non-GAAP items. Statements in this presentation 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. Factors that could cause results to differ materially include, but are not limited to: exploration risks, such as drilling of unsuccessful wells; global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher-than-expected costs; political risk; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. Occidental disclaims any obligation to update any forward-looking statements. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this presentation, such as probable, possible and recoverable reserves, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. 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.

Additional Information and Where to Find It

Oxy will file a Form S-4, Vintage will file a proxy statement and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4 AND PROXY STATEMENT WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. In addition, you may obtain documents filed with the SEC by Oxy free of charge by contacting Christel Pauli, Counsel and Assistant Secretary, Occidental Petroleum Corporation, at 10889 Wilshire Blvd., Los Angeles, California 90024. The documents will also be available online at www.oxy.com.

19

Investor Relations Supplemental Schedules

Participants in Solicitation

Oxy, Vintage and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Vintage shareholders in connection with the merger. Information about the directors and executive officers of Oxy and their ownership of Oxy stock is set forth in the proxy statement for Oxy's 2005 Annual Meeting of Shareholders. Information about the directors and executive officers of Vintage and their ownership of Vintage stock is set forth in the proxy statement for Vintage's 2005 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the Form S-4 and proxy statement for the merger when they become available.

Investors should read the Form S-4 and proxy statement carefully when they become available before making any voting or investment decisions.

Forward-Looking Statements

The matters set forth in this presentation, including statements as to the expected benefits of the acquisition such as efficiencies, cost savings, financial strength, and the competitive ability and position of the combined company, and other statements identified by such words as "will," "estimates," "expects," "hopes," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could significantly affect expected results, including a delay in or failure to obtain required approvals, the possibility that the anticipated benefits from the acquisition cannot be fully realized, the possibility that costs or difficulties related to the integration will be greater than expected, the ability to manage regulatory, tax and legal matters, including changes in tax rates, the impact of competition, and other risk factors related to our industries as detailed in each of Oxy's and Vintage's reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Oxy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ from those set forth in the forward-looking statements.

Information contained in this presentation regarding Vintage's production, reserves, results, assets and other information has been taken from Vintage's public filings with the SEC. Oxy makes no representation with respect to the accuracy of this information.

20