8-K

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) May 30, 2007

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):

[    ] 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 7 – Regulation FD

Item 7.01.  Regulation FD Disclosure

Attached as Exhibit 99.1 is a presentation made by Occidental management in connection with the May 31, 2007, Sanford C. Bernstein Co., Inc. 23rd Annual Strategic Decisions Conference 2007.

Section 9 – Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits

(d)  Exhibits

99.1 Presentation dated May 31, 2007

1

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:  May 30, 2007	/s/ JIM A. LEONARD
	Jim A. Leonard, Vice President and Controller (Principal Accounting and Duly Authorized Officer)

EXHIBIT INDEX

99.1 Presentation dated May 31, 2007

EX-99

EXHIBIT 99.1

Occidental Petroleum Corporation

Sanford C. Bernstein Co., Inc.

23rd Annual Strategic Decisions Conference 2007

1

Dr. Ray R. Irani

Chairman, President and Chief Executive Officer

2

3

4

1999 - - 2006 Profitability

8-Year Average

($/Barrel of Oil
Equivalent)

12.11

OXY

10.25

APA

9.31

APC

9.28

ECA

9.00

COP

8.58

CVX

8.06

XOM

7.98

MRO

7.90

BP

7.78

DVN

4.98

HES

For GAAP Reconciliation – see www.oxy.com

5

1999 - - 2006 Free Cash Flow

8-Year Average

($/Barrel of Oil
Equivalent)

11.17

OXY

7.17

MRO

7.01

COP

6.60

CVX

6.48

XOM

5.89

BP

4.61

APA

4.36

DVN

4.35

HES

2.56

APC

0.05

ECA

For GAAP Reconciliation – see www.oxy.com

6

Cash From Operations

$ Millions

2,100

2002

3,074

2003

3,878

2004

5,337

2005

6,353

2006

7

Debt-to-Capitalization Ratio

Percentage

43

2002

37

2003

27

2004

17

2005

13

2006

10

3/2007

For GAAP Reconciliation – see www.oxy.com

8

Chemicals Profit Margins

2006 Operating Profits

as Percent of Sales

OxyChem  18.7

4.7

7.8

9.6

12.6

4.9

6.4

9.0

7.1

11.5

14.0

13.4

13.0

For GAAP Reconciliation – see www.oxy.com

9

Recent Transactions

BP and Anadarko transactions strengthen
Oxy’s industry-leading Permian position and
core position in Qatar

Oxy exits non-core, non-operated properties

Sale of remaining Lyondell shares completes
Oxy’s exit from petrochemicals

10

Worldwide Oil and Gas

California

Kansas/Oklahoma

Texas/New Mexico

Colombia

Argentina

Libya

Qatar

UAE

Oman

Yemen

Oxy Areas

11

2007 Production Outlook

Latin

America

13%

Permian

34%

Middle East/

North Africa

24%

California

24%

Other

U.S.

5%

U.S. Production 63%

12

U.S. Operations

California

Colorado

Kansas

New

Mexico

Oklahoma

Texas

2007 net production outlook

370,000 equivalent barrels/day

63% of worldwide total

Oxy Blocks

13

California Operations

Elk Hills

Los Angeles

THUMS

2007 net production
outlook

140,000 equivalent
barrels/day

24% of worldwide total

14

Texas and New Mexico Operations

New

Mexico

Oklahoma

Texas

Permian

Basin

2007 net production outlook

200,000 equivalent barrels/day

34% of worldwide total

Oxy Blocks

15

Argentina Operations

Brazil

Cuyo Basin

Uruguay

Neuquen Basin

Argentina

San Jorge Basin

Oxy Blocks

2007 net production outlook

40,000 equivalent
barrels/day

Identified 700 drilling sites

Drill 190 new wells in 2007

2011 net production target

70,000 barrels/day

16

Middle East and North Africa Operations

Libya

Qatar

UAE

2007 net production outlook

140,000 equivalent barrels/day

24% of worldwide total

17

UAE / Qatar – Dolphin Project

Oxy’s interest is 24.5%

Project Status

300 mmcf/d of third-party
supplied gas currently moving
through pipeline to markets in
Dubai.

We expect first Dolphin gas to
the plant in June with gas
flowing to UAE markets in July.

Ramp up production toward 2
bcf/day by year-end

At full-scale production in 2008,
Oxy’s net share expected to
average 60,000 BOE/day.  

18

Oman – Mukhaizna Project

Project Overview

Gross Capital – $3.8 Billion

1800+ wells

Central processing facility

Water treatment plant

Steam generation facilities

Pipelines

Increase gross production
to150,000 barrels/day

2007 Work Program

$400 – $450 MM (net to Oxy)

Drill approximately 120 wells

Steam injection continues

Arabian Gulf

Gulf of
Oman

Muscat

Block 9

Block 27

Saudi Arabia

Oman

Mukhaizna
Field

Block 54

Yemen

Salalah

Arabian Sea

Oxy Blocks

19

Libya Update 2007

Mediterranean Sea

Tunisia

Tripoli

Benghazi

Egypt

Libya

Algeria

Niger

Chad

Sudan

Oxy Blocks

Oxy acreage position

30 million acres

2007 net production

20,000 equivalent
barrels/day

2007 exploration

Drill 14-16 wells

10-12 onshore

4 offshore

20

Five Year Production Growth (Through 2010)

Base production growth (7% - 9%)

After asset sale adjustments

Current projects

Dolphin

Mukhaizna

Argentina

Additional production growth

New EOR / development projects

21

Looking Ahead

Oxy has attractive growth opportunities in
addition to our production outlook

Oxy has high-quality legacy assets in Texas,
California and the Middle East

Oxy generates top quartile returns on capital

Oxy generates significant cash flow

22

Occidental Petroleum Corporation

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 risks;
changes in tax rates; unrealized acquisition benefits or higher than
expected integration costs; and not successfully completing (or any
material delay in) any expansion, capital expenditure, acquisition or
disposition.  You should not place undue reliance on these forward-looking
statements which speak only as of the date of this presentation.  Unless
legally required, Occidental does not undertake any obligation to update
any forward-looking statements as a result of new information, future
events or otherwise. 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 estimated proved reserves, probable,
possible and recoverable reserves and oil in place, 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 1-888-699-7383 or at www.oxy.com.  You also can
obtain a copy from the SEC by calling 1-800-SEC-0330.

23

Oil & Gas: Profitability

Reconciliation to Generally Accepted Accounting Principles (GAAP)

( Millions, except $/BOE)

Average For the Eight Years Ended December 31, 1999 - 2006

	1999		2000		2001		2002		2003		2004		2005		2006		8-Year Average
Revenues	$	2,503		3,990		5,019		4,461		5,875		7,500		10,355	$	12,479	$	6,523
Production costs		452		785		1,031		1,064		1,225		1,497		1,927		2,514		1,312
Exploration expenses		75		94		184		176		138		215		335		296		189
Other operating expenses		170		215		215		222		344		398		502		608		334
DD&A		598		661		739		819		971		1,052		1,224		1,771		979
Pre-tax income		1,208		2,235		2,850		2,180		3,197		4,338		6,367		7,290		3,708
Income tax expense		366		1,051		1,006		718		1,129		1,507		2,341		2,922		1,380
Results of operations	$	842	$	1,184	$	1,844	$	1,462	$	2,068	$	2,831	$	4,026	$	4,368	$	2,328
BOE Sales		156		174		181		192		202		207		207		219		192
Revenues																		33.94
Production costs																		6.83
Exploration expenses																		0.98
Other operating expenses																		1.74
DD&A																		5.10
Pre-tax income																		19.29
Income tax expense																		7.18
Results of operations																		12.11

Oil & Gas: Cash Flow

Reconciliation to Generally Accepted Accounting Principles (GAAP)

( Millions, except $/BOE)

Average For the Eight Years Ended December 31, 1999 - 2006

	1999			2000			2001			2002			2003			2004			2005			2006			8-Year Average
Occidental Petroleum Consolidated Statement of Cash Flows
Cash flow from operating activities		1,004			2,348			2,566			2,100			3,074			3,878			5,337			6,353
Cash flow from investing activities		1,632			(3,044	)		(651	)		(1,696	)		(2,131	)		(2,428	)		(3,161	)		(4,383	)
Cash flow from financing activities		(2,517	)		579			(1,814	)		(461	)		(513	)		(821	)		(1,187	)		(2,819	)
Change in cash	$	119		$	(117	)	$	101		$	(57	)	$	430		$	629		$	989		$	(849	)
FAS 69 GAAP Oil & Gas results of operations	$	842		$	1,184		$	1,844		$	1,462		$	2,068		$	2,831		$	4,026		$	4,368		$	2,328
Depreciation, depletion & amortization		598			661			739			819			971			1,052			1,224			1,771			979
Exploration expense		75			94			184			176			138			215			335			296			189
Capital expenditures (excluding acquisitions)		(405	)		(713	)		(1,089	)		(930	)		(1,127	)		(1,607	)		(2,190	)		(2,742	)		(1,350	)
Cash flow from operations	$	1,110		$	1,226		$	1,678		$	1,527		$	2,050		$	2,491		$	3,395		$	3,693		$	2,146
BOE Sales		156			174			181			192			202			207			207			219			192
Cash flow per BOE																									$	11.17

The computation of cash flow per BOE included in the denominator 2.1 mmboe, 4.2 mmboe, 7.8 mmboe and 5.7 mmboe produced by Occidental that were subject to volumetric production payments for the years 2003, 2002, 2001 and 2000, respectively.

Occidental Petroleum Corporation

Reconciliation to Generally Accepted Accounting Principles (GAAP)

Debt / Capitalization Ratio

Expressed in $ Millions except Ratios

Current Maturities	31-Dec-02		31-Dec-03		31-Dec-04		31-Dec-05		31-Dec-06		31-Mar-07
Long-term debt	206		23		459		46		171		449
Trust preferred securities	-		453		-		-		-		-
	206		476		459		46		171		449
Non-current Debt
Long-term debt	4,005		4,000		3,351		2,877		2,621		1,692
Unamortized debt discount	(8	)	(7	)	(6	)	(4	)	(2	)	(1	)
	3,997		3,993		3,345		2,873		2,619		1,691
Capital lease obligations	26		26		26		25		25		25
Subsidiary preferred stock	75		75		75		75		75		75
Trust preferred securities	455		-		-		-		-		-
DEBT	4,759		4,570		3,905		3,019		2,890		2,240
Capitalization
Debt (above)	4,759		4,570		3,905		3,019		2,890		2,240
Equity	6,318		7,970		10,597		15,091		19,252		20,217
CAPITALIZATION	11,077		12,540		14,502		18,110		22,142		22,457
RATIO	43%		37%		27%		17%		13%		10%

Chemical - Percent of Sales

Reconciliation to Generally Accepted Accounting Principles (GAAP)

For the Year Ended December 31, 2006

Amounts in $ Millions Except % of Sales

Sales
Oil and Gas	12,676
Chemical	4,815
Other	170
	17,661
Chemicals	$ AMT	% of Sales
Segment income	901
Less: significant items affecting earnings
None	-
Core results	901	18.7%