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) July 26, 2011

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-9210	95-4035997
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	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 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition

On July 26, 2011, Occidental Petroleum Corporation released information regarding its results of operations for the three and six months ended June 30, 2011.  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 Jim Lienert 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.  Earnings Conference Call Slides are attached to this report as Exhibit 99.4.  Forward-Looking Statements Disclosure for Earnings Release Presentation Materials is attached to this report as Exhibit 99.5.  The information in this Item 2.02 and Exhibits 99.1 through 99.5, inclusive, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Section 8 – Other Events

Item 8.01.  Other Events

On July 26, 2011, Occidental Petroleum Corporation announced core income of $1.8 billion ($2.23 per diluted share) for the second quarter of 2011, compared with $1.1 billion ($1.32 per diluted share) for the second quarter of 2010.  Net income was $1.8 billion ($2.23 per diluted share) for the second quarter of 2011, compared with $1.1 billion ($1.31 per diluted share) for the second quarter of 2010.

QUARTERLY RESULTS

Oil and Gas

Oil and gas segment earnings were $2.6 billion for the second quarter of 2011, compared with $1.9 billion for the same period in 2010.  The increase in the second quarter of 2011 earnings was due mainly to higher crude oil prices.

For the second quarter of 2011, daily oil and gas production volumes averaged 715,000 barrels of oil equivalent (BOE), compared with 701,000 BOE in the second quarter of 2010.  As a result of higher year-over-year average oil prices and other factors affecting production sharing and similar contracts, production was reduced in the Middle East/North Africa and Colombia by 11,000 BOE per day, with another 1,000 BOE per day reduction at THUMS in Long Beach.

The second quarter 2011 production volume increase was a result of 42,000 BOE per day higher domestic volumes, partially offset by reduced volumes in the Middle East / North Africa.  The domestic increase was mainly from the new acquisitions in South Texas and the North Dakota Williston Basin.  The Middle East/North Africa was lower primarily due to the lack of production in Libya and price impacts on production sharing contracts, partially offset by production from Iraq coming on line in 2011 and higher volumes from the Mukhaizna field in Oman.

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Daily sales volumes remained flat at 705,000 BOE per day in the second quarter of 2011, compared with 705,000 BOE per day in the second quarter of 2010.  The 2011 sales volumes were lower than the production volumes due to the timing of liftings in Iraq, Qatar and Oman.

Second quarter realized prices improved for all products on a year-over-year basis.  The price for worldwide crude oil was $103.12 per barrel for the second quarter of 2011, compared with $74.39 per barrel for the second quarter of 2010.  The second quarter of 2011 realized oil price represents 101 percent of the average WTI price for the quarter.  Worldwide NGL prices were $57.67 per barrel in the second quarter of 2011, compared with $44.08 per barrel in the second quarter of 2010.  Domestic gas prices increased from $4.19 per MCF in the second quarter of 2010 to $4.27 per MCF for the second quarter of 2011.

Chemicals

Chemical segment earnings for the second quarter of 2011 were $253 million, compared with $108 million for the same period in 2010.  The second quarter of 2011 results reflect continued strong export sales demand and higher margins resulting from improved supply and demand balances across most products.

Midstream, Marketing and Other

Midstream segment earnings were $187 million for the second quarter of 2011, compared with $13 million for the second quarter of 2010. Higher earnings for the second quarter of 2011 were primarily due to higher margins in the marketing business and improved earnings in our pipeline businesses.

SIX-MONTH RESULTS

Year-to-date 2011 core results were over $3.4 billion ($4.19 per diluted share), compared with $2.2 billion ($2.67 per diluted share) for the same period in 2010.  Net income for the first six months of 2011 was $3.4 billion ($4.13 per diluted share), compared with $2.1 billion ($2.61 per diluted share) for the same period in 2010.

Oil and Gas

Oil and gas segment earnings were $5.1 billion for the six months of 2011, compared with $3.7 billion for the same period of 2010.  The $1.4 billion increase in the 2011 results reflected higher crude oil and NGL prices and higher sales volumes, partially offset by higher operating costs and DD&A rates.

Daily oil and gas production volumes for the six months were 723,000 BOE per day for 2011, compared with 701,000 BOE per day for the 2010 period.  Higher year-over-year average oil prices and other factors affecting our production sharing and similar contracts lowered our Middle East/North Africa, Long Beach and Colombia production by 14,000 BOE per day.

Domestic volumes increased primarily due to new operations in South Texas and the Williston Basin, partially offset by lower gas volumes in California.  The Middle East/North Africa’s production declined due to impacts of price and other factors on production sharing contracts, lower production in Libya and planned maintenance in Dolphin.  Partially offsetting these declines were increases from the new production in Iraq and higher production in the Mukhaizna field in Oman.

Daily sales volumes were 717,000 BOE in the first six months of 2011, compared with 695,000 BOE for 2010.

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Oxy's realized prices improved for crude oil and NGLs but declined for natural gas on a year-over-year basis.  Worldwide crude oil prices were $97.38 per barrel for the six months of 2011, compared with $74.24 per barrel for the six months of 2010.  Worldwide NGL prices were $55.38 per barrel for the six months of 2011, compared with $45.73 per barrel in the six months of 2010.  Domestic gas prices declined from $4.90 per MCF in the six months of 2010 to $4.24 per MCF in the six months of 2011.

Chemicals

Chemical segment earnings were $472 million for the six months of 2011, compared with $138 million for the same period in 2010.  The 2011 six-month results reflect strong export sales demand and higher margins resulting from improved supply and demand balances across most products.

Midstream, Marketing and Other

Midstream segment earnings were $301 million for the six months of 2011, compared with $107 million for the same period in 2010.  The 2011 results reflect higher margins in the marketing and trading business and improved results in the pipeline business.

Forward-Looking Statements

Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects.  Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; general domestic political and regulatory approval conditions; international political conditions; not successfully completing, or any material delay of, any development of new fields, expansion projects, capital expenditures, efficiency-improvement projects, acquisitions or dispositions; potential failure to achieve expected production from existing and future oil and gas development projects; exploration risks such as drilling unsuccessful wells; any general economic recession or slowdown domestically or internationally; higher-than-expected costs; potential liability for remedial actions under existing or future environmental regulations and litigation; potential liability resulting from pending or future litigation;  potential disruption or interruption of Occidental’s production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather, natural disasters, political events or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates.  Words such as “estimate”, “project”, “predict”, “will”, “would”, “should”, “could”, “may”, “might”, “anticipate”, “plan”, “intend”, “believe”, “expect” or similar expressions that convey the uncertainty of future events or outcomes generally indicate forward-looking statements.  You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report.  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.  Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A “Risk Factors” of the 2010 Form 10-K.

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Attachment 1
SUMMARY OF SEGMENT NET SALES AND EARNINGS
	Second Quarter						Six Months
($ millions, except per-share amounts)	2011			2010			2011			2010
SEGMENT NET SALES
Oil and Gas	$	4,591		$	3,518		$	8,958		$	7,009
Chemical		1,325			1,013			2,490			1,969
Midstream, Marketing and Other		441			236			853			605
Eliminations		(184	)		(164	)		(402	)		(364	)
Net Sales	$	6,173		$	4,603		$	11,899		$	9,219
SEGMENT EARNINGS
Oil and Gas (a), (b)	$	2,624		$	1,867		$	5,092		$	3,728
Chemical		253			108			472			138
Midstream, Marketing and Other		187			13			301			107
		3,064			1,988			5,865			3,973
Unallocated Corporate Items
Interest expense, net (c)		(22	)		(20	)		(236	)		(55	)
Income taxes (d)		(1,111	)		(809	)		(2,165	)		(1,555	)
Other		(112	)		(82	)		(240	)		(189	)
Income from Continuing Operations (a)		1,819			1,077			3,224			2,174
Discontinued operations, net (e)		(2	)		(14	)		142			(47	)
NET INCOME (a)	$	1,817		$	1,063		$	3,366		$	2,127
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	2.23		$	1.32		$	3.96		$	2.67
Discontinued operations, net		-			(0.01	)		0.18			(0.06	)
	$	2.23		$	1.31		$	4.14		$	2.61
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	2.23		$	1.32		$	3.96		$	2.67
Discontinued operations, net		-			(0.01	)		0.17			(0.06	)
	$	2.23		$	1.31		$	4.13		$	2.61
AVERAGE COMMON SHARES OUTSTANDING
BASIC		812.5			812.6			812.5			812.3
DILUTED		813.3			813.8			813.3			813.7
(a) Earnings and Income - Represent amounts attributable to Common Stock, after deducting non-controlling interest amounts of $12 million for the second quarter of 2010 and $36 million for the six months of 2010.
(b) Oil and Gas - The first six months of 2011 include pre-tax charges of $35 million related to exploration write-offs in Libya and $29 million related to Colombia net worth tax.   Also, included in the first six months of 2011 results is a pre-tax gain for sale of an interest in a Colombia pipeline of $22 million.
(c) Unallocated Corporate Items - Interest Expense, net - The first six months of 2011 include a pre-tax charge of $163 million related to the premium on debt extinguishment.
(d) Unallocated Corporate Items - Taxes - The first six months of 2011 include a net $21 million charge for out-of-period state income taxes.
(e) Discontinued Operations, net - The first six months of 2011 include a $144 million after-tax gain from the sale of the Argentina operations.

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Attachment 2
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
	Second Quarter				Six Months
($ millions)	2011		2010		2011		2010
CAPITAL EXPENDITURES	$	1,633	$	792	$	2,958	$	1,560
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	839	$	798	$	1,729	$	1,561

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Attachment 3
SUMMARY OF OPERATING STATISTICS - PRODUCTION
	Second Quarter				Six Months
	2011		2010		2011		2010
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil (MBBL)
California		78		75		77		76
Permian		132		135		132		136
Midcontinent and other		16		7		15		7
Total		226		217		224		219
NGL (MBBL)
California		15		17		15		17
Permian		40		28		38		27
Midcontinent and other		16		7		12		6
Total		71		52		65		50
Natural Gas (MMCF)
California		252		293		247		294
Permian		143		196		154		197
Midcontinent and other		366		192		347		187
Total		761		681		748		678
Latin America
Crude Oil  (MBBL)
Colombia		30		32		31		33
Natural Gas (MMCF)
Bolivia		16		15		16		13
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		3		3		3		3
Dolphin		10		11		10		12
Iraq		5		-		7		-
Libya		-		14		8		14
Oman		68		60		67		58
Qatar		68		78		72		76
Yemen		23		31		28		33
Total		177		197		195		196
NGL (MBBL)
Dolphin		11		12		10		12
Libya		-		1		-		1
Total		11		13		10		13
Natural Gas (MMCF)
Bahrain		172		161		172		163
Dolphin		203		235		199		232
Oman		49		48		50		50
Total		424		444		421		445
Barrels of Oil Equivalent (MBOE)		715		701		723		701

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Attachment 4
SUMMARY OF OPERATING STATISTICS - SALES
	Second Quarter				Six Months
	2011		2010		2011		2010
NET OIL, GAS AND LIQUIDS SALES PER DAY
United States
Crude Oil (MBBL)		226		217		224		219
NGL (MBBL)		71		52		65		50
Natural Gas (MMCF)		761		681		748		678
Latin America
Crude Oil (MBBL)
Colombia		30		27		31		30
Natural Gas (MMCF)
Bolivia		16		15		16		13
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		3		3		3		3
Dolphin		10		11		10		11
Libya		-		22		8		13
Oman		66		58		69		57
Qatar		65		78		71		76
Yemen		23		32		28		33
Total		167		204		189		193
NGL (MBBL)
Dolphin		11		12		10		12
Libya		-		3		-		1
Total		11		15		10		13
Natural Gas (MMCF)		424		444		421		445
Barrels of Oil Equivalent (MBOE)		705		705		717		695

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Attachment 5
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 results," 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 results is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.
	Second Quarter
($ millions, except per-share amounts)	2011			Diluted EPS		2010			Diluted EPS
TOTAL REPORTED EARNINGS	$	1,817		$	2.23	$	1,063		$	1.31
Oil and Gas
Segment Earnings	$	2,624				$	1,867
Add:
No significant items affecting earnings		-					-
Segment Core Results		2,624					1,867
Chemicals
Segment Earnings		253					108
Add:
No significant items affecting earnings		-					-
Segment Core Results		253					108
Midstream, Marketing and Other
Segment Earnings		187					13
Add:
No significant items affecting earnings		-					-
Segment Core Results		187					13
Total Segment Core Results		3,064					1,988
Corporate
Corporate Results --
Non Segment *		(1,247	)				(925	)
Add:
Discontinued operations, net **		2					14
Corporate Core Results - Non Segment		(1,245	)				(911	)
TOTAL CORE RESULTS	$	1,819		$	2.23	$	1,077		$	1.32
*  Interest expense, income taxes, G&A expense and other.
** Amounts shown after tax.

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Attachment 6
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
	Six Months
($ millions, except per-share amounts)	2011			Diluted EPS		2010			Diluted EPS
TOTAL REPORTED EARNINGS	$	3,366		$	4.13	$	2,127		$	2.61
Oil and Gas
Segment Earnings	$	5,092				$	3,728
Add:
Libya exploration write-off		35					-
Gain on sale of Colombia pipeline interest		(22	)				-
Foreign tax		29					-
Segment Core Results		5,134					3,728
Chemicals
Segment Earnings		472					138
Add:
No significant items affecting earnings		-					-
Segment Core Results		472					138
Midstream, Marketing and Other
Segment Earnings		301					107
Add:
No significant items affecting earnings		-					-
Segment Core Results		301					107
Total Segment Core Results		5,907					3,973
Corporate
Corporate Results --
Non Segment *		(2,499	)				(1,846	)
Add:
Premium on debt extinguishments		163					-
State income tax charge		33					-
Tax effect of pre-tax adjustments		(50	)				-
Discontinued operations, net **		(142	)				47
Corporate Core Results - Non Segment		(2,495	)				(1,799	)
TOTAL CORE RESULTS	$	3,412		$	4.19	$	2,174		$	2.67
*  Interest expense, income taxes, G&A expense and other
** Amounts shown after tax.

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Section 9 - Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits

(d)	Exhibits
99.1	Press release dated July 26, 2011.
99.2	Full text of speeches given by Jim Lienert and Stephen I. Chazen.
99.3	Investor Relations Supplemental Schedules.
99.4	Earnings Conference Call Slides.
99.5	Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.

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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:  July 26, 2011	/s/ ROY PINECI
	Roy Pineci, Vice President, Controller
	and Principal Accounting Officer

EXHIBIT INDEX

(d)	Exhibits
99.1	Press release dated July 26, 2011.
99.2	Full text of speeches given by Jim Lienert and Stephen I. Chazen.
99.3	Investor Relations Supplemental Schedules.
99.4	Earnings Conference Call Slides.
99.5	Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.

EX-99.1

EXHIBIT 99.1

For Immediate Release: July 26, 2011

Occidental Petroleum Announces Second Quarter and Six Months of 2011 Income

● Q2 2011 core and net income of $1.8 billion ($2.23 per diluted share)

● Q2 2011 daily oil and gas production averaged 715,000 BOE

● Q2 2011 daily domestic oil and gas production averaged 424,000 BOE

LOS ANGELES, July 26, 2011 -- Occidental Petroleum Corporation (NYSE:OXY) announced core income of $1.8 billion ($2.23 per diluted share) for the second quarter of 2011, compared with $1.1 billion ($1.32 per diluted share) for the second quarter of 2010.  Net income was $1.8 billion ($2.23 per diluted share) for the second quarter of 2011, compared with $1.1 billion ($1.31 per diluted share) for the second quarter of 2010.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “The second quarter 2011 net income of $1.8 billion was an increase of 17 percent over the first quarter results.  Improved earnings in all of our business segments resulted in a six month, year-to-date cash flow from operations of $5.6 billion and an annualized return on equity of 20 percent.  Our second quarter domestic oil and gas production grew 11 percent from the second quarter of the prior year to 424,000 BOE per day.”

QUARTERLY RESULTS

Oil and Gas  

Oil and gas segment earnings were $2.6 billion for the second quarter of 2011, compared with $1.9 billion for the same period in 2010.  The increase in the second quarter of 2011 earnings was due mainly to higher crude oil prices.

For the second quarter of 2011, daily oil and gas production volumes averaged 715,000 barrels of oil equivalent (BOE), compared with 701,000 BOE in the second quarter of 2010.  As a result of higher year-over-year average oil prices and other factors affecting production sharing and similar contracts, production was reduced in the Middle East/North Africa and Colombia by 11,000 BOE per day, with another 1,000 BOE per day reduction at THUMS in Long Beach.

The second quarter 2011 production volume increase was a result of 42,000 BOE per day higher domestic volumes, partially offset by reduced volumes in the Middle East / North Africa.  The domestic increase was mainly from the new acquisitions in South Texas and the North Dakota Williston Basin.  The Middle East/North Africa was lower primarily due to the lack of production in Libya and price impacts on production sharing contracts, partially offset by production from Iraq coming on line in 2011 and higher volumes from the Mukhaizna field in Oman.

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Daily sales volumes remained flat at 705,000 BOE per day in the second quarter of 2011, compared with 705,000 BOE per day in the second quarter of 2010.  The 2011 sales volumes were lower than the production volumes due to the timing of liftings in Iraq, Qatar and Oman.

Second quarter realized prices improved for all products on a year-over-year basis.  The price for worldwide crude oil was $103.12 per barrel for the second quarter of 2011, compared with $74.39 per barrel for the second quarter of 2010.  The second quarter of 2011 realized oil price represents 101 percent of the average WTI price for the quarter.  Worldwide NGL prices were $57.67 per barrel in the second quarter of 2011, compared with $44.08 per barrel in the second quarter of 2010.  Domestic gas prices increased from $4.19 per MCF in the second quarter of 2010 to $4.27 per MCF for the second quarter of 2011.

Chemicals

Chemical segment earnings for the second quarter of 2011 were $253 million, compared with $108 million for the same period in 2010.  The second quarter of 2011 results reflect continued strong export sales demand and higher margins resulting from improved supply and demand balances across most products.

Midstream, Marketing and Other

Midstream segment earnings were $187 million for the second quarter of 2011, compared with $13 million for the second quarter of 2010. Higher earnings for the second quarter of 2011 were primarily due to higher margins in the marketing business and improved earnings in our pipeline businesses.

SIX-MONTH RESULTS

Year-to-date 2011 core results were over $3.4 billion ($4.19 per diluted share), compared with $2.2 billion ($2.67 per diluted share) for the same period in 2010.  Net income for the first six months of 2011 was $3.4 billion ($4.13 per diluted share), compared with $2.1 billion ($2.61 per diluted share) for the same period in 2010.

Oil and Gas

Oil and gas segment earnings were $5.1 billion for the six months of 2011, compared with $3.7 billion for the same period of 2010.  The $1.4 billion increase in the 2011 results reflected higher crude oil and NGL prices and higher sales volumes, partially offset by higher operating costs and DD&A rates.

Daily oil and gas production volumes for the six months were 723,000 BOE per day for 2011, compared with 701,000 BOE per day for the 2010 period.  Higher year-over-year average oil prices and other factors affecting our production sharing and similar contracts lowered our Middle East/North Africa, Long Beach and Colombia production by 14,000 BOE per day.

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Domestic volumes increased primarily due to new operations in South Texas and the Williston Basin, partially offset by lower gas volumes in California.  The Middle East/North Africa’s production declined due to impacts of price and other factors on production sharing contracts, lower production in Libya and planned maintenance in Dolphin.  Partially offsetting these declines were increases from the new production in Iraq and higher production in the Mukhaizna field in Oman.

Daily sales volumes were 717,000 BOE in the first six months of 2011, compared with 695,000 BOE for 2010.

Oxy's realized prices improved for crude oil and NGLs but declined for natural gas on a year-over-year basis.  Worldwide crude oil prices were $97.38 per barrel for the six months of 2011, compared with $74.24 per barrel for the six months of 2010.  Worldwide NGL prices were $55.38 per barrel for the six months of 2011, compared with $45.73 per barrel in the six months of 2010.  Domestic gas prices declined from $4.90 per MCF in the six months of 2010 to $4.24 per MCF in the six months of 2011.

Chemicals

Chemical segment earnings were $472 million for the six months of 2011, compared with $138 million for the same period in 2010.  The 2011 six-month results reflect strong export sales demand and higher margins resulting from improved supply and demand balances across most products.

Midstream, Marketing and Other

Midstream segment earnings were $301 million for the six months of 2011, compared with $107 million for the same period in 2010.  The 2011 results reflect higher margins in the marketing and trading business and improved results in the pipeline business.

About Oxy

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects.  Factors that could cause results to differ

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materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; general domestic politicaland regulatory approvalconditions; international political conditions; not successfully completing, or any material delay of, any development of new fields, expansion projects, capital expenditures, efficiency-improvement projects, acquisitions or dispositions; potential failure to achieve expected production from existing and future oil and gas development projects; exploration risks such as drilling unsuccessful wells; any general economic recession or slowdown domestically or internationally; higher-than-expected costs; potential liability for remedial actions under existing or future environmental regulations and litigation; potential liability resulting from pending or future litigation;  potential disruption or interruption of Occidental’s production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather, natural disasters, political events or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates.  Words such as “estimate”, “project”, “predict”, “will”, “would”, “should”, “could”, “may”, “might”, “anticipate”, “plan”, “intend”, “believe”, “expect” or similar expressions that convey the uncertainty of future events or outcomes generally indicate forward-looking statements.  You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report.  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.  Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A “Risk Factors” of the 2010 Form 10-K.

-0-

Contacts:	Melissa E. Schoeb (media)
	melissa_schoeb@oxy.com
	310-443-6504
	Chris Stavros (investors)
	chris_stavros@oxy.com
	212-603-8184
	For further analysis of Occidental's quarterly performance, please visit the web site: www.oxy.com

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Attachment 1
SUMMARY OF SEGMENT NET SALES AND EARNINGS
	Second Quarter						Six Months
($ millions, except per-share amounts)	2011			2010			2011			2010
SEGMENT NET SALES
Oil and Gas	$	4,591		$	3,518		$	8,958		$	7,009
Chemical		1,325			1,013			2,490			1,969
Midstream, Marketing and Other		441			236			853			605
Eliminations		(184	)		(164	)		(402	)		(364	)
Net Sales	$	6,173		$	4,603		$	11,899		$	9,219
SEGMENT EARNINGS
Oil and Gas (a), (b)	$	2,624		$	1,867		$	5,092		$	3,728
Chemical		253			108			472			138
Midstream, Marketing and Other		187			13			301			107
		3,064			1,988			5,865			3,973
Unallocated Corporate Items
Interest expense, net (c)		(22	)		(20	)		(236	)		(55	)
Income taxes (d)		(1,111	)		(809	)		(2,165	)		(1,555	)
Other		(112	)		(82	)		(240	)		(189	)
Income from Continuing Operations (a)		1,819			1,077			3,224			2,174
Discontinued operations, net (e)		(2	)		(14	)		142			(47	)
NET INCOME (a)	$	1,817		$	1,063		$	3,366		$	2,127
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	2.23		$	1.32		$	3.96		$	2.67
Discontinued operations, net		-			(0.01	)		0.18			(0.06	)
	$	2.23		$	1.31		$	4.14		$	2.61
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	2.23		$	1.32		$	3.96		$	2.67
Discontinued operations, net		-			(0.01	)		0.17			(0.06	)
	$	2.23		$	1.31		$	4.13		$	2.61
AVERAGE COMMON SHARES OUTSTANDING
BASIC		812.5			812.6			812.5			812.3
DILUTED		813.3			813.8			813.3			813.7
(a) Earnings and Income - Represent amounts attributable to Common Stock, after deducting non-controlling interest amounts of $12 million for the second quarter of 2010 and $36 million for the six months of 2010.
(b) Oil and Gas - The first six months of 2011 include pre-tax charges of $35 million related to exploration write-offs in Libya and $29 million related to Colombia net worth tax.   Also, included in the first six months of 2011 results is a pre-tax gain for sale of an interest in a Colombia pipeline of $22 million.
(c) Unallocated Corporate Items - Interest Expense, net - The first six months of 2011 include a pre-tax charge of $163 million related to the premium on debt extinguishment.
(d) Unallocated Corporate Items - Taxes - The first six months of 2011 include a net $21 million charge for out-of-period state income taxes.
(e) Discontinued Operations, net - The first six months of 2011 include a $144 million after-tax gain from the sale of the Argentina operations.

Attachment 2
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
	Second Quarter				Six Months
($ millions)	2011		2010		2011		2010
CAPITAL EXPENDITURES	$	1,633	$	792	$	2,958	$	1,560
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	839	$	798	$	1,729	$	1,561

Attachment 3
SUMMARY OF OPERATING STATISTICS - PRODUCTION
	Second Quarter				Six Months
	2011		2010		2011		2010
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil (MBBL)
California		78		75		77		76
Permian		132		135		132		136
Midcontinent and other		16		7		15		7
Total		226		217		224		219
NGL (MBBL)
California		15		17		15		17
Permian		40		28		38		27
Midcontinent and other		16		7		12		6
Total		71		52		65		50
Natural Gas (MMCF)
California		252		293		247		294
Permian		143		196		154		197
Midcontinent and other		366		192		347		187
Total		761		681		748		678
Latin America
Crude Oil  (MBBL)
Colombia		30		32		31		33
Natural Gas (MMCF)
Bolivia		16		15		16		13
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		3		3		3		3
Dolphin		10		11		10		12
Iraq		5		-		7		-
Libya		-		14		8		14
Oman		68		60		67		58
Qatar		68		78		72		76
Yemen		23		31		28		33
Total		177		197		195		196
NGL (MBBL)
Dolphin		11		12		10		12
Libya		-		1		-		1
Total		11		13		10		13
Natural Gas (MMCF)
Bahrain		172		161		172		163
Dolphin		203		235		199		232
Oman		49		48		50		50
Total		424		444		421		445
Barrels of Oil Equivalent (MBOE)		715		701		723		701

Attachment 4
SUMMARY OF OPERATING STATISTICS - SALES
	Second Quarter				Six Months
	2011		2010		2011		2010
NET OIL, GAS AND LIQUIDS SALES PER DAY
United States
Crude Oil (MBBL)		226		217		224		219
NGL (MBBL)		71		52		65		50
Natural Gas (MMCF)		761		681		748		678
Latin America
Crude Oil (MBBL)
Colombia		30		27		31		30
Natural Gas (MMCF)
Bolivia		16		15		16		13
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		3		3		3		3
Dolphin		10		11		10		11
Libya		-		22		8		13
Oman		66		58		69		57
Qatar		65		78		71		76
Yemen		23		32		28		33
Total		167		204		189		193
NGL (MBBL)
Dolphin		11		12		10		12
Libya		-		3		-		1
Total		11		15		10		13
Natural Gas (MMCF)		424		444		421		445
Barrels of Oil Equivalent (MBOE)		705		705		717		695

Attachment 5
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 results," 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 results is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.
	Second Quarter
($ millions, except per-share amounts)	2011			Diluted EPS		2010			Diluted EPS
TOTAL REPORTED EARNINGS	$	1,817		$	2.23	$	1,063		$	1.31
Oil and Gas
Segment Earnings	$	2,624				$	1,867
Add:
No significant items affecting earnings		-					-
Segment Core Results		2,624					1,867
Chemicals
Segment Earnings		253					108
Add:
No significant items affecting earnings		-					-
Segment Core Results		253					108
Midstream, Marketing and Other
Segment Earnings		187					13
Add:
No significant items affecting earnings		-					-
Segment Core Results		187					13
Total Segment Core Results		3,064					1,988
Corporate
Corporate Results --
Non Segment *		(1,247	)				(925	)
Add:
Discontinued operations, net **		2					14
Corporate Core Results - Non Segment		(1,245	)				(911	)
TOTAL CORE RESULTS	$	1,819		$	2.23	$	1,077		$	1.32
*  Interest expense, income taxes, G&A expense and other.
** Amounts shown after tax.

Attachment 6
SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)
	Six Months
($ millions, except per-share amounts)	2011			Diluted EPS		2010			Diluted EPS
TOTAL REPORTED EARNINGS	$	3,366		$	4.13	$	2,127		$	2.61
Oil and Gas
Segment Earnings	$	5,092				$	3,728
Add:
Libya exploration write-off		35					-
Gain on sale of Colombia pipeline interest		(22	)				-
Foreign tax		29					-
Segment Core Results		5,134					3,728
Chemicals
Segment Earnings		472					138
Add:
No significant items affecting earnings		-					-
Segment Core Results		472					138
Midstream, Marketing and Other
Segment Earnings		301					107
Add:
No significant items affecting earnings		-					-
Segment Core Results		301					107
Total Segment Core Results		5,907					3,973
Corporate
Corporate Results --
Non Segment *		(2,499	)				(1,846	)
Add:
Premium on debt extinguishments		163					-
State income tax charge		33					-
Tax effect of pre-tax adjustments		(50	)				-
Discontinued operations, net **		(142	)				47
Corporate Core Results - Non Segment		(2,495	)				(1,799	)
TOTAL CORE RESULTS	$	3,412		$	4.19	$	2,174		$	2.67
*  Interest expense, income taxes, G&A expense and other
** Amounts shown after tax.

EX-99.2

EXHIBIT 99.2

Occidental Petroleum Corporation

JIM LIENERT

Executive Vice President and Chief Financial Officer

– Conference Call –

Second Quarter 2011 Earnings Announcement

July 26, 2011

Los Angeles, California

Thank you Chris.

I will now discuss the second quarter results for the Company and Steve Chazen will follow with guidance for the second half of the year.

Core income was $1.8 billion or $2.23 per diluted share in the second quarter this year, compared to $1.1 billion or $1.32 per diluted share in the second quarter of last year.  Net income was $1.8 billion or $2.23 per diluted share in the second quarter this year, compared to $1.1 billion or $1.31 per diluted share in the second quarter of last year.

Here’s the segment breakdown for the second quarter.

Oil and gas segment earnings for the second quarter of 2011 were $2.6 billion, compared with $1.9 billion in the same period of 2010.  The improvement in 2011 was driven mainly by higher commodity prices.  The second quarter 2011 realized prices increased on a year-over-year basis by 39 percent for crude oil, 31 percent for NGLs and 2 percent for domestic natural gas prices.  Sales volumes for the second quarters of 2011 and 2010

were flat at 705,000 BOE per day. Production volumes were 715,000 BOE per day in the second quarter of 2011, compared to 701,000 in the second quarter of 2010.

The production guidance assumptions we gave you in last quarter’s conference call were at a $95 WTI average price assumption.  The actual average second quarter oil price of $102.56 reduced our production volumes by about 5,000 BOE per day.

●	Domestic production volumes were 424,000 BOE per day, compared to our guidance of 425,000 BOE per day.  The higher crude oil prices reduced Long Beach volumes by about 1,000 BOE per day.
●	Latin America volumes were 33,000 BOE per day.
●	In the Middle East region:
		○	We recorded no production in Libya, consistent with our guidance.
		○	In Iraq, we produced 5,000 BOE per day.  The decline from first quarter volumes was due to the timing of development spending.
		○	Yemen daily production was 23,000 BOE, compared to 33,000 BOE in the first quarter.  Civil unrest and operational issues reduced our daily production by 3,000 BOE and higher prices and lower development spending rates reduced daily volumes by 7,000 BOE.
		○	The remainder of the Middle East had production of 230,000 BOE per day, compared with 235,000 BOE per day in the first quarter.  Qatar’s production was lower by 7,000 BOE

2

		per day mainly due to planned maintenance and mechanical issues.
●	Our second quarter sales volume guidance, which assumed a $95 WTI oil price, was 725,000 BOE per day, which translates to about 720,000 BOE per day at the higher actual prices for the quarter.  Our actual volumes were 705,000 BOE per day.  The lower volumes resulted mainly from the lower production in Yemen and Qatar and the timing of liftings in Oman and Qatar.
●	Second quarter 2011 realized prices improved for all our products over the first quarter of the year.  Our worldwide crude oil price was $103.12 per barrel, an increase of 12 percent, worldwide NGLs were $57.67 per barrel, an improvement of 10 percent, and domestic natural gas prices were $4.27 per MCF, an increase of 1 percent.  The second quarter of 2011 realized oil price represents 101 percent of the average WTI price for the quarter.
●	Oil and gas cash production costs were $11.88 a barrel for the first six months of 2011, compared with last year's twelve-month costs of $10.19 a barrel.  The cost increase reflects more workover and maintenance activity and higher support costs.
●	Taxes – other than on income, which are directly related to product prices, were $2.36 per barrel for the first half of 2011, compared to $1.83 per barrel for all of 2010.
●	Total exploration expense was $62 million in the quarter.

Chemical segment earnings for the second quarter of 2011 were $253 million, compared to $219 million in the first quarter of 2011.  The second

3

quarter results, one of the highest ever reported for the Chemical segment, reflect higher margins and volumes across most product lines.

Midstream segment earnings for the second quarter of 2011 were $187 million, compared to $114 million in the first quarter of 2011 and $13 million in the second quarter of 2010.  The increase from first quarter earnings was mainly due to higher marketing income and improved margins in the gas processing business.

The worldwide effective tax rate was 38 percent for the second quarter of 2011.  Our higher proportionate domestic income brought us closer to the U.S. statutory rates.  Our second quarter U.S. and foreign tax rates are included in the “Investor Relations Supplemental Schedule.”

Let me now turn to Occidental’s performance during the first six months.

Core income was over $3.4 billion or $4.19 per diluted share, compared with $2.2 billion or $2.67 per diluted share in 2010.  Net income was $3.4 billion or $4.13 per diluted share for the first six months of 2011, compared with $2.1 billion or $2.61 per diluted share in 2010.

Cash flow from operations for the first six months of 2011 was $5.6 billion.  We used $3.0 billion of the company’s total cash flow to fund capital expenditures and $1.2 billion on net acquisitions and divestitures.  We used $685 million to pay dividends and $1.0 billion to retire debt.  These and other net cash flows resulted in a $2.0 billion cash balance at June 30.  Free cash flow from continuing operations after capital spending and dividends but before acquisition and debt activity was about $1.8 billion.

Capital spending was $3.0 billion for the first six months of which $1.6 billion was spent in the second quarter.  Year to-date capital

4

expenditures by segment were 85 percent in oil and gas, 13 percent in midstream and the remainder in chemicals.

Our net acquisition expenditures in the first six months were $1.2 billion, which are net of proceeds from the sale of our Argentina operations.  The acquisitions included the South Texas purchase, a payment in connection with the signing of the Shah Field Development Project and properties in California and the Permian.

The weighted-average basic shares outstanding for the first six months of 2011 were 812.5 million and the weighted-average diluted shares outstanding were 813.3 million.

Our debt to capitalization ratio declined to 11 percent, compared with 14 percent at the end of last year.  Oxy’s annualized return on equity for the first half of 2011 was 20 percent.

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

I will now turn the call over to Steve Chazen to discuss the guidance for the third quarter.

5

Occidental Petroleum Corporation

STEPHEN CHAZEN

President and Chief Executive Officer

– Conference Call –

Second Quarter 2011 Earnings Guidance

July 26, 2011

Los Angeles, California

Thank you Jim.

As we look ahead to the back half of the year:

●	At average oil prices of about $95 WTI, we expect the back half of the year oil and gas production to be as follows:
	●	Domestic volumes are expected to increase by about 3,000 – 4,000 BOE per day each month compared to the previous month.  This should result in average third quarter production of about 430,000 to 432,000 BOE per day.
	●	Latin America volumes should remain comparable to the second quarter.
	●	The Middle East region production is expected as follows:
			○	Consistent with the second quarter, we expect no production for Libya.

6

		○	In Iraq, we still are unable to reliably predict spending levels, which have a related impact in cost recovery barrels.
		○	In Oman, production is expected to grow from our current gross production of 210,000 BOE per day to a year-end exit rate of 230,000 BOE per day, which should result in about a net 2,000 BOED per quarter growth.
		○	In Qatar, we expect to gradually regain the production rate lost due to planned maintenance and mechanical issues resulting in about 3,000 BOE per day growth rate each quarter in the second half of the year, compared to the second quarter average.
		○	In Dolphin and Bahrain, production is expected to be similar to the second quarter levels.
		○	In Yemen, forecasting of production volumes remains difficult although currently Oxy operated production has been partially restored.  We expect the range to be between 23,000 and 27,000 BOED.
●	We expect a lifting in Iraq in the third quarter of about 600,000 barrels of oil.  Including this lifting, we expect sales volumes to be about 725,000 BOE per day at $95 WTI.
●	A $5.00 increase in WTI would reduce our production sharing contracts daily volumes by about 3,500 BOE per day.
●	Our total year capital expenditures remains at $6.8 billion, same as the guidance we gave last quarter.

With regard to prices -

7

● At current market prices, a $1.00 per barrel change in oil prices impacts quarterly earnings before income taxes by about $37 million.  The average second quarter WTI oil price was $102.56 per barrel.

● A $1.00 per barrel change in NGL prices impacts quarterly earnings before income taxes by $7 million.

● A swing of 50 cents per million BTUs in domestic gas prices has a $34 million impact on quarterly earnings before income taxes.  The current NYMEX gas price is around $4.40 per MCF.

Additionally -

● We expect exploration expense to be about $80 million for seismic and drilling for our exploration programs in the third quarter.

● The chemical segment third quarter earnings are expected to moderate to about $225 million, mostly due to seasonal factors.  The third quarter Chemical segment results are expected to reflect continued strong export demand and overall good supply and demand balances across most products offset by some seasonal factors and turnarounds.  Historically, the fourth quarter is typically the weakest quarter and generally earnings are about half of the third quarter.

● We expect our combined worldwide tax rate in the third quarter of 2011 to remain at about 38 percent.

● Activity

● In California, we expect our current drilling program should result in more predictable production growth going forward.  The status of permitting is generally unchanged from the

8

	prior quarter.  We have obtained enough permits to allow us to prosecute the program at the present pace until year end.  However, there remains some uncertainty around future permits, particularly related to injection wells.
●	Our overall rig count in the United States has gone from 38 at the end of 2010 to our current rate of 59 and is expected to grow to 74 at the end of the year.  This represents a 25 percent growth in total rig count from current levels.  The growth will be in Permian, the Williston Basin and South Texas.  This program leads to continued production growth next year.

Now we're ready to take your questions.

9

Occidental Petroleum Corporation
Free Cash Flow
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)
	Six Months
	2011
Consolidated Statement of Cash Flows
Cash flow from operating activities	5,564
Cash flow from investing activities	(4,291	)
Cash flow from financing activities	(1,857	)
Change in cash	(584	)
Free Cash Flow
Cash flow from operating activities	5,564
Capital spending	(2,958	)
Cash dividends paid	(685	)
Distribution to noncontrolling interest	(121	)
Free cash flow from continuing operations	1,800

EX-99.3

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules
Summary
($ Millions)
	2Q 2011		2Q 2010
Core Results		$1,819		$1,077
EPS - Diluted		$2.23		$1.32
Reported Net Income		$1,817		$1,063
EPS - Diluted		$2.23		$1.31
Total Worldwide Sales Volumes (mboe/day)		705		705
Total Worldwide Production Volumes (mboe/day)		715		701
Total Worldwide Crude Oil Realizations ($/BBL)		$103.12		$74.39
Total Worldwide NGL Realizations ($/BBL)		$57.67		$44.08
Domestic Natural Gas Realizations ($/MCF)		$4.27		$4.19
Wtd. Average Basic Shares O/S (mm)		812.5		812.6
Wtd. Average Diluted Shares O/S (mm)		813.3		813.8
	YTD 2011		YTD 2010
Core Results		$3,412		$2,174
EPS - Diluted		$4.19		$2.67
Reported Net Income		$3,366		$2,127
EPS - Diluted		$4.13		$2.61
Total Worldwide Sales Volumes (mboe/day)		717		695
Total Worldwide Production Volumes (mboe/day)		723		701
Total Worldwide Crude Oil Realizations ($/BBL)		$97.38		$74.24
Total Worldwide NGL Realizations ($/BBL)		$55.38		$45.73
Domestic Natural Gas Realizations ($/MCF)		$4.24		$4.90
Wtd. Average Basic Shares O/S (mm)		812.5		812.3
Wtd. Average Diluted Shares O/S (mm)		813.3		813.7
Shares Outstanding (mm)		812.8		812.2
Cash Flow from Operations	$	5,600	$	4,300

1

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 Second Quarter
Net Income (Loss)
($ millions)
	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	2,624					$	2,624
Chemical		253						253
Midstream, marketing and other		187						187
Corporate
Interest expense, net		(22	)					(22	)
Other		(112	)					(112	)
Taxes		(1,111	)					(1,111	)
Income from continuing operations		1,819			-			1,819
Discontinued operations, net of tax		(2	)		2	Discontinued operations, net		-
Net Income	$	1,817		$	2		$	1,819
Basic Earnings Per Common Share
Income from continuing operations	$	2.23
Discontinued operations, net		-
Net Income	$	2.23					$	2.23
Diluted Earnings Per Common Share
Income from continuing operations	$	2.23
Discontinued operations, net		-
Net Income	$	2.23					$	2.23

2

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2010 Second Quarter
Net Income (Loss)
($ millions)
	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	1,867					$	1,867
Chemical		108						108
Midstream, marketing and other		13						13
Corporate
Interest expense, net		(20	)					(20	)
Other		(82	)					(82	)
Taxes		(809	)					(809	)
Income from continuing operations		1,077			-			1,077
Discontinued operations, net of tax		(14	)		14	Discontinued operations, net		-
Net Income	$	1,063		$	14		$	1,077
Basic Earnings Per Common Share
Income from continuing operations	$	1.32
Discontinued operations, net		(0.01	)
Net Income	$	1.31					$	1.32
Diluted Earnings Per Common Share
Income from continuing operations	$	1.32
Discontinued operations, net		(0.01	)
Net Income	$	1.31					$	1.32

3

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 Six Months
Net Income (Loss)
($ millions)
	Reported							Core
	Income			Significant Items Affecting Income				Results
Oil & Gas	$	5,092		$	35		Libya exploration write-off	$	5,134
					(22	)	Gain on sale of Colombia pipeline interest
					29		Foreign tax
Chemical		472							472
Midstream, marketing and other		301							301
Corporate
Interest expense, net		(236	)		163		Premium on debt extinguishments		(73	)
Other		(240	)						(240	)
Taxes		(2,165	)		(50	)	Tax effect of adjustments		(2,182	)
					33		State income tax charge
Income from continuing operations		3,224			188				3,412
Discontinued operations, net of tax		142			(142	)	Discontinued operations, net		-
Net Income	$	3,366		$	46			$	3,412
Basic Earnings Per Common Share
Income from continuing operations	$	3.96
Discontinued operations, net		0.18
Net Income	$	4.14						$	4.19
Diluted Earnings Per Common Share
Income from continuing operations	$	3.96
Discontinued operations, net		0.17
Net Income	$	4.13						$	4.19

4

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2010 Six Months
Net Income (Loss)
($ millions)
	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	3,728					$	3,728
Chemical		138						138
Midstream, marketing and other		107						107
Corporate
Interest expense, net		(55	)					(55	)
Other		(189	)					(189	)
Taxes		(1,555	)					(1,555	)
Income from continuing operations		2,174			-			2,174
Discontinued operations, net of tax		(47	)		47	Discontinued operations, net		-
Net Income	$	2,127		$	47		$	2,174
Basic Earnings Per Common Share
Income from continuing operations	$	2.67
Discontinued operations, net		(0.06	)
Net Income	$	2.61					$	2.67
Diluted Earnings Per Common Share
Income from continuing operations	$	2.67
Discontinued operations, net		(0.06	)
Net Income	$	2.61					$	2.67

5

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate
	QUARTERLY						YEAR-TO-DATE
	2011		2011		2010		2011		2010
REPORTED INCOME	QTR 2		QTR 1		QTR 2		6 Months		6 Months
Oil & Gas	2,624		2,468		1,867		5,092		3,728
Chemicals	253		219		108		472		138
Midstream, marketing and other	187		114		13		301		107
Corporate & other	(134	)	(342	)	(102	)	(476	)	(244	)
Pre-tax income	2,930		2,459		1,886		5,389		3,729
Income tax expense
Federal and state	557		369		329		927		636
Foreign	554		685		480		1,238		919
Total	1,111		1,054		809		2,165		1,555
Income from continuing operations	1,819		1,405		1,077		3,224		2,174
Worldwide effective tax rate	38%		43%		43%		40%		42%
	2011		2011		2010		2011		2010
CORE RESULTS	QTR 2		QTR 1		QTR 2		6 Months		6 Months
Oil & Gas	2,624		2,510		1,867		5,134		3,728
Chemicals	253		219		108		472		138
Midstream, marketing and other	187		114		13		301		107
Corporate & other	(134	)	(179	)	(102	)	(313	)	(244	)
Pre-tax income	2,930		2,664		1,886		5,594		3,729
Income tax expense
Federal and state	557		399		329		957		636
Foreign	554		672		480		1,225		919
Total	1,111		1,071		809		2,182		1,555
Core results	1,819		1,593		1,077		3,412		2,174
Worldwide effective tax rate	38%		40%		43%		39%		42%

6

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 Second Quarter Net Income (Loss)
Reported Income Comparison
	Second			First
	Quarter			Quarter
	2011			2011			B / (W)
Oil & Gas	$	2,624		$	2,468		$	156
Chemical		253			219			34
Midstream, marketing and other		187			114			73
Corporate
Interest expense, net		(22	)		(214	)		192
Other		(112	)		(128	)		16
Taxes		(1,111	)		(1,054	)		(57	)
Income from continuing operations		1,819			1,405			414
Discontinued operations, net		(2	)		144			(146	)
Net Income	$	1,817		$	1,549		$	268
Earnings Per Common Share
Basic	$	2.23		$	1.90		$	0.33
Diluted	$	2.23		$	1.90		$	0.33
Worldwide Effective Tax Rate		38%			43%			5%
OCCIDENTAL PETROLEUM
2011 Second Quarter Net Income (Loss)
Core Results Comparison
	Second			First
	Quarter			Quarter
	2011			2011			B / (W)
Oil & Gas	$	2,624		$	2,510		$	114
Chemical		253			219			34
Midstream, marketing and other		187			114			73
Corporate
Interest expense, net		(22	)		(51	)		29
Other		(112	)		(128	)		16
Taxes		(1,111	)		(1,071	)		(40	)
Core Results	$	1,819		$	1,593		$	226
Core Results Per Common Share
Basic	$	2.23		$	1.96		$	0.27
Diluted	$	2.23		$	1.96		$	0.27
Worldwide Effective Tax Rate		38%			40%			2%

7

Investor Relations Supplemental Schedules

8

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 Second Quarter Net Income (Loss)
Reported Income Comparison
	Second			Second
	Quarter			Quarter
	2011			2010			B / (W)
Oil & Gas	$	2,624		$	1,867		$	757
Chemical		253			108			145
Midstream, marketing and other		187			13			174
Corporate
Interest expense, net		(22	)		(20	)		(2	)
Other		(112	)		(82	)		(30	)
Taxes		(1,111	)		(809	)		(302	)
Income from continuing operations		1,819			1,077			742
Discontinued operations, net		(2	)		(14	)		12
Net Income	$	1,817		$	1,063		$	754
Earnings Per Common Share
Basic	$	2.23		$	1.31		$	0.92
Diluted	$	2.23		$	1.31		$	0.92
Worldwide Effective Tax Rate		38%			43%			5%
OCCIDENTAL PETROLEUM
2011 Second Quarter Net Income (Loss)
Core Results Comparison
	Second			Second
	Quarter			Quarter
	2011			2010			B / (W)
Oil & Gas	$	2,624		$	1,867		$	757
Chemical		253			108			145
Midstream, marketing and other		187			13			174
Corporate
Interest expense, net		(22	)		(20	)		(2	)
Other		(112	)		(82	)		(30	)
Taxes		(1,111	)		(809	)		(302	)
Core Results	$	1,819		$	1,077		$	742
Core Results Per Common Share
Basic	$	2.23		$	1.32		$	0.91
Diluted	$	2.23		$	1.32		$	0.91
Worldwide Effective Tax Rate		38%			43%			5%

9

Investor Relations Supplemental Schedules

10

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
		Second Quarter		Six Months
		2011	2010	2011	2010
NET PRODUCTION PER DAY:
United States
Crude Oil (MBBL)
	California	78	75	77	76
	Permian	132	135	132	136
	Midcontinent and other	16	7	15	7
	Total	226	217	224	219
NGL (MBBL)
	California	15	17	15	17
	Permian	40	28	38	27
	Midcontinent and other	16	7	12	6
	Total	71	52	65	50
Natural Gas (MMCF)
	California	252	293	247	294
	Permian	143	196	154	197
	Midcontinent and other	366	192	347	187
	Total	761	681	748	678
Latin America
Crude Oil (MBBL)	Colombia	30	32	31	33
Natural Gas (MMCF)	Bolivia	16	15	16	13
Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	3	3	3	3
	Dolphin	10	11	10	12
	Iraq	5	-	7	-
	Libya	-	14	8	14
	Oman	68	60	67	58
	Qatar	68	78	72	76
	Yemen	23	31	28	33
	Total	177	197	195	196
NGL (MBBL)
	Dolphin	11	12	10	12
	Libya	-	1	-	1
	Total	11	13	10	13
Natural Gas (MMCF)
	Bahrain	172	161	172	163
	Dolphin	203	235	199	232
	Oman	49	48	50	50
	Total	424	444	421	445
Barrels of Oil Equivalent (MBOE)		715	701	723	701

11

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
		Second Quarter		Six Months
		2011	2010	2011	2010
NET SALES VOLUMES PER DAY:
United States
Crude Oil (MBBL)		226	217	224	219
NGL (MBBL)		71	52	65	50
Natural Gas (MMCF)		761	681	748	678
Latin America
Crude Oil (MBBL)		30	27	31	30
Natural Gas (MMCF)		16	15	16	13
Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	3	3	3	3
	Dolphin	10	11	10	11
	Libya	-	22	8	13
	Oman	66	58	69	57
	Qatar	65	78	71	76
	Yemen	23	32	28	33
	Total	167	204	189	193
NGL (MBBL)	Dolphin	11	12	10	12
	Libya	-	3	-	1
	Total	11	15	10	13
Natural Gas (MMCF)		424	444	421	445
Barrels of Oil Equivalent (MBOE)		705	705	717	695

12

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
	Second Quarter				Six Months
	2011		2010		2011			2010
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)		98.74		71.66		93.45			72.38
NGL ($/BBL)		61.30		47.65		58.87			50.00
Natural gas ($/MCF)		4.27		4.19		4.24			4.90
Latin America
Crude Oil ($/BBL)		103.22		72.99		97.75			74.54
Natural Gas ($/MCF)		9.55		8.00		8.88			7.72
Middle East / North Africa
Crude Oil ($/BBL)		109.11		77.50		102.05			76.31
NGL ($/BBL)		33.50		31.89		33.71			29.59
Total Worldwide
Crude Oil ($/BBL)		103.12		74.39		97.38			74.24
NGL ($/BBL)		57.67		44.08		55.38			45.73
Natural Gas ($/MCF)		3.12		2.93		3.08			3.34
	Second Quarter				Six Months
	2011		2010		2011			2010
Exploration Expense
United States	$	59	$	42	$	99		$	72
Latin America		-		1		-			1
Middle East / North Africa		3		26		47			52
TOTAL REPORTED	$	62	$	69	$	146		$	125
Less - non-core impairments		-		-		(35	)		-
TOTAL CORE	$	62	$	69	$	111		$	125

13

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
		Second Quarter				Six Months
Capital Expenditures ($MM)		2011		2010		2011		2010
Oil & Gas
California		$	413	$	180	$	721	$	329
Permian			237		81		453		154
Midcontinent and other			234		49		414		86
Latin America			45		37		87		67
Middle East  / North Africa			303		252		655		515
Exploration			111		34		176		84
Chemicals			37		49		59		79
Midstream, marketing and other			243		105		370		229
Corporate			10		5		23		17
	TOTAL	$	1,633	$	792	$	2,958	$	1,560
Depreciation, Depletion &		Second Quarter				Six Months
Amortization of Assets ($MM)		2011		2010		2011		2010
Oil & Gas
Domestic		$	410	$	349	$	817	$	700
Latin America			21		27		49		58
Middle East  / North Africa			274		300		596		559
Chemicals			85		81		167		161
Midstream, marketing and other			44		36		89		73
Corporate			5		5		11		10
	TOTAL	$	839	$	798	$	1,729	$	1,561

14

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
CORPORATE
($ millions)
	30-Jun-11			31-Dec-10
CAPITALIZATION
Long-Term Debt (including short-term borrowings)		$	4,249		$	5,111
EQUITY		$	35,160		$	32,484
Total Debt To Total Capitalization			11%			14%

15

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
OCCIDENTAL OPERATED DOMESTIC RIG COUNTS
	Year-end		2011
	2010	Currently	Exit Rate
California	20	29	29
Permian	13	15	25
Midcontinent and other	5	15	20
	38	59	74

16

EX-99.4

EXHIBIT 99.4

Occidental Petroleum CorporationSecond Quarter 2011 Earnings Conference Call

July 26, 2011

1

2

Second Quarter 2011 Earnings - Highlights

Second Quarter 2011 Earnings - Highlights

•Core Results - $1.8 Billion vs. $1.1 Billion in 2Q10

–Core EPS $2.23 (diluted) vs. $1.32 in 2Q10.

•Net Income - $1.8 Billion vs. $1.1 Billion in 2Q10

–EPS $2.23 (diluted) vs. $1.31 in 2Q10.

2

3

($ in millions)

•Core Results for 2Q11 of $2.6 Billion vs. $1.9 Billion in 2Q10

–The improvement in 2011 was driven mainly by higher commodity prices.Sales volumes for
2Q11 and 2Q10 were flat at 705 mboe p/d.Production volumes were 715 mboe p/d in 2Q11,
compared to 701 mboe p/d in 2Q10.

Second Quarter 2011 Earnings - Oil & Gas
Segment Variance Analysis - 2Q11 vs. 2Q10

3

4

2Q112Q10

Reported Segment Earnings ($mm)$2,624$1,867

WTI Oil Price ($/bbl)$102.56$78.03

NYMEX Gas Price ($/mcf)$4.23$4.18

Oxy’s Realized Prices

Worldwide Oil ($/bbl)$103.12$74.39

+ 39% year-over-year

Worldwide NGLs ($/bbl)$57.67$44.08

+ 31% year-over-year

US Natural Gas ($/mcf)$4.27$4.19

+ 2% year-over-year

Second Quarter 2011 Earnings - Oil & Gas Segment

4

5

Second Quarter 2011 Earnings - Oil & Gas Production

Second Quarter 2011 Earnings - Oil & Gas Production

•Production guidance assumptions we gave in the 1Q11 conference
call assumed a $95 WTI average oil price.

•Actual average 2Q11 oil price of $102.56 reduced our production
volumes by about 5 mboe p/d.

–Domestic production volumes were 424 mboe p/d, compared to our
guidance of 425 mboe p/d.The higher crude oil prices reduced Long
Beach volumes by about 1 mboe p/d.

–Latin America volumes were 33 mboe p/d.

–In the Middle East region:

•We recorded no production in Libya, consistent with our guidance.

•In Iraq, we produced 5 mboe p/d.The decline from 1Q11 volumes was due to
the timing of development spending.

•Yemen production was 23 mboe b/d, compared to 33 mboe p/d in 1Q11.Civil
unrest and operational issues reduced our production by 3 mboe p/d.Higher
prices and lower development spending rates cut volumes by 7 mboe p/d.

•The remainder of the Middle East had production of 230 mboe p/d, vs. 235
mboe p/d in 1Q11.Qatar’s production was lower by 7 mboe p/d mainly due to
planned maintenance and mechanical issues.

5

6

Second Quarter 2011 Earnings - Oil & Gas Sales

•Our 2Q11 sales volume guidance, which assumed a $95 WTI oil
price, was 725 mboe p/d, which translates to about 720 mboe
p/d at the higher actual prices for the quarter.

•Our actual volumes were 705 mboe p/d.

•The lower volumes resulted mainly from the lower production
in Yemen and Qatar and the timing of liftings in Oman and
Qatar.

•2Q11 realized prices improved for all our products vs. 1Q11.

•Our worldwide crude oil price was $103.12 p/b, an increase of
12%, worldwide NGLs were $57.67 p/b, an improvement of 10%,
and domestic natural gas prices were $4.27 p/mcf, an increase
of 1%.

•The 2Q11 realized oil price represents 101% of the average WTI
price for the quarter.

6

7

Second Quarter 2011 Earnings - Oil & Gas
Segment - Cash Production Costs and Taxes

Second Quarter 2011 Earnings - Oil & Gas
Segment - Cash Production Costs and Taxes

•Oil and gas cash production costs were $11.88 a barrel
for the first six months of 2011, compared with last year's
twelve-month costs of $10.19 a barrel.

–The cost increase reflects more workover and maintenance
activity and higher support costs.

•Taxes - other than on income, which are directly related
to product prices, were $2.36 per barrel for the first half of
2011, compared to $1.83 per barrel for all of 2010.

•Total exploration expense was $62 mm in 2Q11.

7

8

($ in millions)

*Higher feedstock costs

•Core Results for 2Q11 were $253 mm vs. $219 mm in 1Q11.

–The second quarter results, one of the highest ever reported for the Chemical segment,
reflect higher margins and volumes across most product lines.

Second Quarter 2011 Earnings - Chemical
Segment Variance Analysis - 2Q11 vs. 1Q11

8

9

($ in millions)

•Core Results for 2Q11 were $187 mm vs. $114 mm in 1Q11,
and $13 mm in 2Q10.

–The increase from 1Q11 earnings was mainly due to higher marketing income and improved
margins in the gas processing business.

Second Quarter 2011 Earnings - Midstream
Segment Variance Analysis - 2Q11 vs. 1Q11

9

10

Second Quarter 2011 Earnings - Taxes

•The worldwide effective tax rate was 38% for 2Q11.

–Our higher proportionate domestic income brought us closer to
the US statutory rates.

•Our 2Q11 US and foreign tax rates are included in the
“Investor Relations Supplemental Schedules.”

10

11

Second Quarter 2011 Earnings -
Six Months Results & Capital Spending

Second Quarter 2011 Earnings -
Six Months Results & Capital Spending

YTD2011YTD2010

•Core Income ($mm)$3,412$2,174

•Core EPS (diluted)$4.19$2.67

•Net Income ($mm)$3,366$2,127

•EPS (diluted)$4.13$2.61

•Cash flow from operations for 1H11 was $5.6 billion.

•Capital spending was $3.0 billion for 1H11 of which $1.6
billion was spent in 2Q11.

–Year to-date capital expenditures by segment were 85% in Oil and Gas,
13% in Midstream and the remainder in Chemicals.

11

12

Cash Flow
From
Operations
$5,600

Beginning
Cash
$2,600
12/31/10

($ in millions)

Shah - $500

Note: See attached GAAP reconciliation.

–Free cash flow from continuing operations after capex and dividends
but before acquisition and debt activity was about $1.8 billion.

Second Quarter 2011 Earnings -
2011 YTD Cash Flow

12

13

Second Quarter 2011 Earnings -
Net Acquisition Expenditures

Second Quarter 2011 Earnings -
Net Acquisition Expenditures

•Our net acquisition expenditures in 1H11 were $1.2
billion, which are net of proceeds from the sale of our
Argentina operations.

•The acquisitions included the South Texas purchase, a
payment in connection with the signing of the Shah Field
Development Project and properties in California and the
Permian.

13

14

Second Quarter 2011 Earnings -
Shares Outstanding, Debt and ROE

Shares Outstanding (mm)YTD116/30/11

Weighted Average Basic812.5

Weighted Average Diluted813.3

Basic Shares Outstanding812.5

Diluted Shares Outstanding813.3

6/30/1112/31/10

Debt/Capital11%14%

•Our annualized ROE for 1H11 was 20%.

14

15

Second Quarter 2011 Earnings -
Oil and Gas Production & Sales - 2H11 Outlook

•At average oil prices of about $95 WTI, we expect the back
half of the year oil and gas production to be as follows:

–Domestic volumes are expected to increase by about 3 - 4
mboe/d each month compared to the previous month;

–This should result in average 3Q11 production of about 430 to
432 mboe p/d;

–Latin America volumes should remain comparable to 2Q11;

–The Middle East region production is expected as follows:

•Consistent with 2Q11, we expect no production for Libya.

•In Iraq, we still are unable to reliably predict spending levels, which
have a related impact in cost recovery barrels.

•In Oman, production is expected to grow from our current gross
production of 210 mboe p/d to a year-end exit rate of 230 mboe p/d,
which should result in about a net 2 mboe p/d per quarter growth.

15

16

Second Quarter 2011 Earnings -
Oil and Gas Production & Sales - 2H11 Outlook

–The Middle East region production is expected as follows (cont’d):

•In Qatar, we expect to gradually regain the production rate lost due to
planned maintenance and mechanical issues resulting in about 3 mboe
p/d growth rate each quarter in 2H11, compared to the 2Q11 average.

•In Dolphin and Bahrain, production is expected to be similar to 2Q11
levels.

•In Yemen, forecasting of production volumes remains difficult
although currently Oxy operated production has been partially
restored.We expect the range to be between 23 mboe p/d and 27
mboe p/d.

–We expect a lifting in Iraq in 3Q11 of about 600,000 barrels of oil.
Including this lifting, we expect sales volumes to be about 725
mboe p/d at $95 WTI.

–A $5.00 increase in WTI would reduce our PSC volumes by about
3,500 boe/d.

–Our total year capital expenditures remains at $6.8 billion, same as
the guidance we gave last quarter.

16

17

Second Quarter 2011 Earnings - 2H11 Outlook

•Commodity Price Sensitivity - Earnings

–At current market prices, a $1.00 per barrel change in oil prices
impacts oil and gas quarterly earnings before income taxes by
about $37 mm;

–The average 2Q11 WTI oil price was $102.56 per barrel;

–A $1.00 per barrel change in NGL prices impacts quarterly earnings
before income taxes by $7 mm.

–A swing of $0.50 per mm BTU in domestic gas prices has a $34 mm
impact on quarterly pretax income;

–The current NYMEX gas price is around $4.40 p/mcf.

•We expect 3Q11 exploration expense to be about $80 mm
for seismic and drilling for our exploration programs.

17

18

Second Quarter 2011 Earnings - 2H11 Outlook

Second Quarter 2011 Earnings - 2H11 Outlook

•The Chemical segment 3Q11 earnings are expected to
moderate to about $225 mm, mostly due to seasonal
factors.

–3Q11 Chemical segment results are expected to reflect continued
strong export demand and overall good supply and demand
balances across most products offset by some seasonal factors
and turnarounds.

–Historically, the fourth quarter is typically the weakest quarter
and generally earnings are about half of the third quarter.

•We expect our combined worldwide tax rate in 3Q11 to
remain at about 38 percent.

18

19

Second Quarter 2011 Earnings - Activity

Second Quarter 2011 Earnings - Activity

•In California, we expect our current drilling program
should result in more predictable production growth
going forward.

–The status of permitting is generally unchanged from the prior quarter.

–We have obtained enough permits to allow us to prosecute the program
at the present pace until year end.

–However, there remains some uncertainty around future permits,
particularly related to injection wells.

•Our overall rig count in the US has gone from 38 at the
end of 2010 to our current rate of 59 and is expected to
grow to 74 at the end of the year.

–This represents a 25% growth in total rig count from current levels.

–The growth will be in Permian, the Williston Basin and South Texas.

–This program leads to continued production growth next year.

19

20

Second Quarter 2011 Earnings -
US Operated Rig Count

Second Quarter 2011 Earnings -
US Operated Rig Count

38

59

74

20

21

21

EX-99.5

EXHIBIT 99.5

Forward-Looking Statements

Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects.  Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; general domestic political and regulatory approval conditions; international political conditions; not successfully completing, or any material delay of, any development of new fields, expansion projects, capital expenditures, efficiency-improvement projects, acquisitions or dispositions; potential failure to achieve expected production from existing and future oil and gas development projects; exploration risks such as drilling unsuccessful wells; any general economic recession or slowdown domestically or internationally; higher-than-expected costs; potential liability for remedial actions under existing or future environmental regulations and litigation; potential liability resulting from pending or future litigation; potential disruption or interruption of Occidental’s production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather, natural disasters, political events or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates.  Words such as “estimate”, “project”, “predict”, “will”, “would”, “should”, “could”, “may”, “might”, “anticipate”, “plan”, “intend”, “believe”, “expect” or similar expressions that convey the uncertainty of future events or outcomes generally indicate forward-looking statements.  You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report.  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.  Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A “Risk Factors” of the 2010 Form 10-K.