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, 2012

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, 2012, Occidental Petroleum Corporation released information regarding its results of operations for the three and six months ended June 30, 2012.  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 James M. Lienert and Stephen 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, 2012, Occidental Petroleum Corporation announced net income of $1.3 billion ($1.64 per diluted share) for the second quarter of 2012, compared with the second quarter of 2011 net income of $1.8 billion ($2.23 per diluted share).

Oil and Gas

Oil and gas segment earnings were $2.0 billion for the second quarter of 2012, compared with $2.6 billion for the second quarter of 2011.  Lower oil and gas prices, higher operating costs and higher DD&A rates in the second quarter of 2012 were partially offset by higher volumes.

For the second quarter of 2012, daily oil and gas production volumes averaged 766,000 barrels of oil equivalent (BOE), compared with 715,000 BOE in the second quarter of 2011.

The second quarter 2012 production increase resulted from 38,000 BOE per day higher domestic volumes and a 13,000 BOE per day increase in the Middle East/North Africa.

Daily sales volumes increased from 705,000 BOE in the second quarter of 2011 to 759,000 BOE in the second quarter of 2012.

Oxy’s realized price for worldwide crude oil was $99.34 per barrel for the second quarter of 2012, compared with $103.12 per barrel for the second quarter of 2011. The second quarter of 2012 realized oil price represents 106 percent of the average WTI and 91 percent of the average Brent price for the quarter. Worldwide NGL prices were $42.06 per barrel in the second quarter of 2012, compared with $57.67 per barrel in the second quarter of 2011. Domestic gas prices decreased 51 percent from $4.27 per MCF in the second quarter of 2011 to $2.09 per MCF for the second quarter of 2012.

Second quarter 2012 realized prices were also lower than first quarter 2012 prices for all our products.  On a sequential quarterly basis, price decreases were 8 percent for worldwide crude oil, 20 percent for worldwide NGLs and 26 percent for domestic natural gas.

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Chemicals

Chemical segment earnings for the second quarter of 2012 were $194 million, compared with $253 million in the second quarter of 2011.  The year-over-year decrease was the result of lower domestic and export caustic volumes, lower vinyl chloride monomer (VCM) export demand, and lower polyvinyl chloride and VCM export prices, partially offset by lower natural gas and ethylene costs.

Midstream, Marketing and Other

Midstream segment earnings were $77 million for the second quarter of 2012, compared with $187 million for the second quarter of 2011. The results predominantly reflect lower margins in the marketing and trading businesses and the gas processing businesses, partially offset by higher income in the pipeline businesses.

SIX-MONTH RESULTS

Year-to-date 2012 core income was $2.9 billion ($3.56 per diluted share), compared with $3.4 billion ($4.19 per diluted share) for the same period in 2011.  Net income for the first six months of 2012 was $2.9 billion ($3.55 per diluted share), compared with $3.4 billion ($4.13 per diluted share) for the same period in 2011.

Oil and Gas

Oil and gas segment earnings were $4.5 billion for the six months of 2012, compared with $5.1 billion for the same period of 2011.  The $600 million decrease in the 2012 results reflected lower NGL and natural gas prices, higher operating costs and higher DD&A rates, partially offset by higher oil prices and increased volumes.

Oil and gas production volumes for the six months were 760,000 BOE per day for 2012, compared with 723,000 BOE per day for the 2011 period.  Year-over-year, our domestic production increased by 11 percent, while total production increased by 5 percent.  Higher year-over-year average oil prices and other factors affecting our production-sharing and similar contracts lowered our Middle East/North Africa and Long Beach production by 7,000 BOE per day.

The six-month 2012 daily production volume increase resulted from 44,000 BOE higher domestic volumes, partially offset by lower volumes of 2,000 BOE in the Middle East/North Africa and 5,000 BOE in Latin America.

Daily sales volumes were 752,000 BOE in the first six months of 2012, compared with 717,000 BOE for 2011.

Oxy's realized prices improved for crude oil but declined for natural gas and NGLs on a year-over-year basis.  Worldwide crude oil prices were $103.63 per barrel for the six months of 2012, compared with $97.38 per barrel for the six months of 2011.  Worldwide NGL prices were $47.52 per barrel for the six months of 2012, compared with $55.38 per barrel in the six months of 2011.  Domestic gas prices declined 42 percent, from $4.24 per MCF in the six months of 2011 to $2.46 per MCF in the six months of 2012.

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Chemicals

Chemical segment earnings were $378 million for the six months of 2012, compared with $472 million for the same period in 2011.  The 2012 six-month reduction was primarily a result of lower export volumes and prices due to the weakening economic conditions in Europe and Asia, partially offset by lower energy costs.

Midstream, Marketing and Other

Midstream segment earnings were $208 million for the six months of 2012, compared with $301 million for the same period in 2011.  The 2012 results reflect lower results in the marketing and trading business, the gas processing business and the power generation business, partially offset by improved results in the pipeline businesses.

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 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", "aim", "goal", "target", "objective", "likely" 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 2011 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)	2012			2011			2012			2011
SEGMENT NET SALES
Oil and Gas	$	4,495		$	4,591		$	9,397		$	8,958
Chemical		1,172			1,325			2,320			2,490
Midstream, Marketing and Other		262			441			655			853
Eliminations		(161	)		(184	)		(336	)		(402	)
Net Sales	$	5,768		$	6,173		$	12,036		$	11,899
SEGMENT EARNINGS
Oil and Gas  (a)	$	2,043		$	2,624		$	4,547		$	5,092
Chemical		194			253			378			472
Midstream, Marketing and Other		77			187			208			301
		2,314			3,064			5,133			5,865
Unallocated Corporate Items
Interest expense, net (b)		(25	)		(22	)		(53	)		(236	)
Income taxes (c)		(875	)		(1,111	)		(2,014	)		(2,165	)
Other		(82	)		(112	)		(174	)		(240	)
Income from Continuing Operations		1,332			1,819			2,892			3,224
Discontinued operations, net (d)		(4	)		(2	)		(5	)		142
NET INCOME	$	1,328		$	1,817		$	2,887		$	3,366
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.64		$	2.23		$	3.56		$	3.96
Discontinued operations, net		-			-			(0.01	)		0.18
	$	1.64		$	2.23		$	3.55		$	4.14
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.64		$	2.23		$	3.56		$	3.96
Discontinued operations, net		-			-			(0.01	)		0.17
	$	1.64		$	2.23		$	3.55		$	4.13
AVERAGE COMMON SHARES OUTSTANDING
BASIC		810.3			812.5			810.4			812.5
DILUTED		811.0			813.3			811.2			813.3
(a) Oil and Gas - The 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 six months of 2011 results is a pre-tax gain for sale of an interest in a Colombia pipeline of $22 million.
(b) Unallocated Corporate Items - Interest Expense, net - The six months of 2011 include a pre-tax charge of $163 million related to the premium on debt extinguishment.
(c) Unallocated Corporate Items - Taxes - The six months of 2011 include a net $21 million charge for out-of-period state income taxes.
(d) Discontinued Operations, net - The six months of 2011 include a $144 million after-tax gain from the sale of the Argentine operations.

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Attachment 2
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
	Second Quarter				Six Months
($ millions)	2012		2011		2012		2011
CAPITAL EXPENDITURES	$	2,713	$	1,633	$	5,125	$	2,958
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	1,087	$	839	$	2,172	$	1,729

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Attachment 3
SUMMARY OF OPERATING STATISTICS - PRODUCTION
	Second Quarter				Six Months
	2012		2011		2012		2011
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil (MBBL)
California		88		78		87		77
Permian		138		132		139		132
Midcontinent and Other		23		16		20		15
Total		249		226		246		224
NGL (MBBL)
California		15		15		15		15
Permian		39		40		39		38
Midcontinent and Other		19		16		19		12
Total		73		71		73		65
Natural Gas (MMCF)
California		269		252		268		247
Permian		151		143		153		154
Midcontinent and Other		420		366		416		347
Total		840		761		837		748
Latin America
Crude Oil  (MBBL) - Colombia		31		30		27		31
Natural Gas (MMCF) - Bolivia		14		16		14		16
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		3		4		3
Dolphin		9		10		9		10
Oman		62		68		63		67
Qatar		74		68		73		72
Other		32		28		37		43
Total		181		177		186		195
NGL (MBBL)
Dolphin		9		11		9		10
Natural Gas (MMCF)
Bahrain		230		172		224		172
Dolphin		194		203		183		199
Oman		57		49		57		50
Total		481		424		464		421
Barrels of Oil Equivalent (MBOE)		766		715		760		723

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Attachment 4
SUMMARY OF OPERATING STATISTICS - SALES
	Second Quarter				Six Months
	2012		2011		2012		2011
NET OIL, GAS AND LIQUIDS SALES PER DAY
United States
Crude Oil (MBBL)		249		226		246		224
NGL (MBBL)		73		71		73		65
Natural Gas (MMCF)		835		761		835		748
Latin America
Crude Oil  (MBBL) - Colombia		31		30		27		31
Natural Gas (MMCF) - Bolivia		14		16		14		16
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		3		4		3
Dolphin		8		10		8		10
Oman		60		66		63		69
Qatar		73		65		71		71
Other		30		23		32		36
Total		175		167		178		189
NGL (MBBL)
Dolphin		9		11		9		10
Natural Gas (MMCF)		481		424		464		421
Barrels of Oil Equivalent (MBOE)		759		705		752		717

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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)	2012			Diluted EPS		2011			Diluted EPS
TOTAL REPORTED EARNINGS	$	1,328		$	1.64	$	1,817		$	2.23
Oil and Gas
Segment Earnings	$	2,043				$	2,624
Add:
No significant items affecting earnings		-					-
Segment Core Results		2,043					2,624
Chemicals
Segment Earnings		194					253
Add:
No significant items affecting earnings		-					-
Segment Core Results		194					253
Midstream, Marketing and Other
Segment Earnings		77					187
Add:
No significant items affecting earnings		-					-
Segment Core Results		77					187
Total Segment Core Results		2,314					3,064
Corporate
Corporate Results --
Non Segment *		(986	)				(1,247	)
Add:
Discontinued operations, net **		4					2
Corporate Core Results - Non Segment		(982	)				(1,245	)
TOTAL CORE RESULTS	$	1,332		$	1.64	$	1,819		$	2.23
*  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)	2012			Diluted EPS		2011			Diluted EPS
TOTAL REPORTED EARNINGS	$	2,887		$	3.55	$	3,366		$	4.13
Oil and Gas
Segment Earnings	$	4,547				$	5,092
Add:
Libya exploration write-off		-					35
Gain on sale of Colombia pipeline interest		-					(22	)
Foreign tax		-					29
Segment Core Results		4,547					5,134
Chemicals
Segment Earnings		378					472
Add:
No significant items affecting earnings		-					-
Segment Core Results		378					472
Midstream, Marketing and Other
Segment Earnings		208					301
Add:
No significant items affecting earnings		-					-
Segment Core Results		208					301
Total Segment Core Results		5,133					5,907
Corporate
Corporate Results --
Non Segment *		(2,246	)				(2,499	)
Add:
Premium on debt extinguishments		-					163
State income tax charge		-					33
Tax effect of pre-tax adjustments		-					(50	)
Discontinued operations, net **		5					(142	)
Corporate Core Results - Non Segment		(2,241	)				(2,495	)
TOTAL CORE RESULTS	$	2,892		$	3.56	$	3,412		$	4.19
*  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, 2012.
99.2	Full text of speeches given by James M. Lienert and Stephen 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, 2012	/s/ ROY PINECI
	Roy Pineci, Vice President, Controller
	and Principal Accounting Officer

EXHIBIT INDEX

(d)	Exhibits
99.1	Press release dated July 26, 2012.
99.2	Full text of speeches given by James M. Lienert and Stephen 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, 2012

Occidental Petroleum Announces Second Quarter of 2012 Income

● Q2 2012 net income of $1.3 billion ($1.64 per diluted share)

● Q2 2012 total daily oil and gas production of 766,000 barrels of oil equivalent, the second consecutive quarter of record production

● Q2 2012 domestic daily oil and gas production of 462,000 barrels of oil equivalent, a record for the seventh consecutive quarter.

LOS ANGELES, July 26, 2012 -- Occidental Petroleum Corporation (NYSE:OXY) announced net income of $1.3 billion ($1.64 per diluted share) for the second quarter of 2012, compared with the second quarter of 2011 net income of $1.8 billion ($2.23 per diluted share).

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "Our second quarter 2012 total Company production of 766,000 barrels of oil equivalent per day was the second consecutive quarter of record production.  Our domestic production was 9 percent higher than the second quarter of 2011 and total production was 7 percent higher.  Our domestic production of 462,000 barrels of oil equivalent per day was a record for the seventh consecutive quarter.  We increased our daily domestic production by 7,000 barrels from the first quarter of 2012 and by 38,000 barrels from the second quarter of 2011.

"Lower product prices impacted our second quarter results, resulting in diluted EPS of $1.64 per share.  We generated cash flow from operations of $6.0 billion for the first six months of 2012 and invested $5.1 billion in capital expenditures."

Oil and Gas

Oil and gas segment earnings were $2.0 billion for the second quarter of 2012, compared with $2.6 billion for the second quarter of 2011.  Lower oil and gas prices, higher operating costs and higher DD&A rates in the second quarter of 2012 were partially offset by higher volumes.

For the second quarter of 2012, daily oil and gas production volumes averaged 766,000 barrels of oil equivalent (BOE), compared with 715,000 BOE in the second quarter of 2011.

The second quarter 2012 production increase resulted from 38,000 BOE per day higher domestic volumes and a 13,000 BOE per day increase in the Middle East/North Africa.

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Daily sales volumes increased from 705,000 BOE in the second quarter of 2011 to 759,000 BOE in the second quarter of 2012.

Oxy’s realized price for worldwide crude oil was $99.34 per barrel for the second quarter of 2012, compared with $103.12 per barrel for the second quarter of 2011. The second quarter of 2012 realized oil price represents 106 percent of the average WTI and 91 percent of the average Brent price for the quarter. Worldwide NGL prices were $42.06 per barrel in the second quarter of 2012, compared with $57.67 per barrel in the second quarter of 2011. Domestic gas prices decreased 51 percent from $4.27 per MCF in the second quarter of 2011 to $2.09 per MCF for the second quarter of 2012.

Second quarter 2012 realized prices were also lower than first quarter 2012 prices for all our products.  On a sequential quarterly basis, price decreases were 8 percent for worldwide crude oil, 20 percent for worldwide NGLs and 26 percent for domestic natural gas.

Chemicals

Chemical segment earnings for the second quarter of 2012 were $194 million, compared with $253 million in the second quarter of 2011.  The year-over-year decrease was the result of lower domestic and export caustic volumes, lower vinyl chloride monomer (VCM) export demand, and lower polyvinyl chloride and VCM export prices, partially offset by lower natural gas and ethylene costs.

Midstream, Marketing and Other

Midstream segment earnings were $77 million for the second quarter of 2012, compared with $187 million for the second quarter of 2011. The results predominantly reflect lower margins in the marketing and trading businesses and the gas processing businesses, partially offset by higher income in the pipeline businesses.

SIX-MONTH RESULTS

Year-to-date 2012 core income was $2.9 billion ($3.56 per diluted share), compared with $3.4 billion ($4.19 per diluted share) for the same period in 2011.  Net income for the first six months of 2012 was $2.9 billion ($3.55 per diluted share), compared with $3.4 billion ($4.13 per diluted share) for the same period in 2011.

Oil and Gas

Oil and gas segment earnings were $4.5 billion for the six months of 2012, compared with $5.1 billion for the same period of 2011.  The $600 million decrease in the 2012 results reflected lower NGL and natural gas prices, higher operating costs and higher DD&A rates, partially offset by higher oil prices and increased volumes.

Oil and gas production volumes for the six months were 760,000 BOE per day for 2012, compared with 723,000 BOE per day for the 2011 period.  Year-over-year, our domestic production increased by 11 percent, while total production increased by 5 percent.  Higher year-over-year average oil prices and other factors affecting our production-sharing

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and similar contracts lowered our Middle East/North Africa and Long Beach production by 7,000 BOE per day.

The six-month 2012 daily production volume increase resulted from 44,000 BOE higher domestic volumes, partially offset by lower volumes of 2,000 BOE in the Middle East/North Africa and 5,000 BOE in Latin America.

Daily sales volumes were 752,000 BOE in the first six months of 2012, compared with 717,000 BOE for 2011.

Oxy's realized prices improved for crude oil but declined for natural gas and NGLs on a year-over-year basis.  Worldwide crude oil prices were $103.63 per barrel for the six months of 2012, compared with $97.38 per barrel for the six months of 2011.  Worldwide NGL prices were $47.52 per barrel for the six months of 2012, compared with $55.38 per barrel in the six months of 2011.  Domestic gas prices declined 42 percent, from $4.24 per MCF in the six months of 2011 to $2.46 per MCF in the six months of 2012.

Chemicals

Chemical segment earnings were $378 million for the six months of 2012, compared with $472 million for the same period in 2011.  The 2012 six-month reduction was primarily a result of lower export volumes and prices due to the weakening economic conditions in Europe and Asia, partially offset by lower energy costs.

Midstream, Marketing and Other

Midstream segment earnings were $208 million for the six months of 2012, compared with $301 million for the same period in 2011.  The 2012 results reflect lower results in the marketing and trading business, the gas processing business and the power generation business, partially offset by improved results in the pipeline businesses.

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 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,

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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", "aim", "goal", "target", "objective", "likely" 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 2011 Form 10-K.

-0-

Contacts:

Melissa E. Schoeb (media)

melissa_schoeb@oxy.com

310-443-6504

or

Chris Stavros (investors)

chris_stavros@oxy.com

212-603-8184

For further analysis of Occidental's quarterly performance, please visit the

website: 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)	2012			2011			2012			2011
SEGMENT NET SALES
Oil and Gas	$	4,495		$	4,591		$	9,397		$	8,958
Chemical		1,172			1,325			2,320			2,490
Midstream, Marketing and Other		262			441			655			853
Eliminations		(161	)		(184	)		(336	)		(402	)
Net Sales	$	5,768		$	6,173		$	12,036		$	11,899
SEGMENT EARNINGS
Oil and Gas  (a)	$	2,043		$	2,624		$	4,547		$	5,092
Chemical		194			253			378			472
Midstream, Marketing and Other		77			187			208			301
		2,314			3,064			5,133			5,865
Unallocated Corporate Items
Interest expense, net (b)		(25	)		(22	)		(53	)		(236	)
Income taxes (c)		(875	)		(1,111	)		(2,014	)		(2,165	)
Other		(82	)		(112	)		(174	)		(240	)
Income from Continuing Operations		1,332			1,819			2,892			3,224
Discontinued operations, net (d)		(4	)		(2	)		(5	)		142
NET INCOME	$	1,328		$	1,817		$	2,887		$	3,366
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.64		$	2.23		$	3.56		$	3.96
Discontinued operations, net		-			-			(0.01	)		0.18
	$	1.64		$	2.23		$	3.55		$	4.14
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.64		$	2.23		$	3.56		$	3.96
Discontinued operations, net		-			-			(0.01	)		0.17
	$	1.64		$	2.23		$	3.55		$	4.13
AVERAGE COMMON SHARES OUTSTANDING
BASIC		810.3			812.5			810.4			812.5
DILUTED		811.0			813.3			811.2			813.3
(a) Oil and Gas - The 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 six months of 2011 results is a pre-tax gain for sale of an interest in a Colombia pipeline of $22 million.
(b) Unallocated Corporate Items - Interest Expense, net - The six months of 2011 include a pre-tax charge of $163 million related to the premium on debt extinguishment.
(c) Unallocated Corporate Items - Taxes - The six months of 2011 include a net $21 million charge for out-of-period state income taxes.
(d) Discontinued Operations, net - The six months of 2011 include a $144 million after-tax gain from the sale of the Argentine operations.

Attachment 2
SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE
	Second Quarter				Six Months
($ millions)	2012		2011		2012		2011
CAPITAL EXPENDITURES	$	2,713	$	1,633	$	5,125	$	2,958
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	1,087	$	839	$	2,172	$	1,729

Attachment 3
SUMMARY OF OPERATING STATISTICS - PRODUCTION
	Second Quarter				Six Months
	2012		2011		2012		2011
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil (MBBL)
California		88		78		87		77
Permian		138		132		139		132
Midcontinent and Other		23		16		20		15
Total		249		226		246		224
NGL (MBBL)
California		15		15		15		15
Permian		39		40		39		38
Midcontinent and Other		19		16		19		12
Total		73		71		73		65
Natural Gas (MMCF)
California		269		252		268		247
Permian		151		143		153		154
Midcontinent and Other		420		366		416		347
Total		840		761		837		748
Latin America
Crude Oil  (MBBL) - Colombia		31		30		27		31
Natural Gas (MMCF) - Bolivia		14		16		14		16
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		3		4		3
Dolphin		9		10		9		10
Oman		62		68		63		67
Qatar		74		68		73		72
Other		32		28		37		43
Total		181		177		186		195
NGL (MBBL)
Dolphin		9		11		9		10
Natural Gas (MMCF)
Bahrain		230		172		224		172
Dolphin		194		203		183		199
Oman		57		49		57		50
Total		481		424		464		421
Barrels of Oil Equivalent (MBOE)		766		715		760		723

Attachment 4
SUMMARY OF OPERATING STATISTICS - SALES
	Second Quarter				Six Months
	2012		2011		2012		2011
NET OIL, GAS AND LIQUIDS SALES PER DAY
United States
Crude Oil (MBBL)		249		226		246		224
NGL (MBBL)		73		71		73		65
Natural Gas (MMCF)		835		761		835		748
Latin America
Crude Oil  (MBBL) - Colombia		31		30		27		31
Natural Gas (MMCF) - Bolivia		14		16		14		16
Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		3		4		3
Dolphin		8		10		8		10
Oman		60		66		63		69
Qatar		73		65		71		71
Other		30		23		32		36
Total		175		167		178		189
NGL (MBBL)
Dolphin		9		11		9		10
Natural Gas (MMCF)		481		424		464		421
Barrels of Oil Equivalent (MBOE)		759		705		752		717

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)	2012			Diluted EPS		2011			Diluted EPS
TOTAL REPORTED EARNINGS	$	1,328		$	1.64	$	1,817		$	2.23
Oil and Gas
Segment Earnings	$	2,043				$	2,624
Add:
No significant items affecting earnings		-					-
Segment Core Results		2,043					2,624
Chemicals
Segment Earnings		194					253
Add:
No significant items affecting earnings		-					-
Segment Core Results		194					253
Midstream, Marketing and Other
Segment Earnings		77					187
Add:
No significant items affecting earnings		-					-
Segment Core Results		77					187
Total Segment Core Results		2,314					3,064
Corporate
Corporate Results --
Non Segment *		(986	)				(1,247	)
Add:
Discontinued operations, net **		4					2
Corporate Core Results - Non Segment		(982	)				(1,245	)
TOTAL CORE RESULTS	$	1,332		$	1.64	$	1,819		$	2.23
*  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)	2012			Diluted EPS		2011			Diluted EPS
TOTAL REPORTED EARNINGS	$	2,887		$	3.55	$	3,366		$	4.13
Oil and Gas
Segment Earnings	$	4,547				$	5,092
Add:
Libya exploration write-off		-					35
Gain on sale of Colombia pipeline interest		-					(22	)
Foreign tax		-					29
Segment Core Results		4,547					5,134
Chemicals
Segment Earnings		378					472
Add:
No significant items affecting earnings		-					-
Segment Core Results		378					472
Midstream, Marketing and Other
Segment Earnings		208					301
Add:
No significant items affecting earnings		-					-
Segment Core Results		208					301
Total Segment Core Results		5,133					5,907
Corporate
Corporate Results --
Non Segment *		(2,246	)				(2,499	)
Add:
Premium on debt extinguishments		-					163
State income tax charge		-					33
Tax effect of pre-tax adjustments		-					(50	)
Discontinued operations, net **		5					(142	)
Corporate Core Results - Non Segment		(2,241	)				(2,495	)
TOTAL CORE RESULTS	$	2,892		$	3.56	$	3,412		$	4.19
*  Interest expense, income taxes, G&A expense and other
** Amounts shown after tax.

EX-99.2

EXHIBIT 99.2

Occidental Petroleum Corporation

JAMES M. LIENERT

Executive Vice President and Chief Financial Officer

– Conference Call –

Second Quarter 2012 Earnings Announcement

July 26, 2012

Los Angeles, California

Thank you Chris.

Net income was $1.3 billion or $1.64 per diluted share in the second quarter of 2012, compared to $1.8 billion or $2.23 per diluted share in the second quarter of 2011 and $1.6 billion or $1.92 per diluted share in the first quarter of 2012.

All of the drop in the second quarter earnings compared to the first quarter of 2012 was attributable to the decline in commodity prices.  Worldwide oil and domestic gas and NGL prices were significantly lower during the quarter.

Here’s the segment breakdown for the second quarter.

Oil and gas segment earnings for the second quarter of 2012 were $2.0 billion, compared with $2.5 billion in the first quarter of 2012 and $2.6 billion in the second quarter of 2011.

In the oil and gas segment, the second quarter 2012 daily production was 766,000 barrels, the highest volume in the Company's history for the

1

second consecutive quarter, and was up 7 percent from the same period of 2011.

●	Our total domestic production was 462,000 barrels per day, the seventh consecutive domestic quarterly volume record for the company.  Our total domestic production was 9 percent higher than the second quarter of 2011.
●	Latin America volumes were 33,000 barrels per day.  Colombia’s production of 31,000 barrels a day improved 7,000 barrels a day from the first quarter of 2012 due to significantly lower levels of insurgent activity in the second quarter.
●	In the Middle East region, volumes were 271,000 barrels per day:
		○	In Oman, the second quarter production was 72,000 barrels per day, 2,000 barrels lower than the first quarter volumes.
		○	In Qatar, the second quarter production was 74,000 barrels per day, 2,000 barrels higher than first quarter volumes.
		○	For Dolphin and Bahrain combined, daily production increased 7,000 barrels from the first quarter, which included planned plant shutdowns in Dolphin.
		○	The rest of the Middle East / North Africa production decreased by 10,000 barrels per day.
●	Oil prices and production sharing and similar contract factors did not significantly impact this quarter’s production volumes compared to the previous quarter or the second quarter of 2011.
●	Our second quarter sales volumes were 759,000 barrels per day, slightly lower than our production volumes, due to the timing of liftings in the Middle East/North Africa.

2

● Second quarter 2012 realized prices were lower for our products compared to the first quarter of the year.  Our worldwide crude oil realized price was $99.34 per barrel, a decrease of about 8 percent, worldwide NGLs were $42.06 per barrel, a decrease of about 20 percent, and domestic natural gas prices were $2.09 per MCF, a decline of 26 percent.

● Second quarter 2012 realized prices were also lower than second quarter 2011 prices for all our products.  On a year-over-year basis, price decreases were 4 percent for worldwide crude oil, 27 percent for worldwide NGLs and 51 percent for domestic natural gas.

● Realized oil prices for the quarter represented 106 percent of the average WTI and 91 percent of the average Brent price.  Realized NGL prices were 45 percent of WTI and realized domestic gas prices were 92 percent of the average NYMEX price.

● Price changes at current global prices affect our quarterly earnings before income taxes by $38 million for a $1.00 per barrel change in oil prices and $8 million for a $1.00 per barrel change in NGL prices.  A swing of 50 cents per million BTUs in domestic gas prices affects quarterly pre-tax earnings by about $35 million.  These price change sensitivities include the impact of production sharing contract volume changes on income.

● Oil and gas cash production costs were $14.50 a barrel for the first six months of 2012, compared with last year's twelve-month costs of $12.84 a barrel.  The cost increase reflects higher well maintenance activity, in part reflecting our higher well count, higher workover activity and higher support and injection costs.

3

● Taxes other than on income, which are directly related to product prices, were $2.46 per barrel for the first six months of 2012, similar to last year’s comparable period.

● Second quarter exploration expense was $96 million.

Chemical segment earnings for the second quarter of 2012 were $194 million, compared to $184 million in the first quarter of 2012 and $253 million for the second quarter of 2011.  The sequential quarterly improvement was due to improved polyvinyl chloride (PVC) and vinyl chloride monomer (VCM) margins driven primarily by lower ethylene costs.  The year-over-year decrease was the result of lower domestic and export caustic volumes, lower VCM export demand, and lower PVC and VCM export prices, partially offset by lower natural gas and ethylene costs.

Midstream segment earnings were $77 million for the second quarter of 2012, compared to $131 million in the first quarter of 2012 and $187 million in the second quarter of 2011.  The decline in earnings was mostly in the marketing and trading businesses and to a lesser degree in the gas plants, reflecting lower NGL prices, partially offset by improvements in the pipeline businesses.

The worldwide effective tax rate was 40 percent for the second quarter of 2012.  Our second quarter U.S. and foreign tax rates are included in the “Investor Relations Supplemental Schedules.”

Cash flow from operations for the first six months of 2012 was $6.0 billion.  We used $5.1 billion of the company’s total cash flow to fund capital expenditures and $1.0 billion for acquisitions.  Financial activities, which included dividends paid, stock buybacks and a $1.75 billion borrowing during the quarter, provided a net $800 million of cash flow.

4

These and other net cash flows resulted in a $4.4 billion cash balance at June 30.

Capital expenditures for the first six months of 2012 were $5.1 billion, of which $2.7 billion was spent in the second quarter.  Year-to-date capital expenditures by segment were 82 percent in oil and gas, 15 percent in midstream and the remainder in chemicals.  The Al Hosn Shah gas project made up about 11 percent of the total capital spending for the first six months of 2012.

Our acquisitions for the first six months of 2012 were $1.0 billion, mostly consisting of bolt-on acquisitions in the Williston basin, South Texas and the Permian.

The weighted-average basic shares outstanding for the first six months of 2012 were 810.4 million and the weighted-average diluted shares outstanding were 811.2 million.  Fully diluted shares outstanding at the end of the quarter were approximately 810.0 million.

Our debt-to-capitalization ratio was 16 percent.  At the end of the second quarter, we issued $1.75 billion of senior notes at a weighted average interest rate of 2.4 percent, which brought the Company’s average effective borrowing rate down to 3.0 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 provide guidance for the second half of the year.

____________________

Throughout this presentation, barrels may refer to barrels of oil, barrels of liquids or barrels of oil equivalents, which includes natural gas, as the content requires.

5

Occidental Petroleum Corporation

STEPHEN CHAZEN

President and Chief Executive Officer

– Conference Call –

Second Quarter 2012 Earnings Guidance

July 26, 2012

Los Angeles, California

Thank you Jim.

Occidental’s second quarter 2012 production set an all-time record for the Company for the second consecutive quarter and the domestic oil and gas segment produced record volumes for the seventh consecutive quarter.  The second quarter domestic production of 462,000 barrel equivalents per day, consisting of 322,000 barrels of liquids and 840 million cubic feet per day of gas, was an increase of 7,000 barrel equivalents per day compared to the first quarter of 2012.  About 86 percent of the domestic production growth over first quarter 2012 was in liquids, which grew from 316,000 barrels a day to 322,000.  Compared to the second quarter of 2011, our domestic production grew by 9 percent, or 38,000 barrels a day, of which 25,000 barrels per day was liquids production growth and 79 million cubic feet per day was gas.

Our annualized return on equity for the first six months of 2012 was 15 percent and return on capital employed was 13 percent.

6

Capital Program

We are raising our estimate of the total year capital program to $9.2 billion, from our previously announced level of $8.3 billion.  Of the increase, about $600 million is for the Al Hosn Shah gas project, with the remainder of the increase going to the rest of the Oil and Gas segment, primarily to non-operated properties where our forecasting ability is limited.  We expect our capital spend rate to slow down modestly from the current levels during the back half of the year and stabilize in the fourth quarter.

The Al Hosn Shah gas project is approximately 49 percent complete and is progressing as planned. This project made up about 11 percent of our total capital program for the first six months of 2012.  With spending continuing at current levels, we are increasing our anticipated spending in the remainder of 2012 as I just mentioned.  However, total development capital for the project is expected to be in line with previous estimates.

In our domestic operations, we expect the total average rig count at current levels of about 75 to go down to an average of 70 by the end of the year.  However, the mix of the rigs will shift among different regions related to changes in gas and NGL prices.

With our production growth wedge firmly in place for the back half of the year, we will focus our efforts on improving our profitability.  This includes increased oil program rather than drilling gas/NGL wells.  We are releasing and will continue to release underperforming rigs and crews.  We will also work on improving our operating costs.  These things are well within our ability to achieve.  We expect to do more with less money in the rest of the year.

In California, we are continuing to see improvement with respect to permitting issues relative to last year.  We have received approved field rules

7

and new permits for both injection wells and drilling locations.  The regulatory agency continues to be responsive and committed to working through the backlog of permits.

The new Elk Hills gas plant, which went into operation in early July, will positively affect our operational efficiency and production in the back half of the year.

Production

	Turning to production expectations in the back half of the year:
●	Over the past year, we have generally achieved our 6,000 to 8,000 barrel a day quarter-over-quarter domestic production increase.  We expect that we will achieve the high end of this range of increase through the rest of the year, which should give us an entry rate into the new year of at least 480,000 barrels a day.  The increase will be spread among all of the domestic operations.
●	Internationally, at current prices we expect production to increase modestly for the rest of the year, depending on spending levels in Iraq.  This includes the effect of a drop in production at Dolphin to about 40,000 barrels a day starting in the third quarter, resulting from the full cost recovery of the pre-startup capital over the first five years since production commenced in July 2007.
●	We expect international sales volumes in the third quarter of 2012 to be similar to the second quarter level.
●	A $5.00 change in global oil prices would impact our daily volumes by about 3,000 BOE per day.  The financial impact of this volume change is incorporated into the product price sensitivities we have provided to you.

Additionally –

● We expect exploration expense to be about $85 million for seismic and drilling for our exploration programs in the third quarter.

● The chemical segment third quarter earnings are estimated to be about $175 million.  Weakness in export demand, conditions in

8

Additionally –

● We expect exploration expense to be about $85 million for seismic and drilling for our exploration programs in the third quarter.

● The chemical segment third quarter earnings are estimated to be about $175 million.  Weakness in export demand, conditions in Europe and China, slowdown in U.S. demand and rising U.S. natural gas costs will keep pressure on margins.

● We expect our combined worldwide tax rate in the third quarter of 2012 to increase to about 42 percent.

So to summarize:

● We closed the quarter with a second consecutive all-time record total Company production and the seventh consecutive record domestic oil and gas production.  We increased our total domestic production by 7,000 barrels a day over the first quarter and by 38,000 barrels a day from the second quarter of 2011.  Domestically, where we are the largest onshore liquids producer in the lower 48 states, our production increased by 9 percent from the second quarter of 2011.  Our total production increased by 7 percent in the second quarter on a year-over-year basis;

● We are raising our estimate of the total year capital program to $9.2 billion, from our previously announced level of $8.3 billion.  Of the increase, about $600 million is for the Al Hosn Shah gas project with the remainder of the increase going to the rest of the oil and gas segment;

9

● The business generated cash flow from operations of $6.0 billion in the first six months of 2012.  We spent about $5.1 billion of our cash flow on our capital program.

Now we're ready to take your questions.

____________________

Throughout this presentation, barrels may refer to barrels of oil, barrels of liquids or barrels of oil equivalents, which includes natural gas, as the content requires.

10

Occidental Petroleum Corporation
Return on Capital Employed (ROCE)
Reconciliation to Generally Accepted Accounting Principles (GAAP)
	2012
RETURN ON CAPITAL EMPLOYED (%)	12.9
GAAP measure - net income attributable	2,887
to common stock
Interest expense	53
Tax effect of interest expense	(19	)
Earnings before tax-effected interest expense	2,921
GAAP stockholders' equity	39,550
Debt	7,620
Total capital employed	47,170
ROCE - Annualized for the six months of June 30, 2012	12.9

ROCE-ROE

EX-99.3

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules
Summary
($ Millions)
	2Q 2012	2Q 2011
Core Results	$1,332	$1,819
EPS - Diluted	$1.64	$2.23
Reported Net Income	$1,328	$1,817
EPS - Diluted	$1.64	$2.23
Total Worldwide Sales Volumes (mboe/day)	759	705
Total Worldwide Production Volumes (mboe/day)	766	715
Total Worldwide Crude Oil Realizations ($/BBL)	$99.34	$103.12
Total Worldwide NGL Realizations ($/BBL)	$42.06	$57.67
Domestic Natural Gas Realizations ($/MCF)	$2.09	$4.27
Wtd. Average Basic Shares O/S (mm)	810.3	812.5
Wtd. Average Diluted Shares O/S (mm)	811.0	813.3
	YTD 2012	YTD 2011
Core Results	$2,892	$3,412
EPS - Diluted	$3.56	$4.19
Reported Net Income	$2,887	$3,366
EPS - Diluted	$3.55	$4.13
Total Worldwide Sales Volumes (mboe/day)	752	717
Total Worldwide Production Volumes (mboe/day)	760	723
Total Worldwide Crude Oil Realizations ($/BBL)	$103.63	$97.38
Total Worldwide NGL Realizations ($/BBL)	$47.52	$55.38
Domestic Natural Gas Realizations ($/MCF)	$2.46	$4.24
Wtd. Average Basic Shares O/S (mm)	810.4	812.5
Wtd. Average Diluted Shares O/S (mm)	811.2	813.3
Shares Outstanding (mm)	809.9	812.8
Cash Flow from Operations	$     6,000	$     5,600

1

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2012 Second Quarter
Net Income (Loss)
($ millions)
	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	2,043					$	2,043
Chemical		194						194
Midstream, marketing and other		77						77
Corporate
Interest expense, net		(25	)					(25	)
Other		(82	)					(82	)
Taxes		(875	)					(875	)
Income from continuing operations		1,332			-			1,332
Discontinued operations, net of tax		(4	)		4	Discontinued operations, net		-
Net Income	$	1,328		$	4		$	1,332
Basic Earnings Per Common Share
Income from continuing operations	$	1.64
Discontinued operations, net		-
Net Income	$	1.64					$	1.64
Diluted Earnings Per Common Share
Income from continuing operations	$	1.64
Discontinued operations, net		-
Net Income	$	1.64					$	1.64

2

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

3

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2012 Six Months
Net Income (Loss)
($ millions)
	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	4,547					$	4,547
Chemical		378						378
Midstream, marketing and other		208						208
Corporate
Interest expense, net		(53	)					(53	)
Other		(174	)					(174	)
Taxes		(2,014	)					(2,014	)
Income from continuing operations		2,892			-			2,892
Discontinued operations, net of tax		(5	)		5	Discontinued operations, net		-
Net Income	$	2,887		$	5		$	2,892
Basic Earnings Per Common Share
Income from continuing operations	$	3.56
Discontinued operations, net		(0.01	)
Net Income	$	3.55					$	3.56
Diluted Earnings Per Common Share
Income from continuing operations	$	3.56
Discontinued operations, net		(0.01	)
Net Income	$	3.55					$	3.56

4

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

5

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate
	QUARTERLY						YEAR-TO-DATE
	2012		2012		2011		2012		2011
REPORTED INCOME	QTR 2		QTR 1		QTR 2		6 Months		6 Months
Oil & Gas	2,043		2,504		2,624		4,547		5,092
Chemicals	194		184		253		378		472
Midstream, marketing and other	77		131		187		208		301
Corporate & other	(107	)	(120	)	(134	)	(227	)	(476	)
Pre-tax income	2,207		2,699		2,930		4,906		5,389
Income tax expense
Federal and state	254		446		557		700		927
Foreign	621		693		554		1,314		1,238
Total	875		1,139		1,111		2,014		2,165
Income from continuing operations	1,332		1,560		1,819		2,892		3,224
Worldwide effective tax rate	40%		42%		38%		41%		40%
	2012		2012		2011		2012		2011
CORE RESULTS	QTR 2		QTR 1		QTR 2		6 Months		6 Months
Oil & Gas	2,043		2,504		2,624		4,547		5,134
Chemicals	194		184		253		378		472
Midstream, marketing and other	77		131		187		208		301
Corporate & other	(107	)	(120	)	(134	)	(227	)	(313	)
Pre-tax income	2,207		2,699		2,930		4,906		5,594
Income tax expense
Federal and state	254		446		557		700		957
Foreign	621		693		554		1,314		1,225
Total	875		1,139		1,111		2,014		2,182
Core results	1,332		1,560		1,819		2,892		3,412
Worldwide effective tax rate	40%		42%		38%		41%		39%

6

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2012 Second Quarter Net Income (Loss)
Reported Income Comparison
	Second			First
	Quarter			Quarter
	2012			2012			B / (W)
Oil & Gas	$	2,043		$	2,504		$	(461	)
Chemical		194			184			10
Midstream, marketing and other		77			131			(54	)
Corporate
Interest expense, net		(25	)		(28	)		3
Other		(82	)		(92	)		10
Taxes		(875	)		(1,139	)		264
Income from continuing operations		1,332			1,560			(228	)
Discontinued operations, net		(4	)		(1	)		(3	)
Net Income	$	1,328		$	1,559		$	(231	)
Earnings Per Common Share
Basic	$	1.64		$	1.92		$	(0.28	)
Diluted	$	1.64		$	1.92		$	(0.28	)
Worldwide Effective Tax Rate		40%			42%			2%
OCCIDENTAL PETROLEUM
2012 Second Quarter Net Income (Loss)
Core Results Comparison
	Second			First
	Quarter			Quarter
	2012			2012			B / (W)
Oil & Gas	$	2,043		$	2,504		$	(461	)
Chemical		194			184			10
Midstream, marketing and other		77			131			(54	)
Corporate
Interest expense, net		(25	)		(28	)		3
Other		(82	)		(92	)		10
Taxes		(875	)		(1,139	)		264
Core Results	$	1,332		$	1,560		$	(228	)
Core Results Per Common Share
Basic	$	1.64		$	1.92		$	(0.28	)
Diluted	$	1.64		$	1.92		$	(0.28	)
Worldwide Effective Tax Rate		40%			42%			2%

7

Investor Relations Supplemental Schedules

8

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2012 Second Quarter Net Income (Loss)
Reported Income Comparison
	Second			Second
	Quarter			Quarter
	2012			2011			B / (W)
Oil & Gas	$	2,043		$	2,624		$	(581	)
Chemical		194			253			(59	)
Midstream, marketing and other		77			187			(110	)
Corporate
Interest expense, net		(25	)		(22	)		(3	)
Other		(82	)		(112	)		30
Taxes		(875	)		(1,111	)		236
Income from continuing operations		1,332			1,819			(487	)
Discontinued operations, net		(4	)		(2	)		(2	)
Net Income	$	1,328		$	1,817		$	(489	)
Earnings Per Common Share
Basic	$	1.64		$	2.23		$	(0.59	)
Diluted	$	1.64		$	2.23		$	(0.59	)
Worldwide Effective Tax Rate		40%			38%			-2%
OCCIDENTAL PETROLEUM
2012 Second Quarter Net Income (Loss)
Core Results Comparison
	Second			Second
	Quarter			Quarter
	2012			2011			B / (W)
Oil & Gas	$	2,043		$	2,624		$	(581	)
Chemical		194			253			(59	)
Midstream, marketing and other		77			187			(110	)
Corporate
Interest expense, net		(25	)		(22	)		(3	)
Other		(82	)		(112	)		30
Taxes		(875	)		(1,111	)		236
Core Results	$	1,332		$	1,819		$	(487	)
Core Results Per Common Share
Basic	$	1.64		$	2.23		$	(0.59	)
Diluted	$	1.64		$	2.23		$	(0.59	)
Worldwide Effective Tax Rate		40%			38%			-2%

9

Investor Relations Supplemental Schedules

10

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
		Second Quarter		Six Months
		2012	2011	2012	2011
NET PRODUCTION PER DAY:
United States
Crude Oil (MBBL)
	California	88	78	87	77
	Permian	138	132	139	132
Midcontinent and other		23	16	20	15
	Total	249	226	246	224
NGL (MBBL)
	California	15	15	15	15
	Permian	39	40	39	38
Midcontinent and other		19	16	19	12
	Total	73	71	73	65
Natural Gas (MMCF)
	California	269	252	268	247
	Permian	151	143	153	154
Midcontinent and other		420	366	416	347
	Total	840	761	837	748
Latin America
Crude Oil (MBBL)	Colombia	31	30	27	31
Natural Gas (MMCF)	Bolivia	14	16	14	16
Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	4	3	4	3
	Dolphin	9	10	9	10
	Oman	62	68	63	67
	Qatar	74	68	73	72
	Other	32	28	37	43
	Total	181	177	186	195
NGL (MBBL)	Dolphin	9	11	9	10
Natural Gas (MMCF)
	Bahrain	230	172	224	172
	Dolphin	194	203	183	199
	Oman	57	49	57	50
	Total	481	424	464	421
Barrels of Oil Equivalent (MBOE)		766	715	760	723

11

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
		Second Quarter		Six Months
		2012	2011	2012	2011
NET SALES VOLUMES PER DAY:
United States
Crude Oil (MBBL)		249	226	246	224
NGL (MBBL)		73	71	73	65
Natural Gas (MMCF)		835	761	835	748
Latin America
Crude Oil (MBBL)		31	30	27	31
Natural Gas (MMCF)		14	16	14	16
Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	4	3	4	3
	Dolphin	8	10	8	10
	Oman	60	66	63	69
	Qatar	73	65	71	71
	Other	30	23	32	36
	Total	175	167	178	189
NGL (MBBL)	Dolphin	9	11	9	10
Natural Gas (MMCF)		481	424	464	421
Barrels of Oil Equivalent (MBOE)		759	705	752	717

12

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
	Second Quarter				Six Months
	2012		2011		2012		2011
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)		92.34		98.74		97.88		93.45
NGL ($/BBL)		43.75		61.30		49.14		58.87
Natural gas ($/MCF)		2.09		4.27		2.46		4.24
Latin America
Crude Oil ($/BBL)		98.15		103.22		100.40		97.75
Natural Gas ($/MCF)		12.06		9.55		11.84		8.88
Middle East / North Africa
Crude Oil ($/BBL)		109.70		109.11		112.28		102.05
NGL ($/BBL)		29.32		33.50		34.76		33.71
Total Worldwide
Crude Oil ($/BBL)		99.34		103.12		103.63		97.38
NGL ($/BBL)		42.06		57.67		47.52		55.38
Natural Gas ($/MCF)		1.72		3.12		1.97		3.08
	Second Quarter				Six Months
	2012		2011		2012		2011
Exploration Expense
United States	$	80	$	59	$	141	$	99
Latin America		-		-		-		-
Middle East / North Africa		16		3		53		47
TOTAL REPORTED	$	96	$	62	$	194	$	146
Less - non-core impairments		-		-		-		(35	)
TOTAL CORE	$	96	$	62	$	194	$	111

13

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
		Second Quarter				Six Months
Capital Expenditures ($MM)		2012		2011		2012		2011
Oil & Gas
California		$	580	$	413	$	1,103	$	721
Permian			508		237		937		453
Midcontinent and other			418		234		842		414
Latin America			67		45		109		87
Middle East  / North Africa			430		303		858		655
Exploration			183		111		354		176
Chemicals			75		37		117		59
Midstream, marketing and other			422		243		754		370
Corporate			30		10		51		23
	TOTAL	$	2,713	$	1,633	$	5,125	$	2,958
Depreciation, Depletion &		Second Quarter				Six Months
Amortization of Assets ($MM)		2012		2011		2012		2011
Oil & Gas
Domestic		$	582	$	410	$	1,170	$	817
Latin America			31		21		56		49
Middle East  / North Africa			328		274		663		596
Chemicals			86		85		171		167
Midstream, marketing and other			54		44		100		89
Corporate			6		5		12		11
	TOTAL	$	1,087	$	839	$	2,172	$	1,729

14

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
CORPORATE
($ millions)
	30-Jun-12			31-Dec-11
CAPITALIZATION
Long-Term Debt (including short-term borrowings)		$	7,620		$	5,871
EQUITY		$	39,550		$	37,620
Total Debt To Total Capitalization			16%			13%

15

EX-99.4

EXHIBIT 99.4

Occidental Petroleum CorporationSecond Quarter 2012 Earnings Conference Call

July 26, 2012

1

2

•Net Income - $1.3 Billion in 2Q12 vs. $1.8 Billion in 2Q11
and $1.6 Billion in 1Q12.

–EPS $1.64 (diluted) vs. $2.23 (diluted) in 2Q11 and $1.92
(diluted) in 1Q12.

•All of the drop in 2Q12 earnings compared to 1Q12 was
attributable to the decline in commodity prices.

•Worldwide oil and domestic gas and NGL prices were
significantly lower during the quarter.

Second Quarter 2012 Earnings - Highlights

Second Quarter 2012 Earnings - Highlights

2

Second Quarter 2012 Earnings - Oil & Gas
Segment Variance Analysis - 2Q12 vs. 1Q12

Second Quarter 2012 Earnings - Oil & Gas
Segment Variance Analysis - 2Q12 vs. 1Q12

•Core Results for 2Q12 of $2.0 B vs. $2.5 B in 1Q12

–All of the drop in 2Q12 earnings compared to 1Q12 was attributable to the decline in
commodity prices.Worldwide oil and domestic gas and NGL prices were significantly lower
during the quarter.

($ in millions)

3

Second Quarter 2012 Earnings - Oil & Gas
Segment Variance Analysis - 2Q12 vs. 2Q11

Second Quarter 2012 Earnings - Oil & Gas
Segment Variance Analysis - 2Q12 vs. 2Q11

•Core Results for 2Q12 of $2.0 B vs. $2.6 B in 2Q11

($ in millions)

4

5

2Q122Q11

Oil and Gas Production Volumes (mboe/d) 766715

–The highest volume in the Company's history for the second
consecutive quarter, +7% year-over-year.

•Our total domestic production was 462 mboe/d, the
seventh consecutive domestic quarterly volume record
for the company.

•Our total domestic production was 9% higher than 2Q11.

•Latin America volumes were 33 mboe/d.

–Colombia’s production of 31 mb/d improved 7 mb/d from 1Q12 due to
significantly lower levels of insurgent activity during 2Q12.

Second Quarter 2012 Earnings - Oil & Gas Production

5

6

•In the Middle East region, volumes were 271 mboe/d:

–In Oman, 2Q12 production was 72 mboe/d, 2 mboe/d lower
than 1Q12 volumes.

–In Qatar, 2Q12 production was 74 mb/d, 2 mb/d higher than
1Q12 volumes.

–For Dolphin and Bahrain combined, daily production increased
7 mboe/d from 1Q12, which included planned plant shutdowns
in Dolphin.

–The rest of the Middle East/North Africa production decreased
by 10 mboe/d.

–Oil prices and production sharing and similar contract factors
did not significantly impact this quarter’s production volumes
compared to the previous quarter or 2Q11.

–Our 2Q12 sales volumes were 759 mboe/d, slightly lower than
our production volumes, due to the timing of liftings in the
Middle East/North Africa.

Second Quarter 2012 Earnings - Oil & Gas Production

Second Quarter 2012 Earnings - Oil & Gas Production

6

7

•2Q12 realized prices were lower for our products
compared to 1Q12.

–Our worldwide crude oil realized price was $99.34 per barrel, a decrease
of about 8%;

–worldwide NGLs were $42.06 per barrel, a decrease of about 20%, and;

–domestic natural gas prices were $2.09 per MCF, a decline of 26%.

•2Q12 realized prices were also lower than 2Q11 prices for
all our products.

–On a year-over-year basis, price decreases were 4% for worldwide
crude oil;

–27% for worldwide NGLs, and;

–51% percent for domestic natural gas.

Second Quarter 2012 Earnings - Oil & Gas
Segment - Realized Prices

Second Quarter 2012 Earnings - Oil & Gas
Segment - Realized Prices

7

8

•Realized oil prices for the quarter represented 106%
of the average WTI and 91% of the average Brent price.

•Realized NGL prices were 45% of WTI and realized
domestic gas prices were 92% of the average NYMEX
price.

•Price changes at current global prices affect our
quarterly earnings before income taxes by $38 mm
for a $1.00 per barrel change in oil prices and $8 mm for
a $1.00 per barrel change in NGL prices.

•A swing of 50 cents per million BTUs in domestic gas
prices affects quarterly pre-tax earnings by about $35 mm.

–These price change sensitivities include the impact of production-sharing
contract volume changes on income.

Second Quarter 2012 Earnings - Oil & Gas
Segment - Realized Prices

Second Quarter 2012 Earnings - Oil & Gas
Segment - Realized Prices

8

9

Second Quarter 2012 Earnings - Oil & Gas Segment

2Q122Q11

Reported Segment Earnings ($mm)$2,043$2,624

WTI Oil Price ($/bbl)$93.49$102.56

Brent Oil Price ($/bbl)$108.90$117.36

NYMEX Gas Price ($/mcf)$2.28$4.23

Oxy’s Realized Prices

Worldwide Oil ($/bbl)$99.34$103.12

- 4% year-over-year

Worldwide NGLs ($/bbl)$42.06$57.67

- 27% year-over-year

US Natural Gas ($/mcf)$2.09$4.27

- 51% year-over-year

9

10

•Oil and gas cash production costs were $14.50 a
boe for the first six months of 2012, compared with
last year's twelve-month costs of $12.84 a boe.

–The cost increase reflects higher well maintenance activity, in part
reflecting our higher well count, higher workover activity and higher
support and injection costs.

•Taxes other than on income, which are directly related
to product prices, were $2.46 per boe for the first six
months of 2012, similar to last year’s comparable period.

•2Q12 exploration expense was $96 million.

Second Quarter 2012 Earnings - Oil & Gas
Segment - Production Costs and Taxes

Second Quarter 2012 Earnings - Oil & Gas
Segment - Production Costs and Taxes

10

Second Quarter 2012 Earnings - Chemical
Segment Variance Analysis - 2Q12 vs. 1Q12

Second Quarter 2012 Earnings - Chemical
Segment Variance Analysis - 2Q12 vs. 1Q12

•Core Results for 2Q12 were $194 mm vs. $184 mm in 1Q12.

–The sequential quarterly improvement was due to improved polyvinyl chloride (PVC)
and vinyl chloride monomer (VCM) margins driven primarily by lower ethylene costs.

($ in millions)

11

Second Quarter 2012 Earnings - Chemical
Segment Variance Analysis - 2Q12 vs. 2Q11

Second Quarter 2012 Earnings - Chemical
Segment Variance Analysis - 2Q12 vs. 2Q11

•Core Results for 2Q12 were $194 mm vs. $253 mm in 2Q11.

–The year-over-year decrease was the result of lower domestic and export caustic volumes,
lower VCM export demand, and lower PVC and VCM export prices, partially offset by lower
natural gas and ethylene costs.

*Lower energy and feedstock costs

($ in millions)

12

Second Quarter 2012 Earnings - Midstream
Segment Variance Analysis - 2Q12 vs. 1Q12

Second Quarter 2012 Earnings - Midstream
Segment Variance Analysis - 2Q12 vs. 1Q12

($ in millions)

•Core Results for 2Q12 were $77 mm vs. $131 mm in 1Q12.

–The decline in earnings was mostly in the marketing and trading businesses and to a lesser
degree in the gas plants, reflecting lower NGL prices, partially offset by improvements in the
pipeline businesses.

13

Second Quarter 2012 Earnings - Midstream
Segment Variance Analysis - 2Q12 vs. 2Q11

Second Quarter 2012 Earnings - Midstream
Segment Variance Analysis - 2Q12 vs. 2Q11

•Core Results for 2Q12 were $77 mm vs. $187 mm in 2Q11.

($ in millions)

14

15

•The worldwide effective tax rate was 40% for 2Q12.

•Our 2Q12 U.S. and foreign tax rates are included in
the “Investor Relations Supplemental Schedules.”

Second Quarter 2012 Earnings - Taxes

15

Second Quarter 2012 Earnings -
2012 YTD Cash Flow

Second Quarter 2012 Earnings -
2012 YTD Cash Flow

–Cash flow from operations for the first six months of 2012 was $6 billion.We used $5.1 billion of the
company’s total cash flow to fund capital expenditures and $1 billion for acquisitions.Financial
activities, which included dividends paid, stock buybacks and a $1.75 billion borrowing during the
quarter, provided a net $800 million of cash flow.

($ in millions)

Cash Flow
From
Operations
$6,000

Beginning
Cash
$3,800
12/31/11

16

17

Second Quarter 2012 Earnings -
Capital Expenditures & Acquisitions

Second Quarter 2012 Earnings -
Capital Expenditures & Acquisitions

•Capital expenditures for the first six months of 2012 were
$5.1 billion, of which $2.7 billion was spent in 2Q12.

•Year-to-date capital expenditures by segment were 82%
in oil and gas, 15% in midstream and the remainder in
chemicals.

•The Al Hosn Shah gas project made up about 11% of the
total capital spending for the first six months of 2012.

•Our acquisitions for the first six months of 2012 were
$1 billion, mostly consisting of bolt-on acquisitions in
the Williston basin, South Texas and the Permian.

17

18

Second Quarter 2012 Earnings -
Shares Outstanding & Debt/Capital

Shares Outstanding (mm)2H126/30/12

Weighted Average Basic810.4

Weighted Average Diluted811.2

Basic Shares Outstanding809.4

Diluted Shares Outstanding810.0

6/30/1212/31/11

Debt/Capital16%13%

•At the end of 2Q12, we issued $1.75 billion of senior notes at a
weighted average interest rate of 2.4%, which brought the
Company’s average effective borrowing rate down to 3.0%.

18

19

Second Quarter 2012 Earnings -
Key Performance Metrics

Second Quarter 2012 Earnings -
Key Performance Metrics

•Occidental’s 2Q12 production set an all-time record for the
Company for the second consecutive quarter and
the domestic oil and gas segment produced record
volumes for the seventh consecutive quarter.

•2Q12 domestic production of 462 mboe/d, consisting
of 322 mb/d of liquids and 840 mmcf/d of gas, was an
increase of 7 mboe/d compared to 1Q12.

•About 86% of the domestic production growth over 1Q12
was in liquids, which grew from 316 mb/d to 322 mb/d.

•Compared to 2Q11, our domestic production grew by 9%,
or 38 mboe/d, of which 25 mb/d was liquids production
growth and 79 mmcf/d was gas.

•Our annualized return on equity for the first six months of
2012 was 15% and return on capital employed was 13%.

Note: See attached GAAP reconciliation.

19

20

•We are raising our estimate of the total year capital
program to $9.2 billion, from our previously announced
level of $8.3 billion.

•Of the increase, about $600 million is for the Al Hosn
Shah gas project, with the remainder of the increase
going to the rest of the Oil and Gas segment, primarily to
non-operated properties where our forecasting ability is
limited.

•We expect our capital spend rate to slow down modestly
from the current levels during the back half of the year
and stabilize in 4Q12.

Second Quarter 2012 Earnings - Capital Program

Second Quarter 2012 Earnings - Capital Program

20

21

Second Quarter 2012 Earnings -
2012 Updated Capital Expenditure Program

Second Quarter 2012 Earnings -
2012 Updated Capital Expenditure Program

($ in millions)

21

Second Quarter 2012 Earnings -
2012 vs. 2011 Capital Program

22

($ in millions)

(a) Excludes the $500 million development costs, incurred by the project prior to the effective date of our participation, which was paid at the date of the
signing of the Al Hosn Shah Field Development Project.

22

Second Quarter 2012 Earnings -
Capital Program - Al Hosn

Second Quarter 2012 Earnings -
Capital Program - Al Hosn

23

Second Quarter 2012 Earnings -
Capital Program - Domestic Operations

Second Quarter 2012 Earnings -
Capital Program - Domestic Operations

24

25

Second Quarter 2012 Earnings -
Capital Program - Domestic Operations

Second Quarter 2012 Earnings -
Capital Program - Domestic Operations

25

26

•As we look ahead to production expectations in 2H12:

–Over the past year, we have generally achieved our 6 to 8 mboe/d
quarter-over-quarter domestic production increase.

–We expect that we will achieve the high end of this range of
increase through the rest of the year, which should give us an
entry rate into the new year of at least 480 mboe/d.

–The increase will be spread among all of the domestic operations.

•Internationally, at current prices we expect production
to increase modestly for the rest of the year, depending
on spending levels in Iraq.

–This includes the effect of a drop in production at Dolphin to
about 40 mboe/d starting in 3Q12, resulting from the full cost
recovery of the pre-startup capital over the first five years since
production commenced in July 2007.

–We expect international sales volumes in 3Q12 to be similar to
the 2Q12 level.

Second Quarter 2012 Earnings -
Oil and Gas - 2H12 Outlook

26

27

•A $5.00 change in global oil prices would impact our
daily volumes by about 3 mboe/d.The financial impact
of this volume change is incorporated into the product
price sensitivities we have provided.

•We expect exploration expense to be about $85 million
for seismic and drilling for our exploration programs in
3Q12.

Second Quarter 2012 Earnings -
Oil and Gas - 2H12 Outlook

27

28

•The chemical segment 3Q12 earnings are estimated to
be about $175 million.

–Weakness in export demand, conditions in Europe and China,
slowdown in U.S. demand and rising US natural gas costs will
keep pressure on margins.

•We expect our combined worldwide tax rate in 3Q12 to
increase to about 42%.

Second Quarter 2012 Earnings -
3Q12 Outlook - Chemicals & Taxes

28

29

Second Quarter 2012 Earnings - Summary

Second Quarter 2012 Earnings - Summary

•To summarize:We closed the quarter with a second consecutive
all-time record total Company production and the seventh
consecutive record domestic oil and gas production.

–We increased our total domestic production by 7 mboe/d over 1Q12
and by 38 mboe/d from 2Q11.

–Domestically, where we are the largest onshore liquids producer in
the lower 48 states, our production increased by 9% from 2Q11.

–Our total production increased by 7% in 2Q12 on a year-over-year basis;

•We are raising our estimate of the total year capital program to
$9.2 billion, from our previously announced level of $8.3 billion.

–Of the increase, about $600 million is for the Al Hosn Shah gas project
with the remainder of the increase going to the rest of the oil and gas
segment;

•The business generated cash flow from operations of $6 billion in
the first six months of 2012.

–We spent about $5.1 billion of our cash flow on our capital program.

29

30

Second Quarter 2012 Earnings - Q&A

Second Quarter 2012 Earnings - Q&A

30

EX-99.5

    ex99_5-20120726.htm