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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) April 28, 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 April 28, 2011, Occidental Petroleum Corporation released information regarding its results of operations for the three months ended March 31, 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 speech given by Stephen I. Chazen is 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 April 28, 2011, Occidental Petroleum Corporation announced core income of $1.6 billion ($1.96 per diluted share) for the first quarter of 2011, compared with $1.1 billion ($1.35 per diluted share) for the first quarter of 2010. Net income for the first quarter of 2011 was $1.5 billion ($1.90 per diluted share), compared with $1.1 billion ($1.31 per diluted share) for the first quarter of 2010.

QUARTERLY RESULTS

Oil and Gas

Oil and gas segment earnings were $2.5 billion for the first quarter of 2011, compared with $1.9 billion for the same period in 2010. The increase in the first quarter of 2011 results was due to higher crude oil prices and higher sales volumes in the Middle East, partially offset by higher operating costs and DD&A rates.

For the first quarter of 2011, daily oil and gas production volumes averaged 730,000 barrels of oil equivalent (BOE), compared with 701,000 BOE in the first quarter of 2010. Volumes increased over 4 percent, primarily in domestic gas and NGL production and Middle East/North Africa crude oil volumes. The domestic gas increase was from the new acquisition in South Texas, which closed in the first quarter of 2011. The Middle East/North Africa increase included new production from Iraq and higher volumes from the Mukhaizna field in Oman.

As a result of higher year-over-year average oil prices affecting production sharing and similar contracts, production was negatively impacted in the Middle East/North Africa, Long Beach and Colombia by 12,000 BOE per day. Dolphin and Elk Hills volumes were also lower from planned maintenance and production shut-downs in the first quarter of 2011.

Daily sales volumes increased over 6 percent from 685,000 BOE per day in the first quarter of 2010 to 728,000 BOE per day in the first quarter of 2011.

Oxy's realized price for worldwide crude oil was $92.14 per barrel for the first quarter of 2011, compared with $74.09 per barrel for the first quarter of 2010. Worldwide realized NGL prices rose from $47.48 per barrel in the first quarter of 2010 to $52.64 per barrel in the first quarter of 2011. Domestic realized gas prices dropped from $5.62 per Mcf in the first quarter of 2010 to $4.21 per Mcf for the first quarter of 2011.

Chemicals

Chemical segment earnings for the first quarter 2011 were $219 million, compared with $30 million for the same period in 2010. The first quarter of 2011 results reflect strong export sales, higher margins resulting from improved supply/demand balances across most products, including calcium chloride, and lower energy costs.

Midstream, Marketing and Other

Midstream segment earnings were $114 million for the first quarter of 2011, compared with $94 million for the first quarter of 2010. Earnings for the first quarter of 2011 reflect increased income from the pipeline business, higher margins in the marketing and trading business, partially offset by lower margins in the gas processing 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; international political conditions; supply and demand considerations for Occidental’s products; 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 or acquisitions; 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; general domestic and international political conditions; 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 laws 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 press release. 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, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.

							Attachment 1

SUMMARY OF SEGMENT NET SALES AND EARNINGS

	First Quarter
($ millions, except per-share amounts)	2011			2010
SEGMENT NET SALES
Oil and Gas	$	4,367		$	3,491
Chemical		1,165			956
Midstream, Marketing and Other		412			369
Eliminations		(218	)		(200	)

Net Sales	$	5,726		$	4,616

SEGMENT EARNINGS
Oil and Gas (a), (b)	$	2,468		$	1,861
Chemical		219			30
Midstream, Marketing and Other		114			94
		2,801			1,985

Unallocated Corporate Items
Interest expense, net (c)		(214	)		(35	)
Income taxes (d)		(1,054	)		(746	)
Other		(128	)		(107	)

Income from Continuing Operations (a)		1,405			1,097
Discontinued operations, net (e)		144			(33	)

NET INCOME (a)	$	1,549		$	1,064

BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.72		$	1.35
Discontinued operations, net		0.18			(0.04	)
	$	1.90		$	1.31

DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.72		$	1.35
Discontinued operations, net		0.18			(0.04	)
	$	1.90		$	1.31
AVERAGE BASIC COMMON SHARES OUTSTANDING
BASIC		812.6			812.1
DILUTED		813.4			813.5

(a) Net Income - Represent amounts attributable to Common Stock, after deducting non-controlling interest of $24 million for the first quarter of 2010.
(b) Oil and Gas - The first quarter of 2011 includes 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 2011 first quarter results is a pre-tax gain for sale of an interest in the Colombia pipeline of $22 million.
(c) Unallocated Corporate Items - Interest Expense, net - The first quarter of 2011 includes a pre-tax charge of $163 million related to the premium on debt extinguishment.
(d) Unallocated Corporate Items - Taxes - The first quarter of 2011 includes a net $21 million charge for out of period state income taxes.
(e) Discontinued Operations, net - The first quarter of 2011 includes a $144 million after-tax gain from the sale of the Argentina operations.

					Attachment 2

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

	First Quarter
($ millions)	2011		2010
CAPITAL EXPENDITURES	$	1,325	$	768

DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	890	$	763

					Attachment 3

SUMMARY OF OPERATING STATISTICS - PRODUCTION

	First Quarter
	2011		2010
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil (MBBL)
California		77		77
Permian		132		137
Midcontinent and other		13		7
Total		222		221

NGL (MBBL)
California		14		17
Permian		37		27
Midcontinent and other		8		6
Total		59		50

Natural Gas (MMCF)
California		242		295
Permian		165		198
Midcontinent and other		327		182
Total		734		675

Latin America
Crude Oil (MBBL)
Colombia		31		34

Natural Gas (MMCF)
Bolivia		16		12

Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		3
Dolphin		9		11
Iraq		9		-
Libya		15		13
Oman		67		57
Qatar		75		75
Yemen		33		35
Total		212		194

NGL (MBBL)
Dolphin		10		12
Libya		1		1
Total		11		13

Natural Gas (MMCF)
Bahrain		173		166
Dolphin		196		228
Oman		50		52
Total		419		446


Barrels of Oil Equivalent (MBOE)		730		701

					Attachment 4

SUMMARY OF OPERATING STATISTICS - SALES

	First Quarter
	2011		2010
NET OIL, GAS AND LIQUIDS SALES PER DAY

United States
Crude Oil (MBBL)		222		221
NGL (MBBL)		59		50
Natural Gas (MMCF)		734		675

Latin America
Crude Oil (MBBL)
Colombia		33		33

Natural Gas (MMCF)		16		12

Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		2
Dolphin		9		11
Iraq		-		-
Libya		15		4
Oman		71		56
Qatar		76		74
Yemen		34		33
Total		209		180

NGL (MBBL)
Dolphin		10		12

Natural Gas (MMCF)		419		446


Barrels of Oil Equivalent (MBOE)		728		685

									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.

	First Quarter
($ millions, except per-share amounts)	2011			Diluted EPS		2010				Diluted EPS
TOTAL REPORTED EARNINGS	$	1,549		$	1.90	$	1,064			$	1.31

Oil and Gas
Segment Earnings	$	2,468				$	1,861
Add:
Libya exploration write-off		35					-
Gain on sale of Colombia pipeline interest		(22	)				-
Foreign tax		29					-

Segment Core Results		2,510					1,861

Chemicals
Segment Earnings		219					30
Add:
No significant items affecting earnings		-					-

Segment Core Results		219					30

Midstream, Marketing and Other
Segment Earnings		114					94
Add:
No significant items affecting earnings		-					-

Segment Core Results		114					94

Total Segment Core Results		2,843					1,985

Corporate
Corporate Results --
Non Segment *		(1,252	)				(921	)
Add:
Premium on debt extinguishments		163					-
State income tax charge		33					-
Tax effect of adjustments		(50	)				-
Discontinued operations, net **		(144	)				33

Corporate Core Results - Non Segment		(1,250	)				(888	)

TOTAL CORE RESULTS	$	1,593		$	1.96	$	1,097			$	1.35

* Interest expense, income taxes, G&A expense and other.
** Amounts shown after tax.

Section 9 - Financial Statements and Exhibits

Item 9.01.		Financial Statements and Exhibits

(d)		Exhibits

99.1		Press release dated April 28, 2011.

99.2		Full text of speech given by 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.

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: April 28, 2011	/s/ ROY PINECI
	Roy Pineci, Vice President, Controller
	and Principal Accounting Officer

EXHIBIT INDEX

99.1		Press release dated April 28, 2011.

99.2		Full text of speech given by 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.

ex99_1-20110428.htm

EXHIBIT 99.1

For Immediate Release: April 28, 2011

Occidental Petroleum Announces First Quarter of 2011 Income

●	Q1 2011 core income of $1.96 per diluted share (net income $1.90 per diluted share)
●	Year-over-year production growth over 4 percent to 730,000 BOE per day

LOS ANGELES, April 28, 2011 -- Occidental Petroleum Corporation (NYSE:OXY) announced core income of $1.6 billion ($1.96 per diluted share) for the first quarter of 2011, compared with $1.1 billion ($1.35 per diluted share) for the first quarter of 2010. Net income for the first quarter of 2011 was $1.5 billion ($1.90 per diluted share), compared with $1.1 billion ($1.31 per diluted share) for the first quarter of 2010.

In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, “The first quarter of 2011 core income of $1.6 billion was 45-percent higher than the first quarter of 2010. Our oil and gas production for the first quarter of 2011 increased over 4 percent, as compared to the first quarter of 2010, to 730,000 BOE per day."

QUARTERLY RESULTS

Oil and Gas

As a result of higher year-over-year average oil prices affecting production sharing and similar contracts, production was negatively impacted in the Middle

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East/North Africa, Long Beach and Colombia by 12,000 BOE per day. Dolphin and Elk Hills volumes were also lower from planned maintenance and production shut-downs in the first quarter of 2011.

Daily sales volumes increased over 6 percent from 685,000 BOE per day in the first quarter of 2010 to 728,000 BOE per day in the first quarter of 2011.

Chemicals

Midstream, Marketing and Other

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 materially include, but are not limited to: global commodity pricing fluctuations; international political conditions; supply and demand considerations for Occidental’s products; not successfully

2 of 3

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 or acquisitions; 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; general domestic and international political conditions; 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 laws 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 press release. 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, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.

-0-

Contacts:	Richard S. Kline (media) richard_kline@oxy.com 310-443-6249
	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

	First Quarter
($ millions, except per-share amounts)	2011			2010
SEGMENT NET SALES
Oil and Gas	$	4,367		$	3,491
Chemical		1,165			956
Midstream, Marketing and Other		412			369
Eliminations		(218	)		(200	)

Net Sales	$	5,726		$	4,616

SEGMENT EARNINGS
Oil and Gas (a), (b)	$	2,468		$	1,861
Chemical		219			30
Midstream, Marketing and Other		114			94
		2,801			1,985

Unallocated Corporate Items
Interest expense, net (c)		(214	)		(35	)
Income taxes (d)		(1,054	)		(746	)
Other		(128	)		(107	)

Income from Continuing Operations (a)		1,405			1,097
Discontinued operations, net (e)		144			(33	)

NET INCOME (a)	$	1,549		$	1,064

BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.72		$	1.35
Discontinued operations, net		0.18			(0.04	)
	$	1.90		$	1.31

DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.72		$	1.35
Discontinued operations, net		0.18			(0.04	)
	$	1.90		$	1.31
AVERAGE BASIC COMMON SHARES OUTSTANDING
BASIC		812.6			812.1
DILUTED		813.4			813.5

(a) Net Income - Represent amounts attributable to Common Stock, after deducting non-controlling interest of $24 million for the first quarter of 2010.
(b) Oil and Gas - The first quarter of 2011 includes 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 2011 first quarter results is a pre-tax gain for sale of an interest in the Colombia pipeline of $22 million.
(c) Unallocated Corporate Items - Interest Expense, net - The first quarter of 2011 includes a pre-tax charge of $163 million related to the premium on debt extinguishment.
(d) Unallocated Corporate Items - Taxes - The first quarter of 2011 includes a net $21 million charge for out of period state income taxes.
(e) Discontinued Operations, net - The first quarter of 2011 includes a $144 million after-tax gain from the sale of the Argentina operations.

					Attachment 2

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

	First Quarter
($ millions)	2011		2010
CAPITAL EXPENDITURES	$	1,325	$	768

DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	890	$	763

					Attachment 3

SUMMARY OF OPERATING STATISTICS - PRODUCTION

	First Quarter
	2011		2010
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil (MBBL)
California		77		77
Permian		132		137
Midcontinent and other		13		7
Total		222		221

NGL (MBBL)
California		14		17
Permian		37		27
Midcontinent and other		8		6
Total		59		50

Natural Gas (MMCF)
California		242		295
Permian		165		198
Midcontinent and other		327		182
Total		734		675

Latin America
Crude Oil (MBBL)
Colombia		31		34

Natural Gas (MMCF)
Bolivia		16		12

Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		3
Dolphin		9		11
Iraq		9		-
Libya		15		13
Oman		67		57
Qatar		75		75
Yemen		33		35
Total		212		194

NGL (MBBL)
Dolphin		10		12
Libya		1		1
Total		11		13

Natural Gas (MMCF)
Bahrain		173		166
Dolphin		196		228
Oman		50		52
Total		419		446


Barrels of Oil Equivalent (MBOE)		730		701

					Attachment 4

SUMMARY OF OPERATING STATISTICS - SALES

	First Quarter
	2011		2010
NET OIL, GAS AND LIQUIDS SALES PER DAY

United States
Crude Oil (MBBL)		222		221
NGL (MBBL)		59		50
Natural Gas (MMCF)		734		675

Latin America
Crude Oil (MBBL)
Colombia		33		33

Natural Gas (MMCF)		16		12

Middle East / North Africa
Crude Oil (MBBL)
Bahrain		4		2
Dolphin		9		11
Iraq		-		-
Libya		15		4
Oman		71		56
Qatar		76		74
Yemen		34		33
Total		209		180

NGL (MBBL)
Dolphin		10		12

Natural Gas (MMCF)		419		446


Barrels of Oil Equivalent (MBOE)		728		685

									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.

	First Quarter
($ millions, except per-share amounts)	2011			Diluted EPS		2010				Diluted EPS
TOTAL REPORTED EARNINGS	$	1,549		$	1.90	$	1,064			$	1.31

Oil and Gas
Segment Earnings	$	2,468				$	1,861
Add:
Libya exploration write-off		35					-
Gain on sale of Colombia pipeline interest		(22	)				-
Foreign tax		29					-

Segment Core Results		2,510					1,861

Chemicals
Segment Earnings		219					30
Add:
No significant items affecting earnings		-					-

Segment Core Results		219					30

Midstream, Marketing and Other
Segment Earnings		114					94
Add:
No significant items affecting earnings		-					-

Segment Core Results		114					94

Total Segment Core Results		2,843					1,985

Corporate
Corporate Results --
Non Segment *		(1,252	)				(921	)
Add:
Premium on debt extinguishments		163					-
State income tax charge		33					-
Tax effect of adjustments		(50	)				-
Discontinued operations, net **		(144	)				33

Corporate Core Results - Non Segment		(1,250	)				(888	)

TOTAL CORE RESULTS	$	1,593		$	1.96	$	1,097			$	1.35

* Interest expense, income taxes, G&A expense and other.
** Amounts shown after tax.

ex99_2-20110428.htm

EXHIBIT 99.2

Occidental Petroleum Corporation

STEPHEN CHAZEN

President and Chief Operating Officer

– Conference Call –

First Quarter 2011 Earnings Announcement

April 28, 2011

Los Angeles, California

Thank you Chris.

Core income was $1.6 billion or $1.96 per diluted share in the first quarter this year, compared to $1.1 billion or $1.35 per diluted share in the first quarter of last year. Non-core items amounted to a net after-tax charge of $44 million. Non-core items included pre-tax gains of $225 million from the sale of the Argentina operations and $22 million from the sale of an interest in a Colombia pipeline. Non-core pre-tax charges included $163 million related to the early redemption of $1.4 billion face value of debt, $35 million write-off of the entire accumulated cost of exploration properties in Libya and non-recurring charges for state and foreign taxes of $62 million. This resulted in net income of $1.5 billion or $1.90 per diluted share in the first quarter of 2011, compared to $1.1 billion or $1.31 per diluted share in the first quarter of 2010.

We reorganized our Permian operations into two business units. One unit will hold the CO2 flood assets and the other will operate the

conventional production. In connection with these, we moved the production from Southwest Texas, which was previously part of Midcontinent and other, into the Permian. Midcontinent and other includes production from the recently acquired South Texas and North Dakota properties.

Natural Gas Liquids account for about 10 percent of our oil and gas volumes and sell at a discount to crude oil. Starting this quarter, we are reporting NGL and crude oil production and sales volumes separately as opposed to the previously disclosed combined liquids volumes. See the Investor Relations Supplemental Schedules for the 2010 quarterly realized prices and production and sales volumes reflecting these changes.

Here’s the segment breakdown for the first quarter.

Oil and gas segment and core earnings for the first quarter of 2011 were $2.5 billion, compared with $1.9 billion in the first quarter of 2010. Realized prices increased 24 percent for crude oil in 2011 and 11 percent for NGL prices on a year-over-year basis but domestic natural gas prices declined 25 percent from the first quarter of 2010. Sales volumes for the first quarter of 2011 were 728,000 BOE per day, a 6 percent increase compared with 685,000 BOE per day for the first quarter of 2010.

The production guidance we gave you in last quarter’s conference call of 740,000 to 750,000 BOE per day was at an $85 average price assumption. The actual average first quarter oil price reduced our production volumes by about 10,000 BOE per day, including 1,000 BOE per day at THUMS in Long Beach. As we previously disclosed, our Iraq production was lower by about 9,000 BOE per day due to less than planned spending levels as we are in the start-up phase of operations. Inclement weather, mainly

		in Texas, caused an additional reduction of about 7,000 BOE per day.
	Ÿ	These reductions were offset by less than expected production loss from the Elk Hills maintenance shutdown and operational enhancements providing higher than expected production in Colombia, Yemen, Qatar and the new assets resulting in production of 730,000 BOE per day. See the production and sales volume reconciliation schedules in the Investor Relations Supplemental Schedules.
	Ÿ	First quarter production of 730,000 BOE per day was higher than the fourth quarter 2010 production of 714,000 BOE per day. First quarter volumes, compared to the prior year fourth quarter, included 25,000 BOE per day from new domestic acquisitions in South Texas and the North Dakota Williston Basin.
	Ÿ	Sales volumes of 728,000 BOE per day, which was higher than our guidance of 725,000 BOE per day, differ from production volumes due to the timing of liftings, principally caused by Iraq where liftings are expected in the latter half of 2011.
	Ÿ	First quarter 2011 realized prices improved for all our products over the fourth quarter 2010 prices. Worldwide crude oil realized price was $92.14 per barrel, an increase of 15 percent, worldwide NGLs were $52.64 per barrel, an improvement of 7 percent, and domestic natural gas prices were $4.21 per MCF, an increase of 2 percent.
	Ÿ	Oil and gas cash production costs were $11.30 a barrel for the first quarter of 2011, compared with last year's twelve-month costs of

		$10.19 a barrel. The increase reflects increased workovers and maintenance activity and higher costs for energy.
	Ÿ	Taxes – other than on income, which are directly related to product prices, were $2.25 per barrel for the first quarter of 2011, compared to $1.83 per barrel for all of 2010.
	Ÿ	Total exploration expense was $84 million in the quarter. This amount included the Libya write off of $35 million, which is included in non-core items discussed earlier.

Chemical segment earnings for the first quarter of 2011 were $219 million, which were greater than our earlier guidance. These results are among the best ever reported for the Chemical segment’s first quarter operations, which is historically a weak quarter due to seasonal factors. First quarter operations were positively impacted by strong export demand and improved supply/demand balances across most products resulting in higher margins, including higher demand for calcium chloride resulting from the severe winter storms in the Northeast and Midwest sections of the United States.

Midstream segment earnings for the first quarter of 2010 were $114 million, compared to $202 million in the fourth quarter of 2010 and $94 million in the first quarter of 2010. The decrease from fourth quarter earnings was mainly due to lower marketing and trading income.

The worldwide effective tax rate on core income was 40 percent for the first quarter of 2011, which is in line with our guidance.

Capital spending for the first quarter of 2011 was $1.3 billion. Of this, about 88 percent was in oil and gas, 10 percent in midstream and the remainder in chemicals. We are currently operating 16 rigs in the Permian

and 24 rigs in California, compared to 5 and 11 rigs, respectively, in the first quarter of 2010.

Cash flow from operations for the first three months of 2011 was $2.2 billion. In addition, we received $2.7 billion in proceeds from the sale of assets and used $1.3 billion of the company’s cash flow to fund capital expenditures and $3.0 billion on acquisitions. We used $310 million to pay dividends and $1.5 billion to retire debt. We borrowed $1.0 billion at quarter end for short-term needs, which has now been repaid. These and other net cash flows reduced our $2.6 billion cash balance at the end of last year by $500 million to $2.1 billion at March 31. Free cash flow from continuing operations after capital spending and dividends but before acquisition and debt activity was about $500 million.

Acquisitions

	Ÿ	Our acquisition expenditures in the first quarter were $3.0 billion. The acquisitions included the previously announced South Texas purchase and properties in California and the Permian. Excluding the South Texas purchase, the new properties did not materially impact the first quarter volumes.
	Ÿ	During the second quarter, we will make a payment of about $500 million in connection with the signing of the Shah Field Development Project. This amount represents development costs incurred by the project prior to the effective date of our participation. Future development costs will be reflected in capital expenditures.

The weighted-average basic shares outstanding for the first three months of 2011 were 812.6 million and the weighted-average diluted shares outstanding were 813.4 million.

Our debt to capitalization ratio declined to 12 percent, compared with 14 percent at the end of last year. Our remaining outstanding debt has an average interest rate of 3.7 percent.

As we look ahead in the current quarter:

Ÿ	At first quarter average oil prices of about $95 WTI, we expect the second quarter oil and gas production volumes to be as follows:
		○	Domestic volumes are expected to increase to about 425,000 BOE per day, compared with the first quarter daily production of 404,000 BOE.
		○	Latin America is expected to be comparable to Quarter 1 volumes.
		○	In the Middle East region, an overwhelming majority of the value, using SEC’s standardized measure, and income comes from Qatar, including Dolphin, and Oman where operations are running normally;
		○	With regard to second quarter production from the Middle East region:
				§	We expect no production for Libya.
				§	Production levels in Iraq are not easily predictable due to volatile spending levels at this early stage of that project. This is caused by the nature of the contract, which allows immediate recovery of expenditures through cost recovery barrels. As a result, the level of development spending in any given period has an immediate impact on volumes for that period.

		§	In Yemen, almost all of our production comes from concessions operated by others. In addition, the Masila Field contract, which produces, net to us, about 11,000 BOE per day, is approaching expiration at the end of 2011 and capital spending is being phased out. These factors make the forecasting of production volumes very difficult.
		§	For the remainder of the Middle East, we expect production to be comparable to first quarter volumes.
Ÿ	Total sales volumes are expected to be about 725,000 BOE per day, which do not include any volumes from Iraq or Libya.
Ÿ	A $5.00 increase in WTI would reduce our production sharing contracts daily volumes by about 3,500 BOE per day.
Ÿ	We are increasing our total year capital program to $6.8 billion, with about $500 million of the increase related to the Shah Field development program subsequent to the effective date of our participation and the remainder principally in California for spending attributable to additional permits being obtained.

With regard to prices -

	Ÿ	At current market prices, a $1.00 per barrel change in oil prices impacts quarterly earnings before income taxes by about $34 million. The average first quarter WTI oil price was $94.10 per barrel.
	Ÿ	A $1.00 per barrel change in WTI prices impacts NGL quarterly earnings before income taxes by $4 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 $4.25 per MCF.

Additionally -

Ÿ	We expect exploration expense to be about $85 million for seismic and drilling for our exploration programs.
Ÿ	The chemical segment second quarter earnings are expected to be comparable to the first quarter. We expect continuation of the first quarter trends with sufficient gains from strong exports and seasonal demand improvement offsetting the reduced contributions from the calcium chloride business.
Ÿ	We expect our combined worldwide tax rate in the second quarter of 2011 to be about 39 percent. Our first quarter U.S. and foreign tax rates are included in the “Investor Relations Supplemental Schedule.”
Ÿ	In California
		Ÿ	We are continuing the program I discussed in last quarter’s conference call, which is progressing with satisfactory results. Permitting is still an issue but we have recently obtained some permits that make us optimistic about increasing our second half capital spending. Governor Brown has been working to speed up the permitting process. We expect that his effort will be successful, which should enable us to increase our activity and add more jobs in the state.

			Ÿ	In the first quarter, we drilled and completed 26 shale wells outside of the Elk Hills field.
	Ÿ	Copies of the press release announcing our first quarter earnings and the Investor Relations Supplemental Schedules are available on our website at www.oxy.com or through the SEC’s EDGAR system.

Now we're ready to take your questions.

Occidental Petroleum Corporation
Free Cash Flow
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)
	Three Months
	2011
Consolidated Statement of Cash Flows
Cash flow from operating activities	2,222
Cash flow from investing activities	(1,741	)
Cash flow from financing activities	(959	)
Change in cash	(478	)


Free Cash Flow
Cash flow from operating activities	2,222
Capital spending	(1,325	)
Cash dividends paid	(310	)
Distribution to noncontrolling interest	(121	)
Free cash flow from continuing operations	466

ex99_3-20110428.htm

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules
Summary
($ Millions)




	1Q 2011		1Q 2010

Core Results		$1,593		$1,097
EPS - Diluted		$1.96		$1.35

Reported Net Income		$1,549		$1,064
EPS - Diluted		$1.90		$1.31

Total Worldwide Sales Volumes (mboe/day)		728		685

Total Worldwide Crude Oil Realizations ($/BBL)		$92.14		$74.09
Total Worldwide NGL Realizations ($/BBL)		$52.64		$47.48
Domestic Natural Gas Realizations ($/MCF)		$4.21		$5.62

Wtd. Average Basic Shares O/S (mm)		812.6		812.1
Wtd. Average Diluted Shares O/S (mm)		813.4		813.5

Shares Outstanding (mm)		812.9		812.2

Cash Flow from Operations	$	2,200	$	2,200

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 First Quarter
Net Income (Loss)
($ millions)


	Reported							Core
	Income			Significant Items Affecting Income				Results
Oil & Gas	$	2,468		$	35		Libya exploration write-off		$	2,510
					(22	)	Gain on sale of Colombia pipeline interest
					29		Foreign tax
Chemical		219								219

Midstream, marketing and other		114								114

Corporate
Interest expense, net		(214	)		163		Premium on debt extinguishments			(51	)

Other		(128	)							(128	)

Taxes		(1,054	)		(50	)	Tax effect of adjustments			(1,071	)
					33		State income tax charge

Income from continuing operations		1,405			188					1,593
Discontinued operations, net of tax		144			(144	)	Discontinued operations, net			-
Net Income	$	1,549		$	44				$	1,593


Basic Earnings Per Common Share
Income from continuing operations	$	1.72
Discontinued operations, net		0.18
Net Income	$	1.90							$	1.96

Diluted Earnings Per Common Share
Income from continuing operations	$	1.72
Discontinued operations, net		0.18
Net Income	$	1.90							$	1.96

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2010 First Quarter
Net Income (Loss)
($ millions)


	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	1,861						$	1,861


Chemical		30							30

Midstream, marketing and other		94							94

Corporate
Interest expense, net		(35	)						(35	)

Other		(107	)						(107	)

Taxes		(746	)						(746	)

Income from continuing operations		1,097			-				1,097
Discontinued operations, net of tax		(33	)		33	Discontinued operations, net			-
Net Income	$	1,064		$	33			$	1,097


Basic Earnings Per Common Share
Income from continuing operations	$	1.35
Discontinued operations, net		(0.04	)
Net Income	$	1.31						$	1.35
Diluted Earnings Per Common Share
Income from continuing operations	$	1.35
Discontinued operations, net		(0.04	)
Net Income	$	1.31						$	1.35

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate

	QUARTERLY
	2011		2010		2010
CORE RESULTS	QTR 1		QTR 4		QTR 1
Oil & Gas	2,510		1,941		1,861
Chemicals	219		111		30
Midstream, marketing and other	114		202		94
Corporate & other	(179	)	(169	)	(142	)
Pre-tax income	2,664		2,085		1,843

Income tax expense
Federal and state	483		309		307
Foreign	588		489		439
Total	1,071		798		746

Core results	1,593		1,287		1,097

Worldwide effective tax rate	40%		38%		40%


	2011		2010		2010
REPORTED INCOME	QTR 1		QTR 4		QTR 1
Oil & Gas	2,468		1,666		1,861
Chemicals	219		111		30
Midstream, marketing and other	114		202		94
Corporate & other	(342	)	(169	)	(142	)
Pre-tax income	2,459		1,810		1,843

Income tax expense
Federal and state	466		129		307
Foreign	588		489		439
Total	1,054		618		746

Income from continuing operations	1,405		1,192		1,097

Worldwide effective tax rate	43%		34%		40%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 First Quarter Net Income (Loss)
Core Results Comparison

	First			Fourth
	Quarter			Quarter
	2011			2010			B / (W)
Oil & Gas	$	2,510		$	1,941		$	569
Chemical		219			111			108
Midstream, marketing and other		114			202			(88	)
Corporate
Interest expense, net		(51	)		(20	)		(31	)
Other		(128	)		(149	)		21
Taxes		(1,071	)		(798	)		(273	)
Core Results	$	1,593		$	1,287		$	306

Core Results Per Common Share
Basic	$	1.96		$	1.58		$	0.38
Diluted	$	1.96		$	1.58		$	0.38


Worldwide Effective Tax Rate		40%			38%			-2%



OCCIDENTAL PETROLEUM
2011 First Quarter Net Income (Loss)
Reported Income Comparison

	First			Fourth
	Quarter			Quarter
	2011			2010			B / (W)
Oil & Gas	$	2,468		$	1,666		$	802
Chemical		219			111			108
Midstream, marketing and other		114			202			(88	)
Corporate
Interest expense, net		(214	)		(20	)		(194	)
Other		(128	)		(149	)		21
Taxes		(1,054	)		(618	)		(436	)
Income from continuing operations		1,405			1,192			213
Discontinued operations, net		144			20			124
Net Income	$	1,549		$	1,212		$	337

Earnings Per Common Share
Basic	$	1.90		$	1.49		$	0.41
Diluted	$	1.90		$	1.49		$	0.41

Worldwide Effective Tax Rate		43%			34%			-9%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2011 First Quarter Net Income (Loss)
Core Results Comparison

	First			First
	Quarter			Quarter
	2011			2010			B / (W)
Oil & Gas	$	2,510		$	1,861		$	649
Chemical		219			30			189
Midstream, marketing and other		114			94			20
Corporate
Interest expense, net		(51	)		(35	)		(16	)
Other		(128	)		(107	)		(21	)
Taxes		(1,071	)		(746	)		(325	)
Core Results	$	1,593		$	1,097		$	496

Core Results Per Common Share
Basic	$	1.96		$	1.35		$	0.61
Diluted	$	1.96		$	1.35		$	0.61


Worldwide Effective Tax Rate		40%			40%			0%



OCCIDENTAL PETROLEUM
2011 First Quarter Net Income (Loss)
Reported Income Comparison

	First			First
	Quarter			Quarter
	2011			2010			B / (W)
Oil & Gas	$	2,468		$	1,861		$	607
Chemical		219			30			189
Midstream, marketing and other		114			94			20
Corporate
Interest expense, net		(214	)		(35	)		(179	)
Other		(128	)		(107	)		(21	)
Taxes		(1,054	)		(746	)		(308	)
Income from continuing operations		1,405			1,097			308
Discontinued operations, net		144			(33	)		177
Net Income	$	1,549		$	1,064		$	485

Earnings Per Common Share
Basic	$	1.90		$	1.31		$	0.59
Diluted	$	1.90		$	1.31		$	0.59

Worldwide Effective Tax Rate		43%			40%			-3%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS

		First Quarter
		2011	2010
NET PRODUCTION PER DAY:

United States
Crude Oil (MBBL)
	California	77	77
	Permian	132	137
	Midcontinent and other	13	7
	Total	222	221
NGL (MBBL)
	California	14	17
	Permian	37	27
	Midcontinent and other	8	6
	Total	59	50
Natural Gas (MMCF)
	California	242	295
	Permian	165	198
	Midcontinent and other	327	182
	Total	734	675


Latin America

Crude Oil (MBBL)	Colombia	31	34

Natural Gas (MMCF)	Bolivia	16	12


Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	4	3
	Dolphin	9	11
	Iraq	9	-
	Libya	15	13
	Oman	67	57
	Qatar	75	75
	Yemen	33	35
	Total	212	194
NGL (MBBL)
	Dolphin	10	12
	Libya	1	1
	Total	11	13
Natural Gas (MMCF)
	Bahrain	173	166
	Dolphin	196	228
	Oman	50	52
	Total	419	446


Barrels of Oil Equivalent (MBOE)		730	701

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS

		First Quarter
		2011	2010
NET SALES VOLUMES PER DAY:
United States
Crude Oil (MBBL)		222	221
NGL (MBBL)		59	50
Natural Gas (MMCF)		734	675

Latin America
Crude Oil (MBBL)	Colombia	33	33
Natural Gas (MMCF)		16	12

Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	4	2
	Dolphin	9	11
	Libya	15	4
	Oman	71	56
	Qatar	76	74
	Yemen	34	33
	Total	209	180

NGL (MBBL)	Dolphin	10	12

Natural Gas (MMCF)		419	446


Barrels of Oil Equivalent (MBOE)		728	685

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS

	First Quarter
	2011			2010

OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)		88.04			73.08
NGL ($/BBL)		55.90			52.36
Natural gas ($/MCF)		4.21			5.62

Latin America
Crude Oil ($/BBL)		92.68			75.77
Natural Gas ($/MCF)		8.23			7.35

Middle East / North Africa
Crude Oil ($/BBL)		96.44			74.96
NGL ($/BBL)		33.93			26.56

Total Worldwide
Crude Oil ($/BBL)		92.14			74.09
NGL ($/BBL)		52.64			47.48
Natural Gas ($/MCF)		3.05			3.74



	First Quarter
	2011			2010
Exploration Expense
United States	$	40		$	30
Middle East / North Africa		44			26
TOTAL REPORTED	$	84		$	56
Less - non-core impairments		(35	)		-
TOTAL CORE	$	49		$	56

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS


		First Quarter
Capital Expenditures ($MM)		2011		2010
Oil & Gas
California		$	308	$	149
Permian			216		73
Midcontinent and other			180		37
Latin America			42		30
Middle East / North Africa			352		263
Exploration			65		50
Chemicals			22		30
Midstream, marketing and other			127		124
Corporate			13		12
	TOTAL	$	1,325	$	768


Depreciation, Depletion &		First Quarter
Amortization of Assets ($MM)		2011		2010
Oil & Gas
Domestic		$	407	$	351
Latin America			28		31
Middle East / North Africa			322		259
Chemicals			82		80
Midstream, marketing and other			45		37
Corporate			6		5
	TOTAL	$	890	$	763

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
CORPORATE
($ millions)

	31-Mar-11			31-Dec-10

CAPITALIZATION

Long-Term Debt (including short-term borrowings)		$	4,748		$	5,111

EQUITY		$	33,658		$	32,484

Total Debt To Total Capitalization			12%			14%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2010 PRODUCTION VOLUMES


		Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY
NET PRODUCTION PER DAY:

United States
Crude Oil (MBBL)
	California	77	75	75	75	76
	Permian	137	135	134	135	136
	Midcontinent and other	7	7	7	9	7
	Total	221	217	216	219	219
NGL (MBBL)
	California	17	17	17	15	16
	Permian	27	28	30	31	29
	Midcontinent and other	6	7	7	7	7
	Total	50	52	54	53	52
Natural Gas (MMCF)
	California	295	293	276	259	280
	Permian	198	196	186	215	199
	Midcontinent and other	182	192	194	225	198
	Total	675	681	656	699	677


Latin America


Crude Oil (MBBL)	Colombia	34	32	33	30	32

Natural Gas (MMCF)	Bolivia	12	15	19	18	16


Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	3	3	3	3	3
	Dolphin	11	11	12	11	11
	Iraq	-	-	-	11	3
	Libya	13	14	11	11	12
	Oman	57	60	63	67	62
	Qatar	75	78	78	75	76
	Yemen	35	31	30	27	31
	Total	194	197	197	205	198
NGL (MBBL)
	Dolphin	12	12	13	12	13
	Libya	1	1	1	1	1
	Total	13	13	14	13	14
Natural Gas (MMCF)
	Bahrain	166	161	181	170	169
	Dolphin	228	235	250	232	236
	Oman	52	48	47	47	48
	Total	446	444	478	449	453


Barrels of Oil Equivalent (MBOE)		701	701	706	714	706

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2010 SALES VOLUMES


		Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY
NET SALES VOLUMES PER DAY:
United States
Crude Oil (MBBL)		221	217	216	219	219
NGL (MBBL)		50	52	54	53	52
Natural Gas (MMCF)		675	681	656	699	677


Latin America
Crude Oil (MBBL)	Colombia	33	27	36	31	32
Natural Gas (MMCF)		12	15	19	18	16


Middle East / North Africa
Crude Oil (MBBL)
	Bahrain	2	3	3	3	3
	Dolphin	11	11	12	11	12
	Libya	4	22	12	9	12
	Oman	56	58	66	63	61
	Qatar	74	78	79	74	76
	Yemen	33	32	30	27	30
	Total	180	204	202	187	194

NGL (MBBL)	Dolphin	12	12	13	12	12
	Libya	-	3	-	3	1
	Total	12	15	13	15	13

Natural Gas (MMCF)		446	444	478	449	453

Barrels of Oil Equivalent (MBOE)		685	705	713	699	701

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2010 REALIZED PRICES



	Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)	73.08	71.66	71.14	79.20	73.79
NGL ($/BBL)	52.36	47.65	43.67	51.97	48.86
Natural gas ($/MCF)	5.62	4.19	4.20	4.13	4.53

Latin America
Crude Oil ($/BBL)	75.77	72.99	71.82	81.05	75.29
Natural Gas ($/MCF)	7.35	8.00	7.71	7.76	7.73

Middle East / North Africa
Crude Oil ($/BBL)	74.96	77.50	73.66	80.65	76.67
NGL ($/BBL)	26.56	31.89	23.24	39.13	30.64

Total Worldwide
Crude Oil ($/BBL)	74.09	74.39	72.31	79.96	75.16
NGL ($/BBL)	47.48	44.08	39.70	49.17	45.08
Natural Gas ($/MCF)	3.74	2.93	2.85	2.91	3.11

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
QTR 1 PRODUCTION GUIDANCE RECONCILIATION
MBOE PER DAY


Guidance	740			750

Price Impact	(10	)		(10	)

Guidance Adjusted for Price	730			740

Iraq Spending Impact	(9	)		(9	)

	721			731

Weather Impact	(7	)		(7	)

	714			724


Actual Production			730

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
QTR 1 SALES GUIDANCE RECONCILIATION
MBOE PER DAY


	Guidance	725

	Price Impact	(10	)

	Guidance Adjusted for Price	715

	Weather Impact	(7	)

		708

	Lifting timing	14

		722


	Actual Sales Volume	728

ex99_4-20110428.htm

EXHIBIT 99.4

Occidental Petroleum Corporation

First Quarter 2011 Earnings Conference Call

April 28, 2011

First Quarter 2011 Earnings - Highlights

• Core Results - $1.6 Billion vs. $1.1 Billion in 1Q10

– Core EPS $1.96 (diluted) vs. $1.35 in 1Q10.

• Non-core items amounted to a net after-tax charge of
$44 mm, which included:

– pre-tax gain of $225 mm from the sale of the Argentine operations;

– pre-tax gain of $22 mm from the sale of an interest in a Colombia
pipeline, and;

– pre-tax charges of $163 mm related to the early redemption of $1.4
billion face value of debt;

– pre-tax write-off of $35 mm for the entire accumulated cost of
exploration properties in Libya, and;

– non-recurring charges for state and foreign taxes of $62 mm.

• Net Income - $1.5 Billion vs. $1.1 Billion in 1Q10

– EPS $1.90 (diluted) vs. $1.31 in 1Q10.

*See the Investor Relations Supplemental Schedules for the 2010 quarterly realized prices and production and
sales volumes reflecting these changes.

First Quarter 2011 Earnings - Oil & Gas Operations

• We reorganized our Permian operations into two
business units.

– One unit will hold the CO2 flood assets and the other will
operate the conventional production.

– In connection with these, we moved the production from
Southwest Texas, which was previously part of Midcontinent
and other, into the Permian.

– Midcontinent and other includes production from the recently
acquired South Texas and North Dakota properties.

• Natural Gas Liquids account for about 10% of our oil and
gas volumes and sell at a discount to crude oil.

– Starting this quarter, we are reporting NGL and crude oil
production and sales volumes separately as opposed to the
previously disclosed combined liquids volumes.*

($ in millions)

• Core Results for 1Q11 of $2.5 Billion vs. $1.9 Billion in 1Q10

– Realized prices increased 24% for crude oil in 2011 and 11% for NGL prices on a year-over-
year basis but domestic natural gas prices declined 25% from 1Q10.

First Quarter 2011 Earnings - Oil & Gas
Segment Variance Analysis - 1Q11 vs. 1Q10

First Quarter 2011 Earnings - Oil & Gas Segment

1Q11 4Q10

Oil and Gas Production Volumes (mboe/d) 730 714

• The production guidance we gave you in last quarter’s conference call of 740
to 750 mboe/d was at an $85 average oil price assumption.

• The actual average 1Q11 oil price reduced our production volumes by about
10 mboe/d, including 1 mboe/d at THUMS in Long Beach.

• As previously disclosed, our Iraq production was lower by ~ 9 mboe/d due to
less than planned spending levels as we are in start-up phase of operations.

• Inclement weather, mainly in Texas, caused an additional reduction of about
7 mboe/d.

• These reductions were offset by less than expected production loss from the
Elk Hills maintenance shutdown and operational enhancements providing
higher than expected production in Colombia, Yemen, Qatar and the new
assets resulting in production of 730 mboe/d.

• 1Q11 production volumes of 730 mboe/d compared to 4Q10 production of 714
mboe/d, included 25 mboe/d from new domestic acquisitions in South Texas
and the North Dakota Williston Basin.

750

(10)

740

(9)

731

(7)

724

Earlier 1Q11 Guidance Range

Price Impact

Guidance Adjusted for Price

Iraq Spending Impact

Weather Impact

Actual Production Volume

(thousand boe/d)

Oil & Gas
Production

1Q11 Oil & Gas Production Guidance Reconciliation

740

(10)

730

(9)

721

(7)

714

730

First Quarter 2011 Earnings - Oil & Gas Segment

1Q11 1Q10

• Oil and Gas Sales Volumes (mboe/d) 728 685

• + 6% year-over-year

• Sales volumes of 728 mboe/d, which was higher than our
guidance of 725 mboe/d, differ from production volumes
due to the timing of liftings, principally caused by Iraq
where liftings are expected in the latter half of 2011.

725

(10)

715

(7)

708

722

728

Earlier 1Q11 Guidance

Price Impact

Guidance Adjusted for Price

Weather Impact

Lifting timing

Actual Sales Volume

(thousand boe/d)

Oil & Gas
Sales

1Q11 Oil & Gas Sales Guidance Reconciliation

First Quarter 2011 Earnings - Oil & Gas Segment

1Q11 1Q10

Reported Segment Earnings ($mm) $2,468 $1,861

WTI Oil Price ($/bbl) $94.10 $78.71

NYMEX Gas Price ($/mcf) $4.27 $5.39

Oxy’s Realized Prices

Worldwide Oil ($/bbl) $92.14 $74.09

Worldwide NGLs ($/bbl) $52.64 $47.48

US Natural Gas ($/mcf) $4.21 $5.62

First Quarter 2011 Earnings - Oil & Gas Segment

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

• Oil and gas cash production costs were $11.30 a barrel
for 1Q11, compared with last year's twelve-month costs
of $10.19 a barrel.

– The increase reflects increased workovers and maintenance
activity and higher costs for energy.

• Taxes - other than on income, which are directly related
to product prices, were $2.25 per barrel for 1Q11,
compared to $1.83 per barrel for all of 2010.

• Total exploration expense was $84 mm in 1Q11. This
amount included the Libya write off of $35 mm, which is
included in non-core items discussed earlier.

($ in millions)

*Lower energy and feedstock costs

• Core Results for 1Q11 were $219 mm vs. $30 mm in 1Q10,
and greater than our earlier guidance.

– These results are among the best ever reported for the Chemical segment’s first quarter
operations, which is historically a weak quarter due to seasonal factors.

– 1Q11 operations were positively impacted by strong export demand and improved
supply/demand balances across most products resulting in higher margins, including
higher demand for calcium chloride resulting from the severe winter storms in the Northeast
and Midwest sections of the US.

First Quarter 2011 Earnings - Chemical
Segment Variance Analysis - 1Q11 vs. 1Q10

($ in millions)

• Core Results for 1Q11 of $114 mm vs. $94 mm in 1Q10

– The sequential decrease in Midstream segment earnings from $202 mm in 4Q10 was mainly
due to lower marketing and trading income.

First Quarter 2011 Earnings - Midstream
Segment Variance Analysis - 1Q11 vs. 1Q10

First Quarter 2011 Earnings -
Capital Spending and Rig Activity

• Capital spending for 1Q11 was $1.3 billion.

– Of this, about 88% was in Oil and Gas, 10% in Midstream and the
remainder in Chemicals.

• We are currently operating 16 rigs in the Permian and 24
rigs in California, compared to 5 and 11 rigs,
respectively, in 1Q10.

Cash Flow
From
Operations
$2,200

Beginning
Cash
$2,600
12/31/10

($ in millions)

– Free cash flow from continuing operations after capex and dividends
but before acquisition and debt activity was about $500 million.

Note: See attached GAAP reconciliation.

First Quarter 2011 Earnings -
2011 YTD Cash Flow

First Quarter 2011 Earnings - Acquisitions

• Our acquisition expenditures in 1Q11 were $3 billion.

– The acquisitions included the previously announced South
Texas purchase and properties in California and the Permian.

– Excluding the South Texas purchase, the new properties did not
materially impact the 1Q11 production volumes.

• During 2Q11, we will make a payment of about $500
million in connection with the signing of the Shah Field
Development Project.

– This amount represents development costs incurred by the
project prior to the effective date of our participation.

– Future development costs will be reflected in capital
expenditures.

First Quarter 2011 Earnings -
Shares Outstanding and Debt

Shares Outstanding (mm) 1Q11 3/31/11

Weighted Average Basic 812.6

Weighted Average Diluted 813.4

Basic Shares Outstanding 812.6

Diluted Shares Outstanding 813.4

3/31/11 12/31/10

Debt/Capital 12% 14%

• Our remaining outstanding debt has an average interest
rate of 3.7%.

First Quarter 2011 Earnings -
Oil and Gas Production & Sales - 2Q11 Outlook

• At 1Q11 average oil prices of about $95 WTI, we expect 2Q11
oil and gas production volumes to be as follows:

– Domestic volumes are expected to increase to about 425 mboe/d,
compared with 1Q11 production of 404 mboe/d;

– Latin America is expected to be comparable to 1Q11 volumes;

– In the Middle East region, an overwhelming majority of the value, using
SEC’s standardized measure, and income comes from Qatar, including
Dolphin, and Oman where operations are running normally;

– With regard to 2Q11 production from the Middle East region:

• We expect no production for Libya;

• Production levels in Iraq are not easily predictable due to volatile
spending levels at this early stage of that project. This is caused by
the nature of the contract, which allows immediate recovery of
expenditures through cost recovery barrels. As a result, the level of
development spending in any given period has an immediate impact
on volumes for that period;

First Quarter 2011 Earnings -
Oil and Gas Production & Sales - 2Q11 Outlook

– With regard to 2Q11 production from the Middle East region (cont’d):

• In Yemen, almost all of our production comes from concessions
operated by others. In addition, the Masila Field contract, which
produces, net to us, about 11 mboe/d, is approaching expiration at
the end of 2011 and capital spending is being phased out. These
factors make the forecasting of production volumes very difficult.

• For the remainder of the Middle East, we expect production to be
comparable to 1Q11 volumes.

• Total sales volumes are expected to be about 725
mboe/d, which do not include any volumes from Iraq or
Libya.

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

First Quarter 2011 Earnings - Capex Increase

• We are increasing our total year capital program to $6.8
billion, with about $500 million of the increase related to
the Shah Field development program subsequent to the
effective date of our participation and the remainder
principally in California for spending attributable to
additional permits being obtained.

First Quarter 2011 Earnings - 2Q11 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 $34 mm;

– The average 1Q11 WTI oil price was $94.10 per barrel;

– A $1.00 per barrel change in WTI prices impacts NGL quarterly
earnings before income taxes by $4 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 $4.25 p/mcf.

• We expect 2Q11 exploration expense to be about $85 mm
for seismic and drilling for our exploration programs.

First Quarter 2011 Earnings - 2Q11 Outlook

• The Chemical segment 2Q11 earnings are expected to be
comparable to 1Q11.

– We expect continuation of 1Q11 trends with sufficient gains from
strong exports and seasonal demand improvement offsetting the
reduced contributions from the calcium chloride business.

• We expect our combined worldwide tax rate in 2Q11 to
be about 39 percent.

First Quarter 2011 Earnings - California Update

• We are continuing the program as discussed in last
quarter’s conference call, which is progressing with
satisfactory results.

• Permitting is still an issue but we have recently obtained
some permits that make us optimistic about increasing
our 2H11 capital spending.

• Governor Brown has been working to speed up the
permitting process.

– We expect that his effort will be successful, which should enable
us to increase our activity and add more jobs in the state.

• In 1Q11, we drilled and completed 26 shale wells outside
of the Elk Hills field.

Occidental Petroleum Corporation
Free Cash Flow
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)
	Three Months
	2011
Consolidated Statement of Cash Flows
Cash flow from operating activities	2,222
Cash flow from investing activities	(1,741	)
Cash flow from financing activities	(959	)
Change in cash	(478	)


Free Cash Flow
Cash flow from operating activities	2,222
Capital spending	(1,325	)
Cash dividends paid	(310	)
Distribution to noncontrolling interest	(121	)
Free cash flow from continuing operations	466

ex99_5-20110428.htm

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; 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; general domestic political conditions and international political conditions; 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.