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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) March 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 7 – Regulation FD

Item 7.01. Regulation FD Disclosure

Attached as Exhibit 99.1 is a presentation to be made by Stephen I. Chazen, Occidental’s President and Chief Executive Officer, in connection with the March 27, 2012, Howard Weil 40th Annual Energy Conference, which provides current information and expectations. The information in this Item 7.01 and Exhibit 99.1 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 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d)		Exhibits

99.1		Presentation dated March 27, 2012.

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: March 26, 2012	/s/ ROY PINECI
	Roy Pineci, Vice President, Controller
	and Principal Accounting Officer

EXHIBIT INDEX

99.1

Presentation dated March 27, 2012.

ex99_1-20120326.htm

EXHIBIT 99.1

Occidental Petroleum Corporation

Howard Weil
40th Annual Energy Conference

Stephen I. Chazen

President and Chief Executive Officer

March 27, 2012

Full Year 2011 Results - Summary

	FY 2011	FY 2010
• Core Results	$6,828	$4,664
• Core EPS (diluted)	$8.39	$5.72

• Net Income	$6,771	$4,530
• Reported EPS (diluted)	$8.32	$5.56

• Oil and Gas production volumes (mboe/d) +4%	733	706

• Capital Spending	$7,518	$3,940
• Cash Flow from Operations	$12,281	$9,566

• Return on Equity	19.3%	14.7%
• Return on Capital Employed	17.2%	13.2%

($ in millions, except EPS data)

See attached for GAAP reconciliation

Overriding Goal is to Maximize Total Shareholder Return

• We believe this can be achieved through a combination of:

• Growing our oil and gas production by 5 to 8% per year on
average over the long term;

• Allocating and deploying capital with a focus on achieving
well above cost-of-capital returns (ROE and ROCE);

– Return Targets*

• Domestic - 15+%

• International - 20+%

• Consistent dividend growth, that is superior to that of our
peers.

*Assumes Moderate Product Prices

What Is Our Philosophy & Strategy?

Oxy’s Three Main Performance Criteria -
Production Growth, Returns & Dividend Growth

• We finished a strong year in terms of the three main
performance criteria outlined last quarter.

• Our domestic oil and gas production grew by about 12%
for 2011 to 428 mboe/d.

– 4Q11 domestic production of 449 mboe/d was the highest U.S. total
production volume in Oxy’s history, reflecting the highest ever
quarterly volume for liquids of 310 mb/d and the second highest
quarterly volume for gas.

– Total company production increased about 4% for the year.

• Our chemical business delivered exceptional results
for the year, achieving one of their highest earnings
levels ever.

• Our ROE was 19% for the year and ROCE was 17%.

Net Income Return on Assets

U.S. 14%

International 37%

Total E&P 20%

Cash Flow* Return on Assets

U.S. 21%

International 54%

Total E&P 29%

* Net Income + DD&A

5 Year Average

Return on Assets

See attached for GAAP reconciliation

(2007 - 2011)

• Our ability to pay dividends is indicated by our free cash
flow generation.

• Free cash flow after interest, taxes and capital spending,
but before dividends, acquisitions and debt activity for
2011 was about $4.8 billion.

• Last month the Board of Directors increased the
company’s dividend 17% to an annualized rate of $2.16
per share, compared to the previous annual rate of $1.84.

• We have now increased our dividend every year for 10
consecutive years, and a total of 11 times during that
period.

• This increase brings the company’s compound annual
dividend growth rate over the last 10 years to 15.8%.

Consistent Dividend Growth

See attached for GAAP reconciliation

Consistent Dividend Growth

Note: Dividends paid as per the Record Date

($/share)

Worldwide Oil & Gas Producing Areas

Colombia

Libya

Oman

UAE

Yemen

Bolivia

Qatar

Iraq

Bahrain

Focus Areas

United States

Permian

Basin

California

Oil & Gas Production - 1Q12 Outlook

• During our 4Q11 earnings conference call held in late
January, we indicated:

– “At current prices, total 1Q12 sales volumes to be comparable
to 4Q11 volumes of 749 mboe/d, depending on the scheduling
of liftings.

– Our 4Q11 Colombia production was 28 mb/d, up slightly
from 3Q11 levels, although both periods included pipeline
interruptions caused by insurgent activity.

– In 1Q12, Colombia volumes should be about 3 mboe/d higher
than 4Q11, although insurgent activity has picked up recently.”

• As a result of repeated pipeline interruptions caused
by insurgent activity, we now expect our 1Q12
Colombia production volumes to be about 23 mb/d,
roughly 9 mb/d below capacity.

Oil & Gas Production *
Full Year 2011
(Million barrels of oil equivalent)

*Excludes Argentina

Oxy Is Primarily An Oil Company

156

58%

193

72%

111

42%

28%

• About 60% of Oxy’s oil production tracks world oil prices
and 40% is indexed to WTI. For example:

– In California our realized price was 109% of WTI and 94% of
Brent in 2011.

– In Oman our average price was 104% of WTI and 89% of Brent.

• Our overall differentials for 2011, resulted in realized oil
prices representing 103% of the average WTI and 88% of
the average Brent price.

Realized Oil Prices & Differentials

• We have ample legitimate opportunities in our domestic
oil and gas business where we could deploy capital.

• We try to manage the program to a level that is realistic at
current price levels, and as a result, have deferred some
projects that otherwise would have met our hurdle rates.

• We continue to have substantial inventory of high return
projects going forward to fulfill our growth objectives.

Capital Spending - 2012 Outlook

Capital Spending - 2012E vs. 2011 Actual

• We increased our capital program approximately 10% in 2012 to
$8.3 billion from the $7.5 billion spent in 2011.

• About $500 million of this increase will be in the US, mainly in the
Permian basin, and the rest in international projects including the
Al Hosn gas project and Iraq.

• We will review our capital program around mid-year and adjust as
conditions dictate.

• Base 5 - 8% Compounded Average Annual Growth

– Current California risked prospects

– Non-CO2 & CO2 in the Permian

– Williston Basin

– Oman

– Iraq

• Upside from Existing Holdings

– New California conventional and unconventional prospects

– Permian exploration

– Rockies

– Oman exploration

• Additional opportunities from balance sheet and cash
generation

– Domestic properties acquisitions

– New Middle East projects

Oil & Gas Volume Growth Drivers

• US oil and gas production -

– In 1H12, we expect our domestic production to grow 3 to 4 mboe/d
each month from the current quarterly average of 449 mboe/d,
which would correspond to a 6 to 8 mboe/d increase per quarter.

– 4Q11 was relatively free of significant operational disruptions
resulting in better than expected domestic production. A more
typical experience with respect to such issues could moderate the
growth somewhat in 1Q12.

– If the production growth rate continued at a comparable pace in
2H12, our year-over-year average domestic production growth
would be between 8% and 10% in 2012.

US Oil & Gas Production - 1H12 Outlook

US Oil & Gas Capital and Production

$310

389

$403

403

$640

424

$704

436

$884

449

$1,100

456

463

Note: 1Q12E and 2Q12E production based on midpoint of guidance range of 6 to 8 mboe/d of production growth.

Capital (3 quarters earlier)

Production

$259

US Oil & Gas Capital and Production

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12E

2Q12E

CapEx as % of US Capital Employed (3 quarters earlier)

Production

0.0%

2.0%

4.0%

6.0%

8.0%

350

375

400

425

450

475

389

403

424

436

449

456

463

4.0%

Note: 1Q12E and 2Q12E production based on midpoint of guidance range of 6 to 8 mboe/d of production growth.

1.4%

1.7%

2.1%

3.0%

2.8%

3.3%

Oxy’s US Operated Rig Activity

Oxy’s US operated rigs represent approximately 6% of the total Liquids directed rigs operating in the Lower 48.

California Overview

Los Angeles

Bakersfield

Oxy Acreage

• Largest acreage holder in CA
with ~1.7 mm acres, majority of
which are net mineral interests.

• 2011 production of 138 mboe/d.

• 78% interest in the Elk Hills
Field — the largest producer of
gas and NGLs in CA.

• Currently operating ~30 drilling
rigs in the state.

• Drilled ~675 wells and
performed ~500 workovers in
2011

• Construction of first new gas
processing plant to be brought
on line in 2012; building a
second plant in the next 2 yrs.

2012E Total Capital - $8.3 Billion

• We currently expect the rig count to
remain at ~30 in 1H12, roughly the same
as what we were running at YE-2011;

• We are seeing improvement with
respect to permitting issues in the state;

• We have received approved field rules
and new permits for both injection wells
and drilling locations;

• The regulatory agency is responsive
and committed to working through the
backlog of permits;

• We expect to maintain our capital
program at current levels for about
1H12, which will enable us to continue
to grow our production volumes;

• We will reassess our capital program
when the number of permits in hand
allows it.

• In CA, we expect to spend about
21% of our total capital program.

*Includes both oil & gas development and midstream capital.

California Capital Program

California Conventional Exploration

• World Class Province

– 35+ Billion BOE discovered

– 5 of top 12 U.S. oil fields

• Significant Remaining Potential

– Large undiscovered resources

– Multiple play and trap types

• Underexplored

• Oxy

– Major producer

– Largest acreage holder

– Successful explorer

– Multi-year prospect inventory

Sources:

California Division of Oil, Gas & Geothermal Resources

Gibson Consulting

Oxy Fee/Lease

2 Billion BOE

20 Billion BOE

3 Billion BOE

10 Billion BOE

Major Producing

Basins

Sacramento

San
Francisco

Los Angeles

Bakersfield

Field Size (MMBOE)

<0.1

0.1

100

1 Billion

10 Billion

Discovery Play

Oxy Play Type and Prospect Exposure

Sources:
California Division of Oil, Gas & Geothermal Resources
Occidental Estimates

California Field Sizes

• Multi-year inventory of drill sites in
CA, many of which are both outside
of Elk Hills proper & the Kern County
Discovery Area

• Expect to drill 80+ shale wells outside
Elk Hills proper, and ~140 total shale
wells including Elk Hills in 1H12

• 30-day initial production rate for
these wells is between 300 and 400
BOE per day

• For the shale wells outside Elk Hills,
~80% of the BOE production is a
combination of black oil and high-
value condensate

• Cost of drilling and completing the
wells has run ~$3.5 million per well,
which we expect to decline over time;
largely vertical wells

California Unconventional “Shale” Program

Permian Basin Overview

• 2011 production of 198,000 boe/d

• Largest oil producer in Permian
(~15% net share of total)

• Largest operator in Permian
(of 1,500+ operators)

• Drilled ~409 wells on operated
properties in 2011

• ~64% of Oxy’s Permian oil
production is from CO2 related
EOR projects

• Have another 2.5 BBOE of likely
recoverable resource

• 1.7 bcf/d (0.5 tcf/year) of CO2

• Ample supply of CO2 accelerates
project implementations

2012E Total Capital - $8.3 Billion

• Our rig count at year-end 2011
was 23;

• We expect our rig count to ramp up
during the year to around 27 rigs by
year end;

• Our CO2 flood capital should remain
comparable to the 2011 levels;

• In our non-CO2 operations we are
seeing additional opportunities for
good return projects;

• This includes an extensive Wolfberry
drilling program, as well as
Delaware/Bone Springs sands
and Avalon Shale;

• As a result, we have stepped up
their development program and 2012
capital will be about 75% higher than
the 2011 level.

• In the Permian operations, we
expect to spend about 20% of
our total capital.

*Includes both oil & gas development and midstream capital.

Permian Basin Capital Program

• 4.1 BBO have been
produced,

• leaving 7.8 BBO net
remaining

4.6 BBO

3P Reserves

EOR Likely

EOR Potential

0.8 BBO

1.4 BBO

1.0 BBO

Residual

7.8 BBO Net Remaining

Permian EOR Opportunities

2012E Total Capital - $8.3 Billion

• In the Midcontinent and Other
operations, we plan to spend about
14% of our total capital program.

Midcontinent and Other Capital Program

*Includes both oil & gas development and midstream capital.

2012E Total Capital - $8.3 Billion

International Development and, Exploration
Capital Program

• Total international development
capital will be about 30% of the
total company capital program.

*Includes both oil & gas development and midstream capital.

Abu Dhabi - Al Hosn Gas Project (Shah Field)

• Shah Gas Field one of the largest in
the Middle East;

• Oxy holds a 40% participating
interest under a 30-year contract;

• The project involves development of
high-sulfur content reservoirs within
the Shah field, located onshore
~180 km so. west of Abu Dhabi;

• Production start-up is scheduled in
late 2014;

• Anticipated to produce over 500
mmcf/d of sales gas and 50 mboe/d
of NGLs and condensate - of which
Oxy’s net share would be over 200
mmcf/d of gas and over 20 mboed of
NGLs and condensate;

• Spending for the project will rise in
2012 as planned, making up ~7% of
our total capital program.

• World Class Steam flood project;

• 2 B bo ROIP;

• Discovered in 1975 in South
Central Oman;

• Oxy assumed operation
September 1, 2005 at 8,500 b/d;

• Steam flood commenced May
2007, and had drilled 1,400+ new
wells through 2011;

• Gross Production: ~124,000 b/d at
year-end 2011;

• Oxy plans to steadily increase
production through continued
expansion of the steam flood
project.

Oxy Oman - Mukhaizna Project

Oxy Oman Gross Production Growth

1. Base/Maintenance Capital

2. Dividends

3. Growth Capital

4. Acquisitions

5. Share Repurchase

Cash Flow Priorities

Summary - 2011 Cash Flow

– Free cash flow from continuing operations after capex and dividends,
but before acquisition and debt activity, was about $3.4 billion.

Note: See attached GAAP reconciliation.

($ in millions)

Cash Flow
From
Operations
$12,300

Shah - $500

Beginning
Cash $2,600
12/31/10

• Company’s core business is acquiring assets that can
provide future growth through improved recovery.

– Foreign contracts

– Domestic add-ons

– Small incremental additions to production in short term

• Generate returns of at least 15% in the US and 20% overseas.

• Overall average finding & development costs of less than
25% of selling price.

• Even with the additional capital shown, program will
generate a significant amount of free cash flow.

• Acquisitions are measured against reinvesting in the existing
business with the goal of enhancing company value.

• Large number of opportunities over 5-year period.

Acquisition Strategy

• 5 - 8% base annual production growth over the long term

• Opportunity for additional volume growth

• Returns on invested capital significantly in excess of
Company’s cost of capital

• Consistent, annual increases in dividends

• Significant financial flexibility for opportunities in distressed
periods

• Conservative financial statements

• Committed to generating stock market value which is greater
than earnings retained

• We believe this will generate top quartile returns for our
shareholders

Oxy - Investment Attributes

Oxy’s Shareholder Equity versus Equity Market Value

3 - Year

5 - Year

10 - Year

Change in Equity
Market Value

($ in millions)

A History of Generating Shareholder Value

Creating Shareholder Value

Market Value per $ of Equity Retained

Change in
Shareholder Equity

Financial Data for period ended December 31, 2011.

$27,385

$10,303

$34,978

$18,092

$66,066

$31,994

2.7

1.9

2.1

Portions of this presentation 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; political events; 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 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 or insurgent activity; failure of risk
management; changes in law or regulations; or changes in tax rates. The United States Securities and Exchange Commission
(SEC) permits oil and natural gas companies, in their SEC filings, to disclose only reserves anticipated to be economically
producible, as of a given date, by application of development projects to known accumulations. We use certain terms in this
presentation, such as net-in-place, net risked reserves, de-risked, EUR (expected ultimate recovery), likely recoverable
resources, net remaining and oil in place, that the SEC’s guidelines strictly prohibit us from using in our SEC filings. These
terms represent our internal estimates of volumes of oil and gas that are not proved reserves but are potentially recoverable
through exploratory drilling or additional drilling or recovery techniques and are not intended to correspond to probable or
possible reserves as defined by SEC regulations. By their nature these estimates are more speculative than proved, probable
or possible reserves and subject to greater risk they will not be realized. You should not place undue reliance on these forward
-looking statements, which speak only as of the date of this presentation. Unless legally required, Occidental does not
undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise.
U.S. investors are urged to consider carefully the disclosures in our 2010 Form 10-K, available through the following toll-free
number 1-888-OXYPETE (1-888-699-7383) or on the internet at http://www.oxy.com. You also can obtain a copy form the
SEC by calling 1-800-SEC-0330. We post or provide links to important information on our website including investor and
analyst presentations, certain board committee charters and information that SEC requires companies and certain of its officers
and directors to file or furnish. Such information may be found in the “Investor Relations” and “Social Responsibility” portions of
the website.

Cautionary Statement

Occidental Petroleum Corporation

Occidental Petroleum Corporation
Reconciliation to Generally Accepted Accounting Principles (GAAP)
For the Twelve Months Ended December 31,
($ Millions)

	2011					2010
				Diluted					Diluted
				EPS					EPS
Reported Income	$	6,771		$	5.56	$	4,530		$	5.56
Add: significant items affecting earnings
Asset impairments		-					275
Libya exploration write-off		35					-
Gain on sale of Colombia pipeline interest		(22	)				-
Foreign tax		29					-
Premiuim on debt extinguishments		163					-
Tax effect of pre-tax adjustments		(50	)				(100	)
State income tax charge		33					-
Benefit from foreign tax credit carry-forwards		-					(80	)
Discontinued operations, net *		(131	)				39
Core Results	$	6,828		$	8.39	$	4,664		$	5.72

* Amount shown after-tax

Average Diluted Common Shares Outstanding					812.9					813.8

Occidental Petroleum Corporation
Return on Capital Employed (ROCE)
Reconciliation to Generally Accepted Accounting Principles (GAAP)


	2010		2011
RETURN ON CAPITAL EMPLOYED (%)	13.2		17.2


GAAP measure - net income attributable	4,530		6,771
to common stock
Interest expense	93		284
Tax effect of interest expense	(33	)	(99	)
Earnings before tax-effected interest expense	4,590		6,956

GAAP stockholders' equity	32,484		37,620

Debt	5,111		5,871

Total capital employed	37,595		43,491

ROCE	13.2		17.2

Occidental Petroleum Corporation
Oil & Gas
Return on Assets
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)
						5-Year
	2007	2008	2009	2010	2011	Average

Revenues	12,583	17,378	10,984	14,245	18,419	14,722
Production costs	2,011	2,428	2,214	2,622	3,428	2,541
Other operating expense	516	536	628	655	838	635
Depreciation, depletion and amortization	1,754	1,993	2,258	2,668	3,064	2,347
Taxes other than income	401	569	413	472	590	489
Charges for impairments	58	81	-	275	-	83
Exploration expenses	361	308	254	262	258	289
Pretax income	7,482	11,463	5,217	7,291	10,241	8,339
Income tax expense	3,121	4,426	1,972	2,845	3,834	3,240
Results of operations	4,361	7,037	3,245	4,446	6,407	5,099
Depreciation, depletion and amortization	1,754	1,993	2,258	2,668	3,064	2,347
Charges for impairments	58	81	-	275	-	83
Gross Cash	6,173	9,111	5,503	7,389	9,471	7,529

Capitalized costs
Current year	19,137	24,216	25,228	29,901	37,490
Prior year	17,375	19,137	24,216	25,228	29,901
Average capitalized costs	18,256	21,677	24,722	27,565	33,696	25,558


5-Year Average	U.S.	International	Total
Results of operations	2,705	2,394	5,099	(a)
Depreciation, depletion and amortization	1,307	1,040	2,347
Charges for impairments	67	16	83
Gross Cash	4,079	3,450	7,529	(b)

Average capitalized costs	19,151	6,407	25,558	(c)

Net income return on assets (a) / (c)	14%	37%	20%

Cash flow return on assets (b) / (c)	21%	54%	29%

Occidental Petroleum Corporation
Free Cash Flow
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)
	Twelve Months
	2011
Consolidated Statement of Cash Flows
Cash flow from operating activities	12,281
Cash flow from investing activities	(9,903	)
Cash flow from financing activities	(1,175	)
Change in cash	1,203


Free Cash Flow
Cash flow from operating activities - continuing operations	12,306
Capital spending	(7,518	)
Free cash flow before dividends	4,788
Dividends	(1,436	)
Free cash flow after dividends	3,352