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                    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) JANUARY 24, 1996
                                     
                     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
                                     
                                     
                                     
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Item 5.   Other Events
_______   ____________


      Occidental  Petroleum Corporation reported on  January  24,
1996 net income of $7 million (a loss of $.05 per share) for  the
fourth quarter of 1995, compared with break-even earnings (a loss
of  $.06  per share) for the fourth quarter of 1994.  The  fourth
quarter  1995  results  included a  $132  million  pretax  charge
relating to the previously announced reorganizations of  the  oil
and  gas and natural gas transmission divisions.  Sales were $2.4
billion  for  the  fourth  quarter of 1995,  compared  with  $2.5
billion for the same period of 1994.

      The reorganization of the oil and gas division, for which a
charge  of  $95 million was recorded, is expected  to  result  in
annualized savings of $100 million.  Approximately 15 percent  of
this charge is to provide for estimated losses on disposition  of
assets  as  part of the reorganization.  MidCon's reorganization,
for  which  a  $37 million charge was recorded,  is  expected  to
recognize annualized savings of $50 million.

      Oil  and gas divisional earnings before special items  were
$64  million  for  the fourth quarter of 1995, compared  with  $4
million for the fourth quarter of 1994.  Divisional results after
special  items were a loss of $31 million for the fourth  quarter
of  1995, compared with a loss of $42 million for 1994.  The 1995
results included the $95 million charge related to reorganization
costs. The 1994 results included charges to provide reserves  for
litigation  matters  and  impairment  of  properties  and   other
charges, partially offset by the reversal of reserves related  to
sold   businesses.   The  increase  in  1995  operating  earnings
resulted primarily from higher worldwide crude oil production and
lower exploration expense.

      Natural gas transmission divisional earnings before special
items  were $59 million for the fourth quarter of 1995,  compared
with  $89  million  in 1994.  Divisional earnings  after  special
items  were $22 million for the fourth quarter of 1995,  compared
with  $93 million for 1994.  The 1995 earnings included  the  $37
million  charge  related  to  reorganization  costs.   The   1994
earnings included a benefit from a LIFO inventory reduction.  The
decrease  in 1995 operating earnings resulted from lower  margins
including  those on restructured contracts, partially  offset  by
higher throughput volumes.

      Chemical  divisional  earnings were $167  million  for  the
fourth  quarter  of 1995, compared with earnings  before  special
items  of  $212 million in 1994.  Fourth quarter 1994  divisional
earnings, after charges for litigation matters and curtailment of
certain plant operations, were $127 million.  The decline in 1995
operating  earnings  resulted  primarily  from  decreased  profit
margins  in  petrochemicals and PVC resins  and  the  absence  of
income   applicable  to  assets  divested  in  1995.    Partially
offsetting  these declines was the favorable impact  of  improved
profit margins for caustic soda.

      Unallocated interest expense was $13 million lower  in  the
fourth  quarter of 1995, compared with 1994.  The  1995  interest
expense  reflected the benefit of a net reduction in  outstanding
debt,  partially  offset by increased expense due  to  regulatory
settlements.  Unallocated corporate other items were  an  expense
of $7 million in the fourth quarter of 1995, compared with income
of  $6  million in 1994.  The decline in 1995 primarily reflected
lower equity earnings from unconsolidated chemical investments.


                                 1








      For  the  total year 1995, Occidental's net income  totaled
$511  million ($1.31 per share), compared with a net loss of  $36
million  ($.36  per  share) in 1994.  Sales  increased  to  $10.4
billion for 1995 from $9.2 billion in 1994.

                                 2



SUMMARY OF DIVISIONAL NET SALES AND EARNINGS
(Millions, except per-share amounts)

                                         Fourth Quarter         Twelve Months
                                       ________________      ________________
                               
Periods Ended December 31                 1995     1994         1995     1994
==================================     =======  =======      =======  =======
DIVISIONAL NET SALES
   Oil and gas                         $   778  $   665      $ 3,018  $ 2,451
   Natural gas transmission                578      536        2,038    2,110
   Chemical                              1,117    1,364        5,370    4,677
   Other                                     -       (1)          (3)      (2)
                                       -------  -------      -------  -------
                                       $ 2,473  $ 2,564      $10,423  $ 9,236
==================================     =======  =======      =======  =======
DIVISIONAL EARNINGS
   Oil and gas                         $   (31) $   (42)     $    45  $    27
   Natural gas transmission                 22       93          213      276
   Chemical                                167      127        1,080      350
                                       -------  -------      -------  -------
                                           158      178        1,338      653

UNALLOCATED CORPORATE ITEMS
   Interest expense, net                  (130)    (143)        (540)    (564)
   Income taxes (a)                        (14)     (41)        (295)    (110)
   Other                                    (7)       6            8      (15)
                                       -------  -------      -------  ------- 
NET INCOME(LOSS)                             7        -          511      (36)

Preferred dividends                        (23)     (20)         (93)     (76)
                                       -------  -------      -------  ------- 
Earnings(loss) applicable to
   common stock                        $   (16) $   (20)     $   418  $  (112)
                                       =======  =======      =======  =======

EARNINGS(LOSS) PER COMMON SHARE
   Primary                             $  (.05) $  (.06)     $  1.31  $  (.36)
                                       =======  =======      =======  =======

   Fully diluted                       $  (.05) $  (.06)     $  1.30  $  (.36)
                                       =======  =======      =======  =======


AVERAGE COMMON SHARES OUTSTANDING        318.8    312.8        318.2    310.8
==================================     =======  =======      =======  =======

(a)   Includes an offset for charges and credits in lieu of U.S. federal income
      taxes  allocated  to  the  divisions.   Divisional earnings in the fourth
      quarter  of 1995 have  benefited from  credits  allocated by  $4 million,
      $12 million  and  $7 million at oil and gas, natural gas transmission and
      chemical, respectively.   Divisional  earnings  in  the fourth quarter of
      1994 have benefited from credits allocated by $5 million, $12 million and
      $8 million at oil and gas, natural gas transmission and chemical, 
      respectively.

                                  3




SUMMARY OF OPERATING STATISTICS

                                         Fourth Quarter         Twelve Months
                                       ________________      ________________
                                  
Periods Ended December 31                 1995     1994         1995     1994
===================================    =======  =======      =======  =======

NET OIL, GAS AND LIQUIDS
  PRODUCTION PER DAY
United States
   Crude oil and condensate
     (thousands of barrels)                 62       59           64       59
   Natural gas liquids
     (thousands of barrels)                 10       13           11        8
   Natural gas
     (millions of cubic feet)              584      612          612      620

Other Western Hemisphere
   Crude oil and condensate
     (thousands of barrels)                127      116          129      119

Eastern Hemisphere and other
   Crude oil and condensate
     (thousands of barrels)                100       77           85       59
   Natural gas
     (millions of cubic feet)              125       50          127       52

NATURAL GAS TRANSMISSION DELIVERIES
Sales (billions of cubic feet)             203      146          648      549
Transportation
  (billions of cubic feet)                 421      381        1,533    1,533



CAPITAL EXPENDITURES (millions)        $   372  $   476      $   978  $ 1,186
                                       =======  =======      =======  =======

DEPRECIATION, DEPLETION AND
  AMORTIZATION OF ASSETS (millions)    $   213  $   222      $   921  $   882
===================================    =======  =======      =======  =======


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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: January 24, 1996         S.P.Dominick, Jr.
                               ________________________________________________
                              
                               S.P.Dominick, Jr., Vice President and Controller
                               (Chief Accounting and Duly Authorized Officer)


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