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)

September 3, 2008 Stephen I. Chazen President and Chief Financial Officer Lehman Brothers 2008 CEO Energy/Power Conference

2 1H2008 1H2007 • Core Results1 $4,119 $1,731 • Core EPS (diluted) $4.98 $2.05 • +143% year-over-year • Net Income $4,143 $2,624 • Reported EPS (diluted) $5.01 $3.11 • Oil and Gas production (mboe/day) 598 559 • +7% year-over-year • Capital Spending $1,984 $1,630 • Cash Flow from Operations $5,000 $2,900 • *ROE 35% 26% • *ROCE1 32% 24% * Annualized. 1See attached for GAAP reconciliation. ($ in millions, except EPS data) Six Months 2008 Results – Summary

3 Oxy’s Business Model – Blending Growth and Value • Cash Business with growth upside – US Oil & Gas • Long-lived reserve base • Production growth through long-term resource capture • Lower risk and good returns • High capital efficiency • Generates large amounts of free cash flow to fund growth • Growth Business – Middle East/North Africa and Latin American Oil & Gas • Long-term production growth opportunities • High returns • Other Value Enhancing Initiatives • Chemicals – consistent free cash generator • Midstream Assets – adds value to Oil and Gas operations • Dividend Growth – consistent track record of dividend increases • Share Repurchase – funded from excess operating cash

4 Worldwide Oil & Gas Operations Permian Basin Hugoton California Colombia Libya Oman UAE Yemen Qatar Argentina Bolivia Piceance Joslyn

5 Worldwide Production Outlook 0 100 200 300 400 500 600 700 800 US ME/NA Latin America Variance Thousand BOE/Day 466 600 545 570 620 CAGR = 7.3% 2005 2006 2007 2008E Assumes $111 WTI Price Note: As a result of PSC contracts, for each $5 increase in WTI, production drops approximately 1,500 BOE per day. Importantly this forecast is based only on existing projects and does not contemplate any new projects or future acquisitions. 2009E 2010E 670 640 720 690

6 Oil & Gas Capital Spending Program Growth Capital Base Capital Total Oil & Gas Capital 1,100 2,100 3,200 1,990 2,200 4,190 2007 2008E ($ in millions)

7 Increased 2008 Capital Spending Increased Activity # Drilling # New # Capital $MM Rigs Wells Workovers United States 195 6 203 52 Latin America 190 6 33 93 Mid. East / N. Africa 105 1 18 - Midstream 210 - - - 700 13 254 145 • 16% increase in new wells • 12% increase in capital workovers • West Texas gas processing plant

8 US Oil & Gas Operations Long Beach Hugoton Bravo Dome Oxy Permian Houston Los Angeles Bakersfield Sheep Mountain Elk Hills & California Properties 2007 net production* • 359 mboe/day • 63% of worldwide total 2007 reserves* • 2.15 billion boe • 75% of worldwide total * See attached for GAAP reconciliation. Piceance Basin

9 US Oil & Gas Operations Key Operations/Assets: – Permian Basin – California/Elk Hills Field – Piceance Basin 2007 Financial Data1 Pre-tax Income $3.9 Billion After-tax Cash $2.5 Billion Capital $1.3 Billion ROANCC** 21% 0 100 200 300 400 500 600 US Incremental Production 331 354 359 2005 2006 2007 Thousand BOE/Day US Oil and Gas Production **ROANCC = Return On Average Net Capitalized Costs. 361 391 411 2008E 2009E 2010E A-T Cash = Income from continuing operations after US income taxes, plus DD&A, and minus exploration and development costs incurred. Note: Six month 2008 average WTI is $111. This price was used for all outlook periods. 1See attached for GAAP reconciliation.

10 Permian Basin Operations New Mexico Colorado Bravo Dome Salt Creek Denver City Unit Hugoton Sheep Mountain Kansas Lubbock • Large resource base • 1H08 production 200 mboe/day • Low decline rate & long-lived properties • Significant cash generation • Accelerating ongoing drilling program around several plays to: – take advantage of the exploitation opportunities from acquisitions over the past year; – take advantage of quick pay back opportunities. • Significantly expanding our workover activity by increasing our service rigs from 155 to 175 within the next year. • Natural area for consolidation Texas Midland Hobbs Indian Basin Area Sharon Ridge Cogdell Seminole Oxy Acreage CO2 Pipelines New Centurion Pipelines Old Centurion Pipelines To Cushing, OK

11 Permian – Century CO2 Plant Project SandRidge Acreage 1,300 mi2 3D 5 phases Oxy Pakenham Oxy JM – Brown Bassett Gas Pipelines Oil Pipelines CO2 Pipelines County County NGL Pipelines Terrell (Oxy) Mitchell Gray Ranch New Plant “Century” Pikes Peak Pinon Field SD Plant Gas Plants McCamey Hub CO2 Pipelines TX • Oxy to invest $1.1 B in CO2 plant and pipeline facilities. • CO2 to be used in Oxy’s Permian EOR projects. • New CO2 resources expected to expand Oxy’s Permian production by at least 50 mb/day within 5 years. • Allows Oxy to exploit at least 3.5 tcf of CO2 for EOR use. • Enables Oxy to accelerate and enhance development of existing assets.  PECOS BREWSTER

12 California Operations • CA production 1H08 126 mboe/day. • Most of the increased drilling activity will be in CA – adding 6 new rigs this year and more in 2009. • Expanding our rig fleet in the Elk Hills area by 5. • We have added 50 capital workovers to our activity in 2H08. • Drilling an additional 100 wells, mostly in shallow zones. • Planning various EOR and waterflood expansion projects. • Expect to increase production by expanding our drilling program in the Antelope Shale play and deeper pay zones where we have had recent exploration successes.

13 Midcontinent & Rockies Operations • 1H08 production – 32 mboe/day • Expect to double our gas production in the Piceance Basin to 80 mmcf/day by year-end as a result of the drilling program. • Expanded development program expected to boost our Piceance gas production to 100 mmcf/day in 2009 and to 144 mmcf/day average rate by 2010. • Pursuing oil exploration activity in Utah that we expect will add to production. Piceance Kansas Colorado Texas Hugoton Utah Arizona New Mexico Wyoming Nebraska

14 Qatar UAE Oman Yemen Libya Middle East/North Africa Oil & Gas 2007 net production* • 135 mboe/day • 24% of worldwide total 2007 reserves* • 468 million boe • 16% of worldwide total * See attached for GAAP reconciliation.

15 Middle East/North Africa Oil & Gas Key Operations/Assets: – Dolphin Project – Qatar ISND – Oman/Mukhaizna – Libya 2007 Financial Data1 Pre-tax Income $2.9 Billion After-tax Cash $0.8 Billion Capital $1.1 Billion ROANCC** 26% 0 60 120 180 240 300 Middle East/NA Incremental Production 103 119 135 2005 2006 2007 Thousand BOE/Day Middle East/North Africa Oil and Gas Production **ROANCC = Return On Average Net Capitalized Costs. 162 162 182 2008E 2009E 2010E A-T Cash = Income from continuing operations minus income tax owed by Oxy and paid by governmental entities on its behalf plus DD&A minus exploration and development costs incurred. Note: Six month 2008 average WTI is $111. This price was used for all outlook periods. 1See attached for GAAP reconciliation.

16 UAE / Qatar – Dolphin Project • Oxy’s interest is 24.5% • Project became fully operational in February 2008 • Delivering 2 Bcf/d+ (gross) of natural gas to UAE markets • Net Production (mboe/d) - 1H08 51 • 1H08 after-tax income of $203 mm at $111 oil price • 2008E production - 48 mboe/d • High oil prices realized to date have resulted in very rapid cost recovery. As a result, at current oil prices, we will realize fewer barrels of production going forward.

17 Oman – Mukhaizna Project • Implemented a large scale steam flood • Expect to drill approximately 180 new wells in 2008 • On track for 2008 production exit rate of 50 mb/d (gross) • Large scale drilling activity, coupled with the introduction of multiple water treatment facilities to supply the steam generators, will allow us to: – increase gross production to 80 mb/d by year end 2009; – and to 115 mb/d by year end 2010. • Expect to increase gross production to 150 mb/d by 2012

18 Libya Operations • New 30-year agreement with the Libyan National Oil Company (NOC) for major redevelopment projects signed on June 23rd. • Covers approximately 2.5 billion bbls of recoverable oil reserves. • Oxy share of planned capex is $1.9 B over 5 years • Plan to increase gross production from current rate of 100 mb/d to 300 mb/d. • Oxy group receives 10 to 12% of gross production after tax

19 Latin America Oil & Gas Operations Colombia Bolivia Argentina 2007 net production* • 76 mboe/day • 13% of worldwide total 2007 reserves* • 244 million boe • 9% of worldwide total * See attached for GAAP reconciliation.

20 Latin America Oil & Gas Operations Key Operations/Assets: – Colombia – Argentina 2007 Financial Data1 Pre-tax Income $0.7 Billion After-tax Cash $0.3 Billion Capital $0.6 Billion ROANCC** 14% 0 20 40 60 80 100 120 Latin America Incremental Production 32 72 76 2005 2006 2007 Thousand BOE/Day Latin America Oil and Gas Production **ROANCC = Return On Average Net Capitalized Costs. 80 97 112 2008E 2009E 2010E A-T Cash = Income from continuing operations minus income tax owed by Oxy and paid by governmental entities on its behalf plus DD&A minus exploration and development costs incurred. Note: Six month 2008 average WTI is $111. This price was used for all outlook periods. 1See attached for GAAP reconciliation.

21 Colombia Operations • Politically Stable Country • 1H08 production – 36 mboe/day • Caño Limon – Legacy Oil Field – Near Field Exploration Success – Contract Life Extended to Field Economic Limit • La Cira-Infantas – EOR Project With Large Remaining Reserves – Commercial phase of development & production tracking original plans – We plan to expand our drilling in the field – Expect production growth from LCI to largely offset the natural decline at Caño Limon Covenas Ayacucho Bucaramanga La Cira Infantas Venezuela Colombia CNA Pipeline Oleoducto de Colombia Vasconia Barranca Caricare Arauca Caño Limon

22 Argentina Operations • 1H08 production – 32 mboe/day • Carrying out an extensive workover program • Inventory of more than 700 drilling locations • Near field exploration program continues to be successful and has identified new drilling opportunities • Will expand drilling in these and other areas by adding 5 high performance rigs • Expect to increase production to at least 70 mboed by 2010 Oxy Blocks San Jorge Basin Cuyo Basin Neuquen Basin Argentina Chile Uruguay Brazil

23 Other Value Enhancing Initiatives • Chemicals Operations • Midstream Assets – Pipelines • Dividend Growth • Share Repurchase

24 Pre-tax Earnings $764 $586 $601 Free Cash Flow1 $823 $662 $655 Capital Spending $225 $190 $251 3-Year* 5-Year* Average Average 2007 Period ending 12/31/07* ($ Millions) Chemicals Operations 1 See attached for GAAP reconciliation. 1H08 $323 $393 $94

25 Midstream, Marketing and Other Midstream assets reclassified out of the Oil and Gas segment • The assets are comprised of the following businesses: Marketing, Gas processing plants, Pipelines, Power generation, CO2 source fields and facilities Midstream Data 1H08 1H07 Core Results $284 $143 2007 Net Book Value (at year end) $1,900 Capex & Acquisition costs $430 • Higher amount expected in 2008 • Funds will be spent enhancing our CO2 production, investing in construction of the W. Texas gas processing plant, and expanding our pipeline capacity. ($ in millions)

26 Capital Allocation Philosophy • New projects must meet expectations for good returns • Return Targets* • Domestic – 15+% • International – 20+% • Compare new projects & asset acquisitions with share repurchases • Make decisions based on creating long-term value for shareholders *Assumes Moderate Product Prices

27 Gross Cash Flow Uses 43 5 — 42 10 100 2004 36 31 — 26 7 100 2005 Capital Acquisitions Share Repurchase Debt Reduction & Cash Dividends 2006 Percentage of Total 41 26 21 3 9 100 2007 40 16 14 21 9 100 1H08 36 45 17 (6) 8 100

28 Business Risk Factors Low Middle Risk Factor Exploratory Commodity Political Engineering Reinvestment Financial High Level of Risk Acceptable to Occidental

29 Creating Shareholder Value – Dividends 2002 2003 2004 2005 2006 2007 2008E $0.52 $0.55 $0.645 $0.80 Annual Dividend Payout per share $0.50 $0.94 CAGR = 15.9% Establishing a track record of consistent dividend increases • Includes 28% dividend increase announced on May 1st (annual rate of $1.28) $1.21

30 • Spent $889 mm to repurchase 11.4 mm shares this year through 6/30/08 at an average price of $78.01 per share. • In February 2008 and July 2008, the Board increased the number of shares authorized for repurchase from 55 mm to 75 mm, and from 75 mm to 95 mm, respectively. • Under the program, Oxy has repurchased 59.5 mm shares through 6/30/08 at an average price of $55.48 per share, and 35.5 mm shares remained under the current repurchase authorization. Creating Shareholder Value – Share Repurchase* * As of June 30, 2008.

31 Creating Shareholder Value Change In Equity Market Value Change In Shareholders’ Equity 6.3 3.3 3.2 2.9 Oxy’s Shareholder Equity versus Equity Market Value 1 – Year 3 – Year 5 – Year 10 – Year • Building a History of Generating Shareholder Value ($ in millions) Market Value per $ of Equity Retained $22,560 $3,571 $40,420 $12,226 $52,867 $16,505 Financial Data for period ending December 31, 2007. $53,571 $18,537

32 Summary - Corporate Strategy/Philosophy • Focus on core areas – long-term production growth of 5 - 8% CAGR • US - Permian Basin, California, and Piceance Basin • Middle East/North Africa • Latin America • Maintain strong balance sheet – Maintain “A” credit rating – Maintain investment discipline – Create value – Capture EOR projects with large volumes of oil in place – Acquire assets with upside potential – Maintain top quartile financial returns • Maximize free cash flow from chemicals • Continue to increase the dividend regularly

33 Occidental Petroleum Corporation Statements in this presentation that contain words such as "will," "expect" or "estimate," or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause results to differ materially include, but are not limited to: exploration risks such as drilling of unsuccessful wells, global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher than expected costs; operational interruptions; political risks; changes in tax rates; unrealized acquisition benefits or higher than expected integration costs; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition or disposition. 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. Additionally, the SEC requires oil and natural gas companies, in their filings, to disclose non-financial statistical information about their consolidated entities separately from such information about their equity holdings and not to show combined totals. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this presentation, such as recoverable reserves, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. Certain information in this presentation is shown on a combined basis; however, the information is disclosed separately on our web site at www.oxy.com. U.S. investors are urged to consider carefully the disclosure in our Form 10-K, available through 1-888-699-7383 or at www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.

35 Appendix

36 UNITED STATES California 126 3 17 25 Midcontinent and Rockies 32 2 11 18 Permian 200 1 5 10 Total United States 358 6 33 53 LATIN AMERICA Argentina 32 13 25 40 Other Latin America 40 4 - - Total Latin America 72 17 25 40 MIDDLE EAST / NORTH AFRICA Dolphin E&P 51 (5 ) (13) (15) Libya 22 (13 ) (12) (7) Oman 24 7 16 30 Qatar 46 4 6 9 Yemen 25 (4) (3) (3) Total Middle East / North Africa 168 (11 ) (6) 14 TOTAL OIL & GAS 598 12 52 107 YTD JUNE 2008 PRODUCTION 598 598 598 TOTAL OIL & GAS PRODUCTION 610 650 705 RANGE 600-620 640-670 690-720 1 YTD 2008 average WTI is $111. This price was used for all outlook periods. 2 For each $5 increase in WTI, production drops approximately 1,500 BOE per day Change from YTD June 2008 2 YTD June 2nd Half 2008 1 2008 2009 2010 Production Outlook 2008 To 2010 Thousand BOE/Day

37 Reserves Replacement 2007 2006 2005 2004 2003 3-Year Average 5-Year Average 182 187 231 201 229 200 206 60 326 139 40 107 175 134 242 513 370 241 336 375 340 116 257 216 145 202 194 187 Organic Growth Acquisitions Total Reserve Replace % Million BOE 209 200 171 166 166 193 182 Worldwide Production (million boe)