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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) February 7, 2006

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-9210	95-4035997
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer 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 February 7, 2006, Occidental Petroleum Corporation released information regarding its results of operations for the three and twelve months ended December 31, 2005. The exhibits to this Form 8-K and the information set forth in this Item 2.02 are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The full text of the press release is attached to this report as Exhibit 99.1. The full text of the speeches given by Dr. Ray R. Irani and Stephen I. Chazen are attached to this report as Exhibit 99.2. Investor Relations Supplemental Schedules are attached to this report as Exhibit 99.3.

Section 8 – Other Events

Item 8.01. Other Events

On February 7, 2006, Occidental Petroleum Corporation announced net income for the fourth quarter 2005 of $1.152 billion ($2.84 per share), compared with $742 million ($1.86 per share) for the fourth quarter 2004. Core earnings for the fourth quarter were $1.158 billion ($2.86 per share), compared with $680 million ($1.70 per share) for the same period in 2004.

Net income for the twelve months 2005 was $5.281 billion ($13.09 per share), compared with $2.568 billion ($6.49 per share) for the twelve months 2004. Core income was $3.964 billion ($9.83 per share) for 2005, compared with $2.499 billion ($6.32 per share) for 2004. See the attached schedules for a reconciliation of net income to core earnings for the fourth quarter and twelve months.

Oil and Gas

Oil and gas segment earnings were $1.859 billion for the fourth quarter 2005, compared with $1.179 billion for the fourth quarter 2004, an increase of over 57 percent. The fourth quarter 2005 included a $9 million insurance premium increase related to Hurricane Rita in the Gulf of Mexico. After adjusting for the impact of this increase, core earnings were $1.868 billion for the quarter. The improvement in the fourth quarter 2005 core earnings included $759 million from higher worldwide crude oil and gas prices and $148 million from higher crude oil and natural gas sales volumes, partially offset by higher operating, exploration, and other costs, and increased DD&A rates.

Chemicals

Chemical segment earnings were $165 million for the fourth quarter 2005, compared with $125 million for the fourth quarter 2004. The fourth quarter 2005 included a $6 million charge due to higher insurance premiums directly related to Hurricane Rita in the Gulf of Mexico. After adjusting for the impact of this increase, core earnings were $171 million for the fourth quarter 2005, compared with $125 million for last year's fourth quarter, an increase of 37 percent.

The improvement in the fourth quarter 2005 core earnings was due to contributions from the chlor-alkali operations acquired from Vulcan, higher margins in chlorine, caustic soda and

polyvinyl chloride resulting from higher sales prices, partially offset by higher energy and feedstock costs.

Twelve-Month Results

Net income for the twelve months of 2005 was $5.281 billion and core income was $3.964 billion. Oil and gas core income of $6.337 billion increased 48 percent from the preceding year. The increase was due to higher worldwide crude oil and gas prices and sales volumes; partially offset by higher exploration expense, operating costs and increased DD&A rates. Chemical core income of $777 million increased 88 percent from the preceding year. The increase was due to higher margins resulting from higher prices in chlorine, caustic soda and polyvinyl chloride; partially offset by higher energy and feedstock costs.

The 2005 net income includes the effects of several significant items related to investments – a $463 million after-tax gain resulting from Valero's acquisition of Premcor and subsequent sale of Valero shares received, and an $89 million after-tax gain from the sale of 11 million shares of Lyondell Chemical Company stock; taxes -- a $619 million tax benefit related to the resolution of certain IRS tax issues and a $335 million tax benefit due to the reversal of tax reserves no longer required; and a $98 million after-tax charge from the write-off of certain chemical plants.

Net income for the twelve months of 2004 was $2.568 billion and core income was $2.499 billion. The 2004 net income included two significant items -- $77 million after-tax income due to the increase in the carrying value of the investment in Lyondell, resulting from Lyondell's issuing additional shares pursuant to their acquisition of Millennium Chemical Company, and $47 million of tax benefits related to the resolution of certain IRS tax issues.

Production

Worldwide production for the fourth quarter of 2005 averaged 589,000 barrels of oil equivalent (BOE) per day, compared with 558,000 BOE per day for the fourth quarter of 2004. Daily production in the fourth quarter of 2005 increased by 5.6 percent over last year. December 2005 production averaged 596,000 BOE per day. The fourth quarter of 2005 included production of 29,000 BOE per day from the 2005 Permian acquisitions and 24,000 BOE per day from Libya. Compared to a year ago, production under the company’s production-sharing contracts in Oman, Qatar, Yemen and Long Beach was negatively impacted by higher prices. If prices had remained at the fourth quarter 2004 levels, production in the fourth quarter of 2005 would have been about 9,000 BOE per day higher.

Worldwide production for the twelve months of 2005 averaged 568,000 BOE per day, slightly higher than the 566,000 BOE per day for the twelve months of 2004. Horn Mountain's daily production for the twelve months of 2005 was 14,000 BOE per day, compared with 21,000 BOE per day in 2004; 3,000 BOE per day of the decline was the result of weather in the Gulf of Mexico and scheduled maintenance downtime. The impact of higher prices resulted in lower production under the company's production-sharing contracts in Oman, Qatar, Yemen and Long Beach of about 11,000 BOE per day. The twelve months of 2005 included production of 17,000 BOE per day from the 2005 Permian acquisitions and 8,000 BOE per day from Libya.

Statements in this release 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, changes in tax rates, and supply/demand consideration for oil, gas and chemicals; higher-than-expected costs; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. Occidental disclaims any obligation to update any forward-looking statements.

SUMMARY OF SEGMENT NET SALES AND EARNINGS


	Fourth Quarter				Twelve Months
(In millions, except	----------------				----------------
per-share amounts)	2005		2004		2005		2004
================================	=======		=======		=======		=======
SEGMENT NET SALES
Oil and Gas	$ 3,027		$ 2,073		$10,416		$ 7,582
Chemical	1,262		985		4,641		3,675
Other	41		24		151		111
	-------		-------		-------		-------
Net sales	$ 4,330		$ 3,082		$15,208		$11,368
================================	=======		=======		=======		=======
SEGMENT EARNINGS
Oil and Gas	$ 1,859		$ 1,179		$ 6,293		$ 4,290
Chemical	165		125		607		414
	-------		-------		-------		-------
	2,024		1,304		6,900		4,704
Unallocated Corporate Items
Interest expense, net (a)	(23	)	(53	)	(201	)	(240	)
Income taxes (b)	(764	)	(466	)	(2,020	)	(1,708	)
Other (c)	(89	)	(11	)	593		(150	)
	-------		-------		-------		-------

Income from Continuing Operations	1,148		774		5,272		2,606
Discontinued operations, net	4		(32	)	6		(38	)
Cumulative effect of accounting
changes, net	--		--		3		--
	-------		-------		-------		-------
NET INCOME	$ 1,152		$ 742		$ 5,281		$ 2,568
	=======		=======		=======		=======
BASIC EARNINGS PER COMMON SHARE
Income from continuing
operations	$ 2.83		$ 1.94		$ 13.07		$ 6.59
Discontinued operations, net	0.01		(0.08	)	0.01		(.10	)
Cumulative effect of accounting
changes, net	--		--		0.01		--
	-------		-------		-------		-------
	$ 2.84		$ 1.86		$ 13.09		$ 6.49
	=======		=======		=======		=======
DILUTED EARNINGS PER COMMON SHARE
Income from continuing
operations	$ 2.79		$ 1.91		$ 12.89		$ 6.50
Discontinued operations, net	0.01		(0.08	)	0.01		(.10	)
Cumulative effect of accounting
changes, net	--		--		0.01		--
	-------		-------		-------		-------
	$ 2.80		$ 1.83		$ 12.91		$ 6.40
	=======		=======		=======		=======
AVERAGE BASIC COMMON SHARES
OUTSTANDING	405.5		399.1		403.3		395.6
================================	=======		=======		=======		=======

See footnotes on following page.

(a) The fourth quarter of 2005 includes a $1 million interest charge to redeem an unsecured subsidiary note and purchase in the open market various amounts of Occidental's medium term notes. The twelve months of 2005 includes $41 million of interest charges to redeem all of the outstanding 5.875-percent senior notes, 4.1-percent medium term notes and 7.65-percent senior notes and to purchase in the open market and retire various amounts of Occidental senior notes and unsecured subsidiary notes. The fourth quarter 2004 includes a $1 million interest charge to purchase in the open market and retire various amounts of Occidental's notes. The twelve months of 2004 includes a $16 million interest charge to redeem all of the outstanding Trust Preferred Redeemable Securities and purchase various amounts of Occidental notes.

(b) The twelve months of 2005 includes a $335 million tax benefit due to the reversal of tax reserves no longer required as U.S. federal corporate returns for tax years 1998-2000 became closed by lapsing of the statute of limitations, a $619 million tax benefit resulting from a closing agreement with the U.S. Internal Revenue Service (IRS) resolving certain foreign tax credit issues and a $10 million charge related to a state income tax issue. The twelve months of 2004 includes a $47 million credit related to settlements with the IRS.

(c) The twelve months of 2005 includes a $726 million pre-tax gain from Valero's acquisition of Premcor and the subsequent sale of the Valero shares received and a $140 million pre-tax gain from the sale of 11 million shares of Lyondell Chemical Company stock, which represented approximately 27 percent of Occidental's investment. The twelve months of 2004 includes $121 million of equity income resulting from Lyondell's issuing additional shares pursuant to their acquisition of Millennium Chemical Company. Under SEC SAB No. 51, Occidental was required to record its share of the increase in Lyondell's net equity resulting from the issuance.

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE


	Fourth Quarter		Twelve Months
	----------------		----------------
($ millions)	2005	2004	2005	2004
================================	=======	=======	=======	=======

CAPITAL EXPENDITURES	$ 762	$ 573	$ 2,423	$ 1,843
	=======	=======	=======	=======
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$ 409	$ 334	$ 1,485	$ 1,303
================================	=======	=======	=======	=======

SUMMARY OF OPERATING STATISTICS


	Fourth Quarter				Twelve Months
	----------------				----------------
	2005		2004		2005		2004
================================	=======		=======		=======		=======

NET OIL, GAS AND LIQUIDS
PRODUCTION PER DAY

United States
Crude oil and liquids (MBBL)
California	78		81		76		78
Permian	170		152		161		154
Horn Mountain	14		13		13		19
Hugoton and other	3		3		3		3
	-------		-------		-------		-------
Total	265		249		253		254

Natural Gas (MMCF)
California	247		242		242		237
Hugoton and other	139		125		133		127
Permian	180		125		170		130
Horn Mountain	6		7		8		13
	-------		-------		-------		-------
Total	572		499		553		507

Latin America
Crude oil and liquids (MBBL)
Colombia	36		37		36		37
Ecuador	43		44		42		46
	-------		-------		-------		-------
Total	79		81		78		83

Middle East / North Africa
Crude oil and liquids (MBBL)
Oman	13		13		17		13
Qatar	42		48		42		45
Yemen	24		30		28		32
Libya	24		--		8		--
	-------		-------		-------		-------
Total	103		91		95		90

Natural Gas (MMCF)
Oman	25		66		44		55

Other Eastern Hemisphere
Crude oil and liquids (MBBL)
Pakistan	5		6		5		7

Natural Gas (MMCF)
Pakistan	77		79		77		75

Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	564		534		543		540
Other Interests
Colombia-minority interest	(4	)	(5	)	(4	)	(4	)
Russia-Occidental net interest	28		27		28		29
Yemen-Occidental net interest	1		2		1		1
	-------		-------		-------		-------
Total Worldwide Production (MBOE)	589		558		568		566
================================	=======		=======		=======		=======

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 earnings," 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 earnings is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.

The following tables set forth the core earnings and significant items affecting earnings for each operating segment and corporate:

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)


	Fourth Quarter
($ millions, except	----------------------------------
per-share amounts)	2005		EPS	2004		EPS
================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 1,152		$ 2.84	$ 742		$ 1.86
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 1,859			$ 1,179
Less:
Hurricane insurance charge	(9	)		--
	-------			-------
Segment Core Earnings	1,868			1,179
	-------			-------
Chemicals
Segment Earnings	165			125
Less:
Hurricane insurance charge	(6	)		--
	-------			-------
Segment Core Earnings	171			125
	-------			-------
Total Segment Core Earnings	2,039			1,304
	-------			-------
Corporate
Corporate Results --
Non Segment*	(872	)		(562	)
Less:
Gain on Lyondell stock
issuance	--			121
Settlement of tax issues	--			27
Debt purchase expense	(1	)		--
Hurricane insurance charge	--			(15	)
Tax effect of pre-tax
adjustments	6			(39	)
Discontinued operations, net**	4			(32	)
	-------			-------
Corporate Core Results --
Non Segment	(881	)		(624	)
	-------			-------
TOTAL CORE EARNINGS	$ 1,158		$ 2.86	$ 680		$ 1.70
================================	=======		=======	=======		=======

*Interest expense, income taxes, G&A expense and other, and non-core items

**Amounts shown after tax.

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)


	Twelve Months
($ millions, except	----------------------------------
per-share amounts)	2005		EPS	2004		EPS
================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 5,281		$ 13.09	$ 2,568		$ 6.49
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 6,293			$ 4,290
Less:
Contract settlement	(26	)		--
Hurricane insurance charge	(18	)		--
	-------			-------
Segment Core Earnings	6,337			4,290
	-------			-------
Chemicals
Segment Earnings	607			414
Less:
Write-off of plants	(159	)		--
Hurricane insurance charge	(11	)		--
	-------			-------
Segment Core Earnings	777			414
	-------			-------
Total Segment Core Earnings	7,114			4,704
	-------			-------
Corporate
Corporate Results --
Non Segment*	(1,619	)		(2,136	)
Less:
Debt purchase expense	(42	)		--
Trust preferred redemption charge	--			(11	)
Gain on sale of Lyondell shares	140			--
Gain on Premcor-Valero shares	726			--
Gain on Lyondell stock issuance	--			121
State tax issue charge	(10	)		--
Settlement of federal
tax issues	619			47
Reversal of tax reserves	335			--
Equity investment impairment	(15	)		--
Equity investment hurricane
insurance charge	(2	)		--
Hurricane insurance charge	(10	)		(15	)
Tax effect of pre-tax
adjustments	(219	)		(35	)
Discontinued operations, net**	6			(38	)
Cumulative effect of accounting
changes, net**	3			--
	-------			-------
Corporate Core Results --
Non Segment	(3,150	)		(2,205	)
	-------			-------
TOTAL CORE EARNINGS	$ 3,964		$ 9.83	$ 2,499		$ 6.32
================================	=======		=======	=======		=======

*Interest expense, income taxes, G&A expense and other, and non-core items.

**Amounts shown after tax.

ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS


	Fourth Quarter				Twelve Months
	----------------				----------------
($ millions)	2005		2004		2005		2004
================================	=======		=======		=======		=======
PRE-TAX
INCOME / (EXPENSE)

Oil & Gas
Exploration impairments	(32	)	(42	)	(118	)	(101	)

Chemicals
Production process write-off	--		(12	)	--		(12	)
Insurance reserves	--		(2	)	--		(2	)

Corporate
Environmental remediation	(33	)	(59	)	(62	)	(59	)
Insurance and litigation reserves	--		(16	)	--		(16	)

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: February 7, 2006	/s/ Jim A. Leonard
	Jim A. Leonard, Vice President and Controller (Principal Accounting and Duly Authorized Officer)

EXHIBIT INDEX

99.1	Press release dated February 7, 2006.

99.2	Full text of speeches given by Dr. Ray R. Irani and Stephen I. Chazen

99.3	Investor Relations Supplemental Schedules

EXHIBIT 99.1

For Immediate Release: February 7, 2006

OCCIDENTAL PETROLEUM ANNOUNCES RECORD 2005 EARNINGS

LOS ANGELES -- Occidental Petroleum Corporation (NYSE:OXY) announced net income for the fourth quarter 2005 of $1.152 billion ($2.84 per share), compared with $742 million ($1.86 per share) for the fourth quarter 2004. Core earnings for the fourth quarter were $1.158 billion ($2.86 per share), compared with $680 million ($1.70 per share) for the same period in 2004.

In announcing the results, Dr. Ray R. Irani, chairman, president and chief executive officer, said, "Occidental's strong fourth quarter operational and financial performance capped off the third consecutive year in which net income and operating cash flow reached new highs. Net income for the quarter was up by 55 percent, compared to the fourth quarter of 2004. Worldwide production which averaged 589,000 barrels of oil equivalent per day, an increase of 4.8 percent from the third quarter, was the highest quarterly production rate in Occidental's history. The production exit rate for the month of December was 596,000 barrels of oil equivalent per day.

In addition to record financial results, 2005 was notable for a number of important achievements that we expect to contribute to future production and earnings growth. We were the first U.S. oil company to return to Libya since the lifting of U.S. sanctions, and we are currently the largest holder of Libyan oil and gas exploration and production acreage. We enhanced our industry-leading position in the Permian Basin

in Texas and New Mexico through a series of producing property acquisitions. We expanded our presence in Oman and our core area of the Middle East by winning an interest in the development of the giant Mukhaizna oil field. We also announced our plan to acquire Vintage Petroleum in a transaction aimed at strengthening the company's prospects for material growth in Latin America, California and the Middle East. The acquisition was approved by Vintage shareholders and completed in January 2006. We continued strengthening our balance sheet, which led each of the four major rating agencies to upgrade our credit rating to the "single A" level. A strong balance sheet allows us to compete for large international growth projects."

Oil and Gas

Chemicals

The improvement in the fourth quarter 2005 core earnings was due to contributions from the chlor-alkali operations acquired from Vulcan, higher margins in chlorine, caustic soda

and polyvinyl chloride resulting from higher sales prices, partially offset by higher energy and feedstock costs.

Twelve-Month Results

Production

averaged 596,000 BOE per day. The fourth quarter of 2005 included production of 29,000 BOE per day from the 2005 Permian acquisitions and 24,000 BOE per day from Libya. Compared to a year ago, production under the company’s production-sharing contracts in Oman, Qatar, Yemen and Long Beach was negatively impacted by higher prices. If prices had remained at the fourth quarter 2004 levels, production in the fourth quarter of 2005 would have been about 9,000 BOE per day higher.

-0-

Contacts: Lawrence P. Meriage (media)

310-443-6562

Kenneth J. Huffman (investors)

212-603-8183

For further analysis of Occidental's quarterly

performance, please visit the website: www.oxy.com

SUMMARY OF SEGMENT NET SALES AND EARNINGS


	Fourth Quarter				Twelve Months
(In millions, except	----------------				----------------
per-share amounts)	2005		2004		2005		2004
================================	=======		=======		=======		=======
SEGMENT NET SALES
Oil and Gas	$ 3,027		$ 2,073		$10,416		$ 7,582
Chemical	1,262		985		4,641		3,675
Other	41		24		151		111
	-------		-------		-------		-------
Net sales	$ 4,330		$ 3,082		$15,208		$11,368
================================	=======		=======		=======		=======
SEGMENT EARNINGS
Oil and Gas	$ 1,859		$ 1,179		$ 6,293		$ 4,290
Chemical	165		125		607		414
	-------		-------		-------		-------
	2,024		1,304		6,900		4,704
Unallocated Corporate Items
Interest expense, net (a)	(23	)	(53	)	(201	)	(240	)
Income taxes (b)	(764	)	(466	)	(2,020	)	(1,708	)
Other (c)	(89	)	(11	)	593		(150	)
	-------		-------		-------		-------

Income from Continuing Operations	1,148		774		5,272		2,606
Discontinued operations, net	4		(32	)	6		(38	)
Cumulative effect of accounting
changes, net	--		--		3		--
	-------		-------		-------		-------
NET INCOME	$ 1,152		$ 742		$ 5,281		$ 2,568
	=======		=======		=======		=======
BASIC EARNINGS PER COMMON SHARE
Income from continuing
operations	$ 2.83		$ 1.94		$ 13.07		$ 6.59
Discontinued operations, net	0.01		(0.08	)	0.01		(.10	)
Cumulative effect of accounting
changes, net	--		--		0.01		--
	-------		-------		-------		-------
	$ 2.84		$ 1.86		$ 13.09		$ 6.49
	=======		=======		=======		=======
DILUTED EARNINGS PER COMMON SHARE
Income from continuing
operations	$ 2.79		$ 1.91		$ 12.89		$ 6.50
Discontinued operations, net	0.01		(0.08	)	0.01		(.10	)
Cumulative effect of accounting
changes, net	--		--		0.01		--
	-------		-------		-------		-------
	$ 2.80		$ 1.83		$ 12.91		$ 6.40
	=======		=======		=======		=======
AVERAGE BASIC COMMON SHARES
OUTSTANDING	405.5		399.1		403.3		395.6
================================	=======		=======		=======		=======

See footnotes on following page.

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE


	Fourth Quarter		Twelve Months
	----------------		----------------
($ millions)	2005	2004	2005	2004
================================	=======	=======	=======	=======

CAPITAL EXPENDITURES	$ 762	$ 573	$ 2,423	$ 1,843
	=======	=======	=======	=======
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$ 409	$ 334	$ 1,485	$ 1,303
================================	=======	=======	=======	=======

SUMMARY OF OPERATING STATISTICS


	Fourth Quarter				Twelve Months
	----------------				----------------
	2005		2004		2005		2004
================================	=======		=======		=======		=======

NET OIL, GAS AND LIQUIDS
PRODUCTION PER DAY

United States
Crude oil and liquids (MBBL)
California	78		81		76		78
Permian	170		152		161		154
Horn Mountain	14		13		13		19
Hugoton and other	3		3		3		3
	-------		-------		-------		-------
Total	265		249		253		254

Natural Gas (MMCF)
California	247		242		242		237
Hugoton and other	139		125		133		127
Permian	180		125		170		130
Horn Mountain	6		7		8		13
	-------		-------		-------		-------
Total	572		499		553		507

Latin America
Crude oil and liquids (MBBL)
Colombia	36		37		36		37
Ecuador	43		44		42		46
	-------		-------		-------		-------
Total	79		81		78		83

Middle East / North Africa
Crude oil and liquids (MBBL)
Oman	13		13		17		13
Qatar	42		48		42		45
Yemen	24		30		28		32
Libya	24		--		8		--
	-------		-------		-------		-------
Total	103		91		95		90

Natural Gas (MMCF)
Oman	25		66		44		55

Other Eastern Hemisphere
Crude oil and liquids (MBBL)
Pakistan	5		6		5		7

Natural Gas (MMCF)
Pakistan	77		79		77		75

Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	564		534		543		540
Other Interests
Colombia-minority interest	(4	)	(5	)	(4	)	(4	)
Russia-Occidental net interest	28		27		28		29
Yemen-Occidental net interest	1		2		1		1
	-------		-------		-------		-------
Total Worldwide Production (MBOE)	589		558		568		566
================================	=======		=======		=======		=======

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

The following tables set forth the core earnings and significant items affecting earnings for each operating segment and corporate:

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)


	Fourth Quarter
($ millions, except	----------------------------------
per-share amounts)	2005		EPS	2004		EPS
================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 1,152		$ 2.84	$ 742		$ 1.86
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 1,859			$ 1,179
Less:
Hurricane insurance charge	(9	)		--
	-------			-------
Segment Core Earnings	1,868			1,179
	-------			-------
Chemicals
Segment Earnings	165			125
Less:
Hurricane insurance charge	(6	)		--
	-------			-------
Segment Core Earnings	171			125
	-------			-------
Total Segment Core Earnings	2,039			1,304
	-------			-------
Corporate
Corporate Results --
Non Segment*	(872	)		(562	)
Less:
Gain on Lyondell stock
issuance	--			121
Settlement of tax issues	--			27
Debt purchase expense	(1	)		--
Hurricane insurance charge	--			(15	)
Tax effect of pre-tax
adjustments	6			(39	)
Discontinued operations, net**	4			(32	)
	-------			-------
Corporate Core Results --
Non Segment	(881	)		(624	)
	-------			-------
TOTAL CORE EARNINGS	$ 1,158		$ 2.86	$ 680		$ 1.70
================================	=======		=======	=======		=======

*Interest expense, income taxes, G&A expense and other, and non-core items

**Amounts shown after tax.

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)


	Twelve Months
($ millions, except	----------------------------------
per-share amounts)	2005		EPS	2004		EPS
================================	=======		=======	=======		=======
TOTAL REPORTED EARNINGS	$ 5,281		$ 13.09	$ 2,568		$ 6.49
	=======		=======	=======		=======
Oil and Gas
Segment Earnings	$ 6,293			$ 4,290
Less:
Contract settlement	(26	)		--
Hurricane insurance charge	(18	)		--
	-------			-------
Segment Core Earnings	6,337			4,290
	-------			-------
Chemicals
Segment Earnings	607			414
Less:
Write-off of plants	(159	)		--
Hurricane insurance charge	(11	)		--
	-------			-------
Segment Core Earnings	777			414
	-------			-------
Total Segment Core Earnings	7,114			4,704
	-------			-------
Corporate
Corporate Results --
Non Segment*	(1,619	)		(2,136	)
Less:
Debt purchase expense	(42	)		--
Trust preferred redemption charge	--			(11	)
Gain on sale of Lyondell shares	140			--
Gain on Premcor-Valero shares	726			--
Gain on Lyondell stock issuance	--			121
State tax issue charge	(10	)		--
Settlement of federal
tax issues	619			47
Reversal of tax reserves	335			--
Equity investment impairment	(15	)		--
Equity investment hurricane
insurance charge	(2	)		--
Hurricane insurance charge	(10	)		(15	)
Tax effect of pre-tax
adjustments	(219	)		(35	)
Discontinued operations, net**	6			(38	)
Cumulative effect of accounting
changes, net**	3			--
	-------			-------
Corporate Core Results --
Non Segment	(3,150	)		(2,205	)
	-------			-------
TOTAL CORE EARNINGS	$ 3,964		$ 9.83	$ 2,499		$ 6.32
================================	=======		=======	=======		=======

*Interest expense, income taxes, G&A expense and other, and non-core items.

**Amounts shown after tax.

ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS


	Fourth Quarter				Twelve Months
	----------------				----------------
($ millions)	2005		2004		2005		2004
================================	=======		=======		=======		=======
PRE-TAX
INCOME / (EXPENSE)

Oil & Gas
Exploration impairments	(32	)	(42	)	(118	)	(101	)

Chemicals
Production process write-off	--		(12	)	--		(12	)
Insurance reserves	--		(2	)	--		(2	)

Corporate
Environmental remediation	(33	)	(59	)	(62	)	(59	)
Insurance and litigation reserves	--		(16	)	--		(16	)

EXHIBIT 99.2

Occidental Petroleum Corporation

DR. RAY R. IRANI

Chairman and Chief Executive Officer

– Conference Call –

Fourth Quarter 2005 Earnings Announcement

February 7, 2006

Los Angeles, California

Good morning and thank you for joining us.

As Steve Chazen will tell you in some detail shortly, our fourth quarter results helped push our net income for the year to a record high level of nearly $5.3 billion, which was more than double our 2004 results. Our core income for the year was just under $4 billion, or nearly $1.5 billion higher than 2004. Our financial performance, which was driven largely by record oil and gas earnings, speaks above all to the effectiveness of our long-term strategy that is focused on long-lived oil and gas assets, a disciplined investment philosophy and maintaining a strong balance sheet. High commodity prices have helped propel earnings throughout the oil and gas industry, but we have been more successful than our peers in capturing the value on an equivalent barrel basis from higher prices and delivering it to the bottom line. In addition, our chemicals business achieved its highest earnings since 1996 and produced approximately $855 million of free cash flow.

Our oil and gas production for the fourth quarter averaged a quarterly record high of 589,000 equivalent barrels per day, up 4.8 percent from the third quarter and 5.6 percent from the fourth quarter 2004. We exited the year with production averaging 596,000 equivalent barrels per day, which was in line with our guidance.

Our success in increasing production has allowed us to reap the benefits of a strong energy price environment which saw oil prices rise to an all-time high.

Notwithstanding our success in 2005 and the preceding five years, I believe the best is yet to come. We expect to keep our production base growing at a healthy rate. We have scheduled a meeting with the financial community for February 23 in New York, where we will discuss our production outlook for 2006 through 2010.

We took a number of steps last year to further strengthen the foundation of our core operations. We enhanced our industry-leading position in the Permian Basin through a series of acquisitions. We were awarded a contract to develop the giant Mukhaizna oil field in Oman. We returned to Libya to operate our historic producing assets, and as the result of our success in Libya's January 2005 bid round, we are the largest holder of exploration acreage in the country. We continued strengthening our balance sheet, which gives us the necessary financial leverage to compete successfully for large international projects. Last week, we completed the acquisition of Vintage Petroleum which will strengthen operations in our core areas of California, Latin America and the Middle East. We also strengthened our core chemical business with the operations we acquired from Vulcan. And, because of the measures we took to improve our balance sheet, along with the company's favorable operational and financial standing, the four major rating agencies raised our credit rating to the "single A" level. We also increased our annual dividend payout by 16 percent - to $1.44 per share.

We ended the year with $2.4 billion in cash on hand, and we expect to continue generating a significant amount of free cash flow in 2006 to support our growth initiatives. With the strides we made last year, together with continuing strong energy prices and a strong economy, we believe 2006 has the potential to be another outstanding year for both our oil and gas and chemical businesses.

I'll now turn the call over to Steve Chazen.

Occidental Petroleum Corporation

STEPHEN CHAZEN

Senior Executive Vice President and Chief Financial Officer

– Conference Call –

Fourth Quarter 2005 Earnings Announcement

February 7, 2005

Los Angeles, California

Thank you, Ray.

Net income for the quarter was $1.152 billion, or $2.84 per share, compared to $742 million, or $1.86 per share in the fourth quarter of 2004. The improvement in our performance was driven by higher energy prices, higher oil and gas volumes and improved chemical earnings.

Fourth quarter results also included $33 million of environmental charges. Our equity earnings for the quarter from our 30.3 million shares of Lyondell that are recorded in corporate "Other" were $17 million. This amount was approximately $10 million below the "Street's" estimates. In addition, we also recorded a $19 million mark to market loss on Lyondell warrants.

On a segment basis, oil and gas fourth quarter earnings were $1.859 billion, compared to $1.179 billion for the fourth quarter of 2004. That's an increase of 58 percent. The following factors accounted for the variation in oil and gas earnings between these quarters.

•	Higher worldwide oil and gas price realizations added $759 million of earnings over the comparable period in 2004.
•	The average price of West Texas Intermediate crude oil for the fourth quarter was $60.02 per barrel compared to Occidental's net realized price of $50.50. The average fourth quarter price for WTI was $11.74 per

	barrel higher in 2005 than in the fourth quarter of 2004, while Occidental's average realized oil price in the fourth quarter of 2005 was $11.39 per barrel higher than in the comparable period in 2004.
•	Exploration expense of $124 million in the quarter was $36 million more than the fourth quarter of 2004. This amount was higher than our guidance last quarter due to higher dry hole and impairment costs.
•	Insurance charges related to the hurricanes in the quarter totaled $9 million.

Oil and gas segment earnings for the year were a record $6.293 billion compared to $4.29 billion in 2004. The improvement was mainly the result of higher combined oil and gas prices.

Oil and gas production for the quarter averaged 589,000 barrels of oil equivalent per day - which was 5.6 percent higher than the fourth quarter 2004. The improvement was the result of a series of Permian acquisitions completed last year and the resumption of producing operations in Libya.

Oil and gas operating costs were approximately $8.71 a barrel which compares to $6.95 last year. At least 62 percent of the increase was a result of higher energy prices pushing up utility, gas plant, ad valorem taxes and CO₂ costs, and the impact of higher energy prices on our production sharing contracts. The remaining cost changes were the result of workover, maintenance and other costs.

Chemical segment earnings for the fourth quarter 2005 were $165 million compared to $125 million in the fourth quarter of 2004.

The primary factors that accounted for the improvement in our fourth quarter 2005 chemical earnings compared to the 2004 fourth quarter were stronger prices resulting in higher margins for our core chloralkali business, particularly for caustic soda and PVC. This is better than our prior outlook for the quarter due to lower than expected feedstock costs, primarily ethelyne, and lower than expected

natural gas costs. PVC volumes were lower, but the volumes for chlorine, caustic soda and ethylene dichloride were higher. The chemical business also incurred insurance charges of $6 million resulting from the hurricanes.

For the entire year, core earnings of $777 million for the chemical segment were 88 percent higher than the 2004 level of $414 million. The improvement was due to higher prices for chlorine, caustic soda and PVC, which were partially offset by higher energy and feedstock costs.

For the year 2005, our consolidated net income of approximately $5.3 billion was more than double the $2.6 billion for 2004. On a per share basis, we earned $13.09 in 2005 compared to $6.49 per share in 2004. Our core earnings of nearly $4 billion in 2005 were 59 percent higher than our 2004 core earnings of $2.5 billion.

Cash flow from operations for the year was approximately $5.3 billion, compared with $3.9 billion in 2004. Thus the cash from operations at this year's average WTI price of $56.56 price was $440 million per month.

Interest expense was $23 million during the fourth quarter 2005, compared to $53 million in the 2004 fourth quarter. Our annual interest expense, including $42 million of debt repayment charges, was $201 million. By comparison, our 2004 interest expense, which included debt repayment fees of $17 million, was $240 million.

Our equity earnings from Lyondell shares for the year were $98 million, compared to $14 million in 2004.

Turning to the year-end 2005 balance sheet, we increased shareholder equity to $15 billion, or $4.5 billion higher than the year-end 2004 level. At the same time, we reduced total debt to $3.0 billion from $3.9 billion at the end of 2004. As Ray said earlier, we ended the year with approximately $2.4 billion of cash in hand.

Capital spending for the quarter was $762 million and $2.4 billion for the year. Oil and gas accounted for 92 percent of the annual total.

As we look ahead in the current quarter:

•	In 2006, we expect our combined worldwide tax rate in the first quarter to increase to about 44 percent. The increase is due largely to higher foreign income taxes, primarily resulting from the effects of a full year of production from Libya.
•	We exited 2005 at about 596,000 barrels per day. Vintage exited 2005 at more than 75,000 barrels per day. About 19,000 barrels per day are being held for sale and will not show up as production, revenues or costs. Cash generated from the asset sales will be used to reduce the purchase price of the remaining Vintage assets.
•	Therefore the net reported Vintage-related production for two thirds of the first quarter should be about 35,000 equivalent barrels per day. Adding the Vintage production to our December exit rate, and adjusting downward for the PSC effect of higher prices, we expect our first quarter production to be in the range of 620,000 to 630,000 equivalent barrels per day. We will have more to say about annual production rates at our Feb 23 meeting.
•	Our 2005 fourth quarter DD&A expense totaled $409 million, including approximately $340 million for oil and gas. During the current quarter, we expect the DD&A for oil and gas to be approximately $400 million, which is an increase of $60 million over the fourth quarter due to higher volumes and an increase in the rate. The DD&A amount for our chemical business should be about the same as the fourth quarter.
•	We expect exploration expense for the quarter to be about $70 million.

•	We expect chemical segment earnings to be about $150 million, compared to the $165 million in the fourth quarter of 2005. This outlook is based on current conditions.
•	We expect interest expense to be about $30 million in the first quarter.
•	A $1.00 per barrel change in oil prices impacts oil and gas quarterly earnings by about $40 million before the impact of income taxes. The WTI price in the fourth quarter was $60.02 per barrel.
•	A swing of 25-cents per million BTUs in gas prices has a $12 million impact on quarterly earnings before income taxes. The NYMEX gas price for the fourth quarter was $11.66 per thousand cubic feet. Our realized fourth quarter domestic gas price averaged $9.81 per thousand cubic feet. We expect our realized price for the first quarter to be approximately $8.30 per thousand cubic feet.

We are continuing to focus on generating top quartile returns on equity and capital employed - and we are meeting those objectives.

For 2005, our return on equity was 41 percent and the three-year average from 2003 through 2005 was 31 percent. During that same three-year period our equity grew by 138 percent - from $6.3 billion to $15 billion.

Our return on capital employed for 2005 was 33 percent, and the three-year average was 23 percent.

Copies of the press release announcing our fourth quarter earnings and the Investor Relations Supplemental Schedules are available on our website www.oxy.com or through the SEC's EDGAR system.

Now we're ready to take your questions.

See the investor relations supplemental schedules for the reconciliation of non-GAAP items. 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; political risk; changes in tax rates; unrealized acquistion 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. 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 probable, possible and recoverable reserves, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. U.S. investors are urged to consider carefully the disclosure in our 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.

EXHIBIT 99.3

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM
2005 Fourth Quarter
Net Income (Loss)
($ millions)

	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	1,859		$	9		Hurricane insurance charge	$	1,868

Chemical		165			6		Hurricane insurance charge		171

Corporate
Interest expense, net		(23	)		1		Debt purchase expense		(22	)

Other		(89	)						(89	)

Taxes		(764	)		(6	)	Tax effect of adjustments		(770	)

Income from continuing operations		1,148			10				1,158
Discontinued operations, net of tax		4			(4	)	Discontinued operations, net		--
Net Income	$	1,152		$	6			$	1,158


Basic Earnings Per Common Share
Income from continuing operations	$	2.83						$	2.86
Discontinued operations, net		0.01							--
Net Income	$	2.84						$	2.86

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM
2004 Fourth Quarter
Net Income (Loss)
($ millions)

	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	1,179						$	1,179

Chemical		125							125

Corporate
Interest expense, net		(53	)						(53	)
Other		(11	)		(121	)	Gain on Lyondell stock issuance		(117	)
					15		Hurricane Insurance Charge
Taxes		(466	)		(27	)	IRS settlements		(454	)
				39			Tax effect of adjustments
Income from continuing operations		774			(94	)			680
Discontinued operations, net of tax	(32		)	32			Discontinued operations, net	--
Net Income	$	742		$	(62	)		$	680


Basic Earnings Per Common Share
Income from continuing operations	$	1.94						$	1.70
Discontinued operations, net of tax	(0.08		)					--
Net Income	$	1.86						$	1.70

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM
2005 Twelve Months
Net Income (Loss)
($ millions)

	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	6,293		$	26		Contract settlement	$	6,337
					18		Hurricane insurance charge

Chemical		607			159		Write-off of plants		777
					11		Hurricane insurance charge

Corporate
Interest expense, net		(201	)		42		Debt purchase expense		(159	)

Other		593			(140	)	Sale of Lyondell shares		(246	)
					(726	)	Sale of Premcor / Valero shares
					15		Equity investment impairment
					2		Equity investment hurricane
							insurance charge
					10		Hurricane insurance charge

Taxes		(2,020	)		219		Tax effect of adjustments		(2,745	)
					(335	)	Tax reserve reversal
					(619	)	Settlement of federal tax issue
				10			State tax charge
Income from continuing operations		5,272			(1,308	)			3,964
Discontinued operations, net		6			(6	)	Discontinued operations, net		--
Cumulative effect of acct changes, net	3			(3		)	Cumulative effect of acct chg	--
Net Income	$	5,281		$	(1,317	)		$	3,964


Basic Earnings Per Common Share
Income from continuing operations	$	13.07						$	9.83
Discontinued operations, net		0.01							--
Cumulative effect of acct changes, net	0.01							--
Net Income	$	13.09						$	9.83

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM
2004 Twelve Months
Net Income (Loss)
($ millions)

	Reported Income			Significant Items Affecting Income				Core Earnings
Oil & Gas	$	4,290						$	4,290

Chemical		414							414

Corporate
Interest expense, net		(240	)		11		Trust preferred redemption		(229	)
Other		(150	)		(121	)	Gain on Lyondell stock issuance		(256	)
					15		Hurricane insurance charge
Taxes		(1,708	)		(47	)	IRS settlements		(1,720	)
					35		Tax effects of adjustments

Income from continuing operations		2,606			(107	)			2,499
Discontinued operations, net of tax	(38		)	38			Discontinued operations, net	--
Net Income	$	2,568		$	(69	)		$	2,499


Basic Earnings Per Common Share
Income from continuing operations	$	6.59						$	6.32
Discontinued operations, net of tax	(0.10		)					--
Net Income	$	6.49						$	6.32

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Items Affecting Comparability of Core Earnings Between Periods

The item(s) below are included in core earnings but are shown in this table
because they affect the comparability of core earnings between periods.


Pre-tax Income / (Expense)	Fourth Quarter				Twelve Months
	2005		2004		2005		2004
Oil & Gas
Exploration impairments	(32	)	(42	)	(118	)	(101	)
Insurance and litigation reserves	--		(6	)	--		(6	)

Chemicals
Production process write-off	--		(12	)	--		(12	)
Insurance and litigation reserves	--		(2	)	--		(2	)

Corporate
Environmental remediation	(33	)	(59	)	(62	)	(59	)
Insurance and litigation reserves	--		(16	)	--		(16	)

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate


	QUARTERLY						YEAR-TO-DATE
REPORTED INCOME	2005 QTR 4		2005 QTR 3		2004 QTR 4		2005 12 Months		2004 12 Months
Oil & Gas (a)	1,859		1,760		1,179		6,293		4,290
Chemicals	165		3		125		607		414
Corporate & other	(112	)	590		(64	)	392		(390	)
Pre-tax income	1,912		2,353		1,240		7,292		4,314

Income tax expense
Federal and state	393		185		261		671		946
Foreign (a)	371		426		205		1,349		762
Total	764		611		466		2,020		1,708

Income from continuing operations	1,148		1,742		774		5,272		2,606

Worldwide effective tax rate	40%		26%		38%		28%		40%


CORE INCOME	2005 QTR 4		2005 QTR 3		2004 QTR 4		2005 12 Months		2004 12 Months
Oil & Gas (a)	1,868		1,769		1,179		6,337		4,290
Chemicals	171		167		125		777		414
Corporate & other	(111	)	(79	)	(170	)	(405	)	(485	)
Pre-tax income	1,928		1,857		1,134		6,709		4,219

Income tax expense
Federal and state	399		342		249		1,396		958
Foreign (a)	371		426		205		1,349		762
Total	770		768		454		2,745		1,720

Core income	1,158		1,089		680		3,964		2,499

Worldwide effective tax rate	40%		41%		40%		41%		41%

(a) Revenues and income tax expense include taxes owed by Occidental but paid by governmental entities on its behalf. Oil and gas pre-tax income includes the following revenue amounts by periods.


2005 QTR 4	2005 QTR 3	2004 QTR 4	2005 12 Months	2004 12 Months
211	263	143	887	525

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM 2005 Fourth Quarter Net Income (Loss) Reported Income Comparison

	Fourth Quarter 2005			Third Quarter 2005			B / (W)
Oil & Gas	$	1,859		$	1,760		$	99
Chemical		165			3			162
Corporate
Interest expense, net		(23	)		(70	)		47
Other		(89	)		660			(749	)
Taxes	(764		)	(611		)	(153		)
Income from continuing operations		1,148			1,742			(594	)
Discontinuted operations, net		4			2			2
Cumulative effect of acct changes, net	--			3			(3		)
Net Income	$	1,152		$	1,747		$	(595	)

Basic Earnings Per Common Share
Income from continuing operations	$	2.83		$	4.31		$	(1.48	)
Discontinued operations, net		0.01			--			0.01
Cumulative effect of acct changes, net	--			0.01			(0.01		)
Net Income	$	2.84		$	4.32		$	(1.48	)

Worldwide Effective Tax Rate		40%			26%			-14%



OCCIDENTAL PETROLEUM 2005 Fourth Quarter Net Income (Loss) Core Earnings Comparison

	Fourth Quarter 2005			Third Quarter 2005			B / (W)
Oil & Gas	$	1,868		$	1,769		$	99
Chemical		171			167			4
Corporate
Interest expense, net		(22	)		(40	)		18
Other		(89	)		(39	)		(50	)
Taxes	(770		)	(768		)	(2		)
Net Income	$	1,158		$	1,089		$	69

Core Earnings Per Common Share	$	2.86		$	2.69		$	0.17

Worldwide Effective Tax Rate		40%			41%			1%

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM Oil & Gas Core Earnings Variance Analysis ($ millions)

2005 4th Quarter	$	1,868
2005 3rd Quarter	1,769
	$	99


Sales Price	$	146

Sales Volume/Mix		98

Exploration Expense		(68	)

All Others		(77	)

TOTAL VARIANCE	$	99



OCCIDENTAL PETROLEUM Chemical Core Earnings Variance Analysis ($ millions)

2005 4th Quarter	$	171
2005 3rd Quarter	167
	$	4


Sales Price		127

Sales Volume/Mix		(2	)

Operations/Manufacturing		(131	) *

All Others		10

TOTAL VARIANCE	$	4

* Higher feedstock and energy costs

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM 2005 Fourth Quarter Net Income (Loss) Reported Income Comparison

	Fourth Quarter 2005			Fourth Quarter 2004			B / (W)
Oil & Gas	$	1,859		$	1,179		$	680
Chemical		165			125			40
Corporate
Interest expense, net		(23	)		(53	)		30
Other		(89	)		(11	)		(78	)
Taxes	(764		)	(466		)	(298		)
Income from continuing operations		1,148			774			374
Discontinued operations, net	4			(32		)	36
Net Income	$	1,152		$	742		$	410

Basic Earnings Per Common Share
Income from continuing operations	$	2.83		$	1.94		$	0.89
Discontinued operations, net	0.01			(0.08		)	0.09
Net Income	$	2.84		$	1.86		$	0.98

Worldwide Effective Tax Rate		40%			38%			-2%



OCCIDENTAL PETROLEUM 2005 Fourth Quarter Net Income (Loss) Core Earnings Comparison

	Fourth Quarter 2005			Fourth Quarter 2005			B / (W)
Oil & Gas	$	1,868		$	1,179		$	689
Chemical		171			125			46
Corporate
Interest expense, net		(22	)		(53	)		31
Other		(89	)		(117	)		28
Taxes	(770		)	(454		)	(316		)
Net Income	$	1,158		$	680		$	478

Basic Earnings Per Common Share	$	2.86		$	1.70		$	1.16

Worldwide Effective Tax Rate		40%			40%			0%

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM Oil & Gas Core Earnings Variance Analysis ($ millions)

2005 4th Quarter	$	1,868
2004 4th Quarter	1,179
	$	689


Sales Price	$	759

Sales Volume/Mix		148

Exploration Expense		(36	)

All Others		(182	)

TOTAL VARIANCE	$	689



OCCIDENTAL PETROLEUM Chemical Core Earnings Variance Analysis ($ millions)

2005 4th Quarter	$	171
2004 4th Quarter	125
	$	46


Sales Price	$	193

Sales Volume/Mix		11

Operations/Manufacturing		(182	) *

All Others		24

TOTAL VARIANCE	$	46

* Higher feedstock and energy costs

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS
	Fourth Quarter				Twelve Months
	2005		2004		2005		2004
NET PRODUCTION PER DAY:
United States
Crude Oil and Liquids (MBL)
California	78		81		76		78
Permian	170		152		161		154
Horn Mountain	14		13		13		19
Hugoton and other	3		3		3		3
Total	265		249		253		254
Natural Gas (MMCF)
California	247		242		242		237
Hugoton and other	139		125		133		127
Permian	180		125		170		130
Horn Mountain	6		7		8		13
Total	572		499		553		507
Latin America
Crude Oil (MBL)
Colombia	36		37		36		37
Ecuador	43		44		42		46
Total	79		81		78		83
Middle East and North Africa
Crude Oil (MBL)
Oman	13		13		17		13
Qatar	42		48		42		45
Yemen	24		30		28		32
Libya	24		--		8		--
Total	103		91		95		90
Natural Gas (MMCF)
Oman	25		66		44		55

Other Eastern Hemisphere
Crude Oil (MBL)
Pakistan	5		6		5		7
Natural Gas (MMCF)
Pakistan	77		79		77		75

Barrels of Oil Equivalent (MBOE)

Subtotal consolidated subsidiaries	564		534		543		540
Other interests
Colombia - minority interest	(4	)	(5	)	(4	)	(4	)
Russia - Occidental net interest	28		27		28		29
Yemen - Occidental net interest	1		2		1		1
Total worldwide production (MBOE)	589		558		568		566

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS
	Fourth Quarter		Twelve Months
	2005	2004	2005	2004
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)	52.93	42.76	50.21	37.72
Natural Gas ($/MCF)	9.81	5.65	7.11	5.35

Latin America
Crude Oil ($/BBL)	44.84	36.47	45.43	33.09

Middle East / North Africa
Crude Oil ($/BBL)	53.08	37.44	49.88	34.88
Natural Gas ($/MCF)	0.97	0.96	0.96	0.97

Other Eastern Hemisphere
Crude Oil ($/BBL)	51.36	37.09	46.84	33.13
Natural Gas ($/MCF)	2.50	2.01	2.44	2.25

Total Worldwide
Crude Oil ($/BBL)	50.50	39.11	48.20	35.09
Natural Gas ($/MCF)	8.37	4.68	5.98	4.56


	Fourth Quarter				Twelve Months
	2005		2004		2005		2004
Exploration Expense
Domestic	$	32	$	53	$	163	$	136
Latin America		37		19		65		23
Middle East / North Africa		38		1		47		16
Othern Eastern Hemisphere		17		15		62		44
TOTAL	$	124	$	88	$	337	$	219

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM CHEMICALS Volume (M Tons, except PVC Resins)

	Fourth Quarter		Twelve Months
MAJOR PRODUCTS	2005	2004	2005	2004
Chlorine	835	716	3,118	2,892
Caustic Soda	879	763	3,178	3,109
Ethylene Dichlorine	192	134	682	458
PVC Resins (millions of pounds)	885	1,003	3,977	4,208


CHEMICALS Prices (Index)

	Fourth Quarter		Twelve Months
MAJOR PRODUCTS	2005	2004	2005	2004
Chlorine	2.70	2.36	2.65	2.05
Caustic Soda	1.83	1.18	1.69	0.84
Ethylene Dichlorine	1.31	1.75	1.44	1.56
PVC Resins	1.60	1.20	1.32	1.08

1987 through 1990 average price = 1.00

CHLORINE

OxyChem Commentary

•	Industry operating problems due to the Gulf Coast hurricanes resulted in a modest improvement in chlorine prices during the 4^th quarter. The significant rise in energy prices provided further impetus.

•	4^th quarter industry operating rates reflect prolonged mechanical outages and reduced chlorine consumption particularly into the vinyl's chain. Limited availability of ethylene coupled with aggressive year-end inventory reductions negatively affected vinyl production.

•	Lower industry operating rates are expected to continue into the 1^st quarter due to normal seasonality.

•	In the latter portion of the 1^st quarter, OxyChem anticipates industry operating rates will improve as seasonal demand increases and Gulf Coast rebuilding efforts begin to impact sales.

Investor Relations Supplemental Schedules

Influencing Factors:

Chlorine availability has greatly improved entering the 1^st quarter 2006 as nearly all of the issues related to the hurricanes have been corrected. The return to pre-hurricane operational status for some large chlorine consumers in the U.S. Gulf Coast is not expected until late in the 1^st quarter. Increased chlorine demand, influenced by the rebuilding efforts along the Gulf Coast, is anticipated in the latter portion of the 1^st quarter, tightening the supply/demand balance as the year progresses.

CAUSTIC

OxyChem Commentary

•	OxyChem's caustic soda demand improved marginally in the 4^th quarter as some Gulf Coast producers encountered production problems related to the hurricanes. Sales volume is expected to weaken in the 1^st quarter due to normal seasonal weakness.

•	4^th quarter liquid caustic soda pricing improved as a result of implementation of two price increases announced in the 3^rd quarter for 4^th quarter. The first increase of $50 per dry short ton (DST) was effective September 28 with a second increase of $75 per DST to be implemented October 28 as contract terms allow. OxyChem expects implementation of the second price increase to continue into the 1^st quarter 2006. A third increase announced in late October is not expected to be implemented at this time.

•	Alumina pricing for the first half of 2006 has settled for North American caustic soda producers at $400 DMT representing an increase of $65 DMT over the alumina price for the second half of 2005.

•	Order control programs for liquid caustic soda remained in effect through the 4^th quarter and are expected to continue into the 1^st quarter of 2006.

Influencing Factors:

The supply of liquid caustic soda along the U.S. Gulf Coast gradually improved in the 4^th quarter. Caustic soda availability is expected to increase in the 1^st quarter 2006. The increasing supply coupled with the normal seasonal weakness in demand could exert some pressure on 1^st quarter pricing.

EDC

OxyChem Commentary

•	Although there was slight improvement in market EDC prices during the 4^th quarter, volume from the U.S. was limited to contract shipments due to poor economics and availability of ethylene due to the hurricanes.
•	EDC prices ended the 4^th quarter at $310-$330 per metric ton CFR Asia.

Investor Relations Supplemental Schedules

•	At the end of the 4^th quarter, EDC balances were long and market prices were decreasing moving into January.

Influencing Factors:

Demand for U.S. EDC exports will remain limited due to acetylene based VCM production in China. Furthermore, continued higher ethylene costs and low EDC prices will limit spot export volumes from the U.S. in 1^st quarter 2006.

PVC/VCM

OxyChem Commentary

•	Domestic PVC sales volumes remained strong through the first half of the 4^th quarter and then began to moderate as the quarter progessed. The 4^th quarter ended with seasonally lower sales as buyers reacted to the December price decline and aggressively managed year-end inventory.

•	Due to the production impact of Hurricane Rita, OxyVinyls declared Force Majeure in the PVC and VCM businesses effective September 23, 2005. The declaration was lifted December 15 as operations returned to normal.

•	OxyVinyls' PVC operating rates are lower than industry in the 4^th quarter due to a scheduled fourteen day outage at the Pasadena, Texas facility.

•	Domestic PVC resin prices increased $0.12 per pound in October, remained flat in November and then decreased $0.02 per pound in December.

•	PVC resin export prices ended the quarter at $700-$720 per metric ton CFR Southeast Asia.

•	The U.S. export contract VCM price to Latin America ended the quarter at $900 per metric ton FOB U.S. Gulf Coast. The low spot price ended at $800 per metric ton FOB U.S. Gulf Coast.

•	Asian VCM prices ended the quarter at $550 per metric ton CFR. With high freight rates and ethylene cost, this price was not economical for U.S. producers. For the first time, shipments were booked from Asia to Colombia for January delivery at $775 per metric ton CFR.

Influencing Factors:

PVC demand is expected to remain seasonally slow as we enter the 1^st quarter 2006. Slower demand coupled with potentially lower feedstock costs could exert pressure on PVC resin prices. Vinyls demand will gradually improve as the 1^st quarter progresses due to the beginning of the spring construction season and Gulf Coast rebuilding efforts. VCM balances could become tighter towards the end of the 1^st quarter as PVC demand improves and previously announced VCM capacity is shut down.

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS

	Fourth Quarter				Twelve Months
Capital Expenditures ($MM)	2005		2004		2005		2004
Oil & Gas
California	$	110	$	84	$	380	$	315
Permian		137		83		408		289
Other - U.S.		70		25		183		55
Latin America		53		57		197		180
Middle East / North Africa		292		218		982		768
Other Eastern Hemisphere		14		14		86		42
Chemicals		79		60		173		155
Corporate		7		32		14		39
TOTAL	$	762	$	573	$	2,423	$	1,843

Depreciation, Depletion &	Fourth Quarter				Twelve Months
Amortization of Assets ($MM)	2005		2004		2005		2004
Oil & Gas
Domestic	$	199	$	156	$	707	$	622
Latin America		40		24		118		96
Middle East / North Africa		90		75		347		276
Other Eastern Hemisphere		12		12		42		47
Chemicals		64		61		251		243
Corporate		4		6		20		19
TOTAL	$	409	$	334	$	1,485	$	1,303

Investor Relations Supplemental Schedules


OCCIDENTAL PETROLEUM CORPORATE ($ millions)
	31-Dec-05		31-Dec-04
CAPITALIZATION
Oxy Long-Term Debt (including current maturities)	$	2,919	$	3,804
Subsidiary Preferred Stock		75		75
Others		25		26
Total Debt	$	3,019	$	3,905
EQUITY	$	15,032	$	10,550
Total Debt to Total Capitalization		17%		27%

Investor Relations Supplemental Schedules

See the investor relations supplemental schedules for the reconciliation of non-GAAP items. 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; political risk; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. Occidental disclaims any obligation to update any forward-looking statements. 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 probable, possible and recoverable reserves, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. U.S. investors are urged to consider carefully the disclosure in our 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.