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form8k-20131029.htm

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) October 29, 2013

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

Not Applicable

(Former name or former address, if changed since last report)

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 October 29, 2013, Occidental Petroleum Corporation released information regarding its results of operations for the three and nine months ended September 30, 2013. 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 Cynthia L. Walker, Sandy Lowe and Stephen Chazen are attached to this report as Exhibit 99.2. Investor Relations Supplemental Schedules are attached to this report as Exhibit 99.3. Earnings Conference Call Slides are attached to this report as Exhibit 99.4. Forward-Looking Statements Disclosure for Earnings Release Presentation Materials is attached to this report as Exhibit 99.5. The information in this Item 2.02 and Exhibits 99.1 through 99.5, inclusive, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Section 8 – Other Events

Item 8.01. Other Events

On October 29, 2013 -- Occidental Petroleum Corporation announced core income for the third quarter of 2013 of $1.6 billion ($1.97 per diluted share), compared with $1.4 billion ($1.70 per diluted share) for the third quarter of 2012. Net income was $1.6 billion ($1.96 per diluted share) for the third quarter of 2013, compared with $1.4 billion ($1.69 per diluted share) for the third quarter of 2012.

QUARTERLY RESULTS

Oil and Gas

Oil and gas segment earnings were $2.4 billion for the third quarter of 2013, compared with $2.0 billion for the third quarter of 2012. The current quarter results reflect higher domestic oil and gas realized prices, lower operating costs and higher domestic liquid volumes, partially offset by higher DD&A rates and lower Middle East/North Africa crude oil volumes.

Operating costs continued to drop significantly in 2013, compared with 2012. Domestic operating costs for the nine months of 2013 were $14.33 per barrel, compared to $17.43 for the full year of 2012. For the entire company, operating costs for the nine months were $13.64 per barrel, compared to $14.99 for the full year of 2012.

For the third quarter of 2013, daily oil and gas production volumes averaged 767,000 BOE, compared with 766,000 BOE in the third quarter of 2012. Increased domestic production of 7,000 BOE per day was offset by lower Middle East/North Africa production resulting from lower cost recovery barrels. Daily sales volumes were 765,000 BOE for both the third quarter of 2013 and the third quarter of 2012. Sales volumes differed from production volumes due to the timing of liftings in Oxy’s international operations.

$91.97 per barrel in the third quarter of 2012. Middle East/North Africa crude oil prices and worldwide NGL prices were virtually flat on a year-over-year basis for the third quarter of 2013. Domestic gas prices increased by 32 percent in the third quarter of 2013 to $3.27 per MCF, compared with $2.48 in the third quarter of 2012.

On a sequential quarterly basis, worldwide realized crude oil prices increased 6 percent and worldwide realized NGL prices increased approximately 5 percent. Also on a sequential quarterly basis, domestic crude oil prices increased by about 10 percent, domestic gas prices decreased by over 14 percent and Middle East/North Africa oil prices increased slightly.

Chemical

Chemical earnings for the third quarter of 2013 were $181 million, compared with $162 million in the third quarter of 2012. The improvement in the third quarter 2013 results was primarily due to higher margins in polyvinyl chloride and vinyl chloride monomer.

Midstream, Marketing and Other

Midstream segment earnings were $212 million for the third quarter of 2013, compared with $156 million for the third quarter of 2012. The increase in earnings reflected improved marketing and trading performance and better results in the pipeline, gas processing and power generation businesses.

NINE-MONTH RESULTS

Net income for the nine months of 2013 was $4.3 billion ($5.28 per diluted share), compared with $4.3 billion ($5.25 per diluted share) for the same period in 2012. Year-to-date 2013 core income was $4.2 billion ($5.23 per diluted share), compared with $4.3 billion ($5.26 per diluted share) for the same period in 2012.

Oil and Gas

Oil and gas segment earnings were $6.4 billion for the nine months of 2013, compared with $6.6 billion for the same period of 2012. Higher domestic oil and gas prices, domestic liquids volumes and lower operating costs were more than offset by lower Middle East/North Africa oil prices and volumes, lower domestic NGL prices and higher total company DD&A rates.

Oil and gas production volumes for the nine months were 767,000 BOE per day for 2013, compared with 762,000 BOE per day for the 2012 period. Year-over-year, Oxy’s domestic production increased by 13,000 BOE per day. International production was 8,000 BOE per day lower, mainly due to lower cost recovery barrels in the Dolphin and Oman operations. Daily sales volumes were 758,000 BOE in the nine months of 2013, compared with 757,000 BOE for 2012. Sales volumes were lower than production volumes mainly due to the timing of liftings in the Middle East/North Africa.

Oxy's worldwide realized prices declined for crude oil and NGLs but increased for both domestic crude oil and natural gas on a year-over-year basis. Worldwide realized crude oil prices were $100.04 per barrel for the nine months of 2013, compared with $101.20 per barrel for the nine months of 2012. Worldwide NGL prices were $39.87 per barrel for the nine months of 2013, a reduction of about 12 percent from the $45.21 per barrel for the nine months of 2012. Domestic crude oil prices increased from $95.83 per barrel in the nine months of 2012 to $97.07 per barrel in the nine months of 2013. Domestic gas prices increased over 37 percent from $2.47 per MCF in the nine months of 2012 to $3.39 per MCF in the nine months of 2013.

Chemical

Chemical core earnings were $484 million for the nine months of 2013, compared with $540 million for the same period in 2012. The lower 2013 earnings primarily resulted from higher energy and ethylene costs more than offsetting higher volumes and prices in chlor-alkali and vinyls.

Midstream, Marketing and Other

Midstream segment earnings were $475 million for the nine months of 2013, compared with $364 million for the same period in 2012. The 2013 results reflected improved marketing and trading performance and better results in the power generation and gas processing businesses.

Forward-Looking Statements

Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental’s operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as "estimate", "project", "predict", "will", "would", "should", "could", "may", "might", "anticipate", "plan", "intend", "believe", "expect", "aim", "goal", "target", "objective", "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A "Risk Factors" of the 2012 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

Attachment 1

SUMMARY OF SEGMENT NET SALES AND EARNINGS

	Third Quarter						Nine Months
($ millions, except per-share amounts)	2013			2012			2013			2012
SEGMENT NET SALES
Oil and Gas	$	5,018		$	4,635		$	14,179		$	14,032
Chemical		1,200			1,119			3,562			3,439
Midstream, Marketing and Other		442			389			1,164			1,044
Eliminations		(211	)		(178	)		(622	)		(514	)

Net Sales	$	6,449		$	5,965		$	18,283		$	18,001

SEGMENT EARNINGS
Oil and Gas	$	2,363		$	2,026		$	6,383		$	6,573
Chemical (a)		181			162			615			540
Midstream, Marketing and Other		212			156			475			364
		2,756			2,344			7,473			7,477

Unallocated Corporate Items
Interest expense, net		(28	)		(34	)		(87	)		(87	)
Income taxes		(1,037	)		(855	)		(2,782	)		(2,869	)
Other (b)		(103	)		(76	)		(330	)		(250	)

Income from Continuing Operations		1,588			1,379			4,274			4,271
Discontinued operations, net		(5	)		(4	)		(14	)		(9	)

NET INCOME	$	1,583		$	1,375		$	4,260		$	4,262

BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.97		$	1.70		$	5.30		$	5.26
Discontinued operations, net		(0.01	)		(0.01	)		(0.02	)		(0.01	)
	$	1.96		$	1.69		$	5.28		$	5.25

DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.97		$	1.70		$	5.30		$	5.26
Discontinued operations, net		(0.01	)		(0.01	)		(0.02	)		(0.01	)
	$	1.96		$	1.69		$	5.28		$	5.25
AVERAGE COMMON SHARES OUTSTANDING
BASIC		805.1			809.7			804.8			810.1
DILUTED		805.7			810.4			805.4			810.8

(a) Chemical - Nine months of 2013 includes a $131 million pre-tax gain for the sale of an investment in Carbocloro,
a Brazilian chemical facility.
(b) Unallocated Corporate Items - Other - Nine months of 2013 includes a $55 million pre-tax charge for the
estimated cost related to the employment and post-employment benefits for the Company's former Executive
Chairman and termination of certain other employees and consulting arrangements.

Attachment 2

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

	Third Quarter				Nine Months
($ millions)	2013		2012		2013		2012
CAPITAL EXPENDITURES	$	2,271	$	2,591	$	6,551	$	7,716

DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	1,334	$	1,148	$	3,896	$	3,320

Attachment 3

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. Therefore, management uses a measure called "core results," which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.

	Third Quarter
($ millions, except per-share amounts)	2013			Diluted EPS		2012			Diluted EPS
TOTAL REPORTED EARNINGS	$	1,583		$	1.96	$	1,375		$	1.69

Oil and Gas
Segment Earnings	$	2,363				$	2,026
Add:
No significant items affecting earnings		-					-

Segment Core Results		2,363					2,026

Chemicals
Segment Earnings		181					162
Add:
No significant items affecting earnings		-					-

Segment Core Results		181					162

Midstream, Marketing and Other
Segment Earnings		212					156
Add:
No significant items affecting earnings		-					-

Segment Core Results		212					156

Total Segment Core Results		2,756					2,344

Corporate
Corporate Results --
Non Segment (a)		(1,173	)				(969	)
Add:
Discontinued operations, net (b)		5					4

Corporate Core Results - Non Segment		(1,168	)				(965	)

TOTAL CORE RESULTS	$	1,588		$	1.97	$	1,379		$	1.70

(a) Interest expense, income taxes, G&A expense and other.
(b) Amounts shown after tax.

Attachment 4

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

	Nine Months
($ millions, except per-share amounts)	2013			Diluted EPS		2012			Diluted EPS
TOTAL REPORTED EARNINGS	$	4,260		$	5.28	$	4,262		$	5.25

Oil and Gas
Segment Earnings	$	6,383				$	6,573
Add:
No significant items affecting earnings		-					-

Segment Core Results		6,383					6,573

Chemicals
Segment Earnings		615					540
Add:
Carbocloro sale gain		(131	)				-

Segment Core Results		484					540

Midstream, Marketing and Other
Segment Earnings		475					364
Add:
No significant items affecting earnings		-					-

Segment Core Results		475					364

Total Segment Core Results		7,342					7,477

Corporate
Corporate Results --
Non Segment (a)		(3,213	)				(3,215	)
Add:
Charge for former executives and
consultants (b)		55					-
Tax effect of pre-tax adjustments		25					-
Discontinued operations, net (c)		14					9

Corporate Core Results - Non Segment		(3,119	)				(3,206	)

TOTAL CORE RESULTS	$	4,223		$	5.23	$	4,271		$	5.26

(a) Interest expense, income taxes, G&A expense and other.
(b) Reflects pre-tax charge for the estimated cost related to the employment and post-employment benefits for the
Company's former Executive Chairman and termination of certain other employees and consulting arrangements.
(c) Amounts shown after tax.

Attachment 5

SUMMARY OF OPERATING STATISTICS - PRODUCTION

	Third Quarter		Nine Months
	2013	2012	2013	2012
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Oil (MBBL)
California	89	88	88	87
Permian	146	144	146	140
Midcontinent and Other	32	28	30	24
Total	267	260	264	251

NGLs (MBBL)
California	21	18	21	16
Permian	41	40	40	39
Midcontinent and Other	17	16	17	18
Total	79	74	78	73

Natural Gas (MMCF)
California	260	247	261	261
Permian	148	151	161	153
Midcontinent and Other	373	414	377	414
Total	781	812	799	828

Latin America
Oil (MBBL) - Colombia	30	30	29	28

Natural Gas (MMCF) - Bolivia	12	12	13	13

Middle East / North Africa
Oil (MBBL)
Dolphin	7	7	7	8
Oman	69	69	67	65
Qatar	69	69	68	71
Other	35	38	40	41
Total	180	183	182	185

NGLs (MBBL)
Dolphin	7	7	7	9
Other	-	1	-	-
Total	7	8	7	9

Natural Gas (MMCF)
Dolphin	145	147	141	171
Oman	53	57	55	57
Other	233	237	236	229
Total	431	441	432	457


Barrels of Oil Equivalent (MBOE)	767	766	767	762

Attachment 6

SUMMARY OF OPERATING STATISTICS - SALES

	Third Quarter		Nine Months
	2013	2012	2013	2012
NET OIL, GAS AND LIQUIDS SALES PER DAY

United States
Oil (MBBL)	267	259	264	251
NGLs (MBBL)	79	74	78	73
Natural Gas (MMCF)	781	807	800	825

Latin America
Oil (MBBL) - Colombia	30	30	29	28

Natural Gas (MMCF) - Bolivia	12	12	13	13

Middle East / North Africa
Oil (MBBL)
Dolphin	7	7	6	8
Oman	72	67	69	64
Qatar	70	68	67	70
Other	29	42	30	38
Total	178	184	172	180

NGLs (MBBL)
Dolphin	7	8	7	9

Natural Gas (MMCF)	431	441	432	457


Barrels of Oil Equivalent (MBOE)	765	765	758	757

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d)		Exhibits

99.1		Press release dated October 29, 2013.

99.2		Full text of speeches given by Cynthia L. Walker, Sandy Lowe and Stephen Chazen.

99.3		Investor Relations Supplemental Schedules.

99.4		Earnings Conference Call Slides.

99.5		Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	OCCIDENTAL PETROLEUM CORPORATION
	(Registrant)


DATE: October 29, 2013	/s/ ROY PINECI
	Roy Pineci, Vice President, Controller
	and Principal Accounting Officer

EXHIBIT INDEX

Exhibit Number		Description

99.1		Press release dated October 29, 2013.

99.2		Full text of speeches given by Cynthia L. Walker, Sandy Lowe and Stephen Chazen.

99.3		Investor Relations Supplemental Schedules.

99.4		Earnings Conference Call Slides.

99.5		Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.

ex99_1-20131029.htm

EXHIBIT 99.1

For Immediate Release: October 29, 2013

Occidental Petroleum Announces 3rd Quarter and Nine Months of 2013 Net Income

	●	Q3 2013 core income of $1.6 billion, or $1.97 per diluted share
	●	Q3 2013 domestic oil and gas production of 476,000 barrels of oil equivalent per day, an increase of 8,000 barrels per day in liquids on a sequential quarter over quarter basis
	●	Q3 2013 total company oil and gas production of 767,000 barrels of oil equivalent per day

LOS ANGELES, October 29, 2013 -- Occidental Petroleum Corporation (NYSE:OXY) announced core income for the third quarter of 2013 of $1.6 billion ($1.97 per diluted share), compared with $1.4 billion ($1.70 per diluted share) for the third quarter of 2012. Net income was $1.6 billion ($1.96 per diluted share) for the third quarter of 2013, compared with $1.4 billion ($1.69 per diluted share) for the third quarter of 2012.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "Domestic production was 476,000 barrels of oil equivalent per day (BOE), an increase of 7,000 BOE from the third quarter of 2012 and 6,000 BOE higher than the second quarter of 2013. Our domestic liquids production increased by 8,000 barrels per day on a sequential quarter over quarter basis. On a year-to-date basis, our domestic liquids production increased by 18,000 barrels per day, or nearly 6 percent.

"We continue to see positive results from our focused drilling program and improved domestic operational efficiencies. Year-to-date, we have achieved a 22-percent reduction in our drilling costs relative to 2012. Domestic oil and gas operating expenses were $14.33 per BOE for the nine months of 2013, an 18-percent improvement from total year 2012 rates. Our focus on capital and operating efficiencies has helped us generate $9.8 billion of cash flow from operations during the first nine months of 2013, resulting in a current cash balance of $3.8 billion compared to the year-end level of $1.6 billion."

QUARTERLY RESULTS

Oil and Gas

Operating costs continued to drop significantly in 2013, compared with 2012. Domestic operating costs for the nine months of 2013 were $14.33 per barrel, compared to $17.43 for the

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full year of 2012. For the entire company, operating costs for the nine months were $13.64 per barrel, compared to $14.99 for the full year of 2012.

Oxy’s realized price for worldwide crude oil increased almost 8 percent to $103.95 per barrel for the third quarter of 2013, compared with $96.62 per barrel for the third quarter of 2012. Domestic crude oil prices increased by over 13 percent in the third quarter of 2013 to $104.30 per barrel, compared to $91.97 per barrel in the third quarter of 2012. Middle East/North Africa crude oil prices and worldwide NGL prices were virtually flat on a year-over-year basis for the third quarter of 2013. Domestic gas prices increased by 32 percent in the third quarter of 2013 to $3.27 per MCF, compared with $2.48 in the third quarter of 2012.

Chemical

Midstream, Marketing and Other

NINE-MONTH RESULTS

Oil and Gas

2 of 4

Africa oil prices and volumes, lower domestic NGL prices and higher total company DD&A rates.

Chemical

Midstream, Marketing and Other

About Oxy

Occidental Petroleum Corporation (OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is one of the largest U.S. oil and gas companies, based on equity market capitalization. Oxy's wholly owned subsidiary OxyChem manufactures and markets chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and

3 of 4

business prospects. Actual results may differ from anticipated results sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental’s operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as "estimate", "project", "predict", "will", "would", "should", "could", "may", "might", "anticipate", "plan", "intend", "believe", "expect", "aim", "goal", "target", "objective", "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A "Risk Factors" of the 2012 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

-0-

Contacts:

Melissa E. Schoeb (media)

melissa_schoeb@oxy.com

310-443-6504

Chris Stavros (investors)

chris_stavros@oxy.com

212-603-8184

For further analysis of Occidental's quarterly performance, please visit the

website: www.oxy.com

4 of 4

Attachment 1

SUMMARY OF SEGMENT NET SALES AND EARNINGS

	Third Quarter						Nine Months
($ millions, except per-share amounts)	2013			2012			2013			2012
SEGMENT NET SALES
Oil and Gas	$	5,018		$	4,635		$	14,179		$	14,032
Chemical		1,200			1,119			3,562			3,439
Midstream, Marketing and Other		442			389			1,164			1,044
Eliminations		(211	)		(178	)		(622	)		(514	)

Net Sales	$	6,449		$	5,965		$	18,283		$	18,001

SEGMENT EARNINGS
Oil and Gas	$	2,363		$	2,026		$	6,383		$	6,573
Chemical (a)		181			162			615			540
Midstream, Marketing and Other		212			156			475			364
		2,756			2,344			7,473			7,477

Unallocated Corporate Items
Interest expense, net		(28	)		(34	)		(87	)		(87	)
Income taxes		(1,037	)		(855	)		(2,782	)		(2,869	)
Other (b)		(103	)		(76	)		(330	)		(250	)

Income from Continuing Operations		1,588			1,379			4,274			4,271
Discontinued operations, net		(5	)		(4	)		(14	)		(9	)

NET INCOME	$	1,583		$	1,375		$	4,260		$	4,262

BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.97		$	1.70		$	5.30		$	5.26
Discontinued operations, net		(0.01	)		(0.01	)		(0.02	)		(0.01	)
	$	1.96		$	1.69		$	5.28		$	5.25

DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.97		$	1.70		$	5.30		$	5.26
Discontinued operations, net		(0.01	)		(0.01	)		(0.02	)		(0.01	)
	$	1.96		$	1.69		$	5.28		$	5.25
AVERAGE COMMON SHARES OUTSTANDING
BASIC		805.1			809.7			804.8			810.1
DILUTED		805.7			810.4			805.4			810.8

(a) Chemical - Nine months of 2013 includes a $131 million pre-tax gain for the sale of an investment in Carbocloro,
a Brazilian chemical facility.
(b) Unallocated Corporate Items - Other - Nine months of 2013 includes a $55 million pre-tax charge for the
estimated cost related to the employment and post-employment benefits for the Company's former Executive
Chairman and termination of certain other employees and consulting arrangements.

Attachment 2

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

	Third Quarter				Nine Months
($ millions)	2013		2012		2013		2012
CAPITAL EXPENDITURES	$	2,271	$	2,591	$	6,551	$	7,716

DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	1,334	$	1,148	$	3,896	$	3,320

Attachment 3

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. Therefore, management uses a measure called "core results," which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.

	Third Quarter
($ millions, except per-share amounts)	2013			Diluted EPS		2012			Diluted EPS
TOTAL REPORTED EARNINGS	$	1,583		$	1.96	$	1,375		$	1.69

Oil and Gas
Segment Earnings	$	2,363				$	2,026
Add:
No significant items affecting earnings		-					-

Segment Core Results		2,363					2,026

Chemicals
Segment Earnings		181					162
Add:
No significant items affecting earnings		-					-

Segment Core Results		181					162

Midstream, Marketing and Other
Segment Earnings		212					156
Add:
No significant items affecting earnings		-					-

Segment Core Results		212					156

Total Segment Core Results		2,756					2,344

Corporate
Corporate Results --
Non Segment (a)		(1,173	)				(969	)
Add:
Discontinued operations, net (b)		5					4

Corporate Core Results - Non Segment		(1,168	)				(965	)

TOTAL CORE RESULTS	$	1,588		$	1.97	$	1,379		$	1.70

(a) Interest expense, income taxes, G&A expense and other.
(b) Amounts shown after tax.

Attachment 4

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

	Nine Months
($ millions, except per-share amounts)	2013			Diluted EPS		2012			Diluted EPS
TOTAL REPORTED EARNINGS	$	4,260		$	5.28	$	4,262		$	5.25

Oil and Gas
Segment Earnings	$	6,383				$	6,573
Add:
No significant items affecting earnings		-					-

Segment Core Results		6,383					6,573

Chemicals
Segment Earnings		615					540
Add:
Carbocloro sale gain		(131	)				-

Segment Core Results		484					540

Midstream, Marketing and Other
Segment Earnings		475					364
Add:
No significant items affecting earnings		-					-

Segment Core Results		475					364

Total Segment Core Results		7,342					7,477

Corporate
Corporate Results --
Non Segment (a)		(3,213	)				(3,215	)
Add:
Charge for former executives and
consultants (b)		55					-
Tax effect of pre-tax adjustments		25					-
Discontinued operations, net (c)		14					9

Corporate Core Results - Non Segment		(3,119	)				(3,206	)

TOTAL CORE RESULTS	$	4,223		$	5.23	$	4,271		$	5.26

(a) Interest expense, income taxes, G&A expense and other.
(b) Reflects pre-tax charge for the estimated cost related to the employment and post-employment benefits for the
Company's former Executive Chairman and termination of certain other employees and consulting arrangements.
(c) Amounts shown after tax.

Attachment 5

SUMMARY OF OPERATING STATISTICS - PRODUCTION

	Third Quarter		Nine Months
	2013	2012	2013	2012
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Oil (MBBL)
California	89	88	88	87
Permian	146	144	146	140
Midcontinent and Other	32	28	30	24
Total	267	260	264	251

NGLs (MBBL)
California	21	18	21	16
Permian	41	40	40	39
Midcontinent and Other	17	16	17	18
Total	79	74	78	73

Natural Gas (MMCF)
California	260	247	261	261
Permian	148	151	161	153
Midcontinent and Other	373	414	377	414
Total	781	812	799	828

Latin America
Oil (MBBL) - Colombia	30	30	29	28

Natural Gas (MMCF) - Bolivia	12	12	13	13

Middle East / North Africa
Oil (MBBL)
Dolphin	7	7	7	8
Oman	69	69	67	65
Qatar	69	69	68	71
Other	35	38	40	41
Total	180	183	182	185

NGLs (MBBL)
Dolphin	7	7	7	9
Other	-	1	-	-
Total	7	8	7	9

Natural Gas (MMCF)
Dolphin	145	147	141	171
Oman	53	57	55	57
Other	233	237	236	229
Total	431	441	432	457


Barrels of Oil Equivalent (MBOE)	767	766	767	762

Attachment 6

SUMMARY OF OPERATING STATISTICS - SALES

	Third Quarter		Nine Months
	2013	2012	2013	2012
NET OIL, GAS AND LIQUIDS SALES PER DAY

United States
Oil (MBBL)	267	259	264	251
NGLs (MBBL)	79	74	78	73
Natural Gas (MMCF)	781	807	800	825

Latin America
Oil (MBBL) - Colombia	30	30	29	28

Natural Gas (MMCF) - Bolivia	12	12	13	13

Middle East / North Africa
Oil (MBBL)
Dolphin	7	7	6	8
Oman	72	67	69	64
Qatar	70	68	67	70
Other	29	42	30	38
Total	178	184	172	180

NGLs (MBBL)
Dolphin	7	8	7	9

Natural Gas (MMCF)	431	441	432	457


Barrels of Oil Equivalent (MBOE)	765	765	758	757

ex99_2-20131029.htm

EXHIBIT 99.2

Occidental Petroleum Corporation

CYNTHIA L. WALKER

Executive Vice President and Chief Financial Officer

– Conference Call –

Third Quarter 2013 Earnings Announcement

October 29, 2013

Los Angeles, California

Thank you Chris, and good morning everyone. My comments will reference several slides in the conference call materials that are available on our website.

Overall in the third quarter, we continued the solid execution seen in the first half. Total company production was 767,000 BOE per day. Importantly, we produced 267,000 barrels of oil domestically, on track to achieve our second half growth objectives. With three quarters of successful execution behind us, we are confident that we will exceed the goals we set for the year for operating cost and capital efficiency. We had core earnings of $1.6 billion or $1.97 per diluted share. For the first nine months of 2013, we generated $9.4 billion of cash flow from continuing operations before changes in working capital and ended the quarter with $3.8 billion of cash on our balance sheet.

If you turn to slide 3, you’ll see a summary of our earnings for the quarter. Core income was approximately $1.6 billion or $1.97 per diluted

share. Compared to the second quarter of 2013, the current quarter results reflected improved oil and gas segment earnings driven by higher realized oil prices and domestic volumes, higher core earnings in the Chemical segment and improved performance in the midstream segment driven by higher margins in the marketing and trading businesses, largely due to commodity price movements.

Now, I will discuss the segment performance for the oil and gas business and begin with earnings on slide 4. Oil and gas earnings for the third quarter of 2013 were $2.4 billion, an increase over both the second quarter of 2013 and the third quarter of 2012. On a sequential quarter-over-quarter basis, improvements came from higher oil prices and domestic volumes. The volume increases resulted largely from higher oil production in California, Permian and Williston and improved Colombia liftings.

Moving to slide 5. As I mentioned, total production for the quarter was 767,000 barrels per day, a decrease of 5,000 barrels over the second quarter and an increase of 1,000 barrels over the year ago quarter. On a sequential quarterly basis, these results reflect domestic oil production growth as a result of our drilling program and a resumption of Permian production following plant turnarounds and weather interruptions in the second quarter. We also experienced an improved environment in Colombia, although disruptions continued to impact production in the quarter and early in the fourth quarter as well. MENA production was lower primarily due to the impact of full cost recovery on our contract in Yemen, lower spending in Iraq, maintenance in Qatar and labor issues in Libya. Excluding these impacts and the disruptions in Colombia, International production was in line with our guidance last call. On a year-over-year basis, full cost recovery and other adjustments under our production sharing

and similar contracts, also reduced MENA production by 7,000 barrels per day.

If you turn to slide 6, I will discuss our domestic production in more detail. Our domestic production was 476,000 barrels per day, an increase of 6,000 barrels per day from the second quarter of 2013 and an increase of 7,000 barrels per day from the third quarter of 2012. Focusing on our commodity composition, oil production increased 6,000 barrels from the second quarter, driven by California, the Permian and the Williston Basin. For the first nine months of 2013, our domestic oil production has increased by 13,000 barrels per day or 5 percent versus 2012. NGL production increased 2,000 barrels per day versus the second quarter. Natural gas volumes were lower by about 11 mmcf per day compared with the second quarter, almost entirely coming from the Permian, as a result of third party processing bottlenecks.

Our realized prices for the quarter and the comparison to benchmark prices are summarized on slide 7. Compared with the second quarter, our worldwide crude oil realized price increased about six percent, primarily reflecting changes in benchmark prices. We experienced improvement in NGL pricing domestically which contributed to a 5 percent increase in worldwide NGL realized prices, while domestic natural gas realized prices experienced a 14 percent decrease driven by the decline in the benchmark. We also included updated price sensitivities.

Next, I will cover production costs on slide 8. Oil and gas production costs were $13.60 per barrel in the third quarter and $13.64 for the first nine months of 2013, compared to $14.99 per barrel for the full year of 2012. As you can see, domestic operating expenses increased slightly from the second quarter of 2013. This was due to the timing of certain planned workover

activities. International production costs have remained fairly consistent with 2012 levels excluding the impact of the facilities turnarounds in Qatar and Dolphin that affected the first quarter of 2013. We are pleased with our performance on operating costs this year and will beat our full year target.

Taxes other than on income, which are generally related to product prices, were $2.61 per barrel for the first nine months of 2013, compared with $2.39 per barrel for the full year of 2012.

Third quarter exploration expense was $68 million. We expect fourth quarter 2013 exploration expense to be about $100 million for seismic and drilling in our exploration programs.

Turning to Chemical segment core earnings on slide 9. Third quarter earnings of $181 million were $37 million higher than the second quarter, primarily driven by strong caustic soda export volumes and lower energy and ethylene costs. Fourth quarter demand for chlor-alkali products is typically lower due to seasonal factors. We expect fourth quarter 2013 earnings to decline to approximately $100 million, driven by these seasonal factors, coupled with lower Far East demand and lower caustic soda spot and export prices.

On slide 10 is a summary of Midstream segment earnings. They were $212 million for the third quarter of 2013, compared to $48 million in the second quarter of 2013 and $156 million in the third quarter of 2012. The 2013 sequential quarterly improvement in earnings resulted mainly from higher marketing and trading performance, driven by commodity price movements during the quarter, and year-over-year improvement was driven by improved margins in our pipeline and gas processing businesses.

The worldwide effective tax rate on core income was 40 percent for the third quarter of 2013. The lower tax rate than the guidance we provided

last quarter resulted from lower volumes in Libya where the tax rates are significantly higher than our overall effective tax rate. We expect our combined worldwide tax rate in the fourth quarter of 2013 to remain in the 40 to 41 percent range.

Slide 11 summarizes our year-to-date 2013 cash flow. In the first nine months of 2013, we generated $9.4 billion of cash flow from continuing operations before changes in working capital. Working capital changes increased our cash flow from operations by $400 million to $9.8 billion. Capital expenditures for the first nine months of 2013 were $6.4 billion, of which $2.2 billion was spent in the third quarter. We generated approximately $270 million of cash from the sale of a Chemical investment and used $340 million for acquisitions of domestic oil and gas assets. After paying dividends of $1.0 billion and other net flows, our cash balance was $3.8 billion at September 30. Our debt-to-capitalization ratio remained at 15 percent at quarter-end. Our annualized return on equity for the first nine months of 2013 was 14 percent and return on capital employed was 12 percent.

Lastly, I will turn to our fourth quarter outlook.

Production

Domestically, we are on track to achieve our second half oil growth average of 6,000 to 8,000 barrels per day increase over the first half average. Our natural gas and NGL volumes are expected to decline modestly in the fourth quarter due to lower drilling on gas properties and natural decline, coupled with the effect of a major plant turnaround in the Permian.

Internationally, we expect total production to be about flat in the fourth quarter of the year compared to the third quarter volumes, excluding

the impact of insurgent activity in Colombia. We expect international sales volumes to increase in the fourth quarter recouping the deferred liftings we experienced early in the year.

Capital Program

Our annual capital is expected to be about $9 billion. This is about $600 million lower than the $9.6 billion program we have previously discussed. Of this reduction, approximately $200 million resulted from achieving better than planned efficiencies in our oil and gas program particularly in our drilling costs, $200 million primarily from the deferral of certain oil and gas facilities spending and midstream projects to 2014, and $100 million from lower than planned spending in Iraq. We are particularly pleased that we are on track to meet or exceed our planned drilling activity levels for the year, while spending less capital than planned as a result of efficiency initiatives.

I will now turn the call over to Sandy Lowe who will provide an overview of our Middle East/North Africa operations.

Occidental Petroleum Corporation

SANDY LOWE

Vice President - OPC and President International Production

October 29, 2013

Los Angeles, California

Thank you Cynthia.

As you are aware we have had a successful involvement in the Middle East/North Africa Region for over 40 years. We are active in key major oil producing countries in the region and have formed excellent relationships at all levels. The countries in which we operate include Oman, Qatar, the United Arab Emirates, Iraq, Bahrain, Libya and Yemen. We have a diverse set of projects in the region and manage all of our projects with high safety standards creating local jobs and development opportunities for people in local communities. Our current producing operations have generated over 20 billion dollars of net free cash flow in the last 15 years and are currently generating annual free cash flow of around 1.6 billion dollars, excluding the Al Hosn Gas Project capital, which is currently running at about 1 billion dollars annually. We reasonably expect that our Middle East business will generate over 2 billion dollars of free cash flow annually once the Al Hosn Gas project becomes operational.

We have invested 9 billion dollars of capital in the Middle East region since 2010, 75 percent of which has been spent in Oman, Abu Dhabi and Qatar. We have

drilled over 2,500 wells in the region during this time and currently have 37 drilling rigs running. We have also spent 300 million dollars on exploration since 2010. Our projects make a significant contribution to the economies of these countries employing around 15,000 full time employees and contractors not counting the workforce at the Al Hosn Gas project which is currently over 34,000.

We have drilled several types of wells throughout the Region. These include onshore oil wells in Oman, offshore wells in Qatar and sour gas wells onshore Abu Dhabi. The production from our oil wells ranges from 200 to 4500 barrels of oil per day and our gas rates are as high as 120 million standard cubic feet per day.

Our Middle East operations are designed to leverage our technical experience based in central support groups, such as project management, engineering, exploration and drilling. We apply this knowledge locally to successfully execute our projects. We have used this central support approach effectively in the areas of reservoir characterization, flood implementation, drilling and completion techniques and management of major projects. This enables us to apply best practices across the region while minimizing the deployment of western expatriates and maximizing opportunities for nationals in each country.

We expect that our net Middle East production for 2013 will exceed 260,000 barrels of oil equivalent per day representing about 35 percent of Oxy’s total production worldwide. When the Al Hosn Gas project reaches full operational status in 2015, it should add net production of over 60,000 barrels of oil equivalent per day.

Our 2013 Middle East development capital is expected to be about 3 billion dollars with about 44 percent spent on waterflood projects, 34 percent on the Al Hosn Gas Project, 12 percent on steamfloods and 10 percent on primary production. We will drill over 750 development wells this year and plan on around 665 wells next year.

Our strategic goals for our Middle East business can be summarized as follows:

	—	Continue to be a growing, profitable and vibrant business in the Middle East Region;
	—	Continue to be a preferred strategic partner with the host countries where we operate;
	—	Expand our Middle East area business by partnering with local investors to secure strategically important growth projects;
	—	Continue to successfully execute projects;
	—	Achieve returns in excess of 20 percent on our invested capital;
	—	Continue our investment philosophy where our presence makes meaningful contributions to the host economies and makes a positive difference in the lives of people in the local communities, including increased education and employment opportunities for nationals.

We have a strong track record in each of the goals summarized above and believe we will be able to deliver successfully on each of these going forward. In particular, we have developed and nurtured close relationships with key partners in the countries we operate. We have always been respectful of the interests,

expertise and values of the host countries. This philosophy has over time led to mutual respect and helped us grow our operations profitably.

I will now provide a brief summary of our operations in three of the key countries in the Middle East region, which collectively make up 70 percent of our current production, 85 percent of our income from operations, and nearly all of our free cash flow. We spend about 75 percent of our Middle East capital in these three countries as well.

Oman

We have been present in Oman for 34 years and operate in Blocks 9, 27 and 62, in the North of Oman, and Block 53, which is the Mukhaizna field. We are the largest independent oil producer in Oman and have a highly skilled and loyal national staff. Our Omani staff has grown from 246 in 2005 to 1858 today. Most of our national employees have developed their skills and experience within Oxy, including opportunities to train and work on OXY projects in the United States and other countries. As a result, over 81 percent of our employees are Omani nationals and Omani citizens now hold most of the high level executive positions including the President of our Oman business unit. Oxy Oman’s gross production is expected to be about 230,000 Barrels of oil equivalent per day in 2013 with a net 76,000. Our Omani operations are a significant free cash flow generator. We expect to continue to achieve returns well in excess of 20 percent from our Oman projects.

Northern Oman

In Northern Oman, a combination of development wells, exploration success, and the application of water-flooding techniques has led to an increase in gross production from 92,000 to 106,000 barrels of oil equivalent per day since 2010.

We have a large pipeline hub and gas plant at Safah associated with the producing wells in Northern Oman. This infrastructure enables us to rapidly and efficiently bring new wells into production. Most wells initially free-flow and later have either gas lift or electric-submersible pumps installed. We have maintained our gross average operating costs at around $5.50 per barrel with the key drivers being downhole maintenance, surface operations and support costs. We have drilled 107 out of our 153 planned wells for this year. These are typically horizontal wells with lateral lengths of between 1800 and 3500 ft. Recent production rates have been as high as 3800 barrels of oil equivalent per day with an average for 2013 of around 550. During 2014 we plan to drill another 125 development wells.

Over the next 5 years our plans include drilling 400 development and water injection wells. We expect our annual drilling capital to be between 250 to 300 million dollars per year. We believe our development program will increase gross production to about 125,000 barrels of oil equivalent per day during this period.

Our exploration program in Northern Oman has been one of our most successful ever as a company with a discovery rate of greater than 60 percent. We attribute

this success to our use of technologies such as horizontal drilling and state of the art 3D seismic, as well as the development of new play concepts. Our discoveries this year, mostly coming from horizontal wells, have an average production of 3,000 barrels of oil equivalent per day and produce over 70 percent oil. We continue to expand our technical understanding and have a robust inventory of future drilling prospects. In addition, we are nearing completion of a 2,000 square mile 3D seismic program which should further enhance our growth portfolio. This new seismic data over Blocks 9 and 27 should yield many attractive prospects and enable us to continue exploring in these areas for many years. Over the next 5 years, we expect to drill more than 50 exploration wells, 13 of which are planned for 2014, and to generate more than 250 new development drilling locations.

Our Block 62 development is in the early stages of engineering with a number of gas producers already drilled. We are planning to further delineate one of the larger structures by the end of this year, allowing an updated development plan to be presented to the Government during 2014.

Mukhaizna

Mukhaizna is one of the world’s largest steamflood projects. At the end of 2012 it ranked third in the world in terms of steamflood production, ahead of the large, best known, US steamfloods. Oxy’s involvement in the Mukhaizna field began in 2005. Since that time we have increased gross production from 8,000 to 125,000 barrels of oil per day and produced 160 million barrels of oil from the field.

We have drilled over 2000 wells of which 825 are producers. The steam wells enable injection of over 500,000 barrels per day. Waste heat recovery systems on power generators account for 20 percent of our steam. We continue to optimize the development plan of this field with the Government and our partners and we expect to continue executing our in-fill drilling program. The anticipated peak production is estimated to be between 135,000 and 140,000 barrels of oil per day.

We expect to drill 340 wells this year. Recent rates have been as high as 830 Barrels of oil per day with an average for 2013 of around 330. We plan to drill another 300 wells in 2014.

We presently have 6 rigs running in Mukhaizna. In addition to the main Mukhaizna reservoirs we are delineating the extensive Kahmah fractured carbonate heavy oil reservoir, which lies above the main pay of Mukhaizna. We presently have one rig dedicated to this activity. Another milestone will be reached in Mukhaizna next year with the drilling of our first deep exploration well in the field.

Qatar

We presently operate 3 shallow water offshore oil fields in Qatar: Idd El Shargi North Dome, Idd El Shargi South Dome and Al Rayyan. We also have an interest in the Dolphin Project, which has been a great success since its start. Through our

plans for our various projects in Qatar, we expect to achieve returns well in excess of 20 percent.

In nearly 20 years in Qatar we have invested 4.3 Billion dollars and produced 680 million barrels of oil. Our operations in Qatar provide significant free cash flow. Current production is about 106,000 barrels of oil per day for 2013 from the 3 oil fields, netting 67,000 barrels of oil per day to Oxy. Dolphin’s current production net to Oxy is about 38,000 barrels of oil equivalent per day.

In Qatar, as in Oman, we are focused on the development of national staff and have successful national employees in all levels in the company. Oxy has established itself as an active and committed member of the community. During our presence in Qatar we have forged strong and effective relationships with a number of organizations in the focus areas of Health, Education, Arts and Culture, and Sports. Examples include partnering with the Supreme Education Council and the Weill Cornell Medical College in the promotion of a healthy lifestyle, which is aligned with Qatar’s 2030 National Vision. Other initiatives relate to specific causes such as diabetes, cancer, working with the Al Noor institute for the blind, partnering with the Qatar Museums Authority and supporting a number of sporting events.

In Idd El Shargi North Dome, we will drill 17 wells in 2013 from Jack-up rigs in a water depth of around 130 feet. Over the course of our involvement in Qatar since 1994, we have drilled 268 horizontal producing wells and over 100

horizontal water injectors. Recent well Production Rates in ISND have been as high as 4500 Barrels of oil per day with an average for 2013 of around 1,460.

As part of our recently approved Phase V Development plan we will drill another 205 wells at a cost of 1.2 billion dollars. We plan to drill 36 of these wells in 2014. The development plan includes the installation of new wellhead platforms, a compression and power platform and various pipelines and related facilities. We believe that as a result of this development, we will be able to continue the plateau gross production of 100,000 Barrels of oil per day for many years to come.

We also have new development opportunities being planned for the IDD El Shargi South Dome and Al Rayyan fields.

Dolphin

The Dolphin Project remains one of the flagship projects in the region and it has been a great success since coming on-stream in 2007. The project involves production from wells located on two offshore platforms in the North Field of Qatar. Wet gas flows to the onshore gas plant at Ras Laffan, where we process it into condensate, NGLs, and sulfur. The dry gas is exported under a long-term contract to the UAE via a 48 inch, 230 mile subsea pipeline. In addition to the 2 Bcfd of contracted gas from Qatar, we transport additional gas on an interruptible basis to customers in the UAE. While meeting a significant portion of the UAE’s gas needs, Dolphin also provides gas to Oman. We are currently expanding gas

compression facilities in Ras Laffan to achieve the maximum pipeline capacity of 3.5 Bcfd to handle additional volumes. We believe substantial opportunities remain in the region to sign-up additional customers to provide gas transportation up to the full capacity of the Dolphin Pipeline generating additional midstream revenues and cash flows. We expect our 2013 net production from Dolphin to be about 38,000 barrels of oil equivalent per day with significant free cash flow which we believe will grow over time as we take on new customers.

United Arab Emirates

Oxy’s initial experience in the UAE was as a partner in offshore exploration during the 1960s. More recently Oxy has had a presence in the UAE since 2000. Since then our Abu Dhabi office has developed into a regional hub supporting our Middle East assets with Engineering, Geoscience, Business Development, Operations, Supply Chain and Finance resources. During this time the Dolphin midstream infrastructure has continued to expand and the pipeline system now extends for 475 miles throughout the UAE and into Oman.

The Al Hosn gas project where we are partnering with the Abu Dhabi national oil company, ADNOC, involves the development of the Shah sour gas field in the Western Region of Abu Dhabi. Production from the field contains natural gas and condensate along with high concentrations of hydrogen sulfide and carbon dioxide. A large gas processing plant is currently under construction with an average 34,000 workers at the site. This is a world-scale mega-project with the involvement of major engineering, construction and manufacturing companies

from around the world. It remains on schedule and on budget. When completed, the plant will be able to process about 1 billion cubic feet of gas per day from the field and separate it into sales gas, condensate, NGLs and sulfur. Oxy’s net share of production is expected to be over 200 MMSCFD of sales gas and more than 20 thousand barrels of NGLs and condensate.

By the end of 2013 the project will be about 92 percent complete and will start up next year.

The 2013 Oxy share of Al Hosn’s capital is expected to be about 1 billion dollars. Total project cost is expected to be on budget at about 10 billion dollars, with Oxy share of 4.0 billion dollars. We expect production from the project to start in the fourth quarter of 2014. Once the field achieves steady state, annual average free cash flow to Oxy should be approximately 600 million dollars at current liquids prices. Currently we are spending about 1 billion dollars per year, so steady state operations should provide a net cash flow swing of 1.6 billion dollars annually.

As we have recently announced, we are currently looking to sell a minority interest in our Middle East North Africa operations. We believe this will give us an exciting opportunity to possibly partner with key regional players. This sale will reduce the Middle East/North Africa share in our overall portfolio. We believe a partnership with regional investors will align us with local interests in our existing operations and on new opportunities throughout the Middle East to achieve future growth from a lower base.

In summary, we believe we are well positioned to meet each of our strategic goals in the region. Specifically,

	—	We have a highly profitable, vibrant and growing business;
	—	We have developed strong and lasting relationships with host countries where we are welcome and invited to stay; we will continue to be a preferred strategic partner to them in the years to come;
	—	Our plans to sell a minority in our Middle East North Africa operations will assure that we will continue to grow our Middle East North Africa business profitably over time by securing strategically important future projects;
	—	Our development and operating plans will ensure continued success in executing our projects;
	—	We will continue to achieve returns in excess of 20 percent on our invested capital;
	—	We are continuing to apply our investment philosophy where our presence makes meaningful contributions to the host economies and makes a positive difference in the lives of people in the local communities, including increased education and employment opportunities for nationals.

In closing, I would like to emphasize that we are very excited about our presence and opportunities in the Middle East. We believe our excellent relationships and partnership with key regional players, coupled with our long regional experience and our track record of timely project execution will allow us to continue to enhance our rich growth potential of the region.

I will now turn the call over to Steve Chazen who will discuss our strategic initiatives.

Occidental Petroleum Corporation

STEPHEN CHAZEN

President and Chief Executive Officer

– Conference Call –

Third Quarter 2013 Earnings

October 29, 2013

Los Angeles, California

Thank you, Sandy.

Earlier this month we announced the initial phase of the Company’s strategic review as part of an effort to streamline and focus our operations in order to better execute the Company’s long-term strategy and enhance value for our shareholders.

As part of the initial actions, Oxy’s Board of Directors has authorized the following:

	—	Pursue the sale of a minority interest in the Middle East/North Africa operations in a financially efficient manner.
	—	Pursue strategic alternatives for select Midcontinent assets, including oil and gas interests in the Williston Basin, Hugoton Field, Piceance Basin and other Rocky Mountain assets.
	—	Sale of a portion of the Company’s 35-percent investment in the General Partner of Plains All-American Pipeline, L.P. in an IPO, resulting in pre-tax proceeds of $1.4 billion. This initial sale process is concluded and we have received the proceeds. Our cash balance of $3.8 billion at the end of the third quarter does not include these

proceeds. Oxy’s remaining interest in Plains All-American Pipeline, based on the IPO price, is valued at approximately $3.3 billion.

As we indicated, these are the first formal steps in our effort to streamline the business, concentrate in areas where we have depth and scale and improve overall profitability. Our goal is to become a somewhat smaller company with more manageable exposure to political risk. We will continue to consider additional strategic alternatives for the Company to maximize total returns to our shareholders.

These actions are expected to generate a significant amount of proceeds. Together with the excess cash on the Company’s balance sheet, these funds will largely be used to reduce Occidental’s capitalization. While we expect to use a substantial portion of the proceeds to repurchase our shares, we also anticipate paying down some of our debt on a proportional basis. We expect to retire $600 million of bonds due in December. We also expect to re-invest a portion of the proceeds in high-return growth opportunities throughout the business, several of which I will discuss in a moment. We continue to make steady progress and expect to complete the strategic review in the coming months and will disclose material developments as they occur.

Capital efficiency, operating costs, and re-investment

Approximately a year ago our Oil and Gas business units embarked on an aggressive plan to improve our operational efficiency across all cost categories, including capital, with a view to achieve an appreciable reduction in our operating expenses and drilling costs. Our teams are to be commended for doing a superb job on this front, and exceeding our initial goals. We continue to run ahead of our full-year objectives to improve

domestic operational and capital efficiencies. For example, we have reduced our domestic well costs by 22 percent and operating costs by about 18 percent relative to 2012. This is ahead of our previously stated targets of 15 percent well cost improvement and total oil and gas operating costs below $14 a barrel for 2013. Total annualized savings realized from these operating cost and capital efficiency initiatives amount to $1.2 billion compared to last year.

We expect these savings to result in additional development opportunities as previously marginal projects are now economic. The purpose of these initiatives is to improve our return on capital while continuing to execute a focused drilling program in our core areas and grow our domestic oil volumes. The benefit of these cost savings cannot be overstated as they will result in a year-over-year improvement in our F&D costs, leading to a more stable DD&A rate. We believe we can sustain the benefits realized to date, achieve additional savings in our drilling costs and reach our 2011 operating cost levels over time without a loss in production or sacrificing safety.

We are particularly pleased that we are on track to meet or exceed our drilling activity levels planned for the year, while spending less capital than planned as a result of these efficiencies. These achievements have generated higher margins giving us the confidence to allocate additional capital toward profitable growth opportunities.

As Vicki discussed during last quarter’s call, we are the largest oil and gas mineral acreage holder in California with more than 2.1 million net acres, and we have a large and diverse portfolio of opportunities available to us across the state. We have reduced our overall operating expenses in

California by more than $4.00/BOE from $23.20/BOE in 2012 to an expected average of under $19.00 for all of 2013. Improvement in our operating as well as drilling costs has exceeded our targets, and should allow for combined savings of at least $300 million this year compared to 2012. As a result of these improvements, and combined with more favorable permitting, we plan to increase our capital spending in California by $500 million to approximately $2.1 billion in 2014. Most of the increase will be directed toward unconventional drilling opportunities where we have more than 1,000,000 prospective acres for unconventional resources.

In the Permian Basin, we have accumulated more than 1.7 million net acres covering both relatively established and emerging plays, anchored by our core, high-free cash flow generating CO2 flood reservoirs. We recently created an exploitation team whose mandate is to optimize our drilling capabilities and accelerate the development of our unconventional opportunities throughout the basin. This year we have focused on delineating incremental opportunities in established plays as well as testing the potential of many emerging plays, which included the drilling of approximately 30 horizontal wells. We have also succeeded in reducing our drilling costs by more than 20 percent which has increased our ability to enhance our economics utilizing horizontal drilling and multi-stage completions to develop established unconventional reservoirs. As a result of these efforts, we can now shift our development strategy and expect to spend an additional $500 million of capital next year largely directed toward increased drilling of horizontal wells. This step up in capital will allow for an additional 4 rigs which will be dedicated to drilling horizontal wells in our focus plays of the Wolfcamp, Wolfbone, and Bone Springs in the

Delaware Basin, as well as in the Wolfcamp in the Midland Basin. We expect to drill roughly five times as many horizontal wells in 2014 as compared to this year. This represents a major change in our Permian non-CO2 development strategy in which the number of horizontal wells drilled next year will account for more than 50 percent of the total wells, compared to only 10 percent during 2013.

Turning to our international operations, our 30-plus year history of operating in Colombia has provided us with unique insight around heavy oil production and mature oil field development opportunities. Historically this has been among Oxy’s most profitable operations. The experience associated with steam flood development is a core competency at Oxy, and a skill that fits well with Colombia’s strategy to grow its crude oil production. Going forward, we intend to focus our efforts on applying our expertise toward the pursuit of additional high-return oil redevelopment projects, and we expect to participate in several more steam flood project opportunities in coming years.

In our Middle East/North Africa business, and as Sandy discussed, the majority of the value in terms of our production, income and cash flow is derived from three key countries – Oman, Qatar and the U.A.E. The majority of our regional capital is also deployed in these countries, and we expect that our MENA business will generate more than $2 billion of annual free cash flow after the Al Hosn gas project becomes operational.

We feel fortunate to have had many successful years operating in the region. Part of this we believe is a result of successfully executing on a number of challenging projects. We also feel that it is in part due to the

mutual respect we have for our partners, the host countries in which we operate, and for the people who reside there.

Although a sale of a minority interest will reduce our share of MENA within our overall portfolio, we expect to remain a major participant in the region with a focused presence. Our track record of success and strong relationships should allow us to compete formidably for new projects and provide us with future growth off of a smaller base. We look forward to forging new partnerships in the region which will allow us to continue our profitable growth strategy.

Opportunity for high-return growth is also present in our Chemicals business, where we plan to pursue a 50/50 joint venture with Mexichem to build a world scale ethylene cracker at the OxyChem plant in Ingleside, Texas. As part of a long-term strategic supply relationship between the companies, essentially all of the ethylene produced from the cracker will be consumed by Oxy in the manufacture of vinyl chloride monomer (VCM) utilizing our existing VCM production capacity. The VCM will then be delivered to Mexichem to produce polyvinyl chloride (PVC) and PVC piping systems. Including the cracker, OxyChem’s overall operations effectively consume the equivalent of more than one-third of Occidental’s domestic natural gas and NGL production. A significant benefit of this project is that it provides a higher level of integration from the well head through to VCM production and sales. The project is just one example of several we plan to pursue in our effort to capture greater value in the downstream portion of the natural gas and NGL chain versus an independent upstream gas producer. Construction on the Ingleside cracker project is expected to begin in mid-2014 with the facilities becoming commercially

operational in early 2017, and we expect it will have a material benefit on our Chemical earnings. OxyChem is also expected to continue to be free cash flow positive throughout the investment phase of the project.

In the Midstream segment, our investment in the BridgeTex pipeline continues on track for scheduled start-up in mid-2014. The roughly 450-mile-long pipeline will be capable of transporting approximately 300,000 barrels per day of crude oil between the Permian region and the Gulf Coast refinery markets.

We are confident that these and other opportunities to deploy our capital will be meaningful drivers of our earnings growth over the coming years.

We are now ready to take your questions.

Occidental Petroleum Corporation
Return on Capital Employed (ROCE)
For the Nine Months Ended September 30, 2013
Reconciliation to Generally Accepted Accounting Principles (GAAP)



RETURN ON CAPITAL EMPLOYED (%)	11.7%



GAAP measure - net income	4,260
Interest expense	87
Tax effect of interest expense	(30)
Earnings before tax-effected interest expense	4,317

GAAP stockholders' equity	42,968
Debt	7,561
Total capital employed	50,529


ROCE - Annualized for the nine months of September 30, 2013

ex99_3-20131029.htm

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules
Summary




	3Q 2013	3Q 2012

Core Results (millions)	$1,588	$1,379
EPS - Diluted	$1.97	$1.70

Reported Net Income (millions)	$1,583	$1,375
EPS - Diluted	$1.96	$1.69

Total Worldwide Sales Volumes (mboe/day)	765	765
Total Worldwide Production Volumes (mboe/day)	767	766

Total Worldwide Crude Oil Realizations ($/BBL)	$103.95	$96.62
Total Worldwide NGL Realizations ($/BBL)	$40.53	$40.65
Domestic Natural Gas Realizations ($/MCF)	$3.27	$2.48

Wtd. Average Basic Shares O/S (millions)	805.1	809.7
Wtd. Average Diluted Shares O/S (millions)	805.7	810.4


	YTD 2013	YTD 2012

Core Results (millions)	$4,223	$4,271
EPS - Diluted	$5.23	$5.26

Reported Net Income (millions)	$4,260	$4,262
EPS - Diluted	$5.28	$5.25

Total Worldwide Sales Volumes (mboe/day)	758	757
Total Worldwide Production Volumes (mboe/day)	767	762

Total Worldwide Crude Oil Realizations ($/BBL)	$100.04	$101.20
Total Worldwide NGL Realizations ($/BBL)	$39.87	$45.21
Domestic Natural Gas Realizations ($/MCF)	$3.39	$2.47

Wtd. Average Basic Shares O/S (millions)	804.8	810.1
Wtd. Average Diluted Shares O/S (millions)	805.4	810.8

Shares Outstanding (millions)	806.1	810.2

Cash Flow from Operations (millions)	$9,800	$8,500

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2013 Third Quarter
Net Income (Loss)
($ millions, except per share amounts)


	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	2,363					$	2,363


Chemical		181						181

Midstream, marketing and other		212						212

Corporate
Interest expense, net		(28	)					(28	)

Other		(103	)					(103	)


Taxes		(1,037	)					(1,037	)


Income from continuing operations		1,588			-			1,588
Discontinued operations, net of tax		(5	)		5	Discontinued operations, net		-
Net Income	$	1,583		$	5		$	1,588


Basic Earnings Per Common Share
Income from continuing operations	$	1.97
Discontinued operations, net		(0.01	)
Net Income	$	1.96					$	1.97

Diluted Earnings Per Common Share
Income from continuing operations	$	1.97
Discontinued operations, net		(0.01	)
Net Income	$	1.96					$	1.97

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2012 Third Quarter
Net Income (Loss)
($ millions, except per share amounts)


	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	2,026					$	2,026

Chemical		162						162

Midstream, marketing and other		156						156

Corporate
Interest expense, net		(34	)					(34	)

Other		(76	)					(76	)

Taxes		(855	)					(855	)


Income from continuing operations		1,379			-			1,379
Discontinued operations, net of tax		(4	)		4	Discontinued operations, net		-
Net Income	$	1,375		$	4		$	1,379


Basic Earnings Per Common Share
Income from continuing operations	$	1.70
Discontinued operations, net		(0.01	)
Net Income	$	1.69					$	1.70

Diluted Earnings Per Common Share
Income from continuing operations	$	1.70
Discontinued operations, net		(0.01	)
Net Income	$	1.69					$	1.70

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2013 Nine Months
Net Income (Loss)
($ millions, except per share amounts)


	Reported							Core
	Income			Significant Items Affecting Income				Results
Oil & Gas	$	6,383						$	6,383

Chemical		615			(131	)	Carbocloro sale gain		484

Midstream, marketing and other		475							475

Corporate
Interest expense, net		(87	)						(87	)

Other		(330	)		55		Charge for former executives and consultants (a)		(275	)

Taxes		(2,782	)		25		Tax effect of pre-tax adjustments		(2,757	)


Income from continuing operations		4,274			(51	)			4,223
Discontinued operations, net of tax		(14	)		14		Discontinued operations, net		-
Net Income	$	4,260		$	(37	)		$	4,223


Basic Earnings Per Common Share
Income from continuing operations	$	5.30
Discontinued operations, net		(0.02	)
Net Income	$	5.28						$	5.24

Diluted Earnings Per Common Share
Income from continuing operations	$	5.30
Discontinued operations, net		(0.02	)
Net Income	$	5.28						$	5.23


(a) Reflects pre-tax charge for the estimated cost related to the employment and post-employment benefits for the
Company's former Executive Chairman and termination of certain other employees and consulting arrangements.

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2012 Nine Months
Net Income (Loss)
($ millions, except per share amounts)


	Reported						Core
	Income			Significant Items Affecting Income			Results
Oil & Gas	$	6,573					$	6,573

Chemical		540						540

Midstream, marketing and other		364						364

Corporate
Interest expense, net		(87	)					(87	)

Other		(250	)					(250	)

Taxes		(2,869	)					(2,869	)


Income from continuing operations		4,271			-			4,271
Discontinued operations, net of tax		(9	)		9	Discontinued operations, net		-
Net Income	$	4,262		$	9		$	4,271


Basic Earnings Per Common Share
Income from continuing operations	$	5.26
Discontinued operations, net		(0.01	)
Net Income	$	5.25					$	5.26

Diluted Earnings Per Common Share
Income from continuing operations	$	5.26
Discontinued operations, net		(0.01	)
Net Income	$	5.25					$	5.26

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate

	QUARTERLY						YEAR-TO-DATE
	2013		2013		2012		2013		2012
REPORTED INCOME	QTR 3		QTR 2		QTR 3		9 Months		9 Months
Oil & Gas	2,363		2,100		2,026		6,383		6,573
Chemical	181		275		162		615		540
Midstream, marketing and other	212		48		156		475		364
Corporate & other	(131	)	(195	)	(110	)	(417	)	(337	)
Pre-tax income	2,625		2,228		2,234		7,056		7,140

Income tax expense
Federal and state	461		332		286		1,085		986
Foreign	576		569		569		1,697		1,883
Total	1,037		901		855		2,782		2,869

Income from continuing operations	1,588		1,327		1,379		4,274		4,271

Worldwide effective tax rate	40%		40%		38%		39%		40%


	2013		2013		2012		2013		2012
CORE RESULTS	QTR 3		QTR 2		QTR 3		9 Months		9 Months
Oil & Gas	2,363		2,100		2,026		6,383		6,573
Chemical	181		144		162		484		540
Midstream, marketing and other	212		48		156		475		364
Corporate & other	(131	)	(140	)	(110	)	(362	)	(337	)
Pre-tax income	2,625		2,152		2,234		6,980		7,140

Income tax expense
Federal and state	461		331		286		1,084		986
Foreign	576		545		569		1,673		1,883
Total	1,037		876		855		2,757		2,869

Core results	1,588		1,276		1,379		4,223		4,271

Worldwide effective tax rate	40%		41%		38%		39%		40%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2013 Third Quarter Net Income (Loss)
Reported Income Comparison

	Third			Second
	Quarter			Quarter
	2013			2013			B / (W)
Oil & Gas	$	2,363		$	2,100		$	263
Chemical		181			275			(94	)
Midstream, marketing and other		212			48			164
Corporate
Interest expense, net		(28	)		(29	)		1
Other		(103	)		(166	)		63
Taxes		(1,037	)		(901	)		(136	)
Income from continuing operations		1,588			1,327			261
Discontinued operations, net		(5	)		(5	)		-
Net Income	$	1,583		$	1,322		$	261

Earnings Per Common Share
Basic	$	1.96		$	1.64		$	0.32
Diluted	$	1.96		$	1.64		$	0.32


Worldwide Effective Tax Rate		40%			40%			0%



OCCIDENTAL PETROLEUM
2013 Third Quarter Net Income (Loss)
Core Results Comparison

	Third			Second
	Quarter			Quarter
	2013			2013			B / (W)
Oil & Gas	$	2,363		$	2,100		$	263
Chemical		181			144			37
Midstream, marketing and other		212			48			164
Corporate
Interest expense, net		(28	)		(29	)		1
Other		(103	)		(111	)		8
Taxes		(1,037	)		(876	)		(161	)
Core Results	$	1,588		$	1,276		$	312

Core Results Per Common Share
Basic	$	1.97		$	1.58		$	0.39
Diluted	$	1.97		$	1.58		$	0.39

Worldwide Effective Tax Rate		40%			41%			1%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
2013 Third Quarter Net Income (Loss)
Reported Income Comparison

	Third			Third
	Quarter			Quarter
	2013			2012			B / (W)
Oil & Gas	$	2,363		$	2,026		$	337
Chemical		181			162			19
Midstream, marketing and other		212			156			56
Corporate
Interest expense, net		(28	)		(34	)		6
Other		(103	)		(76	)		(27	)
Taxes		(1,037	)		(855	)		(182	)
Income from continuing operations		1,588			1,379			209
Discontinued operations, net		(5	)		(4	)		(1	)
Net Income	$	1,583		$	1,375		$	208

Earnings Per Common Share
Basic	$	1.96		$	1.69		$	0.27
Diluted	$	1.96		$	1.69		$	0.27


Worldwide Effective Tax Rate		40%			38%			-2%





OCCIDENTAL PETROLEUM
2013 Third Quarter Net Income (Loss)
Core Results Comparison

	Third			Third
	Quarter			Quarter
	2013			2012			B / (W)
Oil & Gas	$	2,363		$	2,026		$	337
Chemical		181			162			19
Midstream, marketing and other		212			156			56
Corporate
Interest expense, net		(28	)		(34	)		6
Other		(103	)		(76	)		(27	)
Taxes		(1,037	)		(855	)		(182	)
Core Results	$	1,588		$	1,379		$	209

Core Results Per Common Share
Basic	$	1.97		$	1.70		$	0.27
Diluted	$	1.97		$	1.70		$	0.27

Worldwide Effective Tax Rate		40%			38%			-2%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS

		Third Quarter		Nine Months
		2013	2012	2013	2012
NET PRODUCTION PER DAY:

United States
Oil (MBBL)
	California	89	88	88	87
	Permian	146	144	146	140
Midcontinent and other		32	28	30	24
	Total	267	260	264	251
NGLs (MBBL)
	California	21	18	21	16
	Permian	41	40	40	39
Midcontinent and other		17	16	17	18
	Total	79	74	78	73
Natural Gas (MMCF)
	California	260	247	261	261
	Permian	148	151	161	153
Midcontinent and other		373	414	377	414
	Total	781	812	799	828


Latin America
Oil (MBBL)	Colombia	30	30	29	28

Natural Gas (MMCF)	Bolivia	12	12	13	13


Middle East / North Africa
Oil (MBBL)
	Dolphin	7	7	7	8
	Oman	69	69	67	65
	Qatar	69	69	68	71
	Other	35	38	40	41
	Total	180	183	182	185

NGLs (MBBL)	Dolphin	7	7	7	9
	Other	-	1	-	-
	Total	7	8	7	9

Natural Gas (MMCF)
	Dolphin	145	147	141	171
	Oman	53	57	55	57
	Other	233	237	236	229
	Total	431	441	432	457


Barrels of Oil Equivalent (MBOE)		767	766	767	762

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS

		Third Quarter		Nine Months
		2013	2012	2013	2012
NET SALES VOLUMES PER DAY:
United States
Oil (MBBL)		267	259	264	251
NGLs (MBBL)		79	74	78	73
Natural Gas (MMCF)		781	807	800	825

Latin America
Oil (MBBL)		30	30	29	28
Natural Gas (MMCF)		12	12	13	13

Middle East / North Africa
Oil (MBBL)
	Dolphin	7	7	6	8
	Oman	72	67	69	64
	Qatar	70	68	67	70
	Other	29	42	30	38
	Total	178	184	172	180

NGLs (MBBL)	Dolphin	7	8	7	9

Natural Gas (MMCF)		431	441	432	457


Barrels of Oil Equivalent (MBOE)		765	765	758	757

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS

	Third Quarter				Nine Months
	2013		2012		2013		2012

OIL & GAS:
REALIZED PRICES
United States
Oil ($/BBL)		104.30		91.97		97.07		95.83
NGLs ($/BBL)		41.36		41.66		40.56		46.60
Natural gas ($/MCF)		3.27		2.48		3.39		2.47

Latin America
Oil ($/BBL)		105.64		95.04		104.13		98.50
Natural gas ($/MCF)		11.17		12.13		11.36		11.93

Middle East / North Africa
Oil ($/BBL)		103.12		103.46		103.96		109.22
NGLs ($/BBL)		31.67		30.89		32.31		33.61

Total Worldwide
Oil ($/BBL)		103.95		96.62		100.04		101.20
NGLs ($/BBL)		40.53		40.65		39.87		45.21
Natural gas ($/MCF)		2.48		1.97		2.56		1.97

INDEX PRICES
WTI oil ($/BBL)		105.83		92.22		98.14		96.21
Brent oil ($/BBL)		109.71		109.48		108.57		112.24
NYMEX gas ($/MCF)		3.62		2.76		3.66		2.62

REALIZED PRICES AS PERCENTAGE OF INDEX PRICES
Worldwide oil as a percentage of WTI		98%		105%		102%		105%
Worldwide oil as a percentage of Brent		95%		88%		92%		90%
Worldwide NGLs as a percentage of WTI		38%		44%		41%		47%
Domestic natural gas as a percentage of NYMEX		90%		90%		92%		94%



	Third Quarter				Nine Months
	2013		2012		2013		2012
Exploration Expense
United States	$	52	$	45	$	137	$	186
Latin America		5		1		5		1
Middle East / North Africa		11		23		54		76
	$	68	$	69	$	196	$	263

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS


		Third Quarter					Nine Months
Capital Expenditures ($MM)		2013			2012		2013			2012
Oil & Gas
California		$	397		$	544	$	1,076		$	1,647
Permian			416			559		1,287			1,496
Midcontinent and other			215			278		641			1,120
Latin America			91			76		236			185
Middle East / North Africa			505			520		1,601			1,378
Exploration			106			160		287			514
Chemical			131			75		299			192
Midstream, marketing and other			323			364		979			1,118
Corporate			87			15		145			66
	TOTAL		2,271			2,591		6,551			7,716
Non-controlling interest contributions			(80	)		-		(145	)		-
		$	2,191		$	2,591	$	6,406		$	7,716


Depreciation, Depletion &		Third Quarter					Nine Months
Amortization of Assets ($MM)		2013			2012		2013			2012
Oil & Gas
Domestic		$	750		$	614	$	2,222		$	1,784
Latin America			30			30		87			86
Middle East / North Africa			405			356		1,145			1,019
Chemical			88			86		260			257
Midstream, marketing and other			52			54		154			154
Corporate			9			8		28			20
	TOTAL	$	1,334		$	1,148	$	3,896		$	3,320

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM
CORPORATE
($ millions)

	30-Sep-13			31-Dec-12

CAPITALIZATION

Long-Term Debt (including current maturities)		$	7,561		$	7,623

EQUITY		$	42,968		$	40,048

Total Debt To Total Capitalization			15%			16%

ex99_4-20131029.htm

EXHIBIT 99.4

Occidental Petroleum Corporation

Third Quarter 2013 Earnings Conference Call

October 29, 2013

Third Quarter 2013 Earnings - Highlights

• Total production (Boe/d)

• Domestic oil production (Bbl/d)

• Operating costs

• Capital program

• Core earnings

• Core diluted EPS

• YTD CFFO before WC

• Cash balance @ 9/30/2013

See Significant Items Affecting Earnings in the Investor Relations Supplemental Schedules.

Results

767,000

267,000

Better

$1.6 billion

$1.97

$9.4 billion

$3.8 billion

Third Quarter 2013 Earnings - Highlights

Quarter-over-Quarter Impacts

• Improved oil and gas results

+ Higher realized oil prices

+ Higher domestic oil sales volumes

– Lower MENA oil sales volumes

• Higher marketing and trading
income

• Higher Chemicals core earnings*

*See Significant Items Affecting Earnings in the Investor Relations Supplemental Schedules.

Core Diluted EPS*

$1.97

$1.58

$1.70

3Q13 vs. 2Q13

($ in millions)

Core Results

•3Q13 $2.4 B

•2Q13 2.1 B

•3Q12 2.0 B

Third Quarter 2013 Earnings - Oil & Gas

Segment Earnings

($25)

Third Quarter 2013 Earnings - Oil and Gas

Total Production

767

(6)

(7)

766

Company-wide Oil & Gas Production (Mboe/d)

772

3Q13 Impacts (Mboe/d)

•Libya labor issues

(5)

(4)

•Qatar maintenance

•Colombia activity

Third Quarter 2013 Earnings - Oil and Gas
Domestic Production

469

(2)

470

476

Domestic Oil & Gas Production (Mboe/d)

Third Quarter 2013 Earnings - Oil & Gas
Realized Prices

Worldwide

Oil ($/bbl)

Worldwide

NGLs ($/bbl)

Domestic Nat.

Gas ($/mmbtu)

3Q13	$103.95	$40.53	$3.27
Benchmark %	98%*	38% *	90%
2Q13	$97.91	$38.78	$3.82
Benchmark %	104% *	41% *	95%
3Q12	$96.62	$40.65	$2.48
Benchmark %	105% *	44% *	90%

$105.83	$109.71	$3.62

$94.22	$103.35	$4.00

$92.22	$109.48	$2.76

WTI

NYMEX

Price Sensitivity	Pre-tax Income Impact (Quarter)
Oil +/- $1/bbl	=	+/- $38 mm
NGL +/- $1/bbl	=	+/- $8 mm
U.S. Nat Gas +/- $0.50/mmbtu	=	+/- $30 mm

Brent

Realized Prices

Benchmark Prices

* Note: As a % of WTI Oil.

Third Quarter 2013 Earnings - Oil & Gas Production
Costs

FY12 1Q13 2Q13 3Q13 YTD13

Domestic $17.43 $14.06 $14.28 $14.65 $14.33

Total $14.99 $13.93 $13.40 $13.60 $13.64

Production Costs ($/boe)

• ~$500 million annualized domestic cost savings versus
full year 2012

* Lower energy and feedstock costs.

3Q13 vs. 2Q13

($ in millions)

Guidance

4Q13 expected
to be ~$100 mm

Third Quarter 2013 Earnings - Chemical
Segment Core Earnings

Core Results

•3Q13 $ 181 mm

•2Q13 144 mm

•3Q12 162 mm

($ in millions)

Third Quarter 2013 Earnings - Midstream
Segment Earnings

Core Results

•3Q13 $212 mm

•2Q13 48 mm

•3Q12 156 mm

Third Quarter 2013 Earnings - YTD 2013 Cash Flow

YE2012 vs. YTD2013

($ in millions)

Cash Flow
From
Operations
before
Working
Capital
changes

$9,400

$6,400

Beginning
Cash $1,600
12/31/12

$3,800

YTD’13
Debt / Capital 15%

Return on Equity 14%

Return on Capital Employed* 12%

* Note: Annualized; See attached GAAP reconciliation.

Third Quarter 2013 Earnings -
2013 Production Outlook

• Domestically, we are on track to achieve our second half oil
growth average of 6,000 to 8,000 barrels per day increase
over the first half average.

• Natural gas and NGL volumes will decline modestly in 4Q13
due to lower drilling on gas properties and natural decline,
coupled with the effect of a major plant turnaround in the
Permian.

• Internationally, we expect total production to be about flat in
4Q13 compared to 3Q13 volumes, excluding the impact of
insurgent activity in Colombia.

• We expect international sales volumes to increase in 4Q13
recouping the deferred liftings we experienced early in the year.

• Our annual capital is expected to be about $9 billion, about
$600 million lower than the $9.6 billion program we have
previously discussed.

• Of this reduction, approximately $200 million resulted from
achieving better than planned efficiencies in our oil and gas
program particularly in our drilling costs, $200 million primarily
from the deferral of certain oil and gas facilities spending and
midstream projects to 2014, and $100 million from lower than
planned spending in Iraq.

• We are particularly pleased that we are on track to meet or exceed
our planned drilling activity levels for the year, while spending less
capital than planned as a result of efficiency initiatives.

Third Quarter 2013 Earnings -

2013 Capital Outlook

Third Quarter 2013 Earnings -
4Q13 Guidance Summary

Oil & Gas Segment

• Domestic Production

– Oil - 6,000 - 8,000 bopd growth for 2H13 over 1H13

– NGLs - modest decline

– Natural gas - modest decline

• International

– Production volumes - similar to 3Q13

– Sales volumes - increase in 4Q13 to recoup deferred liftings

• Exploration expense: $100 mm in 4Q13

Chemical Segment

• ~$100 mm operating income in 4Q13

Corporate

• Capital spending: $9 billion for FY 2013

• Income tax rate: 40% - 41%

Third Quarter 2013 Earnings - MENA Overview

• Over $20 bln free cash flow in last
15 years.

• Currently generating $1.6 bln free
cash flow (excluding Al Hosn Gas).

• Expect to generate over $2.0 bln annual
free cash flow after Al Hosn start-up.

• Invested $9 bln of capital since 2010,
75% in Oman, Abu Dhabi and Qatar.

• Drilled 2,500+ wells since 2010.

• 37 drilling rigs currently running.

• $300 mm of exploration since 2010.

• ~15,000 full-time employees and
contractors in the region, excluding the
workforce at the Al Hosn Gas project
which is currently >34,000.

• Active in the region for over
40 years.

• Diverse set of projects.

• High safety standards.

• Create local jobs and
development opportunities.

Third Quarter 2013 Earnings - MENA Overview

• Drilled several types of wells
throughout region.

– Onshore oil wells (Oman)

– Shallow water offshore oil wells
(Qatar)

– Sour gas onshore wells (Al Hosn)

• Expect MENA net production of
>260 mboe/d in 2013

• Al Hosn start-up should add net
production of >60 mboe/d at full
operational status in 2015

MENA 2013 Capital - $3.0 bn

Third Quarter 2013 Earnings - MENA Overview

• Continue to be a growing, profitable and vibrant business in the Middle East
Region.

• Continue to be a preferred strategic partner with the host countries where
we operate.

• Expand our Middle East area business by partnering with local investors to
secure strategically important growth projects.

• Continue to successfully execute projects.

• Achieve returns in excess of 20% on our invested capital.

• Continue our investment philosophy where our presence makes meaningful
contributions to the host economies and makes a positive difference in the
lives of people in the local communities, including increased education and
employment opportunities for nationals.

Strategic Goals

Third Quarter 2013 Earnings - MENA Overview

Third Quarter 2013 Earnings - Oman

• Present in Oman for 34 years.

• Operate Blocks 9, 27, 62 (Northern
Oman) and 53 (Mukhaizna).

• Largest independent oil producer with
highly skilled and loyal national staff.

• Over 81% of employees are Omani
nationals including the President of
our Oman business unit.

• Gross production expected to be
230 mboe/d and net 76 mboe/d in 2013.

• Significant free cash flow generator.

• Expect to continue to achieve returns
in excess of 20% from our Oman
projects.

Third Quarter 2013 Earnings - Oman

Oman Gross Production

Oxy Operated since 1994

previous operators

Third Quarter 2013 Earnings - Northern Oman

• Development wells, exploration
success and water flood technology.

• Increase in gross production from
92 to 106 mboe/d since 2010.

• Large pipeline hub and gas plant at
Safah.

• Gross avg. operating costs at ~$5.50 /
boe.

• Drilled 107 of 153 planned wells for 2013.

• Typically horizontal wells with lateral
lengths of 1,800 - 3,500 feet.

• Recent production rates as high as 3,800
boe/d with 2013 average of ~550 boe/d.

• 125 development wells in 2014.

Northern Oman Blocks 9 & 27

Third Quarter 2013 Earnings - Northern Oman

• Over next 5 years, plans include 400
development and water injection wells,
~50 exploration wells and expanding
the waterfloods over a greater area.

• Expect annual drilling capital between
$250 mm to $300 mm per year.

• Development program will increase
gross production to ~125 mboe/d.

• Exploration program with >60%
success rate.

• Attribute success to use of horizontal
drilling, state of the art 3D seismic and
new play concepts.

Block 9

Third Quarter 2013 Earnings - Northern Oman

• Discoveries this year have average
production of 3 mboe/d with >70% oil.

• Nearing completion of new, 2,000
square mile 3D seismic program.

• Should yield many attractive
prospects.

• Over next 5 years, expect to drill more
than 50 exploration wells, 13 of which
are planned for 2014, to generate >250
new development drilling locations.

• Block 62 development is in the early
stages of engineering with a number
of gas producers already drilled.

• Planning to further delineate one of
the larger structures and present an
updated development plan to the
Government during 2014.

Highly Successful Exploration

Third Quarter 2013 Earnings - Mukhaizna

• One of world’s largest steamflood
projects, ranked 3rd in the world and
larger than any US steamflood.

• Assumed operation in 2005 and have
increased gross production from 8
to 125 mbo/d.

• Between 2005 - 2012, produced
160 mm barrels of oil.

• Drilled 2,000+ wells, of which 825
are producers.

• Inject over 500,000+ barrels of steam
per day.

• Anticipated peak production of
135 - 140 Mboe/d.

Mukhaizna

Third Quarter 2013 Earnings - Mukhaizna

• Expect to drill 340 wells in 2013.

• Recent production rates have been as
high as 830 bopd with an average for
2013 of around 330 bopd.

• Plan to drill ~300 wells in 2014.

• 6 rigs running.

• Delineating the Kahmah fractured
carbonate heavy oil reservoir, which
is extensive and lies above the main
pay of Mukhaizna.

• Plan to drill first deep exploration well
in 2014.

Mechanical Vapor Compressor Units

Production Processing

Third Quarter 2013 Earnings - Qatar

• Idd El Shargi North Dome (ISND),
Idd El Shargi South Dome (ISSD),
Al Rayyan, Dolphin project.

• Expect returns well in excess
of 20%.

• In nearly 20 years, have invested
$4.3 bln and produced 680 MM bbls
of oil.

• Significant free cash flow.

• 2013 gross production is
106 mbo/d from the 3 oil fields,
netting 67 mbo/d.

• Dolphin’s current net production
is 38 mboe/d.

Third Quarter 2013 Earnings - Qatar

Oxy operated since 1994

previous operators

Qatar Gross Production

Third Quarter 2013 Earnings - Qatar

• Will drill 17 wells at ISND in 2013 from
jack-up rigs in water depth of ~130 feet.

• Have drilled 268 horizontal producing
wells since 1994, and over 100
horizontal water injectors.

• Recent production rates as high as
4,500 bo/d with an average for 2013
of ~1,460 bo/d.

• Phase V Development plan

− Drill 205 wells for $1.2 billion, including
36 wells in 2014.

− Installation of new wellhead platforms,
compression and power platform,
pipelines and related facilities.

• Will continue plateau gross production
of 100 mbo/d for many years to come.

• New development opportunities being
planned for ISSD and Al Rayyan fields.

Third Quarter 2013 Earnings - Dolphin

• Flagship project in the region.

• Two offshore platforms in the North Field
of Qatar bringing gas to the onshore
plant in Ras Laffan.

• Process wet gas into condensate,
NGLs and sulfur; dry gas exported
to the UAE & Oman under LT contract.

• Expanding gas compression facilities
to achieve maximum pipeline capacity
of 3.5 bcf/d.

• Substantial opportunities remain to sign-
up add’l customers to provide gas
transport up to full pipeline capacity
generating add’l midstream revenues
and cash flows.

• 2013 net production 38 mboepd.

• Significant free cash flow generator which
will grow over time with new customers.

Dubai

Taweelah

Jebel Ali

Abu Dhabi

Al Ain

Fujayrah

Umm Sa’id

Doha

Al Hawailah

Dolphin

ISND

ISSD

Block 12

Al Rayyan

Qatar

Saudi Arabia

United Arab Emirates

Oman

Iran

48” Export Pipeline

Al Hosn Gas

Third Quarter 2013 Earnings - United Arab Emirates

• Presence in UAE since 2000 with regional
hub based in Abu Dhabi supporting
MENA assets with Engineering,
Geoscience, Business Development,
Operations and other functions.

• Dolphin pipeline expanded to 475 miles
throughout UAE and into Oman.

• Al Hosn gas project partnering with the
Abu Dhabi National Oil Company,
(“ADNOC”), involves the development
of a giant sour gas field south in the
western region of Abu Dhabi.

• Gas from the field contains natural gas
and condensate along with high
concentrations of H2S and CO2.

• Al Hosn is a world-scale mega-project.

• Remains on schedule and on budget.

Dubai

Taweelah

Jebel Ali

Abu Dhabi

Al Ain

Fujayrah

Umm Sa’id

Doha

Al Hawailah

Dolphin

ISND

ISSD

Block 12

Al Rayyan

Qatar

Saudi Arabia

United Arab Emirates

Oman

Iran

48” Export Pipeline

Al Hosn Gas

Third Quarter 2013 Earnings - Al Hosn

Al Hosn Gas Project

• Plant will be able to process ~1 Bcfd of gas
from the field and separate it into sales gas,
condensate, NGLs and sulfur.

• Oxy’s net production expected to be 200+
MMSCFD of sales gas and 20+ MBOEPD of
NGLs and condensate.

• By the end of 2013 the project will be ~92%
complete and start up in 2014.

• 2013 Oxy share of capital is ~$1.0 billion,
including facilities, infrastructure and drilling
costs.

• Total project cost is expected to be on budget
at ~$10 bln, with Oxy share of $4 bln.

• Expect first production in 4Q14. Once the
project achieves steady state, annual free cash
flow to Oxy should be ~$600 million at about
current liquids prices.

• Currently spending about $1 bln / year of
capital, so steady state operations will provide
a net cash flow swing of $1.6 bln annually.

Third Quarter 2013 Earnings - MENA Summary

• Currently looking to sell a minority interest in our MENA operations.

• Believe this will give us an exciting opportunity to possibly partner
with key regional players.

• This sale will reduce the Middle East/North Africa share in our
overall portfolio.

• We believe a partnership with regional investors will align us with
local interests in our existing operations and on new opportunities
throughout the Middle East to achieve future growth from a lower
base.

Third Quarter 2013 Earnings - MENA Summary

• We are well positioned to meet each of our strategic goals in the
region:

• We have a highly profitable, vibrant and growing business;

• Developed strong and lasting relationships with host countries
and will continue to be a preferred strategic partner;

• Our plans to sell minority interest will assure that we continue to
grow our business profitably over time by securing strategically
important future projects;

• Development and operating plans will ensure continued success
in executing our projects;

• Continue to achieve returns in excess of 20% on invested capital;

• Continuing to apply investment philosophy where our presence
makes meaningful contributions to host economies and makes a
positive difference in the lives of people in local communities,
including increased education and employment opportunities for
nationals.

Third Quarter 2013 Earnings - Strategic Review

• Recently announced the initial phase of the Company’s strategic review to
streamline and focus our operations in order to better execute the Company’s
long-term strategy and enhance value for our shareholders.

• As part of the initial actions, Oxy’s Board of Directors has authorized the
following:

− Pursue the sale of a minority interest in the Middle East/North Africa operations
in a financially efficient manner.

− Pursue strategic alternatives for select Midcontinent assets, including oil and gas
interests in the Williston Basin, Hugoton Field, Piceance Basin and other Rocky
Mountain assets.

− Sale of a portion of the Company’s 35-percent investment in the General Partner
of Plains All-American Pipeline, L.P. in an IPO, resulting in pre-tax proceeds of
$1.4 billion. This initial sale process is concluded and we have received the
proceeds. Our current cash balance of $3.8 billion at the end of 3Q does not
include these proceeds. Oxy’s remaining interest in Plains All-American Pipeline,
based on the IPO price, is valued at approximately $3.3 billion.

Third Quarter 2013 Earnings - Strategic Review

• These are the first formal steps in our effort to streamline the business,
concentrate in areas where we have depth and scale and improve overall
profitability.

− Our goal is to become a somewhat smaller company with more manageable
exposure to political risk.

− We will continue to consider additional strategic alternatives for the Company
to maximize total returns to our shareholders.

• These actions are expected to generate a significant amount of proceeds.
Together with the excess cash on the Company’s balance sheet, these
funds will largely be used to reduce Occidental’s capitalization.

• While we expect to use a substantial portion of the proceeds to repurchase
our shares, we also anticipate paying down some debt on a proportional basis.

− We expect to retire $600 million of bonds due in December.

• We also expect to re-invest a portion of the proceeds in high-return growth
opportunities.

• We continue to make steady progress and expect to complete strategic review
in the coming months and will disclose material developments as they occur.

Third Quarter 2013 Earnings - Capital Efficiency &
Operating Cost Reduction Program

• Embarked on aggressive plan to improve our operational efficiency across all cost categories;
continue to run ahead of full-year objectives.

− Reduced our domestic well costs by 22% and operating costs by ~18% relative to 2012, ahead of previously
stated targets of 15% well cost improvement and total oil and gas operating costs below $14/boe for 2013.

− Total annualized savings from these initiatives amount to $1.2 billion compared to 2012.

− Expect these savings to result in additional development opportunities as previously marginal projects
are now economic.

• The purpose of these initiatives is to improve our return on capital while continuing to execute a
focused drilling program in our core areas and grow our domestic oil volumes.

• Cost savings will result in a year-over-year improvement in our F&D costs, leading to a more stable
DD&A rate.

• Believe we can sustain the benefits realized to date, achieve additional savings in drilling costs and
reach 2011 operating cost levels without loss in production or sacrificing safety.

Production Costs ($/boe)

Third Quarter 2013 Earnings - California

• Large and diverse portfolio of opportunities
with more than 2.1 million net acres.

• Reduced overall operating expenses by
more than $4.00/boe.

– Improvement in operating and drilling costs
has exceeded our targets.

– Expect combined savings of at least
$300 million in 2013 compared to 2012.

• As a result of these improvements, and
combined with more favorable permitting,
we plan to increase capital spending in
California by $500 million to ~$2.1 billion in
2014.

• Most of the increase will be directed toward
unconventional opportunities where we
have more than 1,000,000 prospective acres.

Third Quarter 2013 Earnings - Permian Non-CO2

• Accumulated more than 1.7 million net
acres covering both relatively established
and emerging plays, anchored by our core,
high-free cash flow generating CO2 flood
reservoirs.

• Recently created an exploitation team
whose mandate is to optimize our drilling
capabilities and accelerate the development
of our unconventional opportunities.

• In 2013, focused on delineating opportunities
in established plays and testing the potential
of many emerging plays, which included the
drilling of ~30 horizontal wells.

• In 2013, reduced drilling costs by 20%+
which has increased our ability to enhance
our economics utilizing horizontal drilling
and multi-stage completions to develop
established unconventional reservoirs.

Permian Basin Primary Plays

Third Quarter 2013 Earnings - Permian Non-CO2

• As a result of these efforts, we can now shift
our development strategy and expect to
spend an additional $500 million of capital
next year largely directed toward increased
drilling of horizontal wells.

• Step up in capital will allow for an additional
4 rigs which will be dedicated to drilling
horizontal wells in our focus plays of the
Wolfcamp, Wolfbone, and Bone Springs in the
Delaware Basin, as well as in the Wolfcamp in
the Midland Basin.

• Expect to drill roughly five times as many
horizontal wells in 2014 as compared to 2013.

• Represents a major change in our Permian
non-CO2 development strategy in which the
number of horizontal wells drilled next year
will account for more than 50% of the total
wells, compared to only 10% during 2013.

Acreage in Select Permian Plays

(Thousands of Acres)

Third Quarter 2013 Earnings - Colombia

• Our 30+ year history of operating in Colombia has provided us with
unique insight around heavy oil production and mature oil field
development opportunities.

• Historically this has been among Oxy’s most profitable operations.

• The experience associated with steam flood development is a
core competency at Oxy, and a skill that fits well with Colombia’s
strategy to grow its crude oil production.

• We intend to focus our efforts on applying our expertise toward
the pursuit of additional high-return oil redevelopment projects,
and we expect to participate in several more steam flood project
opportunities in coming years.

Third Quarter 2013 Earnings - MENA

• In our Middle East/North Africa business, the majority of the value in terms
of our production, income and cash flow is derived from three key countries
- Oman, Qatar and the U.A.E. The majority of our regional capital is also
deployed in these countries.

• We feel fortunate to have had many successful years operating in the region.
Part of this we believe is a result of successfully executing on a number of
challenging projects.

• We also feel that it is in part due to the mutual respect we have for our
partners, the host countries in which we operate, and for the people who
reside there.

• Although a sale of a minority interest will reduce our exposure in the region,
we expect to remain a major participant with a focused presence.

• Our track record of success and strong relationships should allow us to
compete formidably for new projects and provide us with future growth
off of a smaller base.

• We look forward to forging new partnerships in the region which will allow
us to continue our profitable growth strategy.

Third Quarter 2013 Earnings - Chemicals

• We plan to pursue a 50/50 joint venture with
Mexichem to build a world scale ethylene
cracker at the OxyChem plant in Ingleside, TX.

• Construction on the Ingleside cracker project
is expected to begin in mid-2014 with the
facilities becoming commercially operational
in early 2017, and we expect it will have a
material benefit on our Chemical earnings.

• The project is just one example of several we
plan to pursue in our effort to capture greater
value in the downstream portion of the natural
gas and NGL chain versus an upstream gas
producer.

• OxyChem is expected to continue to be free
cash flow positive through the investment
phase of the project.

OxyChem Ingleside Ethylene Cracker

Third Quarter 2013 Earnings - Chemicals

• As part of a long-term
strategic supply
relationship with
Mexichem, essentially
all of the ethylene
produced from the
cracker will be
consumed by Oxy in
the manufacture of
vinyl chloride monomer
(VCM) utilizing our
existing production
capacity.

• The VCM will then be
delivered to Mexichem
to produce polyvinyl
chloride (PVC) and PVC
piping systems.

OxyChem’s Operations

OxyChem

Oxy Oil & Gas

Gas

Production

Gas

Processing

NGL

Fraction-
ation

Chlorine

Cogen

Caustic

EDC

Cracker

VCM

PVC

Mexichem

(PVC/Pipe)

Cell

Power

Steam

Ethylene

Natural

Gas

Propane/Butane
/C5+

Market

Ethane

Salt/Brine

Significant benefit:

Increased integration from
the well head to VCM
production and sales

Third Quarter 2013 Earnings - Midstream

• The BridgeTex pipeline continues
on track for scheduled start-up in
mid-2014.

• The roughly 450-mile-long pipeline
will be capable of transporting
approximately 300,000 barrels per
day of crude oil between the Permian
region and the Gulf Coast refinery
markets.

Bridge Tex Pipeline

Third Quarter 2013 Earnings Conference Call

Q&A

ex99_5-20131029.htm

EXHIBIT 99.5

Forward-Looking Statements

Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental's specific products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental's operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations and litigation for remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental's results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2012 Form 10-K.