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) May 5, 2014

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

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 May 5, 2014, Occidental Petroleum Corporation released information regarding its results of operations for the three months ended March 31, 2014.  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 presentations of Cynthia Walker, Stephen Chazen and Vicki Hollub 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 May 5, 2014, Occidental Petroleum Corporation announced net income for the first quarter of 2014 of $1.4 billion ($1.75 per diluted share), compared with $1.4 billion ($1.68 per diluted share) for the first quarter of 2013.

Oil and Gas

Oil and gas segment earnings were $2.1 billion for the first quarter of 2014, compared with $1.9 billion for the first quarter of 2013. The current quarter results, which mainly reflect higher domestic earnings, resulted from higher domestic oil, NGL and gas prices and higher worldwide oil volumes, partially offset by lower international oil prices, higher domestic operating costs and higher DD&A rates. The increase in operating costs was due to higher costs for CO2, steam and power, which are affected by crude oil and natural gas prices, along with increased downhole maintenance activity levels. Excluding the impact of these increases, the domestic costs were $0.10 per barrel of oil equivalent (BOE) lower than the 2013 average rate.

For the first quarter of 2014, daily oil and gas production volumes averaged 745,000 BOE, compared with 763,000 BOE in the first quarter of 2013. Domestic oil production increased by 10,000 barrels per day, but overall domestic production was lower by 4,000 BOE per day, mostly due to reduced domestic gas drilling. Middle East/North Africa production declined 14,000 BOE per day, mainly due to field and port strikes in Libya, insurgent activity in Yemen and the impact of full cost recovery and other adjustments under our production-sharing agreements, partially offset by an increase of 9,000 BOE per day in Qatar. Daily sales volumes were 735,000 BOE for the first quarter of 2014 and 746,000 BOE for the first quarter of 2013. Sales volumes were lower than production volumes due to the timing of liftings in Oxy’s international operations.

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Oxy’s worldwide realized price for crude oil was $99.00 per barrel for the first quarter of 2014, compared with $98.07 per barrel for the first quarter of 2013.  Domestic crude oil prices increased by almost 5 percent in the first quarter of 2014 to $95.94 per barrel, compared to $91.57 per barrel in the first quarter of 2013. Domestic NGL prices increased by 15 percent in the first quarter of 2014 to $46.69 per barrel, compared to $40.59 per barrel in the first quarter of 2013. Domestic gas prices increased by 48 percent in the first quarter of 2014 to $4.57 per MCF, compared with $3.08 in the first quarter of 2013. Middle East/North Africa crude oil prices were approximately 3 percent lower on a year-over-year basis for the first quarter of 2014.

On a sequential quarterly basis, worldwide realized crude oil prices were slightly lower and worldwide realized NGL prices increased approximately 3 percent. On a geographic basis, domestic crude oil prices were almost 2 percent higher and domestic gas prices were 37 percent higher.

Chemical

Chemical segment earnings for the first quarter of 2014 were $136 million, compared with $159 million in the first quarter of 2013. The decrease was primarily from lower caustic soda prices driven by new chlor-alkali capacity in the industry. Higher polyvinyl chloride and vinyl chloride margins, resulting from improvement in U.S. construction markets, along with higher volumes across all products, offset most of the decline.

Midstream, Marketing and Other

Midstream segment earnings were $170 million for the first quarter of 2014, compared with $215 million for the first quarter of 2013. The decrease reflected lower marketing and trading performance due to the timing of mark-to-market adjustments on trading contracts.

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 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 1, Item 1A “Risk Factors” of the 2013 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

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(a) Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest of $2 million for the first quarter of 2014. Midstream segment earnings are presented net of these non-controlling interest amounts.

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(a) Includes 100 percent of the capital for BridgeTex Pipeline, which is being consolidated in Oxy’s financial statements.  Our partner contributes its share of the capital.  The Company’s net capital expenditures after these reimbursements and inclusion of our contributions for the Chemical JV Cracker were $2.2 billion for the first quarter of 2014 and $2.0 billion for the first quarter of 2013.

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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.

(a) Interest expense, income taxes, G&A expense and other.

(b) Amounts shown after tax.

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Section 9 - Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits

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SIGNATURE

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

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EXHIBIT INDEX

Exhibit 99.1

For Immediate Release: May 5, 2014

Occidental Petroleum Announces 1st Quarter of 2014 Net Income

·     Q1 2014 net income of $1.4 billion, or $1.75 per diluted share

·     Q1 2014 total company oil and gas production of 745,000 barrels of oil equivalent per day

·     Q1 2014 domestic oil production of 274,000 barrels per day, up 10,000 per day from Q1 2013

HOUSTON, May 5, 2014 -- Occidental Petroleum Corporation (NYSE:OXY) announced net income for the first quarter of 2014 of $1.4 billion ($1.75 per diluted share), compared with $1.4 billion ($1.68 per diluted share) for the first quarter of 2013.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “We continued to focus on our domestic production growth strategy, growing our oil production to 274,000 barrels per day. This was an increase of 10,000 barrels per day on a year-over-year basis and 4,000 barrels per day on a quarter-over-quarter basis. Our cash flow from operations was approximately $2.7 billion. Net of contributions from partners, we spent about $2.2 billion on capital expenditures and purchased approximately 10.5 million shares of our stock during the quarter. We are on track with our key long-term projects. The New Johnsonville chlor-alkali plant started production in March, the BridgeTex Pipeline is expected to start operations in the third quarter and the Al Hosn Gas Project is expected to start-up by the end of the year.”

Oil and Gas

Oil and gas segment earnings were $2.1 billion for the first quarter of 2014, compared with $1.9 billion for the first quarter of 2013. The current quarter results, which mainly reflect higher domestic earnings, resulted from higher domestic oil, NGL and gas prices and higher worldwide oil volumes, partially offset by lower international oil prices, higher domestic operating costs and higher DD&A rates. The increase in operating costs was due to higher costs for CO2, steam and power, which are affected by crude oil and natural gas prices, along with increased downhole maintenance activity levels. Excluding the impact of these increases, the domestic costs were $0.10 per barrel of oil equivalent (BOE) lower than the 2013 average rate.

For the first quarter of 2014, daily oil and gas production volumes averaged 745,000 BOE, compared with 763,000 BOE in the first quarter of 2013. Domestic oil production increased by 10,000 barrels per day, but overall domestic production was lower by 4,000 BOE per day, mostly due to reduced domestic gas drilling. Middle East/North Africa production declined 14,000 BOE per day, mainly due to field and port strikes in Libya, insurgent activity in Yemen and the impact of full cost recovery and other adjustments under our production-sharing agreements, partially offset by an increase of 9,000 BOE per day in Qatar. Daily sales volumes were 735,000 BOE for the first quarter of 2014 and 746,000 BOE for the first quarter of 2013. Sales volumes were lower than production volumes due to the timing of liftings in Oxy’s international operations.

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Oxy’s worldwide realized price for crude oil was $99.00 per barrel for the first quarter of 2014, compared with $98.07 per barrel for the first quarter of 2013.  Domestic crude oil prices increased by almost 5 percent in the first quarter of 2014 to $95.94 per barrel, compared to $91.57 per barrel in the first quarter of 2013. Domestic NGL prices increased by 15 percent in the first quarter of 2014 to $46.69 per barrel, compared to $40.59 per barrel in the first quarter of 2013. Domestic gas prices increased by 48 percent in the first quarter of 2014 to $4.57 per MCF, compared with $3.08 in the first quarter of 2013. Middle East/North Africa crude oil prices were approximately 3 percent lower on a year-over-year basis for the first quarter of 2014.

On a sequential quarterly basis, worldwide realized crude oil prices were slightly lower and worldwide realized NGL prices increased approximately 3 percent. On a geographic basis, domestic crude oil prices were almost 2 percent higher and domestic gas prices were 37 percent higher.

Chemical

Chemical segment earnings for the first quarter of 2014 were $136 million, compared with $159 million in the first quarter of 2013. The decrease was primarily from lower caustic soda prices driven by new chlor-alkali capacity in the industry. Higher polyvinyl chloride and vinyl chloride margins, resulting from improvement in U.S. construction markets, along with higher volumes across all products, offset most of the decline.

Midstream, Marketing and Other

Midstream segment earnings were $170 million for the first quarter of 2014, compared with $215 million for the first quarter of 2013. The decrease reflected lower marketing and trading performance due to the timing of mark-to-market adjustments on trading contracts.

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.

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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 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 2013 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

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Contacts:

Melissa E. Schoeb (media)

melissa_schoeb@oxy.com

713-366-5615

or

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

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Investor Relations Supplemental Schedules

(a) Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest of $2 million for the first quarter of 2014. Midstream segment earnings are presented net of these non-controlling interest amounts.

Investor Relations Supplemental Schedules

(a) Includes 100 percent of the capital for BridgeTex Pipeline, which is being consolidated in Oxy’s financial statements.  Our partner contributes its share of the capital.  The Company’s net capital expenditures after these reimbursements and inclusion of our contributions for the Chemical JV Cracker were $2.2 billion for the first quarter of 2014 and $2.0 billion for the first quarter of 2013.

Investor Relations Supplemental Schedules

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.

(a) Interest expense, income taxes, G&A expense and other.

(b) Amounts shown after tax.

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules

Exhibit 99.2

Occidental Petroleum Corporation

CYNTHIA L. WALKER

Executive Vice President and Chief Financial Officer

– Conference Call –

First Quarter 2014 Earnings Announcement

May 5, 2014

Houston, Texas

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

In the first quarter, we are off to a strong start in our domestic oil growth strategy.  Domestic oil production was 274,000 barrels per day, an increase of 4,000 barrels from the fourth quarter of 2013.  Overall production was 745,000 BOE per day.  We had core income of $1.4 billion resulting in diluted earnings per share of $1.75 for the first quarter, an improvement over both the prior and year-ago quarters.  We generated $2.9 billion of cash flow from operations before changes in working capital and repurchased 10.5 million shares, ending the quarter with $2.3 billion of cash on our balance sheet.

Now, I will discuss the segment performance for the oil and gas business and begin with earnings on slide 3.  Oil and gas core earnings for the first quarter of 2014 were $2.1 billion, essentially flat with the fourth

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quarter of 2013 and an increase of almost $200 million from the first quarter of 2013.  On a sequential quarter-over-quarter basis, improvements from higher domestic realized prices on all our oil and gas products and higher sales volumes in Colombia, which were offset by lower sales volumes in Iraq.  In Colombia, while we recouped liftings in January which had slipped from the fourth quarter of 2013, insurgent activity continues to challenge both our production and liftings in our Cano Limon field.  Production from the field was shut-in in April.  Pipeline repair work has begun, and we look to have normal operations resume in May.  In Iraq, operations are as expected, although liftings continue to be lumpy.  We had no liftings in the first quarter.

Turning to slide 4.  Total production for the current quarter was 745,000 BOE per day, a decrease in daily BOE production of 5,000 from the fourth quarter and 18,000 from the year ago quarter.  On a sequential quarterly basis, these results reflect domestic growth of 4,000 BOE per day, mainly in the Permian Basin offset by lower production in California.  The Permian Basin improvement reflected recovery from fourth quarter severe winter weather and new production from our drilling program.  California production was essentially flat excluding one-time benefits which positively impacted the fourth quarter of last year.  MENA production was 9,000 BOE per day lower primarily due to a scheduled plant turnaround in Dolphin and the remainder in Bahrain due to contract terms.

If you turn to slide 5, I will discuss our domestic production in more detail.  Focusing on our commodity composition on a sequential quarterly basis, oil production grew 4,000 barrels per day, with the increases coming from all of our business units.  NGL production increased 2,000 barrels per day, almost entirely in the Permian.  Natural gas volumes were lower by 10

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mmcf per day, or about 2,000 BOE per day, with the decline coming from California, partially offset by higher production in Permian and Midcontinent.

Turning to slide 6, our Oil and Gas operating cash margins improved by about $0.20 per BOE on a sequential quarterly basis. Our first quarter of 2014 worldwide realized oil prices were flat compared to the fourth quarter of 2013. Domestic realized oil price improved slightly despite widening differentials in the Permian basin.  We also realized higher NGL prices domestically due to seasonal factors, and experienced a 37 percent increase in natural gas prices reflecting an improvement in the benchmark.  Oil and gas production costs were $14.33 per barrel in the first quarter of 2014, compared to $14.13 per barrel in the fourth quarter of 2013.  Domestic operating expenses were higher in the first quarter of 2014 compared to the fourth quarter of 2013 due to higher energy and CO2 and steam injectant costs.  Controllable costs were essentially flat on a sequential quarterly basis.  MENA production costs decreased in the first quarter due to under-liftings in Iraq, which has high operating costs.

First quarter exploration expense was $55 million.  We expect second quarter 2014 exploration expense to be about $80 million.

Turning to Chemical segment core earnings on slide 7.  First quarter earnings of $136 million were $8 million higher than the fourth quarter and exceeded our expectations, primarily driven by volume improvements across most products in preparation for a strong spring demand.  This improvement was, in part offset by the run-up in natural gas costs due to the extreme winter cold.  We expect second quarter 2014 earnings to be about $130 million.  A seasonal uptick in demand in construction and agricultural market segments is anticipated; however, profitability will be somewhat

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negatively impacted by a number of routine planned outages by both OxyChem and its customers.

On slide 8 is a summary of Midstream segment earnings which were $170 million for the first quarter of 2014, compared to $68 million in the fourth quarter and $215 million in the first quarter of 2013.  The 2014 sequential quarterly increase in earnings resulted mainly from higher marketing and trading performance, driven by commodity price movements during the quarter, higher income in the gas processing businesses which were negatively impacted by the plant turnarounds in the fourth quarter of 2013, partially offset by lower pipeline earnings which included a plant turnaround in Dolphin.

The worldwide effective tax rate on core income was 40 percent for the first quarter of 2014.  We expect our combined worldwide tax rate in the second quarter of 2014 to remain at around the 40 percent rate.

Slide 9 summarizes our cash flow for the quarter.  In the first three months of 2014, we generated $2.9 billion of cash flow from operations before changes in working capital.  Working capital changes decreased our cash flow from operations by $240 million to $2.7 billion.  Capital expenditures for the first quarter of 2014 were $2.2 billion net of partner contributions.  After paying dividends of $515 million, buying back $945 million of Company stock, and other net flows, our cash balance was $2.3 billion at March 31.  Our debt-to-capitalization ratio was 14 percent at quarter end.  Our 2014 annualized return on equity was 13 percent and return on capital employed was around 11 percent.

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Lastly, I will outline our guidance for the second quarter.

Production

On April 30, we closed the sale of our Hugoton assets for $1.3 billion.  In the first quarter, the Hugoton operations produced 18,000 BOE per day, invested $17 million in capital and contributed $46 million to our pre-tax segment earnings.  For the full-year, our previous domestic production and capital expenditure guidance is unchanged, adjusting for Hugoton.

In the second quarter, excluding Hugoton, we expect Domestic production will increase between 6,000 and 8,000 BOE per day on a sequential quarterly basis.  We expect oil production to grow between 7,000 to 9,000 barrels per day, or approximately 3 percent, NGL volumes to be relatively flat with first quarter levels, and a modest decline in natural gas production resulting from limited drilling.

Internationally, at current prices and excluding Colombia and Libya, we expect total production to increase around 10,000 BOE per day in the second quarter primarily from the recovery of the Dolphin plant turnaround and activity in Oman.  We expect Middle East liftings to also increase about 10,000 BOE per day in the second quarter primarily as a result of our production increases in Dolphin and Oman.