UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 4, 2016

OCCIDENTAL PETROLEUM CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Registrant’s telephone number, including area code: (713) 215-7000

Not Applicable

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

Check the appropriate box below if the Form 8-K filing 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))

Item 2.02                   Results of Operations and Financial Condition.

On February 4, 2016, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended December 31, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.

The information contained in this report and the exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)   Exhibits.

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SIGNATURES

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.

Date: February 4, 2016

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EXHIBIT INDEX

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Exhibit 99.1

For Immediate Release: February 4, 2016

Occidental Petroleum Announces 4th Quarter 2015 Results

·                 2015 year-end cash balance of $4.4 billion

·                 2016 capital program not to exceed $3.0 billion with production growth of 2 to 4 percent from ongoing operations

HOUSTON – February 4, 2016 – Occidental Petroleum Corporation (NYSE: OXY) announced operating cash flow before working capital for the fourth quarter of 2015 was $944 million, with total cash on the balance sheet at December 31, 2015 of $4.4 billion. Core results for the fourth quarter of 2015 were a loss of $129 million or $0.17 per diluted share. Reported results were a loss of $6.78 per diluted share for the quarter, including $5.4 billion of after-tax charges, mostly due to impairments.

In announcing the results, Chief Executive Officer Stephen I. Chazen said, “In 2015, we continued exiting our non-core assets in order to streamline the business. Our 2015 capital spending was down by 36 percent compared to a year ago, and total company production still grew by 14 percent with Permian Resources growing 47 percent.

“We continue to focus on capital and operating efficiencies. Our Permian drilling and completion costs declined by 33 percent. Total company operating costs declined by nearly $2.00 per barrel to $11.57 and fell further in the fourth quarter. We reduced SG&A by over $225 million or 16 percent during 2015.

“We ended the year with $4.4 billion in cash and expect to receive about $900 million more from the Ecuador settlement and $300 million in proceeds from asset sales in the coming months. While the 2016 price environment remains challenging, we will commit capital to only our highest return projects. The company’s cash flow priorities remain the same, with the most important being the safety and maintenance of our operations and funding dividends. Our 2016 capital program is expected to be no more than $3.0 billion with production growth of 2 to 4 percent from ongoing operations.”

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QUARTERLY RESULTS

Oil and Gas

Total oil and gas after-tax results reflected a loss of $189 million for the fourth quarter of 2015, compared to income of $17 million for the third quarter of 2015 and $317 million for the fourth quarter of 2014. The decrease in oil and gas results on a sequential and year-over-year basis was due to the continued decline in commodity prices in the fourth quarter of 2015, partially offset by higher volumes and lower operating expenses.

The average WTI and Brent marker prices were $42.18 per barrel and $44.71 per barrel, respectively, for the fourth quarter of 2015, a decrease of about 10 percent on a sequential quarterly basis and over 40 percent on a year-over-year basis. Our average worldwide realized crude oil prices were $38.68 per barrel for the fourth quarter of 2015, a decrease of 19 percent compared with the third quarter of 2015 and 46 percent compared with the fourth quarter of 2014. Our average worldwide NGL prices were $14.02 per barrel in the fourth quarter of 2015, a decline of 4 percent from the preceding quarter and 49 percent from the fourth quarter of last year. Our average domestic natural gas price was $1.75 per MCF, a decline of 22 percent in the fourth quarter of 2015 compared with the third quarter of 2015 and a decrease of 51 percent compared with the fourth quarter of 2014.

For the fourth quarter of 2015, total company average daily oil and gas production volumes, excluding Williston, increased by 75,000 barrels of oil equivalent (BOE) to 671,000 BOE from 596,000 BOE in the fourth quarter of 2014. The sale of our Williston Basin assets closed on November 20, 2015. Williston daily production averaged 9,000 BOE and 20,000 BOE for the fourth quarters of 2015 and 2014, respectively. Compared to the fourth quarter of 2014, domestic average daily production increased by 11,000 BOE to 312,000 BOE in the fourth quarter of 2015 with the majority of the increase coming from oil production, which grew by 19,000 barrels to 190,000 barrels per day, with all of the increase attributable to Permian Resources. The increase in Permian Resources oil production was partially offset by lower natural gas and oil production in Piceance and South Texas. International average daily production increased to 359,000 BOE in the fourth quarter of 2015 from 295,000 BOE in the fourth quarter of 2014. The increase in international production is mainly due to the ramp up in production at Al Hosn, which produced 60,000 BOE per day in the fourth quarter of 2015.

Total company average daily oil and gas production for the fourth quarter was about flat compared to the third quarter of 2015. Fourth quarter domestic average daily production declined by 3,000 BOE compared to the third quarter of 2015 due to lower natural gas production from Piceance and South Texas, where we have curtailed all development activities due to the gas price environment. The increase in international average daily production of 2,000 BOE compared to the third quarter of 2015 reflected improved production rates at Al Hosn and in Colombia, which increased by 10,000 BOE and 13,000 BOE, respectively, partially offset by lower production in Iraq.

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Total company average daily sales volumes were 721,000 BOE in the fourth quarter of 2015 compared to 653,000 BOE for the third quarter of 2015 and 615,000 BOE in the fourth quarter of 2014. The improvement was largely due to higher volumes in Iraq resulting from liftings that slipped from prior periods and higher production at Al Hosn.

Chemical

Chemical pre-tax core earnings for the fourth quarter of 2015 were $116 million, compared to $174 million in the third quarter of 2015 and $160 million in the fourth quarter of 2014. Compared to the third quarter of 2015, the lower results reflected weaker demand across most product lines and lower polyvinyl chloride (PVC) prices unfavorably impacting margins, partially offset by higher caustic soda prices and lower energy costs. On a year-over-year basis, the lower earnings reflected lower caustic soda pricing and lower sales volume across most product lines, partially offset by lower energy costs and improved margins in PVC resulting primarily from lower ethylene costs.

Midstream and Marketing

Midstream pre-tax core results for the fourth quarter of 2015 were a loss $45 million, compared to income of $31 million for the third quarter of 2015 and $168 million for the fourth quarter of 2014. The decrease in earnings compared to the third quarter of 2015 and fourth quarter of 2014 reflected lower marketing margins due to narrowing WTI and LLS differentials. Current quarter loss comparisons to both periods also included lower pipeline revenues and on a sequential quarterly basis, lower seasonal margins from our power generation operations.

About Occidental Petroleum

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East region and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities in support of Occidental’s businesses. The company’s wholly owned subsidiary OxyChem manufactures and markets chlor-alkali products and vinyls.

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

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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; uncertainties about the estimated quantities of oil and natural gas reserves; 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 I, Item 1A “Risk Factors” of the 2014 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

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Contacts:

Media:
Melissa E. Schoeb
713-366-5615

melissa_schoeb@oxy.com

or

Investors:
Christopher M. Degner
212-603-8111

christopher_degner@oxy.com

On the web: www.oxy.com

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Occidental Petroleum Corporation

Quarter 4 2015 Earnings Release Schedules Index

Occidental Petroleum Corporation

Summary Highlights

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. These events may recur, even across successive reporting periods. 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 are not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.

Schedule 1

Occidental Petroleum Corporation

Segment Income Before Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)