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 9, 2017

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 9, 2017, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the fourth quarter and full year ended December 31, 2016. 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 9, 2017

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EXHIBIT INDEX

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Exhibit 99.1

Occidental Petroleum Announces 4th Quarter 2016 Results

·                 2016 production growth of 7 percent and capital of $2.9 billion, both better than our guidance

·                 Total company reserve replacement ratio of nearly 190 percent, with Permian Resources replacing approximately 290 percent

·                 2017 capital budget lowered to a range of $3.0 - $3.6 billion

HOUSTON — February 9, 2017 — Occidental Petroleum Corporation (NYSE:OXY) reported a loss of $272 million or $0.36 per diluted share for the fourth quarter of 2016. Core results were a loss of $97 million or $0.13 per diluted share. Operating cash flows from continuing operations were $921 million for the fourth quarter of 2016 and approximately $1.0 billion before working capital, with an ending cash balance of $2.2 billion.

“During 2016, we delivered 7 percent total company production growth exceeding our full year guidance for a capital program of less than $3.0 billion due to a focus on sustainable cost efficiencies. Our Permian Resources operations grew production by 13 percent, reduced unit operating costs by 25 percent and improved capital efficiency by 22 percent,” said President and Chief Executive Officer Vicki Hollub.

“We have had an exceptionally strong year for reserves with almost 190 percent reserve replacement at a finding and development cost of $9.65 per BOE company-wide. Domestically, we replaced about 210 percent of our Permian Basin production with Permian Resources replacing 290 percent of its production. The 2016 reserves program additions for Permian Resources came in at historically low finding and development cost of less than $9.00 per BOE. We expect continued improvement in 2017 based on this trend.

“Our capital program is very flexible, and as we move into 2017, we expect to spend in a range of $3.0 to $3.6 billion, depending on commodity prices. We continue to commit capital to our highest return projects and grow our inventory of opportunities, while staying focused on cost improvements, operating efficiencies and growing profitably.”

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QUARTERLY RESULTS

Oil and Gas

Total average daily production volumes were 607,000 BOE for the fourth quarter of 2016, compared to 605,000 BOE for the third quarter of 2016 and 680,000 BOE for the fourth quarter of 2015. The operations that were exited or sold produced average daily volumes of 83,000 BOE for the fourth quarter of 2015, resulting in production volumes from on-going operations of 597,000 BOE.

Average daily domestic production volumes from on-going operations were 296,000 BOE for the fourth quarter of 2016, compared to 294,000 BOE in the third quarter of 2016 and 298,000 BOE for the fourth quarter of 2015. The increase in average daily production of 2,000 BOE compared to the third quarter of 2016 reflected higher Permian production from both our Permian Resources and Permian EOR operations, partially offset by lower oil and gas production in South Texas. Compared to the fourth quarter of 2015, the decrease in average daily production reflected lower production in South Texas of 9,000 BOE, offset by higher production from the Permian operations with Permian Resources growing by 5,000 BOE.

Internationally, average daily production volumes from on-going operations were 311,000 BOE for the fourth quarter of 2016 and the third quarter of 2016 and 299,000 BOE in the fourth quarter of 2015. Compared to the third quarter of 2016, production for the fourth quarter of 2016 reflected higher production in Colombia as the operations recovered from the third quarter insurgency activities, offset by lower production in the Middle East due to lower cost recovery and maintenance downtime. Compared to the fourth quarter of 2015, the increase in average daily production volumes of 12,000 BOE reflected better than expected production from Al Hosn Gas and higher production in Oman, primarily due to the commencement of Oman’s Block 62 production in 2016, partially offset by lower production in Colombia and Qatar.

Oil and gas pre-tax income for the fourth quarter of 2016 was $17 million, compared to a loss of $51 million for the third quarter of 2016 and a loss of $5.0 billion for the fourth quarter of 2015. The pre-tax results for the fourth quarter of 2015 included impairment and related charges of $4.9 billion. After removing the impact of gains, impairments and related charges, core results were income of $2 million and a loss of $106 million for the fourth quarters of 2016 and 2015, respectively. The increase in oil and gas results on a sequential quarterly basis reflected higher oil and NGL prices in the fourth quarter of 2016, partially offset by higher international operating expenses for seasonal maintenance. Compared to the same period in 2015, the fourth quarter of 2016 reflected higher commodity prices across all products, offset by lower sales volumes as Occidental had reduced its exposure to non-core operations in the United States and the Middle East/North Africa region.

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The average WTI and Brent marker prices were $49.29 per barrel and $51.13 per barrel, respectively, for the fourth quarter of 2016, an improvement of approximately 9 percent from the third quarter of 2016. Average worldwide realized crude oil prices were $45.08 per barrel for the fourth quarter of 2016, an increase of 9 percent compared with the third quarter of 2016 and 17 percent compared with the fourth quarter of 2015. Average worldwide realized NGL prices were $18.36 per barrel in the fourth quarter of 2016, an increase of 22 percent and 31 percent compared to the third quarter of 2016 and fourth quarter of 2015, respectively. Average domestic realized natural gas prices were $2.39 per MCF in the fourth quarter of 2016, a 4 percent increase from the third quarter of 2016 and a 37 percent increase from the fourth quarter of 2015.

Chemical

Chemical pre-tax results for the fourth quarter of 2016 were earnings of $152 million compared to earnings of $117 million for the third quarter of 2016 and a loss of $5 million in the fourth quarter of 2015. After removing one-time impairment charges of $121 million in the fourth quarter of 2015, core income was $116 million. Compared to the third quarter of 2016, the increase in fourth quarter 2016 earnings resulted from higher realized caustic soda prices along with improved vinyl margins, primarily due to lower ethylene costs early in the quarter. The Chemical business generated approximately $138 million of free cash flow after capital expenditures during the fourth quarter of 2016.

Compared to the fourth quarter of 2015, the increase in earnings in the fourth quarter of 2016 reflected higher caustic soda and vinyls prices and higher chlorine and vinyls sales volumes, partially offset by higher ethylene and energy prices.

Midstream and Marketing

Midstream pre-tax results for the fourth quarter of 2016 were a loss of $48 million, compared to a loss of $180 million for the third quarter of 2016 and a loss of $1.3 billion for the fourth quarter of 2015. Excluding a one-time crude supply contract termination charge of $160 million in the third quarter of 2016, core results were a loss of $20 million. The fourth quarter of 2015 included asset impairment and related charges of $1.2 billion, and excluding these charges, core results were a loss of $45 million for the fourth quarter of 2015.

Compared to the third quarter of 2016, the fourth quarter of 2016 reflected lower domestic pipeline income and seasonal margins in the power business and mark-to-market impacts in the marketing business due to volatility in crude oil prices. Compared to the fourth quarter of 2015, the fourth quarter of 2016 reflected lower Al Hosn Gas plant income due to planned maintenance and lower domestic pipeline income, partially offset by higher marketing margins due to more favorable Permian to Gulf Coast differentials and the renegotiation of supply contracts.

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About Occidental Petroleum

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East 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. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls. Occidental posts or provides links to important information on its website at www.oxy.com.

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; 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 2015 Form 10-K.

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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 2016 Earnings Release Schedules Index

SCHEDULE 1

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 2

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

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