occidental petroleum 2005 Annual Report

1) Occidental Petroleum Corporation reported record financial results in 2005, including net income of $5.3 billion and operating cash flow of $5.3 billion, both all-time highs. 2) The company's oil and gas production reached 566,000 barrels of oil equivalent per day in 2005, while proved oil and gas reserves reached a record high of 2.71 billion barrels of oil equivalent at the end of 2005. 3) Occidental significantly reduced its total debt in 2005 while maintaining a strong balance sheet, allowing it to compete for large international growth projects.