The document provides information about Occidental Petroleum Corporation (Oxy), including its corporate headquarters locations, subsidiaries, and contact information. It then discusses Oxy's financial performance in 2007, noting that it achieved record net income of $5.4 billion. The document also summarizes Oxy's operations and production, with the United States, Middle East/North Africa, and Latin America making up its three core regions.

1. Corporate headquarters Oil and gas
10889 Wilshire Boulevard Occidental Oil and Gas Corporation
Los Angeles, California 90024-4201 10889 Wilshire Boulevard
(310) 208-8800 Los Angeles, California 90024-4201
www.oxy.com (310) 208-8800
Investor relations Occidental Energy Marketing, Inc.
1230 Avenue of the Americas 5 Greenway Plaza
8th Floor, Suite 800 Houston, Texas 77046-0506
New York, New York 10020-1508 P.O. Box 27570
(212) 603-8111 Houston, Texas 77227-7570
investorrelations@oxy.com (713) 215-7000
Government relations Occidental Middle East
1717 Pennsylvania Avenue, NW Crescent Towers, Zayed The First Street,
Suite 400 Khalidyah
Washington, D.C. 20006-4614 P.O. Box 73243
(202) 857-3000 Abu Dhabi, United Arab Emirates
+971 2 691 7200
Chemicals
Occidental Petroleum Corporation
Occidental Chemical Corporation
Occidental Tower
5005 LBJ Freeway
Dallas, Texas 75244-6119
P.O. Box 809050
Dallas, Texas 75380-9050
(972) 404-3800
Occidental Petroleum Corporation
Annual Report 2007
Annual Report 2007

2. Selected Financial Data
Dollar amounts in millions, except per-share amounts
For the years ended December 31, 2007 2006 2005 2004 2003
Results of Operations (a)
Net sales $ 18,784 $ 17,175 $ 14,153 $ 10,400 $ 8,598
Income from continuing operations $ 5,078 $ 4,202 $ 4,838 $ 2,197 $ 1,410
Net income $ 5,400 $ 4,191 $ 5,293 $ 2,574 $ 1,537
Basic earnings per common share
from continuing operations $ 6.08 $ 4.93 $ 6.00 $ 2.78 $ 1.84
Basic earnings per common share $ 6.47 $ 4.92 $ 6.56 $ 3.25 $ 2.00
Diluted earnings per common share $ 6.44 $ 4.87 $ 6.47 $ 3.21 $ 1.98
Financial Position(a)
Total assets $ 36,519 $ 32,431 $ 26,170 $ 21,440 $ 18,210
Long-term debt, net $ 1,741 $ 2,619 $ 2,873 $ 3,345 $ 4,446
Stockholders’ equity $ 22,823 $ 19,252 $ 15,091 $ 10,597 $ 7,970
Market Capitalization(b) $ 63,573 $ 41,013 $ 32,121 $ 23,153 $ 16,349
Cash Flow
Cash provided by operating activities $ 6,798 $ 6,353 $ 5,337 $ 3,878 $ 3,074
Capital expenditures $ 3,497 $ 2,987 $ 2,295 $ 1,703 $ 1,481
Cash provided (used) by all other
investing activities, net $ 369 $ (1,396) $ (866) $ (725) $ (650)
Dividends Per Common Share $ 0.94 $ 0.80 $ 0.645 $ 0.55 $ 0.52
Basic Shares Outstanding (thousands)
834,932 852,550 806,600 791,159 767,887
(a) the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section
See
of this report and the “Notes to Consolidated Financial Statements” for information regarding accounting changes,
asset acquisitions and dispositions, discontinued operations, environmental remediation, other costs and other items
affecting comparability.
(b) Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares
held in treasury stock, by the year-end closing stock price.
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. Words such as “estimate,” “project,” “predict,”
“believe,” “will,” “would,” “could,” “may,” “might,” “anticipate,” “plan,” “intend” and “expect” or similar expressions that convey
the uncertainty of future events or outcomes generally identify forward-looking statements. You should not place undue reli-
ance 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. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their
filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be
economically producible under existing economic and operating conditions. We use certain terms in this report, such as gross
oil reserves, estimated proved reserves, probable, possible and recoverable reserves and oil in place, that the SEC’s guidelines
strictly prohibit us from using in filings with the SEC. Additionally, the SEC requires oil and natural gas companies, in their
filings, to disclose non-financial statistical information about their consolidated entities separately from such information
about their equity holdings and not to show combined totals. Certain information in this report is shown on a combined
basis; however, the information is disclosed separately in the “Notes to the Consolidated Financial Statements” included in
the 2007 Annual Report on Form 10-K included in this report.
Cover: Workers at Oxy’s Idd El Shargi North Dome Field, offshore Qatar, cross a bridge connecting
the operational platforms. Inset top: A pumping unit at Oxy’s Permian Basin Hobbs, New Mexico,
location. Inset middle: Seismic trucks in Libya, where Oxy is the largest net holder of oil and gas
acreage. Inset bottom: A well in Argentina where Oxy drilled 153 wells in 2007.

3. Oxy in brief
3
1
United States
1. Elk Hills
2. Long Beach 1
2
3. Hugoton/ 2
Piceance Basin 4
4. Permian Basin
1
3
Middle East/
North Africa
1. Libya 5
4
2. Yemen
3. Oman 3 Latin America
4. United Arab 2 1. Colombia
Emirates 2. Bolivia
5. Qatar 3. Argentina
Occidental Petroleum Corporation (nyse:oxy)
is a leading international oil and gas exploration
and production company, as well as a major
North American chemical manufacturer.
The fourth-largest U.S. oil and gas company, based on market capitalization of more
than $60 billion, Oxy engages in oil and gas exploration and production in three core
regions: the United States, the Middle East/North Africa and Latin America. OxyChem,
a wholly owned subsidiary, manufactures and markets chlor-alkali products and
vinyls, and is the nation’s largest merchant marketer of chlorine and caustic soda.
Oxy’s U.S. operations in the Permian Basin of southwest Texas and southeast New
Mexico, Mid-Continent and California account for more than 60 percent of the
company’s total worldwide oil and gas production. Oxy is the largest oil producer in
Texas, the second-largest in New Mexico and the third-largest in California, where it
also is the largest producer of natural gas.
In the increasingly important Middle East/North Africa region, Oxy currently has
operations in Libya, Oman, Qatar, United Arab Emirates and Yemen, which collec-
tively account for approximately one-quarter of the company’s total worldwide
production. Oxy is also a partner in the transborder Dolphin Project that supplies
natural gas from Qatar to markets in the United Arab Emirates and Oman. Oxy’s Latin
America operations in Argentina, Bolivia and Colombia account for approximately
13 percent of total production.
Oxy is an industry leader in applying advanced technology to boost production from
mature oil and gas fields and access hard-to-reach reserves. With more than 9,000
employees, Oxy is committed to respecting the environment, protecting safety and
upholding high standards of social responsibility throughout its worldwide operations.
1

4. Occidental achieved exceptional financial
Dr. Ray R. Irani performance in 2007, surpassing even our
Chairman and
Chief Executive Officer strong success of recent years.
It’s a story of solid
Notably, net income of $5.4 billion was throughout the industry in 2007, Oxy
the highest in Oxy’s 87-year history. was ideally positioned to capitalize on
the robust energy market. Oxy continues
We achieved top-tier results relative to
to outperform our major competitors in
our industry peers on the key metrics
capturing the value from higher oil and
which in our view best measure com-
gas prices and delivering it to the bottom
parative financial performance. These
line by being one of the industry’s most
include total return to stockholders,
efficient producers on an equivalent
return on equity (ROE) and return on
barrel basis.
capital employed (ROCE) and demon-
strate our ability to generate significant
2007 market performance
long-term value for Oxy stockholders.
Oxy’s year-end closing stock price of
These accomplishments underscore $76.99 per share was the highest year-end
the effectiveness of the business strategy price in our history, increasing 58 percent
we have employed over the past decade. from the 2006 year-end record of $48.83
Strict financial discipline and a focus per share. Our 60-percent stockholder
on high-potential, long-lived oil and return, based on stock price appreciation
gas assets have positioned the company plus dividend reinvestment, also repre-
for sustainable growth and profitability sented a new high mark for the company.
— and our stockholders continue to
enjoy the benefits. Cumulative total return to stockholders
over the past five years has significantly
Our disciplined business strategy affords outpaced Oxy’s peer companies, as well
Oxy a distinct advantage. While high as the Standard Poor’s 500 Stock Index.
commodity prices boosted earnings
2

5. Net income Return on capital employed (ROCE)* Debt-to-capitalization ratio
$ in billions Stated as percent Stated as percent
2003 1.5 2003 15 2003 36
2004 2.6 2004 20 2004 27
2005 5.3 2005 33 2005 17
2006 4.2 2006 21 2006 13
2007 5.4 2007 24 2007 7
Return on equity (ROE) Total debt Stockholders’ equity
Stated as percent $ in billions $ in billions
2003 22 2003 4.6 2003 8.0
2004 28 2004 3.9 2004 10.6
2005 41 2005 3.0 2005 15.1
2006 24 2006 2.9 2006 19.3
2007 26 2007 1.8 2007 22.8
performance
A $100 investment in Oxy stock at Oxy continues to — double the 50 cents per share paid in
year-end 2002 would have grown 2002. This was the sixth dividend increase
to $599 by year-end 2007. The same outperform our since 2002, resulting in a compound
$100 invested in Oxy’s peer group major competitors in annual dividend growth rate of 13
— a representative sampling of the oil percent over the most recent five-year
and gas companies against which Oxy capturing the value period. Dividend increases reflect the
competes for major global projects confidence of Oxy’s management and
from higher oil and gas
— would have been worth only $283 the Board of Directors in the company’s
after the same five years. And $100 prices and delivering financial and operating performance.
invested in the SP 500 Index for that The Board will continue its ongoing
period would have been worth just $183.
it to the bottom line… evaluation of dividends to generate
top-quartile returns to stockholders.
2007 financial performance $1.1 billion to repurchase 20.6 million
Our 2007 ROE and ROCE* were a strong
Oxy achieved strong results in 2007 shares of Oxy common stock.
26 percent and 24 percent, respectively.
across the range of financial metrics most Our 7-percent debt-to-capitalization For the three years of 2005 through
watched by the investment community. ratio at the close of 2007 was Oxy’s 2007, we achieved an average ROE of
Consolidated net income reached a lowest in more than 40 years. Total debt 29 percent and an average ROCE of
new company record of $5.4 billion, at year-end was $1.8 billion, represent- 26 percent. Stockholders’ equity grew
29 percent higher than the $4.2 billion ing a $1.1-billion reduction from the by 18 percent during 2007, from $19.3
Oxy achieved in 2006. From our operat- $2.9-billion balance at the end of 2006. billion to $22.8 billion, and more than
ing cash flow of $6.8 billion, we spent doubled over the past three years, from
Oxy increased the dividend to stock-
$3.5 billion to fund capital expenditures, $10.6 billion to $22.8 billion.
holders by 14 percent in 2007, from an
$765 million to pay dividends and annualized rate of 88 cents to $1.00
* OCE is earnings before interest expense and tax effect of interest expense over stockholders’ equity plus average total debt.
R 3

6. Oil $8.3 billion in income
Record-setting income for Oxy Oil and Gas — four years running
and gas 570,000 BOE/day
Oxy’s worldwide oil and gas production up 4.6% over 2006
242 million BOE replaced
A 116% reserve replacement rate in 2007
Strategy for steady growth
Oxy’s consistently strong financial performance over the past
15 years reflects our disciplined business strategy
The robust performance by the oil and gas segment
in recent years is another reflection of Oxy’s effective
business strategy.
We focus on large, long-lived “legacy” oil and gas assets where Oxy can enhance
production, and we invest only in projects we believe will generate above-cost-of-
capital returns throughout the business cycle. We continued to strengthen our asset
base in 2007 within each of our core geographic regions: the United States, the
Middle East/North Africa and Latin America.
Earnings from our oil and gas segment in 2007 set a new company record for the
fourth consecutive year. Oil and gas earnings from worldwide operations totaled
$8.3 billion, an increase of more than 20 percent from the previous record of $6.9
billion earned by this segment in 2006.
Higher oil prices, along with
We consistently replace and expand our increased oil and gas production,
mainly contributed to these record
reserves through improved recovery, strategic
results. Our average realized crude
acquisitions and focused exploration. oil price for 2007 was $64.77 per
barrel, $6.96 above 2006. Worldwide
oil and natural gas production averaged 570,000 barrels of oil equivalent (BOE) per
day, an increase of 4.6 percent over the 545,000 BOE per day produced in 2006.
Oxy is a worldwide industry leader in applying advanced technology to boost
production from mature oil and gas fields and access hard-to-reach reserves.
Furthermore, we consistently replace and expand our reserves through improved
recovery, strategic acquisitions and focused exploration.
Consolidated proved reserve additions from all sources totaled 242 million BOE in
2007, compared to production of 209 million BOE, for a production replacement
rate of 116 percent. For the three-year period 2005 through 2007, Oxy’s consolidated
proved reserve additions totaled 1.125 billion BOE and total production equaled 580
million BOE, for a reserve replacement rate of 194 percent. More than 90 percent
of the net additions in 2007 were in the United States, primarily in the Permian Basin
in Texas and New Mexico, the Elk Hills field in California and the Rocky Mountains.
4

7. A pumping unit in the Permian Basin is
silhouetted at Oxy’s Denver City, Texas
facility. Oxy is the largest oil producer
in the Permian Basin, which extends
through southwest Texas and south-
east New Mexico.
Oil natural gas proved reserves Oil natural gas production
Million BOE Thousand BOE/day
U.S. International Total U.S. International Total
2003 1,777 530 2,307
2004 1,816 560 2,376
2005 2,003 566 2,569
2006 2,064 799 2,863
2007 2,152 712 2,864
5

8. Oil U.S. production: 63%
Production averaged 360,000 BOE/day from all U.S. assets
and gas Dolphin fully operational
In February 2008 the Dolphin Project, in which Oxy
has a 24.5% interest, became fully operational
Largest acreage in Libya
Oxy is the largest holder of exploration acreage in Libya
177 million BOE
Proved reserves from our assets in Argentina
Right: Oxy’s new Elk Hills Consolidated Control Facility provides a cost-
efficient central location for field management. Middle: Oxy’s Visualization
Center in Doha, Qatar, features state-of-the-art 3-D visualization technol-
ogy for scientific collaboration. Far Right: Rig workers prepare a drilling rig
at the San Jorge Basin in southern Argentina.
At year-end 2007, the U.S. accounted for 75 percent of Oxy’s in oil and gas properties in the Permian Basin and in the
proved reserves, the Middle East/North Africa 16 percent and Piceance Basin of Colorado, which we announced in the
Latin America 9 percent. fourth quarter 2007. The Piceance assets complement our
existing Colorado holdings, while the additional Permian
Oxy’s excellent oil and gas assets are well positioned to provide
assets expand our industry-leading position there. Together,
us continued success and growth.
these acquisitions are expected to increase our net proved
reserves in the U.S. by 92 million BOE, a figure we believe
United States
will substantially increase over time.
Sixty-three percent of Oxy’s 2007 production — approximately
360,000 BOE per day — was generated from assets in the United Production from Oxy’s California assets averaged 131,000
States, including the Permian Basin of southwest Texas and BOE per day, or 23 percent of our worldwide total. In 2007
southeast New Mexico, one of the largest and most active oil we made four complementary acquisitions for our California
basins in the country. Oxy continues to be the leading producer business unit, for approximately $300 million, which will
in the Permian, where our 2007 production averaged 198,000 further enhance our production in the state.
BOE per day, representing 35 percent of the company’s daily
worldwide production. Middle East/ North Africa
The increasingly important Middle East/North Africa region
In 2007, we completed several asset exchanges with BP,
provided 24 percent of our 2007 production.
acquiring strategic properties that complement our existing
operations. Oxy purchased BP’s West Texas Pipeline System, The start-up of production from the giant Dolphin Project,
with 1,550 miles of active pipelines and the capacity to transport the premier transborder natural gas project in the Middle East,
approximately 190,000 barrels of crude oil per day from the contributed to our robust regional growth. Oxy has a 24.5-
Permian Basin to the market center in Cushing, Oklahoma. percent interest in the Dolphin Project, in which natural gas is
Combined with our existing area assets, this created a system produced from wells offshore Qatar. The gas is processed at an
with a throughput capacity of 350,000 barrels per day and a onshore gas processing and compression plant in Ras Laffan,
5-million-barrel storage capability. Oxy also secured from BP Qatar, and then flows through a 48-inch, 230-mile-long subsea
additional Permian Basin oil and gas assets adjacent to our export pipeline — one of the longest and largest in the Middle
existing operations. East — to markets in the United Arab Emirates and Oman.
In the first quarter of 2008, we completed the purchase of 50 Most of the facilities within the original scope of the Dolphin
percent of Plains Exploration Production’s working interests Project were completed by the end of 2007, including three of
the four trains in the onshore processing plant in Ras Laffan.
6

9. Above: Natural gas from the Dolphin Project is processed and
compressed at this plant in Ras Laffan, Qatar, before flowing
through a 48-inch, 230-mile-long subsea export pipeline to
markets in the United Arab Emirates and Oman.
The fourth and final train was completed and fully operational result, oil production is projected to triple from the current
by the end of February 2008. Dolphin exited 2007 producing gross production of approximately 100,000 barrels per day
43,000 BOE per day net to Oxy. to around 300,000 barrels per day.
Oxy acquired Anadarko Petroleum Corporation’s 92.5-percent Additionally, in late 2007 Oxy was awarded two offshore
interest in an exploration and production sharing agreement exploration blocks in Bahrain adjacent to major producing
covering two properties located offshore Qatar in October 2007. fields in Qatar, where we have begun a study phase and
Proved reserves for all of Oxy’s Qatar properties, except the technical assessment.
Dolphin Project, totaled 128 million BOE at year-end.
Latin America
At the Mukhaizna oil field in Oman, more than 170 new wells
were drilled by year-end 2007, and we are implementing a major Our Latin America operations accounted for 13 percent of
steam flood project for enhanced oil recovery. The 2007 gross Oxy’s worldwide production in 2007.
daily production exit rate was nearly triple that of September Oxy’s Colombia operations include four fields within the
2005, when Oxy assumed operations of this field. Over the next Llanos Norte Basin and another in the Middle-Magdalena
several years we plan to steadily increase gross production to Basin, the LaCira-Infantes (LCI) field. Oxy holds a 48-percent
150,000 BOE per day. interest in LCI, an enhanced oil recovery project with large
We announced significant new agreements in November 2007 remaining reserves, which has now entered the commercial
with the Libya National Oil Corporation for major field phase of development and production and is tracking to
redevelopment and exploration in the prolific Sirte Basin. The our production plans. Our share of 2007 production from
new 30-year agreements will further expand our industry- these operations was 37,000 BOE per day and proved reserves
leading position in Libya, where Oxy is the largest holder of totaled 57 million BOE at year-end.
exploration acreage. Signing of the new agreements will give Our share of production from our assets in Argentina averaged
Oxy a 75-percent working interest in the new Libya projects, and 36,000 BOE per day in 2007. Proved reserves amounted to
with our partner, Oxy will receive 10 to 12 percent of the gross 177 million BOE at year-end 2007. We expect to significantly
production on an after-tax basis, depending on the specific field. increase production in Argentina over the next five years
Oxy and our partners expect to develop gross oil reserves in through aggressive drilling, waterflooding and enhanced oil
Libya of approximately 2.5 billion barrels for an anticipated recovery projects. In 2008, Oxy plans to drill 220 wells, com-
overall capital investment of $5 billion over the next five years, plete eight waterflood projects initiated in 2007 and implement
of which Oxy’s portion will be approximately $1.9 billion. As a a number of new waterflood projects.
7

10. Chemicals
Earnings from our chemical segment decreased in 2007 due along with favorable foreign currency exchange rates.
to the weakness in the United States housing market and OxyChem’s PVC facilities saw an average operating rate
continued high feedstock costs, which led to lower margins of 78 percent for 2007, compared to the North American
in the polyvinyl chloride (PVC) business. Overall chemical industry average of 85 percent.
segment earnings for 2007 were $601 million, compared with
Pricing for liquid caustic soda started the year strong and
$906 million for 2006.
increased in every quarter of 2007, aided by unplanned global
Domestic demand for PVC in 2007 declined 5 percent from supply disruptions and a strong export market. OxyChem’s
the previous year as a result of the housing slump. This was chlor-alkali operating rate for 2007 was 92 percent, comparable
partially offset by increased demand for U.S. products in with the industry average.
export markets, aided by expanding international economies
Corporate
social responsibility
The health and safety of our employees, contractors,
neighbors and customers, as well as sound and sensitive
environmental practices, are key priorities for Oxy.
Oxy’s health, environment and safety (HES) management systems continually evolve to
meet the changing needs of our growing business. We work diligently to implement
progressive health, environmental, safety, process risk and security standards at
all new and ongoing operations. Incidents are thoroughly investigated and their causes
promptly identified and corrected. Oxy continues to maintain a strong HES
risk management program, the results of which are regularly reviewed by senior
management and the Board of Directors.
We take pride in Oxy’s superior employee Injury and Illness Incidence Rate (IIR),
which measures recordable injuries and illnesses per 100 full-time workers per year.
Oxy’s IIR is one-fourth that of the oil and gas extractive industry overall, which puts
us ahead even of such professions as legal services and dentists for employee safety,
according to the most recent figures from the U.S. Bureau of Labor Statistics. Our 2007
IIR was 0.5, virtually the same as the previous year. And it is merely one indicator of
the company’s excellent safety record.
We constantly work to save costs while enhancing energy efficiency in our operations,
thereby reducing greenhouse gas (GHG) emissions. Oxy voluntarily reports on GHG
emissions and actively participates in trade association efforts to discuss a wide
spectrum of environmental issues. In addition, we are utilizing several highly efficient
8

11. Exemplary safety record
Oxy’s employee IIR is one-fourth that of the oil and gas
extractive industry average
Strong HES programs
Results are regularly reviewed by senior management and
the Board of Directors
Responsible practices
Oxy recognizes that responsible social and HES practices
link to strong financial performance
Above: A rig worker performs maintenance on
Employee recordable injury and illness trend a rig at Oxy’s THUMS operations at Long Beach
Harbor in Southern California. Oxy employees
Oxy Employee IIR Average IIR of all U.S. industries*
and contractors are required to wear appropri-
ate safety gear and to meet all applicable
1998 0.68 6.7 government and Oxy safety requirements.
1999 0.65 6.3
2000 0.83 6.1
2001 0.69 5.7
2002 0.62 5.3
2003 0.68 5.0
2004 0.34 4.8 We expanded the scope and depth of our extensive corporate
2005 0.47 4.6 social responsibility programs in 2007, promoting awareness
2006 0.47 4.4 and integration of our Human Rights Policy and its underlying
2007 0.50 ** principles, building on the program adopted by the Board of
Directors in 2004. Human rights training is mandatory for all
Oxy managers, security staff, contractors and new employees
cogeneration facilities to supply power and steam to Oxy’s
throughout our international operations. In addition, as
oil and gas and chemicals operations; implementing new
required by our policy, we conduct social impact assessments in
maintenance and operating practices; installing energy-
new work areas outside the U.S. We will continue to build upon
efficient equipment; electrifying well field operations that
our commitment to the Voluntary Principles on Security and
formerly utilized gas or diesel engines; and using solar-
Human Rights as an integral aspect of our business practices.
powered lighting in remote areas.
At Oxy, social responsibility is everyone’s business. It is a
Oxy recognizes that responsible social, environmental and
hallmark of good management and an integral part of our
safety practices link to strong financial performance. We have
success. By systematizing our approach to SR, we are helping
adopted a unified approach that integrates social responsibility
to ensure that wherever Oxy does business and engages with
(SR) into our comprehensive HES management systems to
communities, we are the partner of choice, the employer of
enable us to apply a defined and measurable SR standard
choice and the neighbor of choice.
around the globe.
* Source: U.S. Bureau of Labor Statistics
** ot available
N 9

12. Looking 620,000 – 630,000 BOE/day
Expected oil and gas production in 2008
ahead New Middle East opportunities
The Middle East and North Africa will be an important source
of Oxy’s future growth
$3.6 billion capital spending
Expected total oil and gas capital spending for 2008
Oxy’s performance in 2007 again ranked among the
strongest in the oil and gas industry.
While these results are gratifying, we are focused on the future in order to build on
this success in 2008 and beyond.
Adhering to our program of disciplined financial management, we will continue
to pursue top-quartile results and enhanced value for Oxy stockholders. With the
excellent recent additions to Oxy’s asset portfolio, ongoing solid production perfor-
mance and promising projects in the pipeline, along with continued strong energy
prices, we fully expect 2008 to be another standout year for the company.
We expect oil and gas production for the full year of 2008 to increase to approximately
620,000 to 630,000 BOE per day, based on $80 per barrel average West Texas
Intermediate (WTI) prices, as compared to our 2007 rate of 570,000 BOE per day.
We anticipate this increase will include the Dolphin Project’s full-year operations
and increased production from the Mukhaizna oil field in Oman, as well as our
Argentina and Colombia assets. We expect our total oil and gas capital spending
for 2008 to be approximately $3.6 billion, including increased capital spending in
our Argentina, Colombia, Libya and California operations.
We believe new opportunities in the Middle East and North Africa, where we are
actively pursuing and negotiating several projects, will be an important source of
Oxy’s future growth.
We also will continue to grow through additional attractive acquisitions in each of
our core regions. However, as always, we will only enter into agreements that we
expect to meet our stringent standards for financial return.
Oxy takes pride in applying expertise and experience to help meet the world’s energy
needs and fuel economic growth. Our success is built on technical know-how,
business acumen, strong partnerships and proven ability to deliver superior results.
10

13. Above: Oil field worker operating in Argentina, where Oxy anticipates
increasing production through aggressive drilling, waterflooding
and enhanced oil recovery projects.
Right: Oxy Libya’s technical team monitors and analyzes producing fields.
Far Right: Technician surveys equipment on Oxy Qatar’s offshore PS1
platform, where new processing facilities have increased gas compres-
sion, water injection and separation capacity.
We are continually focused on optimizing profits and free I want to acknowledge and commend the superb efforts of
cash flow per BOE, keeping costs competitive, and growing Oxy’s employees, talented management team and the Board
our oil and gas reserves at a rate well in excess of production. of Directors, whose stewardship is invaluable. The company’s
achievements in 2007 and over the past decade-and-a-half are
Oxy’s consistently strong financial performance over the
a tribute to their dedication and hard work. Together, we will
past 15 years reflects this disciplined business strategy, as
continue to meet the highest expectations of our stockholders
well as our focus on operational excellence and our ability
and all those for whom Oxy is synonymous with success.
to work effectively in diverse cultural environments. We
believe these strengths will keep Oxy at the forefront of our
industry and will continue to be instrumental in enhancing Dr. Ray R. Irani
stockholder value. Chairman and Chief Executive Officer
11

14. Board of Directors
From left: R. Chad Dreier, Walter L. Weisman, Rodolfo Segovia, John E. Feick, Spencer Abraham, Aziz D. Syriani, Dr. Ray R. Irani,
Rosemary Tomich, Irvin W. Maloney, Ronald W. Burkle, Edward P. Djerejian, John S. Chalsty.
Dr. Ray R. Irani1,8 R. Chad Dreier2,3 Rosemary Tomich1,2,3,4,5,7
Chairman and Chief Executive Officer, Chairman, President and Chief Executive Officer, Owner, Hope Cattle Company and A.S. Tomich
Occidental Petroleum Corporation The Ryland Group, Inc. Construction Company; Chairman and Chief Executive
Officer, Livestock Clearing, Inc.
Spencer Abraham3,4,7 John E. Feick1,2,4,8
Chairman and Chief Executive Officer, Chairman, Matrix Solutions Inc. Walter L. Weisman4,5,8
The Abraham Group, LLC; Private investor; former Chairman and Chief Executive
former U.S. Secretary of Energy Irvin W. Maloney 1,2,3,7
Officer, American Medical International, Inc.
Retired Chairman and Chief Executive Officer,
Ronald W. Burkle 8
Dataproducts Corporation 1
Member of the Executive Committee
Managing Partner, The Yucaipa Companies
2
Member of the Audit Committee
Rodolfo Segovia 1,3,4,5,7 3
M
ember of the Executive Compensation
John S. Chalsty1,2,3,5,8 Member of the Executive Committee, Inversiones and Human Resources Committee
Principal, Muirfield Capital Management LLC; Sanford; former President, Ecopetrol — Colombian 4
M
ember of the Environmental, Health
former Chairman, Donaldson, Lufkin Jenrette, Inc. national oil company and Safety Committee
5
M
ember of the Corporate Governance, Nominating and
Edward P. Djerejian4,5,7 Aziz D. Syriani1,2,5,6,8 Social Responsibility Committee
Director, James A. Baker III Institute for Public Policy; President and Chief Executive Officer, 6
Lead Independent Director
former U.S. Ambassador The Olayan Group 7
Member of the Charitable Contributions Committee
8
Member of the Dividend Committee
Officers Vice Presidents and Key Executives
Dr. Ray R. Irani B. Chuck Anderson Christopher G. Stavros
Chairman and Chief Executive Officer President, OxyChem Vice President — Investor Relations
Stephen I. Chazen Gary L. Daugherty Todd A. Stevens
President and Chief Financial Officer Vice President — Internal Audit Vice President — Acquisitions and Corporate Finance
Ian M. Davis Michael S. Stutts
Executive Vice Presidents Vice President — Government Relations Vice President — Tax
Donald P. de Brier James R. Havert Charles F. Weiss
Executive Vice President, General Counsel and Secretary Vice President and Treasurer Vice President — Health, Environment and Safety
Richard W. Hallock Richard S. Kline
Executive Vice President — Human Resources Vice President — Communications and Public Affairs As of December 31, 2007
James M. Lienert Jim A. Leonard
Executive Vice President — Finance and Planning Vice President and Controller
John W. Morgan Donald L. Moore, Jr.
Executive Vice President; Vice President and Chief Information Officer
President, Oxy Oil and Gas — Western Hemisphere
Roy Pineci
R. Casey Olson Senior Vice President, Finance — Oil and Gas
Executive Vice President;
President, Oxy Oil and Gas — Eastern Hemisphere
12

15. Selected Financial Data Auditors
KPMG LLP
Annual certifications
Occidental has filed the certifications
Los Angeles, California of the chief executive officer and chief
financial officer required by Section 302
Dollar amounts in millions, except per-share amounts
Transfer agent and registrar of the Sarbanes-Oxley Act of 2002 as
BNY Mellon Exhibits 31.1 and 31.2 to its 2007 Annual
For the years ended December 31, 2007 2006 2005 2004 2003
Shareowner Services Report on Form 10-K filed with the
Newport Office Center VII Securities and Exchange Commission.
Results of Operations (a) 480 Washington Boulevard In addition, in 2007, Occidental submitted
Jersey City, New Jersey 07310 to the NYSE a certificate of the chief
Net sales $ 18,784 $ 17,175 $ 14,153 $ 10,400 $ 8,598 (800) 622-9231 executive officer stating that he is not
Income from continuing operations $ 5,078 $ 4,202 $ 4,838 $ 2,197 $ 1,410 www.melloninvestor.com aware of any violation by the company
Net income $ 5,400 $ 4,191 $ 5,293 $ 2,574 $ 1,537 of the NYSE corporate governance
Basic earnings per common share Stock exchange listing listing standards.
from continuing operations $ 6.08 $ 4.93 $ 6.00 $ 2.78 $ 1.84
Common Stock
Basic earnings per common share $ 6.47 $ 4.92 $ 6.56 $ 3.25 $ 2.00
New York Stock Exchange (NYSE) Current news and general information
Diluted earnings per common share $ 6.44 $ 4.87 $ 6.47 $ 3.21 $ 1.98 Information about Occidental, including
Financial Position(a) Dividend reinvestment plan news releases, is available on the Internet
Occidental stockholders owning 25 or more at www.oxy.com. In addition, our investor
Total assets $ 36,519 $ 32,431 $ 26,170 $ 21,440 $ 18,210 package is available by calling toll-free
shares of common or preferred stock registered
Long-term debt, net $ 1,741 $ 2,619 $ 2,873 $ 3,345 $ 4,446 1-888-OXYPETE; (1-888-699-7383).
in their name are eligible to purchase additional
Stockholders’ equity $ 22,823 $ 19,252 $ 15,091 $ 10,597 $ 7,970
shares of common stock under the Dividend
Market Capitalization(b) $ 63,573 $ 41,013 $ 32,121 $ 23,153 $ 16,349 Reinvestment Plan by investing dividends
Cash Flow on a minimum of 25 shares and optional
Cash provided by operating activities $ 6,798 $ 6,353 $ 5,337 $ 3,878 $ 3,074
cash payments of up to $10,000 per month.
Capital expenditures $ 3,497 $ 2,987 $ 2,295 $ 1,703 $ 1,481
Information may be obtained from:
Cash provided (used) by all other
BNY Mellon, Shareowner Services at
investing activities, net $ 369 $ (1,396) $ (866) $ (725) $ (650)
www.melloninvestor.com.
Dividends Per Common Share $ 0.94 $ 0.80 $ 0.645 $ 0.55 $ 0.52
Basic Shares Outstanding (thousands) 834,932 852,550 806,600 791,159 767,887
Available to stockholders
The following publications are available by writing to Occidental corporate
headquarters and at www.oxy.com: Oxy Social Responsibility Report,
Oxy Today: Middle East and North Africa, Oxy Corporate Snapshot and
(a) the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section
See Oxy Corporate Governance Principles.
of this report and the “Notes to Consolidated Financial Statements” for information regarding accounting changes,
asset acquisitions and dispositions, discontinued operations, environmental remediation, other costs and other items
affecting comparability.
(b) Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares
held in treasury stock, by the year-end closing stock price.
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. Words such as “estimate,” “project,” “predict,”
“believe,” “will,” “would,” “could,” “may,” “might,” “anticipate,” “plan,” “intend” and “expect” or similar expressions that convey
the uncertainty of future events or outcomes generally identify forward-looking statements. You should not place undue reli-
ance 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. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their
filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be
economically producible under existing economic and operating conditions. We use certain terms in this report, such as gross
oil reserves, estimated proved reserves, probable, possible and recoverable reserves and oil in place, that the SEC’s guidelines
This annual report is printed on Forest
strictly prohibit us from using in filings with the SEC. Additionally, the SEC requires oil and natural gas companies, in their Stewardship Council (FSC)-Certified
filings, to disclose non-financial statistical information about their consolidated entities separately from such information paper that contains wood from well-
about their equity holdings and not to show combined totals. Certain information in this report is shown on a combined managed forests, controlled sources
basis; however, the information is disclosed separately in the “Notes to the Consolidated Financial Statements” included in
and recycled wood or fiber.
the 2007 Annual Report on Form 10-K included in this report.
Cert no. SCS-COC-00949
Cover: Workers at Oxy’s Idd El Shargi North Dome Field, offshore Qatar, cross a bridge connecting
the operational platforms. Inset top: A pumping unit at Oxy’s Permian Basin Hobbs, New Mexico,
location. Inset middle: Seismic trucks in Libya, where Oxy is the largest net holder of oil and gas
acreage. Inset bottom: A well in Argentina where Oxy drilled 153 wells in 2007.

16. Corporate headquarters Oil and gas
10889 Wilshire Boulevard Occidental Oil and Gas Corporation
Los Angeles, California 90024-4201 10889 Wilshire Boulevard
(310) 208-8800 Los Angeles, California 90024-4201
www.oxy.com (310) 208-8800
Investor relations Occidental Energy Marketing, Inc.
1230 Avenue of the Americas 5 Greenway Plaza
8th Floor, Suite 800 Houston, Texas 77046-0506
New York, New York 10020-1508 P.O. Box 27570
(212) 603-8111 Houston, Texas 77227-7570
investorrelations@oxy.com (713) 215-7000
Government relations Occidental Middle East
1717 Pennsylvania Avenue, NW Crescent Towers, Zayed The First Street,
Suite 400 Khalidyah
Washington, D.C. 20006-4614 P.O. Box 73243
(202) 857-3000 Abu Dhabi, United Arab Emirates
+971 2 691 7200
Chemicals
Occidental Petroleum Corporation
Occidental Chemical Corporation
Occidental Tower
5005 LBJ Freeway
Dallas, Texas 75244-6119
P.O. Box 809050
Dallas, Texas 75380-9050
(972) 404-3800
Occidental Petroleum Corporation
Annual Report 2007
Annual Report 2007