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Investor Relations Supplemental Schedules




             Investor Relations Supplemental Schedules
                              Summary
                                            ($ Millions)


                                                            4Q 2008    4Q 2007

Reported Net Income                                            $443     $1,452
    EPS - Diluted                                             $0.55      $1.74

Core Results                                                   $957     $1,464
    EPS - Diluted                                             $1.18      $1.76

Total Worldwide Sales Volumes (mboe/day)                       620        590
Total Worldwide Production (mboe/day)                          623        588

Total Worldwide Crude Oil Realizations ($/BBL)               $53.52     $80.30
Domestic Natural Gas Realizations ($/MCF)                     $4.67      $6.77

Wtd. Average Basic Shares O/S (mm)                            810.3      828.4
Wtd. Average Diluted Shares O/S (mm)                          811.6      833.1


                                                           YTD 2008   YTD 2007
Reported Net Income                                          $6,857     $5,400
    EPS - Diluted                                             $8.35      $6.44

Core Results                                                 $7,348     $4,405
    EPS - Diluted                                             $8.95      $5.25

Total Worldwide Sales Volumes (mboe/day)                       601        570
Total Worldwide Production (mboe/day)                          603        567

Total Worldwide Crude Oil Realizations ($/BBL)               $88.26     $64.77
Domestic Natural Gas Realizations ($/MCF)                     $8.03      $6.53

Wtd. Average Basic Shares O/S (mm)                            817.6      834.9
Wtd. Average Diluted Shares O/S (mm)                          820.8      839.1

Shares Outstanding (mm)                                       810.2      825.7

Cash Flow from Operations                                   $10,700     $6,800




                                                                             1
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                              2008 Fourth Quarter
                                              Net Income (Loss)
                                                     ($ millions)


                                       Reported                                                        Core
                                        Income           Significant Items Affecting Income         Results
Oil & Gas                              $    339           $    58 Rig contract terminations          $   996
                                                             599 Asset impairments

Chemical                                     127               90   Plant closure and impairments       217

Midstream, marketing and other               170                                                        170

Corporate
 Interest expense, net                        (16)                                                       (16)

 Other                                        (54)                                                       (54)

 Taxes                                       (118)           (238) Tax effect of adjustments            (356)

Income from continuing operations            448            509                                         957
Discontinued operations, net of tax            (5)            5     Discontinued operations, net         -
Net Income                             $     443          $ 514                                     $   957


Basic Earnings Per Common Share
Income from continuing operations      $     0.55
Discontinued operations, net                  -
Net Income                             $     0.55                                                   $   1.18

Diluted Earnings Per Common Share
Income from continuing operations      $     0.55
Discontinued operations, net                  -
Net Income                             $     0.55                                                   $   1.18




                                                                                                               2
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                                2007 Fourth Quarter
                                                Net Income (Loss)
                                                    ($ millions)


                                            Reported                                                 Core
                                             Income       Significant Items Affecting Income       Results
Oil & Gas                                   $ 2,461                                                $   2,461



Chemical                                            94                                                    94

Midstream, marketing and other                     138                                                   138

Corporate
 Interest expense, net                             (13)                                                  (13)

 Other                                            (175)            25   Severance                       (150)

 Taxes                                          (1,057)            (9) Tax effect of adjustments       (1,066)

Income from continuing operations             1,448            16                                      1,464
Discontinued operations, net of tax               4             (4) Discontinued operations, net          -
Net Income                                  $ 1,452        $   12                                  $   1,464


Basic Earnings Per Common Share
Income from continuing operations           $     1.75
Discontinued operations, net of tax                -
Net Income                                  $     1.75                                             $     1.77

Diluted Earnings Per Common Share
Income from continuing operations           $     1.74
Discontinued operations, net of tax                -
Net Income                                  $     1.74                                             $     1.76




                                                                                                                3
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                                2008 Total Year
                                               Net Income (Loss)
                                                     ($ millions)


                                       Reported                                                        Core
                                        Income            Significant Items Affecting Income        Results
Oil & Gas                              $ 10,651            $    58 Rig contract terminations         $ 11,308
                                                              599 Asset impairments

Chemical                                      669              90   Plant closure and impairments         759

Midstream, marketing and other                520                                                         520

Corporate
 Interest expense, net                         (26)                                                       (26)

 Other                                       (346)                                                       (346)

 Taxes                                      (4,629)          (238) Tax effect of adjustments            (4,867)

Income from continuing operations         6,839              509                                       7,348
Discontinued operations, net of tax          18               (18) Discontinued operations, net           -
Net Income                              $ 6,857            $ 491                                     $ 7,348


Basic Earnings Per Common Share
Income from continuing operations       $     8.37
Discontinued operations, net                  0.02
Net Income                              $     8.39                                                  $     8.99

Diluted Earnings Per Common Share
Income from continuing operations       $     8.33
Discontinued operations, net                  0.02
Net Income                              $     8.35                                                  $     8.95




                                                                                                                 4
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                                  2007 Total Year
                                                 Net Income (Loss)
                                                    ($ millions)


                                            Reported                                                        Core
                                             Income       Significant   Items Affecting Income            Results
Oil & Gas                                   $ 7,957        $    (412)    Sale of Russian operations       $   7,369
                                                                (112)    Legal settlements
                                                                (103)    Sale of exploration properties
                                                                 (35)    Sale of oil & gas interests
                                                                  74     Exploration impairments
Chemical                                          601                                                           601

Midstream, marketing and other                    367                                                           367

Corporate
 Interest expense, net                           (199)          167      Debt purchases                         (32)

 Other                                           (141)         (326) Sale of Lyondell shares                   (395)
                                                                 25 Severance charge
                                                                 47 Facility closure

 Taxes                                          (3,507)             2    Tax effect of adjustments            (3,505)

Income from continuing operations             5,078            (673)                                          4,405
Discontinued operations, net of tax             322             (322) Discontinued operations, net               -
Net Income                                  $ 5,400       $    (995)                                      $   4,405


Basic Earnings Per Common Share
Income from continuing operations           $     6.08
Discontinued operations, net of tax               0.39
Net Income                                  $     6.47                                                    $    5.28

Diluted Earnings Per Common Share
Income from continuing operations           $     6.05
Discontinued operations, net of tax               0.39
Net Income                                  $     6.44                                                    $    5.25




                                                                                                                      5
Investor Relations Supplemental Schedules




                             OCCIDENTAL PETROLEUM
       Items Affecting Comparability of Core Results Between Periods


 The item(s) below are included in core results and are shown in this table
 because they affect the comparability between periods.

 Pre-tax
 Income / (Expense)                           Fourth Quarter                     12 Months
                                            2008         2007                 2008       2007
 Corporate
  Foreign Exchange Gains & (Losses)*           88               5               91        (18)

 *Amounts shown after tax




                                                                                                6
Investor Relations Supplemental Schedules




                          OCCIDENTAL PETROLEUM
                        Worldwide Effective Tax Rate

                                                       QUARTERLY                               YEAR TO-DATE
                                            2008         2008            2007                2008       2007
 REPORTED INCOME                            QTR 4        QTR 3           QTR 4             12 Months 12 Months
 Oil & Gas (a)                                 339        3,618           2,461               10,651     7,957
 Chemicals                                     127          219              94                  669       601
 Midstream, marketing and other                170           66             138                  520       367
 Corporate                                     (70)         (85)           (188)                (372)     (340)
  Pre-tax income                               566        3,818           2,505               11,468     8,585

 Income tax expense
   Federal and state                             65            716           473                2,188       1,558
   Foreign (a)                                   53            830           584                2,441       1,949
   Total                                        118          1,546         1,057                4,629       3,507

 Income from continuing operations              448          2,272         1,448                6,839       5,078

 Worldwide effective tax rate                  21%            40%           42%                  40%          41%


                                            2008          2008           2007                2008          2007
 CORE RESULTS                               QTR 4         QTR 3          QTR 4             12 Months     12 Months
 Oil & Gas (a)                                 996         3,618          2,461               11,308         7,369
 Chemicals                                     217           219             94                  759           601
 Midstream, marketing and other                170            66            138                  520           367
 Corporate                                     (70)          (85)          (163)                (372)         (427)
  Pre-tax income                             1,313         3,818          2,530               12,215         7,910

 Income tax expense
   Federal and state                            131            716           482                2,254       1,556
   Foreign (a)                                  225            830           584                2,613       1,949
   Total                                        356          1,546         1,066                4,867       3,505

 Core results                                   957          2,272         1,464                7,348       4,405

 Worldwide effective tax rate                  27%            40%           42%                  40%          44%



 (a) Revenues and income tax expense include taxes owed by Occidental but paid by governmental
 entities on its behalf. Oil and gas pre-tax income includes the following revenue amounts by periods.

                                            2008          2008           2007                2008          2007
                                            QTR 4         QTR 3          QTR 4             12 Months     12 Months
                                               250           731            406                2,051         1,325




                                                                                                                    7
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                  2008 Fourth Quarter Net Income (Loss)
                                       Reported Income Comparison

                                                     Fourth            Third
                                                     Quarter          Quarter
                                                      2008             2008         B / (W)
 Oil & Gas                                          $     339         $   3,618     $   (3,279)
 Chemical                                                 127               219           (92)
 Midstream, marketing and other                           170                66           104
 Corporate
   Interest expense, net                                  (16)                (3)         (13)
   Other                                                  (54)              (82)           28
   Taxes                                                 (118)            (1,546)       1,428
 Income from continuing operations                        448             2,272         (1,824)
 Discontinued operations, net                              (5)                (1)           (4)
 Net Income                                          $   443          $ 2,271       $ (1,828)

 Earnings Per Common Share
  Basic                                              $   0.55         $    2.79     $   (2.24)
  Diluted                                            $   0.55         $    2.78     $   (2.23)


 Worldwide Effective Tax Rate                            21%                40%           19%




                                            OCCIDENTAL PETROLEUM
                                  2008 Fourth Quarter Net Income (Loss)
                                            Core Results Comparison

                                                     Fourth            Third
                                                     Quarter          Quarter
                                                      2008             2008         B / (W)
 Oil & Gas                                          $     996         $   3,618     $   (2,622)
 Chemical                                                 217               219             (2)
 Midstream, marketing and other                           170                66           104
 Corporate
   Interest expense, net                                  (16)                (3)         (13)
   Other                                                  (54)              (82)           28
   Taxes                                                 (356)            (1,546)       1,190
 Core Results                                        $   957          $ 2,272       $ (1,315)

 Core Results Per Common Share
  Basic                                              $   1.18         $    2.79     $   (1.61)
  Diluted                                            $   1.18         $    2.78     $   (1.60)

 Worldwide Effective Tax Rate                            27%                40%           13%




                                                                                                8
Investor Relations Supplemental Schedules




                                           OCCIDENTAL PETROLEUM
                                                  Oil & Gas
                                          Variance Analysis 4Q08 vs. 3Q08
                                                            ($ Millions)



                              $2,512
             $3,618




                                                    $83                $73           $46*
                                                                                                         $996




             3Q 08           Sales Price           Sales           Exploration      All Others       4Q 08
                                                Volume/Mix          Expense


* Includes foreign tax liability f/x gains of $76 million




                                                  OCCIDENTAL PETROLEUM
                                                         Chemical
                                                 Variance Analysis 4Q08 vs. 3Q08
                                                                  ($ Millions)




                                  $58                                                             $217
               $219                                                    $185*        $8
                                                   $121




                                                 Sales
             3Q 08         Sales Price                                                           4Q 08
                                                                   Operations/    All Others
                                             Volume/Mix           Manufacturing

* Lower energy and feedstock costs


                                                                                                                9
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                  2008 Fourth Quarter Net Income (Loss)
                                       Reported Income Comparison

                                                     Fourth           Fourth
                                                     Quarter          Quarter
                                                      2008             2007             B / (W)
 Oil & Gas                                          $    339          $   2,461     $     (2,122)
 Chemical                                                127                 94              33
 Midstream, marketing and other                          170                138              32
 Corporate
   Interest expense, net                                 (16)               (13)              (3)
   Other                                                 (54)              (175)            121
   Taxes                                                (118)             (1,057)           939
 Income from continuing operations                       448              1,448           (1,000)
 Discontinued operations, net                             (5)                 4               (9)
 Net Income                                         $   443           $ 1,452       $    (1,009)

 Earnings Per Common Share
  Basic                                             $   0.55          $    1.75     $     (1.20)
  Diluted                                           $   0.55          $    1.74     $     (1.19)


 Worldwide Effective Tax Rate                           21%                42%              21%




                                            OCCIDENTAL PETROLEUM
                                  2008 Fourth Quarter Net Income (Loss)
                                            Core Results Comparison

                                                     Fourth           Fourth
                                                     Quarter          Quarter
                                                      2008             2007             B / (W)
 Oil & Gas                                          $    996          $   2,461     $     (1,465)
 Chemical                                                217                 94             123
 Midstream, marketing and other                          170                138              32
 Corporate
   Interest expense, net                                 (16)               (13)              (3)
   Other                                                 (54)              (150)             96
   Taxes                                                (356)             (1,066)           710
 Core Results                                       $   957           $ 1,464       $      (507)

 Core Results Per Common Share
  Basic                                             $   1.18          $    1.77     $     (0.59)
  Diluted                                           $   1.18          $    1.76     $     (0.58)

 Worldwide Effective Tax Rate                           27%                42%              15%




                                                                                                  10
Investor Relations Supplemental Schedules



                                     OCCIDENTAL PETROLEUM
                                            Oil & Gas
                                    Variance Analysis 4Q08 vs. 4Q07
                                                    ($ Millions)




                          $1,415
      $2,461




                                              $61             $34           $77*
                                                                                      $996




                                           Sales          Exploration
      4Q 07         Sales Price                                         All Others   4Q 08
                                        Volume/Mix         Expense

* DD&A rate increase and higher operating expenses




                                     OCCIDENTAL PETROLEUM
                                            Chemical
                                    Variance Analysis 4Q08 vs. 4Q07
                                                    ($ Millions)




                          $156                $86             $65*          $12       $217



       $94




                                                         Operations/
      4Q 07          Sales Price         Sales                          All Others   4Q 08
                                       Volume/Mix       Manufacturing
                                                                                             11
* Lower feedstock costs
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                  SUMMARY OF OPERATING STATISTICS

                                                            Fourth Quarter    Twelve Months
                                                           2008       2007   2008      2007
 SALES VOLUMES PER DAY:
  United States
   Crude Oil and Liquids (MBL)
                                            California       97        88     89        89
                                             Permian        167       170    168       167
                             Midcontinent and Rockies         9         4      6         4
                                                Total       273       262    263       260
    Natural Gas (MMCF)
                                            California      221       250    235       254
                                             Permian        188       180    181       186
                             Midcontinent and Rockies       187       148    171       153
                                                Total       596       578    587       593
   Latin America
    Crude Oil (MBL)
                                              Argentina      32        31     32        32
                                              Colombia       45        41     43        42
                                                 Total       77        72     75        74
    Natural Gas (MMCF)
                                              Argentina      24        19     21        22
                                                 Bolivia     21        22     21        18
                                                 Total       45        41     42        40
   Middle East / North Africa
    Crude Oil and Liquids (MBL)
                                                 Oman        27        20     23        20
                                                Dolphin      23        14     21         4
                                                 Qatar       48        52     47        48
                                                Yemen        20        22     21        25
                                                  Libya      10        22     15        22
                                                 Total      128       130    127       119
    Natural Gas (MMCF)
                                                 Oman        23        30     24        30
                                                Dolphin     209       133    184        51
                                                 Total      232       163    208        81

 Barrels of Oil Equivalent (MBOE)

 Subtotal consolidated subsidiaries                         624       594    605       573
 Other interests
  Colombia - minority interest                               (6)       (6)    (6)       (5)
  Yemen - Occidental net interest                             2         2      2         2
 Total worldwide sales - MBOE                               620       590    601       570




                                                                                          12
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                  SUMMARY OF OPERATING STATISTICS

                                                            Fourth Quarter    Twelve Months
                                                           2008       2007   2008      2007
 NET PRODUCTION PER DAY:
  United States
   Crude Oil and Liquids (MBL)                              273       262    263       260
   Natural Gas (MMCF)                                       596       578    587       593

   Latin America
    Crude Oil (MBL)
                                              Argentina      38        32     34        33
                                              Colombia       45        41     44        42
                                                 Total       83        73     78        75
    Natural Gas (MMCF)                                       45        41     42        40

   Middle East / North Africa
    Crude Oil and Liquids (MBL)
                                                Oman         28        20     23        19
                                               Dolphin       22        14     20         5
                                                Qatar        48        51     47        47
                                               Yemen         20        22     21        25
                                                 Libya        8        20     15        21
                                                Total       126       127    126       117
    Natural Gas (MMCF)                                      232       163    208        81

 Barrels of Oil Equivalent (MBOE)

 Subtotal consolidated subsidiaries                         627       592    607       571
 Other interests
  Colombia - minority interest                               (6)       (6)    (6)       (6)
  Yemen - Occidental net interest                             2         2      2         2
 Total worldwide production - MBOE                          623       588    603       567




                                                                                          13
Investor Relations Supplemental Schedules




                                            OCCIDENTAL PETROLEUM
                                  SUMMARY OF OPERATING STATISTICS

                                                          Fourth Quarter           Twelve Months
                                                         2008        2007         2008       2007

OIL & GAS:
 PRICES
  United States
  Crude Oil ($/BBL)                                      52.64       83.17        91.16      65.67
  Natural gas ($/MCF)                                     4.67        6.77         8.03       6.53

   Latin America
   Crude Oil ($/BBL)                                     47.48       67.92        70.53      56.66
   Natural Gas ($/MCF)                                    4.99        3.69         4.43       2.66

   Middle East / North Africa
   Crude Oil ($/BBL)                                     59.09       83.88        94.70      69.24

   Total Worldwide
   Crude Oil ($/BBL)                                     53.52       80.30        88.26      64.77
   Natural Gas ($/MCF)                                    3.72        5.41         6.10       5.68



                                                          Fourth Quarter           Twelve Months
                                                         2008        2007         2008       2007
Exploration Expense
  Domestic                                           $      53      $    21   $      95     $ 121
  Latin America                                             18           16          53         52
  Middle East / North Africa                              142            57        259        219
  Other Eastern Hemisphere                                   2            7           1         30
                 TOTAL REPORTED                      $    215       $ 101     $    408      $ 422
  Less - non-core impairments                              (81)        -            (81)       (58)
                       TOTAL CORE                    $    134       $ 101     $    327      $ 364




                                                                                                 14
Investor Relations Supplemental Schedules




                                        OCCIDENTAL PETROLEUM
                                 SUMMARY OF OPERATING STATISTICS


                                                  Fourth Quarter            Twelve Months
Capital Expenditures ($MM)                      2008          2007        2008         2007
 Oil & Gas
  California                                $   244        $    140   $    802       $    573
  Permian                                       207              77        485            367
  Other U.S.                                    149              59        389            201
  Latin America                                 301             192        848            508
  Middle East / North Africa                    323             249      1,058          1,059
  Exploration                                   107              36        263            157
 Chemicals                                       86             107        240            245
 Midstream, marketing and other                 160              83        492            243
 Corporate                                       17               3         87              7
                                    TOTAL   $ 1,594         $   946   $ 4,664        $ 3,360


Depreciation, Depletion &                         Fourth Quarter            Twelve Months
 Amortization of Assets ($MM)                   2008          2007        2008         2007
 Oil & Gas
  Domestic                                  $     334      $    276   $  1,094       $  1,040
  Latin America                                   140            93        453            355
  Middle East / North Africa                      181           170        760            597
 Chemicals                                         72            78        311            304
 Midstream, marketing and other                    21            18         73             67
 Corporate                                          5             4         19             16
                                TOTAL       $     753       $   639   $ 2,710        $ 2,379




                                                                                              15
Investor Relations Supplemental Schedules




                                        OCCIDENTAL PETROLEUM
                                                CORPORATE
                                                ($ millions)

                                                                   31-Dec-08    31-Dec-07
CAPITALIZATION

Long-Term Debt (including current maturities)                      $    2,740   $   1,776

Notes Payable                                                               7          12

Others                                                                     25          25

                                                      Total Debt   $    2,772   $   1,813


EQUITY                                                             $   27,300   $ 22,823

Total Debt To Total Capitalization                                        9%          7%




                                                                                            16

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occidental petroleum Supplementals

  • 1. Investor Relations Supplemental Schedules Investor Relations Supplemental Schedules Summary ($ Millions) 4Q 2008 4Q 2007 Reported Net Income $443 $1,452 EPS - Diluted $0.55 $1.74 Core Results $957 $1,464 EPS - Diluted $1.18 $1.76 Total Worldwide Sales Volumes (mboe/day) 620 590 Total Worldwide Production (mboe/day) 623 588 Total Worldwide Crude Oil Realizations ($/BBL) $53.52 $80.30 Domestic Natural Gas Realizations ($/MCF) $4.67 $6.77 Wtd. Average Basic Shares O/S (mm) 810.3 828.4 Wtd. Average Diluted Shares O/S (mm) 811.6 833.1 YTD 2008 YTD 2007 Reported Net Income $6,857 $5,400 EPS - Diluted $8.35 $6.44 Core Results $7,348 $4,405 EPS - Diluted $8.95 $5.25 Total Worldwide Sales Volumes (mboe/day) 601 570 Total Worldwide Production (mboe/day) 603 567 Total Worldwide Crude Oil Realizations ($/BBL) $88.26 $64.77 Domestic Natural Gas Realizations ($/MCF) $8.03 $6.53 Wtd. Average Basic Shares O/S (mm) 817.6 834.9 Wtd. Average Diluted Shares O/S (mm) 820.8 839.1 Shares Outstanding (mm) 810.2 825.7 Cash Flow from Operations $10,700 $6,800 1
  • 2. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2008 Fourth Quarter Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Results Oil & Gas $ 339 $ 58 Rig contract terminations $ 996 599 Asset impairments Chemical 127 90 Plant closure and impairments 217 Midstream, marketing and other 170 170 Corporate Interest expense, net (16) (16) Other (54) (54) Taxes (118) (238) Tax effect of adjustments (356) Income from continuing operations 448 509 957 Discontinued operations, net of tax (5) 5 Discontinued operations, net - Net Income $ 443 $ 514 $ 957 Basic Earnings Per Common Share Income from continuing operations $ 0.55 Discontinued operations, net - Net Income $ 0.55 $ 1.18 Diluted Earnings Per Common Share Income from continuing operations $ 0.55 Discontinued operations, net - Net Income $ 0.55 $ 1.18 2
  • 3. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2007 Fourth Quarter Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Results Oil & Gas $ 2,461 $ 2,461 Chemical 94 94 Midstream, marketing and other 138 138 Corporate Interest expense, net (13) (13) Other (175) 25 Severance (150) Taxes (1,057) (9) Tax effect of adjustments (1,066) Income from continuing operations 1,448 16 1,464 Discontinued operations, net of tax 4 (4) Discontinued operations, net - Net Income $ 1,452 $ 12 $ 1,464 Basic Earnings Per Common Share Income from continuing operations $ 1.75 Discontinued operations, net of tax - Net Income $ 1.75 $ 1.77 Diluted Earnings Per Common Share Income from continuing operations $ 1.74 Discontinued operations, net of tax - Net Income $ 1.74 $ 1.76 3
  • 4. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2008 Total Year Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Results Oil & Gas $ 10,651 $ 58 Rig contract terminations $ 11,308 599 Asset impairments Chemical 669 90 Plant closure and impairments 759 Midstream, marketing and other 520 520 Corporate Interest expense, net (26) (26) Other (346) (346) Taxes (4,629) (238) Tax effect of adjustments (4,867) Income from continuing operations 6,839 509 7,348 Discontinued operations, net of tax 18 (18) Discontinued operations, net - Net Income $ 6,857 $ 491 $ 7,348 Basic Earnings Per Common Share Income from continuing operations $ 8.37 Discontinued operations, net 0.02 Net Income $ 8.39 $ 8.99 Diluted Earnings Per Common Share Income from continuing operations $ 8.33 Discontinued operations, net 0.02 Net Income $ 8.35 $ 8.95 4
  • 5. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2007 Total Year Net Income (Loss) ($ millions) Reported Core Income Significant Items Affecting Income Results Oil & Gas $ 7,957 $ (412) Sale of Russian operations $ 7,369 (112) Legal settlements (103) Sale of exploration properties (35) Sale of oil & gas interests 74 Exploration impairments Chemical 601 601 Midstream, marketing and other 367 367 Corporate Interest expense, net (199) 167 Debt purchases (32) Other (141) (326) Sale of Lyondell shares (395) 25 Severance charge 47 Facility closure Taxes (3,507) 2 Tax effect of adjustments (3,505) Income from continuing operations 5,078 (673) 4,405 Discontinued operations, net of tax 322 (322) Discontinued operations, net - Net Income $ 5,400 $ (995) $ 4,405 Basic Earnings Per Common Share Income from continuing operations $ 6.08 Discontinued operations, net of tax 0.39 Net Income $ 6.47 $ 5.28 Diluted Earnings Per Common Share Income from continuing operations $ 6.05 Discontinued operations, net of tax 0.39 Net Income $ 6.44 $ 5.25 5
  • 6. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Items Affecting Comparability of Core Results Between Periods The item(s) below are included in core results and are shown in this table because they affect the comparability between periods. Pre-tax Income / (Expense) Fourth Quarter 12 Months 2008 2007 2008 2007 Corporate Foreign Exchange Gains & (Losses)* 88 5 91 (18) *Amounts shown after tax 6
  • 7. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Worldwide Effective Tax Rate QUARTERLY YEAR TO-DATE 2008 2008 2007 2008 2007 REPORTED INCOME QTR 4 QTR 3 QTR 4 12 Months 12 Months Oil & Gas (a) 339 3,618 2,461 10,651 7,957 Chemicals 127 219 94 669 601 Midstream, marketing and other 170 66 138 520 367 Corporate (70) (85) (188) (372) (340) Pre-tax income 566 3,818 2,505 11,468 8,585 Income tax expense Federal and state 65 716 473 2,188 1,558 Foreign (a) 53 830 584 2,441 1,949 Total 118 1,546 1,057 4,629 3,507 Income from continuing operations 448 2,272 1,448 6,839 5,078 Worldwide effective tax rate 21% 40% 42% 40% 41% 2008 2008 2007 2008 2007 CORE RESULTS QTR 4 QTR 3 QTR 4 12 Months 12 Months Oil & Gas (a) 996 3,618 2,461 11,308 7,369 Chemicals 217 219 94 759 601 Midstream, marketing and other 170 66 138 520 367 Corporate (70) (85) (163) (372) (427) Pre-tax income 1,313 3,818 2,530 12,215 7,910 Income tax expense Federal and state 131 716 482 2,254 1,556 Foreign (a) 225 830 584 2,613 1,949 Total 356 1,546 1,066 4,867 3,505 Core results 957 2,272 1,464 7,348 4,405 Worldwide effective tax rate 27% 40% 42% 40% 44% (a) Revenues and income tax expense include taxes owed by Occidental but paid by governmental entities on its behalf. Oil and gas pre-tax income includes the following revenue amounts by periods. 2008 2008 2007 2008 2007 QTR 4 QTR 3 QTR 4 12 Months 12 Months 250 731 406 2,051 1,325 7
  • 8. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2008 Fourth Quarter Net Income (Loss) Reported Income Comparison Fourth Third Quarter Quarter 2008 2008 B / (W) Oil & Gas $ 339 $ 3,618 $ (3,279) Chemical 127 219 (92) Midstream, marketing and other 170 66 104 Corporate Interest expense, net (16) (3) (13) Other (54) (82) 28 Taxes (118) (1,546) 1,428 Income from continuing operations 448 2,272 (1,824) Discontinued operations, net (5) (1) (4) Net Income $ 443 $ 2,271 $ (1,828) Earnings Per Common Share Basic $ 0.55 $ 2.79 $ (2.24) Diluted $ 0.55 $ 2.78 $ (2.23) Worldwide Effective Tax Rate 21% 40% 19% OCCIDENTAL PETROLEUM 2008 Fourth Quarter Net Income (Loss) Core Results Comparison Fourth Third Quarter Quarter 2008 2008 B / (W) Oil & Gas $ 996 $ 3,618 $ (2,622) Chemical 217 219 (2) Midstream, marketing and other 170 66 104 Corporate Interest expense, net (16) (3) (13) Other (54) (82) 28 Taxes (356) (1,546) 1,190 Core Results $ 957 $ 2,272 $ (1,315) Core Results Per Common Share Basic $ 1.18 $ 2.79 $ (1.61) Diluted $ 1.18 $ 2.78 $ (1.60) Worldwide Effective Tax Rate 27% 40% 13% 8
  • 9. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Oil & Gas Variance Analysis 4Q08 vs. 3Q08 ($ Millions) $2,512 $3,618 $83 $73 $46* $996 3Q 08 Sales Price Sales Exploration All Others 4Q 08 Volume/Mix Expense * Includes foreign tax liability f/x gains of $76 million OCCIDENTAL PETROLEUM Chemical Variance Analysis 4Q08 vs. 3Q08 ($ Millions) $58 $217 $219 $185* $8 $121 Sales 3Q 08 Sales Price 4Q 08 Operations/ All Others Volume/Mix Manufacturing * Lower energy and feedstock costs 9
  • 10. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM 2008 Fourth Quarter Net Income (Loss) Reported Income Comparison Fourth Fourth Quarter Quarter 2008 2007 B / (W) Oil & Gas $ 339 $ 2,461 $ (2,122) Chemical 127 94 33 Midstream, marketing and other 170 138 32 Corporate Interest expense, net (16) (13) (3) Other (54) (175) 121 Taxes (118) (1,057) 939 Income from continuing operations 448 1,448 (1,000) Discontinued operations, net (5) 4 (9) Net Income $ 443 $ 1,452 $ (1,009) Earnings Per Common Share Basic $ 0.55 $ 1.75 $ (1.20) Diluted $ 0.55 $ 1.74 $ (1.19) Worldwide Effective Tax Rate 21% 42% 21% OCCIDENTAL PETROLEUM 2008 Fourth Quarter Net Income (Loss) Core Results Comparison Fourth Fourth Quarter Quarter 2008 2007 B / (W) Oil & Gas $ 996 $ 2,461 $ (1,465) Chemical 217 94 123 Midstream, marketing and other 170 138 32 Corporate Interest expense, net (16) (13) (3) Other (54) (150) 96 Taxes (356) (1,066) 710 Core Results $ 957 $ 1,464 $ (507) Core Results Per Common Share Basic $ 1.18 $ 1.77 $ (0.59) Diluted $ 1.18 $ 1.76 $ (0.58) Worldwide Effective Tax Rate 27% 42% 15% 10
  • 11. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM Oil & Gas Variance Analysis 4Q08 vs. 4Q07 ($ Millions) $1,415 $2,461 $61 $34 $77* $996 Sales Exploration 4Q 07 Sales Price All Others 4Q 08 Volume/Mix Expense * DD&A rate increase and higher operating expenses OCCIDENTAL PETROLEUM Chemical Variance Analysis 4Q08 vs. 4Q07 ($ Millions) $156 $86 $65* $12 $217 $94 Operations/ 4Q 07 Sales Price Sales All Others 4Q 08 Volume/Mix Manufacturing 11 * Lower feedstock costs
  • 12. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Fourth Quarter Twelve Months 2008 2007 2008 2007 SALES VOLUMES PER DAY: United States Crude Oil and Liquids (MBL) California 97 88 89 89 Permian 167 170 168 167 Midcontinent and Rockies 9 4 6 4 Total 273 262 263 260 Natural Gas (MMCF) California 221 250 235 254 Permian 188 180 181 186 Midcontinent and Rockies 187 148 171 153 Total 596 578 587 593 Latin America Crude Oil (MBL) Argentina 32 31 32 32 Colombia 45 41 43 42 Total 77 72 75 74 Natural Gas (MMCF) Argentina 24 19 21 22 Bolivia 21 22 21 18 Total 45 41 42 40 Middle East / North Africa Crude Oil and Liquids (MBL) Oman 27 20 23 20 Dolphin 23 14 21 4 Qatar 48 52 47 48 Yemen 20 22 21 25 Libya 10 22 15 22 Total 128 130 127 119 Natural Gas (MMCF) Oman 23 30 24 30 Dolphin 209 133 184 51 Total 232 163 208 81 Barrels of Oil Equivalent (MBOE) Subtotal consolidated subsidiaries 624 594 605 573 Other interests Colombia - minority interest (6) (6) (6) (5) Yemen - Occidental net interest 2 2 2 2 Total worldwide sales - MBOE 620 590 601 570 12
  • 13. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Fourth Quarter Twelve Months 2008 2007 2008 2007 NET PRODUCTION PER DAY: United States Crude Oil and Liquids (MBL) 273 262 263 260 Natural Gas (MMCF) 596 578 587 593 Latin America Crude Oil (MBL) Argentina 38 32 34 33 Colombia 45 41 44 42 Total 83 73 78 75 Natural Gas (MMCF) 45 41 42 40 Middle East / North Africa Crude Oil and Liquids (MBL) Oman 28 20 23 19 Dolphin 22 14 20 5 Qatar 48 51 47 47 Yemen 20 22 21 25 Libya 8 20 15 21 Total 126 127 126 117 Natural Gas (MMCF) 232 163 208 81 Barrels of Oil Equivalent (MBOE) Subtotal consolidated subsidiaries 627 592 607 571 Other interests Colombia - minority interest (6) (6) (6) (6) Yemen - Occidental net interest 2 2 2 2 Total worldwide production - MBOE 623 588 603 567 13
  • 14. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Fourth Quarter Twelve Months 2008 2007 2008 2007 OIL & GAS: PRICES United States Crude Oil ($/BBL) 52.64 83.17 91.16 65.67 Natural gas ($/MCF) 4.67 6.77 8.03 6.53 Latin America Crude Oil ($/BBL) 47.48 67.92 70.53 56.66 Natural Gas ($/MCF) 4.99 3.69 4.43 2.66 Middle East / North Africa Crude Oil ($/BBL) 59.09 83.88 94.70 69.24 Total Worldwide Crude Oil ($/BBL) 53.52 80.30 88.26 64.77 Natural Gas ($/MCF) 3.72 5.41 6.10 5.68 Fourth Quarter Twelve Months 2008 2007 2008 2007 Exploration Expense Domestic $ 53 $ 21 $ 95 $ 121 Latin America 18 16 53 52 Middle East / North Africa 142 57 259 219 Other Eastern Hemisphere 2 7 1 30 TOTAL REPORTED $ 215 $ 101 $ 408 $ 422 Less - non-core impairments (81) - (81) (58) TOTAL CORE $ 134 $ 101 $ 327 $ 364 14
  • 15. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM SUMMARY OF OPERATING STATISTICS Fourth Quarter Twelve Months Capital Expenditures ($MM) 2008 2007 2008 2007 Oil & Gas California $ 244 $ 140 $ 802 $ 573 Permian 207 77 485 367 Other U.S. 149 59 389 201 Latin America 301 192 848 508 Middle East / North Africa 323 249 1,058 1,059 Exploration 107 36 263 157 Chemicals 86 107 240 245 Midstream, marketing and other 160 83 492 243 Corporate 17 3 87 7 TOTAL $ 1,594 $ 946 $ 4,664 $ 3,360 Depreciation, Depletion & Fourth Quarter Twelve Months Amortization of Assets ($MM) 2008 2007 2008 2007 Oil & Gas Domestic $ 334 $ 276 $ 1,094 $ 1,040 Latin America 140 93 453 355 Middle East / North Africa 181 170 760 597 Chemicals 72 78 311 304 Midstream, marketing and other 21 18 73 67 Corporate 5 4 19 16 TOTAL $ 753 $ 639 $ 2,710 $ 2,379 15
  • 16. Investor Relations Supplemental Schedules OCCIDENTAL PETROLEUM CORPORATE ($ millions) 31-Dec-08 31-Dec-07 CAPITALIZATION Long-Term Debt (including current maturities) $ 2,740 $ 1,776 Notes Payable 7 12 Others 25 25 Total Debt $ 2,772 $ 1,813 EQUITY $ 27,300 $ 22,823 Total Debt To Total Capitalization 9% 7% 16