OCCIDENTAL PETROLEUM CORP /DE/ - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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EX-99.3 - EXHIBIT 99.3 - OCCIDENTAL PETROLEUM CORP /DE/	ex99_3-20100128.htm
EX-99.4 - EXHIBIT 99.4 - OCCIDENTAL PETROLEUM CORP /DE/	ex99_4-20100128.htm
EX-99.2 - EXHIBIT 99.2 - OCCIDENTAL PETROLEUM CORP /DE/	ex99_2-20100128.htm
EX-99.5 - EXHIBIT 99.5 - OCCIDENTAL PETROLEUM CORP /DE/	ex99_5-20100128.htm
8-K - FORM 8-K - OCCIDENTAL PETROLEUM CORP /DE/	form8k-20100128.htm

EXHIBIT 99.1

For Immediate Release: January 28, 2010

Occidental Petroleum Announces Fourth Quarter and 12-Month 2009 Results

●		Q4 2009 core income $1.1 billion ($1.30 per diluted share); net income $938 million ($1.15 per share)

●		Q4 2009 daily oil and gas sales average of 650,000 BOE per day

●		12-month core income $3.1 billion ($3.78 per diluted share); net income $2.9 billion ($3.58 per share)

●		12-month production growth over 7 percent to record 645,000 BOE per day

●		12-month production costs reduced 15 percent per BOE

LOS ANGELES, January 28, 2010 -- Occidental Petroleum Corporation (NYSE: OXY) announced net income of $938 million ($1.15 per diluted share) for the fourth quarter of 2009, compared with $443 million ($0.55 per diluted share) for the fourth quarter of 2008. Core results for the fourth quarter of 2009 were $1.1 billion ($1.30 per diluted share), compared with $957 million ($1.18 per diluted share) for the fourth quarter of 2008. Core results excluded after-tax charges of $120 million ($0.15 per diluted share) for 2009 and $514 million ($0.63 per diluted share) for 2008.

Net income for the twelve months of 2009 was $2.9 billion ($3.58 per diluted share), compared with $6.9 billion ($8.34 per diluted share) for the twelve months of 2008. Full year core results were $3.1 billion ($3.78 per diluted share) for 2009, compared with $7.3 billion ($8.94 per diluted share) for 2008.

In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, "I am pleased to announce Occidental's production for the twelve months ended December 31, 2009 was 645,000 BOE per day, the highest annual volume in the Company's history. Occidental achieved year-over-year growth of over seven percent for the twelve months of 2009. We expect the 2010 production to increase by 5 percent to 8 percent.

"The year 2009 experienced volatile commodity prices with WTI beginning the year in the low $40 per barrel range and ending the year above $75 per barrel. Occidental reacted to the lower prices by reducing costs in key areas and managing our capital program. We successfully reduced our oil and gas cash production costs, excluding production and property taxes, by 15 percent. "

QUARTERLY RESULTS

Oil and Gas

Oil and gas segment earnings were $1.6 billion for the fourth quarter of 2009, compared with $339 million for the same period in 2008. The fourth quarter of 2009 core results were $1.8 billion, excluding a pre-tax loss of $170 million related to impairment of assets. The 2008 core results were $1 billion, excluding pre-tax losses of $657 million relating to the impairment of assets and other items. The $800 million increase in the fourth quarter of 2009 core results was primarily due to higher crude oil prices and sales volumes and lower operating costs.

For the fourth quarter of 2009, daily oil and gas sales volumes averaged 650,000 barrels of oil equivalent (BOE), compared with 620,000 BOE per day in the fourth quarter of 2008, a year-over-year increase of nearly five percent. Volumes increased by 14 percent in the Middle East/North Africa, and two percent each in the United States and Latin America. The Middle East/North Africa increase included new production from the Bahrain start-up and increased production from the Mukhaizna field in Oman.

Oxy's realized price for worldwide crude oil was $69.39 per barrel for the fourth quarter of 2009, compared with $53.52 per barrel for the fourth quarter of 2008. Domestic realized gas prices dropped from $4.67 per MCF in the fourth quarter of 2008 to $4.37 per MCF for the fourth quarter of 2009.

Chemicals

Chemical segment earnings for the fourth quarter of 2009 were $33 million, compared with $127 million for the same period in 2008. The fourth quarter of 2008 core results were $217 million after excluding a $90 million pre-tax loss related to plant closure and impairments. The fourth quarter 2009 results reflect the continued weakness in most domestic markets, but in particular U.S. housing, durable goods and agricultural sectors.

Midstream, Marketing and Other

Midstream segment earnings were $81 million for the fourth quarter of 2009, compared with $170 million for the fourth quarter of 2008. Earnings for the fourth quarter of 2009 reflect lower margins in the marketing business in 2009, compared to 2008, partially offset by higher pipeline income from Dolphin and improved margins in the gas processing business.

TWELVE-MONTH RESULTS

Oil and Gas

Oil and gas segment earnings were $4.7 billion for the twelve months of 2009, compared with $10.7 billion for the same period of 2008. Oil and gas core results, after excluding impairments and rig termination costs, were $4.9 billion for the twelve months of 2009, compared to $11.3 billion for the twelve months of 2008. The $6.4 billion decrease in the 2009 core results reflected lower crude oil and natural gas prices, partially offset by increased oil and gas production and lower operating costs.

Daily oil and gas sales volumes for the year were 645,000 BOE per day for 2009, compared with 601,000 BOE per day for the 2008 period, a year-over-year increase of seven percent. Volumes increased 4 percent domestically, mainly in California and Midcontinent Gas, by 10 percent in Latin America, and 13 percent in the Middle East/North Africa. The increase in the Middle East/North Africa resulted from higher production in the Mukhaizna field in Oman and higher volumes resulting from lower year-over-year average oil prices affecting our production sharing contracts.

Oxy's realized price for worldwide crude oil was $55.97 per barrel for the twelve months of 2009, compared with $88.26 per barrel for the twelve months of 2008. Domestic realized gas prices decreased from $8.03 per MCF in the twelve months of 2008 to $3.46 per MCF in the twelve months of 2009.

Chemicals

Chemical segment earnings were $389 million for the twelve months of 2009 compared with $669 million for the twelve months of 2008. The 2008 core results were $759 million after excluding charges for plant closure and impairments. The decrease in 2009 results reflects lower volumes and prices for chlorine, caustic soda, polyvinyl chloride, and vinyl chloride monomer due to the economic slow down, partially offset by lower feedstock and energy costs.

Midstream, Marketing and Other

Midstream segment earnings were $235 million for the twelve months of 2009, compared with $520 million for the same period in 2008. The 2009 results reflect lower marketing income and lower margins in the gas processing business.

About Oxy

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

Forward-Looking Statements

Statements in this release that contain words such as "will," “should,” "expect," or "estimate," or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause actual results to differ materially include, but are not limited to: global commodity price fluctuations and supply/demand considerations for oil, gas and chemicals; exploration risks, such as drilling of unsuccessful wells; not successfully completing (or any material delay in) any expansions, field development, capital projects, acquisitions, or dispositions; higher-than-expected costs; political risk; operational interruptions; and changes in tax rates. You should not place undue reliance on these forward-looking statements which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. U.S. investors are urged to consider carefully the disclosures in our Form 10-K, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.

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Contacts: Richard S. Kline (media)

richard_kline@oxy.com

310-443-6249

Chris Stavros (investors)

chris_stavros@oxy.com

212-603-8184

For further analysis of Occidental's quarterly performance,

please visit the web site: www.oxy.com

Attachment 1

SUMMARY OF SEGMENT NET SALES AND EARNINGS


	Fourth Quarter						Twelve Months
($ millions, except per-share amounts)	2009			2008			2009			2008
SEGMENT NET SALES
Oil and Gas	$	3,646		$	2,746		$	11,598		$	18,187
Chemical		780			1,005			3,225			5,112
Midstream, Marketing and Other		253			394			1,016			1,598
Eliminations		(140	)		(124	)		(436	)		(680	)

Net Sales	$	4,539		$	4,021		$	15,403		$	24,217

SEGMENT EARNINGS
Oil and Gas (a), (b)	$	1,643		$	339		$	4,735		$	10,651
Chemical (c)		33			127			389			669
Midstream, Marketing and Other		81			170			235			520
		1,757			636			5,359			11,840

Unallocated Corporate Items
Interest expense, net		(33	)		(16	)		(109	)		(26	)
Income taxes		(673	)		(118	)		(1,918	)		(4,629	)
Other (d)		(108	)		(54	)		(405	)		(346	)

Income from Continuing Operations (a)		943			448			2,927			6,839
Discontinued operations, net		(5	)		(5	)		(12	)		18

NET INCOME (a)	$	938		$	443		$	2,915		$	6,857

BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.16		$	0.55		$	3.60		$	8.35
Discontinued operations, net		(0.01	)		-			(0.01	)		0.02
	$	1.15		$	0.55		$	3.59		$	8.37

DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.16		$	0.55		$	3.59		$	8.32
Discontinued operations, net		(0.01	)		-			(0.01	)		0.02
	$	1.15		$	0.55		$	3.58		$	8.34
AVERAGE BASIC COMMON SHARES OUTSTANDING
BASIC		811.8			810.3			811.3			817.6
DILUTED		813.5			811.5			813.8			820.5

(a) Net Income - Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest amounts of $16 million and $12 million for the fourth quarter and $51 million and $116 million for the twelve months ended December 31, 2009 and 2008, respectively. Oil and gas segment earnings are presented net of these non-controlling interest amounts.

(b) Oil and Gas - The fourth quarter and twelve months of 2009 include a pre-tax charge for asset impairment for $170 million. The twelve months of 2009 also includes $8 million for rig contract termination costs. The fourth quarter and 12 months 2008 include pre-tax charges of $599 million for asset impairments and $58 million for the termination of rig contracts.

(c) Chemical - The fourth quarter and 12 months of 2008 include a pre-tax charge of $90 million for plant closure and impairments costs.

(d) Unallocated Corporate Items - Other - The twelve months of 2009 includes non-core pre-tax charges of $40 million related to severance and $15 million for railcar leases.

Attachment 2

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE


	Fourth Quarter				Twelve Months
($ millions)	2009		2008		2009		2008
CAPITAL EXPENDITURES	$	932	$	1,594	$	3,581	$	4,664

DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS	$	820	$	753	$	3,117	$	2,710




ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS

	Fourth Quarter				Twelve Months
($ millions)	2009		2008		2009		2008
Foreign exchange gains *	$	8	$	88	$	36	$	91
* Amounts shown after tax.

Attachment 3

SUMMARY OF OPERATING STATISTICS - SALES


	Fourth Quarter		Twelve Months
	2009	2008	2009	2008
NET OIL, GAS AND LIQUIDS SALES PER DAY
United States
Crude Oil and Liquids (MBBL)
California	92	97	93	89
Permian	168	167	168	168
Midcontinent Gas	11	9	10	6
Total	271	273	271	263

Natural Gas (MMCF)
California	282	221	250	235
Permian	197	188	199	181
Midcontinent Gas	166	187	186	171
Total	645	596	635	587

Latin America
Crude Oil (MBBL)
Argentina	37	32	37	32
Colombia	36	39	39	37
Total	73	71	76	69

Natural Gas (MMCF)
Argentina	30	24	30	21
Bolivia	12	21	16	21
Total	42	45	46	42

Middle East / North Africa
Crude Oil and Liquids (MBBL)
Oman	43	27	39	23
Dolphin	20	23	21	21
Qatar	48	48	48	47
Yemen	28	22	29	23
Libya	9	10	7	15
Bahrain	1	-	-	-
Total	149	130	144	129

Natural Gas (MMCF)
Oman	19	23	22	24
Dolphin	198	209	213	184
Bahrain	40	-	10	-
Total	257	232	245	208



Barrels of Oil Equivalent (MBOE)	650	620	645	601

Attachment 4

SUMMARY OF OPERATING STATISTICS - PRODUCTION


	Fourth Quarter		Twelve Months
	2009	2008	2009	2008
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil and Liquids (MBBL)	271	273	271	263
Natural Gas (MMCF)	645	596	635	587

Latin America
Crude Oil (MBBL)
Argentina	36	38	36	34
Colombia	36	39	39	38
Total	72	77	75	72

Natural Gas (MMCF)	42	45	46	42

Middle East / North Africa
Crude Oil and Liquids (MBBL)
Oman	45	28	39	23
Dolphin	20	22	22	20
Qatar	46	48	48	47
Yemen	27	22	28	23
Libya	5	8	6	15
Bahrain	1	-	-	-
Total	144	128	143	128

Natural Gas (MMCF)	257	232	245	208



Barrels of Oil Equivalent (MBOE)	644	623	643	603

Attachment 5

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Therefore, management uses a measure called "core results," which excludes those items. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.

	Fourth Quarter
($ millions, except per-share amounts)	2009			Diluted EPS		2008			Diluted EPS
TOTAL REPORTED EARNINGS	$	938		$	1.15	$	443		$	0.55

Oil and Gas
Segment Earnings	$	1,643				$	339
Add:
Asset impairments		170					599
Rig contract terminations		-					58

Segment Core Results		1,813					996

Chemicals
Segment Earnings		33					127
Add:
Plant closure and impairments		-					90

Segment Core Results		33					217

Midstream, Marketing and Other
Segment Earnings		81					170
Add:
No significant items affecting earnings		-					-

Segment Core Results		81					170

Total Segment Core Results		1,927					1,383

Corporate
Corporate Results --
Non Segment *		(819	)				(193	)
Add:
Tax effect of pre-tax adjustments		(55	)				(238	)
Discontinued operations, net **		5					5

Corporate Core Results - Non Segment		(869	)				(426	)

TOTAL CORE RESULTS	$	1,058		$	1.30	$	957		$	1.18

* Interest expense, income taxes, G&A expense and other
** Amounts shown after tax.

Attachment 6

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)


	Twelve Months
($ millions, except per-share amounts)	2009			Diluted EPS		2008			Diluted EPS
TOTAL REPORTED EARNINGS	$	2,915		$	3.58	$	6,857		$	8.34

Oil and Gas
Segment Earnings	$	4,735				$	10,651
Add:
Asset impairments		170					599
Rig contract terminations		8					58

Segment Core Results		4,913					11,308

Chemicals
Segment Earnings		389					669
Add:
Plant closure and impairments		-					90

Segment Core Results		389					759

Midstream, Marketing and Other
Segment Earnings		235					520
Add:
No significant items affecting earnings		-					-

Segment Core Results		235					520

Total Segment Core Results		5,537					12,587

Corporate
Corporate Results --
Non Segment *		(2,444	)				(4,983	)
Add:
Railcar leases		15					-
Severance accruals		40					-
Tax effect of pre-tax adjustments		(77	)				(238	)
Discontinued operations, net **		12					(18	)

Corporate Core Results - Non Segment		(2,454	)				(5,239	)

TOTAL CORE RESULTS	$	3,083		$	3.78	$	7,348		$	8.94

* Interest expense, income taxes, G&A expense and other
** Amounts shown after tax.

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