Exhibit 99.1

For Immediate Release: November 1, 2016

Occidental Petroleum Announces 3rd Quarter 2016 Results

·                 Achieved high end of company-wide production guidance and exceeded Permian Resources guidance

·                 Acquired additional acreage and interests in the Permian Basin

·                 Q3 2016 quarter-end cash balance of $3.2 billion

HOUSTON — November 1, 2016 — Occidental Petroleum Corporation (NYSE:OXY) reported a loss of $241 million or $0.32 per diluted share for the third quarter of 2016, which included one-time net charges of $129 million. Core results were a loss of $112 million or $0.15 per diluted share.

“We achieved the high end of our company-wide production guidance of 605,000 BOE per day due to continued improvement in operational efficiency, increased well productivity in Permian Resources and record production in Abu Dhabi and Oman. We also ended the third quarter with $3.2 billion in cash,” said President and Chief Executive Officer Vicki Hollub.

“In addition to our better than expected results in Permian Resources, yesterday we announced the acquisitions of producing and non-producing leasehold acreage, CO2 properties and related infrastructure in the Permian Basin, where the company is already the operator or an existing working interest partner. These transactions further solidify Occidental’s dominant position in the Permian Basin. This leverages our existing infrastructure, operational synergies and strong balance sheet in order to create value for our shareholders.”

QUARTERLY RESULTS
Oil and Gas

Total average daily production volumes were 605,000 BOE for the third quarter of 2016, compared to 653,000 BOE for the second quarter of 2016 and 689,000 BOE for the third quarter of 2015. Occidental continued to reduce its exposure to non-core operations in the United States and the Middle East/North Africa region and completed its exit from Bahrain in the third quarter of 2016. The non-core operations produced average daily volumes of 44,000 BOE for the second quarter of 2016 and 111,000 BOE for the third quarter of 2015. Average daily production volumes from on-going operations were 609,000 BOE for the second quarter of 2016 and 578,000 BOE for the third quarter of 2015.

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Average daily domestic production volumes from on-going operations were 294,000 BOE for the third quarter of 2016, compared to 302,000 BOE in the second quarter of 2016 and 300,000 BOE for the third quarter of 2015. The decrease in average daily production of 8,000 BOE compared to the second quarter of 2016 reflected lower drilling activity in Permian Resources, although third quarter production exceeded guidance, and the impact from curtailed drilling in Occidental’s South Texas and Other gas assets. Compared to the third quarter of 2015, Permian Resources increased average daily production by 5,000 BOE, offset by lower natural gas and NGL production in South Texas and Other of 10,000 BOE.

Internationally, average daily production volumes from on-going operations were 311,000 BOE for the third quarter of 2016, compared to 307,000 BOE in the second quarter of 2016 and 278,000 BOE in the third quarter of 2015. The increase in average daily production of 4,000 BOE from the second quarter of 2016 reflected higher production from Al Hosn Gas and Oman’s Block 62 operations, partially offset by lower production in Colombia due to insurgency activities. Compared to the third quarter of 2015, the increase in average daily production volumes of 33,000 BOE reflected production from Al Hosn Gas, which was still ramping up production in the third quarter of 2015, and Oman’s Block 62 production, which commenced in 2016.

Total company average daily sales volumes were 609,000 BOE in the third quarter of 2016, compared to 660,000 BOE for the second quarter of 2016 and 670,000 BOE in the third quarter of 2015.

Oil and gas pre-tax results for the third quarter of 2016 were a loss of $51 million, compared to a loss of $117 million for the second quarter of 2016 and a loss of $3.1 billion for the third quarter of 2015. The pre-tax results for the third quarter of 2015 included impairment and related charges of $3.3 billion. After removing the impact of asset sales, impairments and related charges, core income was $162 million for the third quarter of 2015. The improvement in oil and gas results on a sequential quarterly basis reflected higher oil and domestic gas prices in the third quarter of 2016. Compared to the same period in 2015, the third quarter of 2016 reflected significantly lower oil prices and lower sales volumes.

The average WTI and Brent marker prices were $44.94 per barrel and $46.98 per barrel, respectively, for the third quarter of 2016, about flat with second quarter of 2016. Average worldwide realized crude oil prices were $41.49 per barrel for the third quarter of 2016, an increase of 5 percent compared with the second quarter of 2016 and a decrease of 13 percent compared with the third quarter of 2015. Average worldwide NGL prices were $14.99 per barrel in the third quarter of 2016, a slight increase from the preceding quarter and the third quarter of 2015. Average domestic natural gas prices were $2.30 per MCF in the third quarter of 2016, an increase of 57 percent compared to the second quarter of 2016, and slightly higher compared with the third quarter of 2015.

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Chemical

Chemical pre-tax earnings for the third quarter of 2016 were $117 million compared to $88 million for the second quarter of 2016 and $272 million in the third quarter of 2015. After removing the gain from asset sales in the third quarter of 2015, core income was $174 million. Compared to the second quarter of 2016, third quarter 2016 earnings benefited from higher chloro-vinyl production volumes and higher realized caustic soda prices. These improvements were partially offset by higher energy costs combined with lower vinyl margins as vinyl prices remained largely unchanged despite higher ethylene prices resulting from significant planned and unplanned industry cracker outages. Compared to the third quarter of 2015, the decrease in core earnings reflected lower sales volumes, primarily chlor-alkali and calcium chloride, along with higher ethylene costs, partially offset by higher realized caustic soda pricing.

Midstream and Marketing

Midstream pre-tax results for the third quarter of 2016 were a loss of $180 million, compared to a loss of $58 million for the second quarter of 2016 and income of $24 million for the third quarter of 2015. Excluding a one-time crude supply contract termination charge of $160 million in the third quarter of 2016, core results were a loss of $20 million. The improvement in results compared to the second quarter of 2016 mainly reflected improved marketing margins, partially offset by lower gas plant results from higher energy operating costs. Compared to the third quarter of 2015, the results reflected lower domestic pipeline results due to decreased volumes and lower marketing margins.

About Occidental Petroleum

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply

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and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental’s operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2015 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

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Contacts:

Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com

or

Investors:
Christopher M. Degner
212-603-8111
christopher_degner@oxy.com

On the web: www.oxy.com

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Occidental Petroleum Corporation

Quarter 3 2016 Earnings Release Schedules Index

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

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

SCHEDULE 2

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

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