Occidental Petroleum Corporatio (OXY) 8-K Occidental Reclasses Ecuador As Discontinued Operations and Gives Guidance for the Second Quarter Earnings

Exhibit 99.2

Occidental Petroleum Corporation

Financial Data

RETROSPECTIVE APPLICATION

Millions, except per share amounts

	2002			2003			2004			2005															2006
	12 Mos			12 Mos			12 Mos			Qtr 1			Qtr 2			Qtr 3			Qtr 4			12 Mos			Qtr 1
Segment net sales
Oil & Gas		4,536			5,783			7,093			2,089			2,220			2,617			2,879			9,805			3,125
Chemicals		2,613			3,092			3,675			1,061			1,128			1,190			1,262			4,641			1,241
Other		—			145			111			23			37			50			41			151			30
		7,149			9,020			10,879			3,173			3,385			3,857			4,182			14,597			4,396
Segment earnings
Oil & Gas	$	2,160		$	3,129		$	4,021		$	1,279		$	1,255		$	1,638		$	1,796		$	5,968		$	1,910
Chemicals		177			223			414			214			225			3			165			607			248
		2,337			3,352			4,435			1,493			1,480			1,641			1,961			6,575			2,158
Unallocated corporate items
Interest		(321	)		(333	)		(240	)		(61	)		(47	)		(70	)		(23	)		(201	)		(29	)
Other		(424	)		(271	)		(150	)		(51	)		73			660			(89	)		593			(73	)
Income taxes		(425	)		(1,189	)		(1,639	)		(584	)		(26	)		(574	)		(743	)		(1,927	)		(905	)
Income from continuing operations		1,167			1,559			2,406			797			1,480			1,657			1,106			5,040			1,151
Discontinued operations, net		(83	)		36			162			49			56			87			46			238			78		(a)
Change in accounting principles, net		(95	)		(68	)		—			—			—			3			—			3			—
Net Income	$	989		$	1,527		$	2,568		$	846		$	1,536		$	1,747		$	1,152		$	5,281		$	1,229
Basic earnings per common share
Income from continuing operations	$	3.10		$	4.06		$	6.08		$	1.99		$	3.68		$	4.10		$	2.73		$	12.49		$	2.71
Discontinued operations, net		(0.22	)		0.10			0.41			0.12			0.14			0.21			0.11			0.59			0.19		(a)
Change in accounting principles, net		(0.25	)		(0.18	)		—			—			—			0.01			—			0.01			—
	$	2.63		$	3.98		$	6.49		$	2.11		$	3.82		$	4.32		$	2.84		$	13.09		$	2.90
Diluted earnings per common share
Income from continuing operations	$	3.08		$	4.01		$	5.99		$	1.96		$	3.63		$	4.03		$	2.69		$	12.32		$	2.67
Discontinued operations, net		(0.22	)		0.10			0.41			0.12			0.14			0.21			0.11			0.58			0.19		(a)
Change in accounting principles, net		(0.25	)		(0.18	)		—			—			—			0.01			—			0.01			—
	$	2.61		$	3.93		$	6.40		$	2.08		$	3.77		$	4.25		$	2.80		$	12.91		$	2.86
Dividends per common share	$	1.00		$	1.04		$	1.10		$	0.31		$	0.31		$	0.31		$	0.36		$	1.29		$	0.36

(a) Discontinued operations, net for the 1st quarter 2006 included $13 million ($0.03 per share basic) for Vintage held for sale properties and $65 million ($0.16 per share basic) for Ecuador.

Occidental Petroleum Corporation

Financial Core Data

RETROSPECTIVE APPLICATION

Millions, except per share amounts

	2002			2003			2004			2005															2006
	12 Mos			12 Mos			12 Mos			Qtr 1			Qtr 2			Qtr 3			Qtr 4			12 Mos			Qtr 1
Oil & Gas	$	2,160		$	3,129		$	4,021		$	1,279		$	1,281		$	1,647		$	1,805		$	6,012		$	1,910
Chemicals		177			223			414			214			225			167			171			777			248
Segment earnings		2,337			3,352			4,435			1,493			1,506			1,814			1,976			6,789			2,158
Unallocated corporate items
Interest		(321	)		(272	)		(229	)		(51	)		(46	)		(40	)		(22	)		(159	)		(29	)
Other		(182	)		(271	)		(256	)		(51	)		(67	)		(39	)		(89	)		(246	)		(73	)
Taxes		(831	)		(1,210	)		(1,651	)		(578	)		(594	)		(731	)		(749	)		(2,652	)		(905	)
Core Income	$	1,003		$	1,599		$	2,299		$	813		$	799		$	1,004		$	1,116		$	3,732		$	1,151
Significant items affecting earnings (see detail below)		(14	)		(72	)		269			33			737			743			36			1,549			78
Reported income	$	989		$	1,527		$	2,568		$	846		$	1,536		$	1,747		$	1,152		$	5,281		$	1,229
Core earnings per share
Basic	$	2.67		$	4.17		$	5.81		$	2.03		$	1.99		$	2.48		$	2.75		$	9.25		$	2.71
Diluted	$	2.64		$	4.11		$	5.73		$	2.00		$	1.96		$	2.44		$	2.71		$	9.12		$	2.67
Significant items affecting earnings
Oil & Gas
Hurricane related insurance charge	$	—		$	—		$	—		$	—		$	—		$	(9	)	$	(9	)	$	(18	)	$	—
Contract settlement		—			—			—			—			(26	)		—			—			(26	)		—
		—			—			—			—			(26	)		(9	)		(9	)		(44	)		—
Chemicals
Write-off of plants		—			—			—			—			—			(159	)		—			(159	)		—
Hurricane related insurance charge		—			—			—			—			—			(5	)		(6	)		(11	)		—
		—			—			—			—			—			(164	)		(6	)		(170	)		—
Corporate
Debt repurchase expense		—			(61	)		—			(10	)		(1	)		(30	)		(1	)		(42	)		—
Trust preferred redemption charge		—			—			(11	)		—			—			—			—			—			—
Gain on Lyondell stock issuance		—			—			121			—			—			—			—			—			—
Gain on sale of Lyondell shares		—			—			—			—			140			—			—			140			—
Gain on sale of Premcor / Valero shares		—			—			—			—			—			726			—			726			—
Pre-tax loss on sale of Equistar investment		(242	)		—			—			—			—			—			—			—			—
Equity investment hurricane related insurance chg		—			—			—			—			—			(2	)		—			(2	)		—
Equity investment impairment		—			—			—			—			—			(15	)		—			(15	)		—
Hurricane related insurance charge		—			—			(15	)		—			—			(10	)		—			(10	)		—
State tax issue		—			—			—			(10	)		—			—			—			(10	)		—
Settlement of federal tax issue		—			—			47			—			619			—			—			619			—
Tax reserve reversals - statute of limitations		—			—			—			—			—			335			—			335			—
Tax effect of pre-tax adjustments		406			21			(35	)		4			(51	)		(178	)		6			(219	)		—
Discontinued operations, net		(83	)		36			162			49			56			87			46			238			78
Changes in accounting principles, net		(95	)		(68	)		—			—			—			3			—			3			—
		(14	)		(72	)		269			33			763			916			51			1,763			78
CONSOLIDATED	$	(14	)	$	(72	)	$	269		$	33		$	737		$	743		$	36		$	1,549		$	78

Occidental Petroleum Corporation

Operational Data

RETROSPECTIVE APPLICATION

Oil & Gas Net Production Per Day by Geographical Locations

	2002		2003		2004		2005										2006
NET PRODUCTION PER DAY:	12 Mos		12 Mos		12 Mos		Qtr 1		Qtr 2		Qtr 3		Qtr 4		12 Mos		Qtr 1
United States
Crude Oil and Liquids (MBBL)
California	86		81		78		77		75		73		78		76		82
Permian	142		150		154		148		156		165		170		161		166
Horn Mountain	1		21		19		18		11		10		14		13		15
Hugoton / Other	3		4		3		4		3		3		3		3		3
Total	232		256		254		247		245		251		265		253		266
Natural Gas (MMCF)
California	286		252		237		241		240		239		247		242		250
Hugoton / Other	148		138		127		129		133		133		139		133		133
Permian	130		129		130		146		166		186		180		170		189
Horn Mountain	—		13		13		12		9		6		6		8		10
Total	564		532		507		528		548		564		572		553		582
Latin America
Crude Oil (MBBL)
Argentina	—		—		—		—		—		—		—		—		24
Colombia	40		37		37		32		36		38		36		36		39
Total	40		37		37		32		36		38		36		36		63
Natural Gas (MMCF)
Argentina	—		—		—		—		—		—		—		—		13
Bolivia	—		—		—		—		—		—		—		—		13
Total	—		—		—		—		—		—		—		—		26
Middle East and North Africa
Crude Oil (MBBL)
Oman	13		12		13		23		19		12		13		17		17
Qatar	42		45		45		43		43		42		42		42		44
Yemen	37		35		32		35		28		23		24		28		32
Libya	—		—		—		—		—		9		24		8		22
Total	92		92		90		101		90		86		103		95		115
Natural Gas (MMCF)
Oman	—		—		55		56		61		35		25		44		25
Other Eastern Hemisphere
Crude Oil (MBBL)
Pakistan	10		9		7		5		6		5		5		5		4
Natural Gas (MMCF)
Pakistan	63		74		75		78		72		81		77		77		75
Consolidated subsidiaries (MBOE)	479		495		494		495		491		493		521		501		566
Colombia - minority interest	(5	)	(5	)	(4	)	(4	)	(5	)	(5	)	(4	)	(4	)	(5	)
Russia - Occidental net interest	27		30		29		30		28		27		28		28		29
Yemen - Occidental net interest	1		2		1		2		2		1		1		1		2
Total worldwide production (MBOE)	502		522		520		523		516		516		546		526		592