Occidental Petroleum Corporatio 8K Occidental Petroleum Announces Second Quarter Earnings | OXY 24 Jul 07

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules

Summary

($ Millions)

	2Q 2007	2Q 2006
Reported Net Income	$1,412	$860
EPS - Diluted	$1.68	$0.99
Total Worldwide Production (mboe/day)	583	609
Total Worldwide Crude Oil Realizations ($/BBL)	$59.11	$61.66
Domestic Natural Gas Realizations ($/MCF)	$7.07	$6.23
Wtd. Average Basic Shares O/S (mm)	837.7	860.2
Wtd. Average Diluted Shares O/S (mm)	841.8	867.7
	YTD 2007	YTD 2006
Reported Net Income	$2,624	$2,091
EPS - Diluted	$3.11	$2.42
Total Worldwide Production (mboe/day)	587	601
Total Worldwide Crude Oil Realizations ($/BBL)	$55.34	$58.53
Domestic Natural Gas Realizations ($/MCF)	$6.74	$7.25
Wtd. Average Basic Shares O/S (mm)	839.3	854.5
Wtd. Average Diluted Shares O/S (mm)	843.2	864.3
Shares Outstanding (mm)	830.7	845.3
Cash Flow from Operations	$2,900	$3,100

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 Second Quarter

Net Income (Loss)

($ millions)

	Reported
	Income		Significant Items Affecting Income

					Asset
					Sales

Oil & Gas	$	1,682			$	(23	)	Sale of mineral interests
Chemical		158
Corporate
Interest expense, net		6
Other		470				(284	)	Sale of Lyondell shares
						(116	)	Sale of Pakistan assets, net of tax
						(107	)	Sale of Horn Mountain assets, net of tax
Taxes		(904	)			111		Tax effect of adjustments

Net Income	$	1,412		*	$	(419	)
Earnings Per Common Share
Diluted	$	1.68			$	(0.50	)

* The second quarter reported income includes after-tax income for the following: $17 million for Pakistan operations, $27 million for Horn Mountain operations and $6 million for litigation and debt purchases.

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2006 Second Quarter

Net Income (Loss)

($ millions)

	Reported
	Income		Significant Items Affecting Income

Oil & Gas	$	1,857
Chemical		251
Corporate
Interest expense, net		(33	)
Other		(364	)	415		Ecuador write-off, net of tax
				(45	)	Ecuador operations, net of tax
				(23	)	Vintage held for sale, net of tax
Taxes		(851	)

Net Income	$	860
Earnings Per Common Share
Basic	$	1.00
Diluted	$	0.99

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 First Six Months

Net Income (Loss)

($ millions)

	Reported
	Income		Significant Items Affecting Income

Oil & Gas	$	3,690		$	(412	)	Sale of Russia – Vanyoganneft
					(112	)	Litigation settlements
					(23	)	Sale of mineral interests
Chemical		295
Corporate
Interest expense, net		(175	)		167		Debt purchases
Other		402			47		Plant closure
					(284	)	Sale of Lyondell shares
					(116	)	Sale of Pakistan assets, net
					(107	)	Sale of Horn Mountain assets, net
Taxes		(1,588	)		34		Tax effect of adjustments

Net Income	$	2,624
Earnings Per Common Share
Basic	$	3.13
Diluted	$	3.11

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2006 First Six Months

Net Income (Loss)

($ millions)

	Reported
	Income		Significant Items Affecting Income

Oil & Gas	$	3,668
Chemical		501
Corporate
Interest expense, net		(62	)
Other		(291	)	415		Ecuador write-off, net of tax
				(109	)	Ecuador operations, net of tax
				(36	)	Vintage held for sale, net of tax
Taxes		(1,725	)

Net Income	$	2,091
Earnings Per Common Share
Basic	$	2.45
Diluted	$	2.42

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Worldwide Effective Tax Rate

	QUARTERLY						YEAR-TO-DATE
	2007		2007		2006		2007		2006
REPORTED INCOME	QTR 2		QTR 1		QTR 2		6 Months		6 Months
Oil & Gas (a)	1,682		2,008		1,857		3,690		3,668
Chemicals	158		137		251		295		501
Corporate & other	209		(292	)	(115	)	(83	)	(215	)
Pre-tax income	2,049		1,853		1,993		3,902		3,954
Income tax expense
Federal and state	456		266		402		722		835
Foreign (a)	448		418		449		866		890
Total	904		684		851		1,588		1,725

Income from continuing operations	1,145		1,169		1,142		2,314		2,229
Worldwide effective tax rate	44%		37%		43%		41%		44%
INCOME EXCLUDING ASSET SALES	2007		2007		2006		2007		2006
AND OTHER SIGNIFICANT ITEMS	QTR 2		QTR 1		QTR 2		6 Months		6 Months
Oil & Gas (a)	1,656		1,487		1,857		3,143		3,668
Chemicals	158		137		251		295		501
Corporate & other	(80	)	(73	)	(115	)	(153	)	(215	)
Pre-tax income	1,734		1,551		1,993		3,285		3,954
Income tax expense
Federal and state	343		345		402		688		835
Foreign (a)	448		418		449		866		890
Total	791		763		851		1,554		1,725

Core results	943		788		1,142		1,731		2,229
Worldwide effective tax rate	46%		49%		43%		47%		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.

2007

2006

2007

2006

QTR 2

QTR 1

QTR 2

6 Months

300

288

282

588

572

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 Second Quarter Net Income (Loss)

Reported Income Comparison

	Second			First
	Quarter			Quarter
	2007			2007			B / (W)
Oil & Gas	$	1,682		$	2,008		$	(326	)
Chemical		158			137			21
Corporate
Interest expense, net		6			(181	)		187
Other		470			(68	)		538
Taxes		(904	)		(684	)		(220	)
Net Income	$	1,412		$	1,212		$	200
Earnings Per Common Share
Basic	$	1.68		$	1.44		$	0.24
Diluted	$	1.68		$	1.43		$	0.25
Worldwide Effective Tax Rate	44%			37%			-7%
Tax Rate Excluding Asset Sales
and Other Significant Items	46%			49%			3%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Oil & Gas

Variance Analysis 2Q07 vs. 1Q07

($ millions)

OCCIDENTAL PETROLEUM

Chemical

Variance Analysis 2Q07 vs. 1Q07

($ millions)

* Higher energy and feedstock cost

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 Second Quarter Net Income (Loss)

Reported Income Comparison

	Second			Second
	Quarter			Quarter
	2007			2006			B / (W)
Oil & Gas	$	1,682		$	1,857		$	(175	)
Chemical		158			251			(93	)
Corporate
Interest expense, net		6			(33	)		39
Other		470			(364	)		834
Taxes		(904	)		(851	)		(53	)
Net Income	$	1,412		$	860		$	552
Earnings Per Common Share
Basic	$	1.68		$	1.00		$	0.68
Diluted	$	1.68		$	0.99		$	0.69
Worldwide Effective Tax Rate	44%			43%			-1%
Tax Rate Excluding Asset Sales	46%			43%			-3%

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Oil & Gas

Variance Analysis 2Q07 vs. 2Q06

($ millions)

* DD&A rate increase (46) and higher operating expenses

OCCIDENTAL PETROLEUM

Chemical

Variance Analysis 2Q07 vs. 2Q06

($ millions)

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Second Quarter				Six Months
	2007		2006		2007		2006
NET PRODUCTION PER DAY:
United States
Crude Oil and Liquids (MBL)
California	93		82		89		83
Permian	163		168		164		167
Hugoton and other	3		3		4		3
Total	259		253		257		253
Natural Gas (MMCF)
California	268		258		250		255
Hugoton and other	154		136		152		134
Permian	187		199		192		194
Total	609		593		594		583
Latin America
Crude Oil (MBL)
Argentina	34		38		33		31
Colombia	44		34		43		36
Total	78		72		76		67
Natural Gas (MMCF)
Argentina	28		21		25		17
Bolivia	18		20		16		17
	46		41		41		34
Middle East / North Africa
Crude Oil (MBL)
Oman	19		17		21		17
Qatar	47		44		46		44
Yemen	25		30		28		31
Libya	19		27		23		25
Total	110		118		118		117
Natural Gas (MMCF)
Oman	32		35		29		30
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	561		555		562		545
Other interests
Colombia - minority interest	(6	)	(5	)	(6	)	(5	)
Yemen - Occidental net interest	3		1		3		2
Worldwide production - continuing operations	558		551		559		542
Sold operations
Horn Mountain	9		13		9		14
Pakistan	16		18		16		17
Russia	-		27		3		28
Total worldwide production - MBOE	583		609		587		601

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Second Quarter				Six Months
	2007		2006		2007		2006
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)		58.19		61.78		55.09		58.40
Natural gas ($/MCF)		7.07		6.23		6.74		7.25
Latin America
Crude Oil ($/BBL)		52.57		56.47		49.19		54.28
Natural Gas ($/MCF)		2.26		1.87		2.12		1.82
Middle East / North Africa
Crude Oil ($/BBL)		66.21		65.08		60.42		61.57
Natural Gas ($/MCF)		0.97		0.97		0.96		0.96
Total Worldwide
Crude Oil ($/BBL)		59.11		61.66		55.34		58.53
Natural Gas ($/MCF)		6.46		5.69		6.20		6.68
Excludes Horn Mountain and Pakistan
	Second Quarter				Six Months
	2007		2006		2007		2006
Exploration Expense
Domestic	$	9	$	16	$	27	$	48
Latin America		8		3		31		6
Middle East / North Africa		61		30		114		53
Other Eastern Hemisphere		15		1		23		14
TOTAL	$	93	$	50	$	195	$	121

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Second Quarter					Six Months
Capital Expenditures ($MM)	2007		2006			2007			2006
Oil & Gas
California	$	153	$	123		$	285	$	$	226
Permian		153		138			317			265
Other - U.S.		57		64			100			127
Latin America		109		78			223			125
Middle East / North Africa		316		188			609			397
Other Eastern Hemisphere		6		(2	)		7			-
Chemicals		48		47			75			80
Corporate		8		6			14			10
TOTAL	$	850	$	642		$	1,630		$	1,230
Depreciation, Depletion &	Second Quarter					Six Months
Amortization of Assets ($MM)	2007		2006			2007			2006
Oil & Gas
Domestic	$	255	$	209		$	501		$	407
Latin America		88		70			178			119
Middle East / North Africa		132		129			285			258
Chemicals		77		70			150			136
Corporate		12		5			24			10
TOTAL	$	564	$	483		$	1,138		$	930

Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

CORPORATE

($ millions)

	30-Jun-07			31-Dec-06
CAPITALIZATION
Long-Term Debt (including current maturities)		$	1,880		$	2,790
Subsidiary Preferred Stock			75			75
Others			25			25
Total Debt		$	1,980		$	2,890
EQUITY		$	21,111		$	19,252
Total Debt To Total Capitalization		9%			13%

Investor Relations Supplemental Schedules

See the investor relations supplemental schedules for the reconciliation of non-GAAP items. Statements in this presentation that contain words such as "will", "expect" or "estimate", or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could materially affect expected results. Factors that could cause results to differ materially include, but are not limited to: exploration risks, such as drilling of unsuccessful wells; global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher-than-expected costs; political risk; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. You should not place undue reliance on these forward-looking statements which speak only as of the date of this filing. Unless legally required, Occidental disclaims 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 disclosure 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.

Occidental Petroleum Corporatio (OXY) 8-KOccidental Petroleum Announces Second Quarter Earnings