Occidental Petroleum Corporatio (OXY) 8-K Occidental Petroleum Announces Record First Quarter Net Income

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules

Summary

($ Millions)

	1Q 2008	1Q 2007
Reported Net Income	$1,846	$1,212
EPS - Diluted	$2.23	$1.43
Core Results	$1,819	$788
EPS - Diluted	$2.20	$0.93
Total Worldwide Production (mboe/day)	607	560
Total Worldwide Crude Oil Realizations ($/BBL)	$86.75	$51.67
Domestic Natural Gas Realizations ($/MCF)	$8.15	$6.38
Wtd. Average Basic Shares O/S (mm)	823.6	841.0
Wtd. Average Diluted Shares O/S (mm)	828.2	846.5
Shares Outstanding (mm)	820.7	833.8
Cash Flow from Operations	$2,700	$1,600

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 First Quarter

Net Income (Loss)

($ millions)

	Reported Income			Significant Items Affecting Income				Core Results
Oil & Gas	$	2,888						$	2,888
Chemical		179							179
Midstream, marketing and other		123							123
Corporate
Interest expense, net		—							—
Other		(77	)						(77	)
Taxes		(1,294	)						(1,294	)
Income from continuing operations		1,819			—				1,819
Discontinued operations, net of tax		27			(27	)	Discontinued operations, net		—
Net Income	$	1,846		$	(27	)		$	1,819
Basic Earnings Per Common Share
Income from continuing operations	$	2.21
Discontinued operations, net		0.03
Net Income	$	2.24						$	2.21
Diluted Earnings Per Common Share
Income from continuing operations	$	2.20
Discontinued operations, net		0.03
Net Income	$	2.23						$	2.20

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 First Quarter

Net Income (Loss)

($ millions)

	Reported Income			Significant Items Affecting Income				Core Results
Oil & Gas	$	1,883		$	(412	)	Sale of Russian operations	$	1,362
				$	(109	)	Legal settlements
Chemical		137							137
Midstream, marketing and other		119							119
Corporate
Interest expense, net		(181	)		172		Debt purchases		(9	)
Other		(105	)		47		Facility closure		(58	)
Taxes		(684	)		(79	)	Tax effect of adjustments		(763	)
Income from continuing operations		1,169			(381	)			788
Discontinued operations, net of tax		43			(43	)	Discontinued operations, net		—
Net Income	$	1,212		$	(424	)		$	788
Basic Earnings Per Common Share
Income from continuing operations	$	1.39
Discontinued operations, net of tax		0.05
Net Income	$	1.44						$	0.94
Diluted Earnings Per Common Share
Income from continuing operations	$	1.38
Discontinued operations, net of tax		0.05
Net Income	$	1.43						$	0.93

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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)	First Quarter
	2008	2007
Corporate
Environmental remediation	(4)	(8)

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Worldwide Effective Tax Rate

	QUARTERLY
	2008		2007		2007
REPORTED INCOME	QTR 1		QTR 4		QTR 1
Oil & Gas (a)	2,888		2,463		1,883
Chemicals	179		94		137
Midstream, marketing and other	123		136		119
Corporate & other	(77	)	(188	)	(286	)
Pre-tax income	3,113		2,505		1,853
Income tax expense
Federal and state	606		473		266
Foreign (a)	688		584		418
Total	1,294		1,057		684
Income from continuing operations	1,819		1,448		1,169
Worldwide effective tax rate	42%		42%		37%
	2008		2007		2007
CORE RESULTS	QTR 1		QTR 4		QTR 1
Oil & Gas (a)	2,888		2,463		1,362
Chemicals	179		94		137
Midstream, marketing and other	123		136		119
Corporate & other	(77	)	(163	)	(67	)
Pre-tax income	3,113		2,530		1,551
Income tax expense
Federal and state	606		482		345
Foreign (a)	688		584		418
Total	1,294		1,066		763
Core results	1,819		1,464		788
Worldwide effective tax rate	42%		42%		49%

(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	2007	2007
QTR 1	QTR 4	QTR 1
488	406	288

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 First Quarter Net Income (Loss)

Reported Income Comparison

	First			Fourth
	Quarter			Quarter
	2008			2007			B / (W)
Oil & Gas	$	2,888		$	2,463		$	425
Chemical		179			94			85
Midstream, marketing and other		123			136			(13	)
Corporate
Interest expense, net		—			(13	)		13
Other		(77	)		(175	)		98
Taxes		(1,294	)		(1,057	)		(237	)
Income from continuing operations		1,819			1,448			371
Discontinued operations, net		27			4			23
Net Income	$	1,846		$	1,452		$	394
Earnings Per Common Share
Basic	$	2.24		$	1.75		$	0.49
Diluted	$	2.23		$	1.74		$	0.49
Worldwide Effective Tax Rate		42%			42%			0%

OCCIDENTAL PETROLEUM

2008 First Quarter Net Income (Loss)

Core Results Comparison

	First			Fourth
	Quarter			Quarter
	2008			2007			B / (W)
Oil & Gas	$	2,888		$	2,463		$	425
Chemical		179			94			85
Midstream, marketing and other		123			136			(13	)
Corporate
Interest expense, net		—			(13	)		13
Other		(77	)		(150	)		73
Taxes		(1,294	)		(1,066	)		(228	)
Core Results	$	1,819		$	1,464		$	355
Core Results Per Common Share
Basic	$	2.21		$	1.77		$	0.44
Diluted	$	2.20		$	1.76		$	0.44
Worldwide Effective Tax Rate		42%			42%			0%

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Oil & Gas

Variance Analysis 1Q08 vs. 4Q07

($ millions)

OCCIDENTAL PETROLEUM

Chemical

Variance Analysis 1Q08 vs. 4Q07

($ millions)

*Primarily higher energy costs

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 First Quarter Net Income (Loss)

Reported Income Comparison

	First			First
	Quarter			Quarter
	2008			2007			B / (W)
Oil & Gas	$	2,888		$	1,883		$	1,005
Chemical		179			137			42
Midstream, marketing and other		123			119			4
Corporate
Interest expense, net		—			(181	)		181
Other		(77	)		(105	)		28
Taxes		(1,294	)		(684	)		(610	)
Income from continuing operations		1,819			1,169			650
Discontinued operations, net		27			43			(16	)
Net Income	$	1,846		$	1,212		$	634
Earnings Per Common Share
Basic	$	2.24		$	1.44		$	0.80
Diluted	$	2.23		$	1.43		$	0.80
Worldwide Effective Tax Rate		42%			37%			-5%

OCCIDENTAL PETROLEUM

2008 First Quarter Net Income (Loss)

Core Results Comparison

	First			First
	Quarter			Quarter
	2008			2007			B / (W)
Oil & Gas	$	2,888		$	1,362		$	1,526
Chemical		179			137			42
Midstream, marketing and other		123			119			4
Corporate
Interest expense, net		—			(9	)		9
Other		(77	)		(58	)		(19	)
Taxes		(1,294	)		(763	)		(531	)
Core Results	$	1,819		$	788		$	1,031
Core Results Per Common Share
Basic	$	2.21		$	0.94		$	1.27
Diluted	$	2.20		$	0.93		$	1.27
Worldwide Effective Tax Rate		42%			49%			7%

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Oil & Gas

Variance Analysis 1Q08 vs. 1Q07

($ millions)

* DD&A rate increase (31) and higher operating expenses

OCCIDENTAL PETROLEUM

Chemical

Variance Analysis 1Q08 vs. 1Q07

($ millions)

* Higher energy and feedstock costs

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	First Quarter
	2008		2007
NET PRODUCTION PER DAY:
United States
Crude Oil and Liquids (MBL)
California	87		85
Permian	170		165
Hugoton and other	4		4
Total	261		254
Natural Gas (MMCF)
California	245		232
Hugoton and other	158		150
Permian	177		198
Total	580		580
Latin America
Crude Oil (MBL)
Argentina	37		33
Colombia	42		42
Total	79		75
Natural Gas (MMCF)
Argentina	22		21
Bolivia	21		14
Total	43		35
Middle East / North Africa
Crude Oil (MBL)
Oman	20		22
Dolphin	22		—
Qatar	46		46
Yemen	25		32
Libya	17		26
Total	130		126
Natural Gas (MMCF)
Oman	23		26
Dolphin	200		—
Total	223		26
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	611		562
Other interests
Colombia - minority interest	(6	)	(5	)
Yemen - Occidental net interest	2		3
Total worldwide production - MBOE	607		560

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	First Quarter
	2008		2007
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)		90.21		51.94
Natural gas ($/MCF)		8.15		6.38
Latin America
Crude Oil ($/BBL)		67.26		45.71
Natural Gas ($/MCF)		3.80		1.94
Middle East / North Africa
Crude Oil ($/BBL)		93.37		55.31
Total Worldwide
Crude Oil ($/BBL)		86.75		51.67
Natural Gas ($/MCF)		6.05		5.92
	First Quarter
	2008		2007
Exploration Expense
Domestic	$	7	$	18
Latin America		15		23
Middle East / North Africa		40		53
Other Eastern Hemisphere		12		8
TOTAL REPORTED	$	74	$	102

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	First Quarter
Capital Expenditures ($MM)	2008		2007
Oil & Gas
California	$	164	$	128
Permian		100		133
Other - U.S.		48		42
Latin America		180		114
Middle East / North Africa		266		294
Other Eastern Hemisphere		—		1
Chemicals		50		27
Midstream, marketing and other		56		38
Corporate		4		3
TOTAL	$	868	$	780
Depreciation, Depletion &	First Quarter
Amortization of Assets ($MM)	2008		2007
Oil & Gas
Domestic	$	255	$	239
Latin America		105		90
Middle East / North Africa		190		152
Chemicals		82		73
Midstream, marketing and other		17		16
Corporate		4		4
TOTAL	$	653	$	574

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

CORPORATE

($ millions)

	31-Mar-08			31-Dec-07
CAPITALIZATION
Long-Term Debt (including current maturities)		$	1,775		$	1,776
Notes Payable			30			12
Others			25			25
Total Debt		$	1,830		$	1,813
EQUITY		$	23,944		$	22,823
Total Debt To Total Capitalization			7%			7%

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Investor Relations Supplemental Schedules

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; operational interruptions changes in tax rates; 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 presentation. 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.

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