Occidental Petroleum (OXY) 8-K Occidental Petroleum Announces Fourth Quarter 2008 Results

EXHIBIT 99.3

Investor Relations Supplemental Schedules

Investor Relations Supplemental Schedules

Summary

($ Millions)

	4Q 2008	4Q 2007
Reported Net Income	$443	$1,452
EPS - Diluted	$0.55	$1.74
Core Results	$957	$1,464
EPS - Diluted	$1.18	$1.76
Total Worldwide Sales Volumes (mboe/day)	620	590
Total Worldwide Production (mboe/day)	623	588
Total Worldwide Crude Oil Realizations ($/BBL)	$53.52	$80.30
Domestic Natural Gas Realizations ($/MCF)	$4.67	$6.77
Wtd. Average Basic Shares O/S (mm)	810.3	828.4
Wtd. Average Diluted Shares O/S (mm)	811.6	833.1
	YTD 2008	YTD 2007
Reported Net Income	$6,857	$5,400
EPS - Diluted	$8.35	$6.44
Core Results	$7,348	$4,405
EPS - Diluted	$8.95	$5.25
Total Worldwide Sales Volumes (mboe/day)	601	570
Total Worldwide Production (mboe/day)	603	567
Total Worldwide Crude Oil Realizations ($/BBL)	$88.26	$64.77
Domestic Natural Gas Realizations ($/MCF)	$8.03	$6.53
Wtd. Average Basic Shares O/S (mm)	817.6	834.9
Wtd. Average Diluted Shares O/S (mm)	820.8	839.1
Shares Outstanding (mm)	810.2	825.7
Cash Flow from Operations	$10,700	$6,800

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 Fourth Quarter

Net Income (Loss)

($ millions)

	Reported Income			Significant Items Affecting Income				Core Results
Oil & Gas	$	339		$	58		Rig contract terminations		996
					599		Asset impairments
Chemical		127			90		Plant closure and impairments		217
Midstream, marketing and other		170							170
Corporate
Interest expense, net		(16	)						(16	)
Other		(54	)						(54	)
Taxes		(118	)		(238	)	Tax effect of adjustments		(356	)
Income from continuing operations		448			509				957
Discontinued operations, net of tax		(5	)		5		Discontinued operations, net		—
Net Income	$	443		$	514			$	957
Basic Earnings Per Common Share
Income from continuing operations	$	0.55
Discontinued operations, net		—
Net Income	$	0.55						$	1.18
Diluted Earnings Per Common Share
Income from continuing operations	$	0.55
Discontinued operations, net		—
Net Income	$	0.55						$	1.18

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 Fourth Quarter

Net Income (Loss)

($ millions)

	Reported Income			Significant Items Affecting Income				Core Results
Oil & Gas	$	2,461						$	2,461
Chemical		94							94
Midstream, marketing and other		138							138
Corporate
Interest expense, net		(13	)						(13	)
Other		(175	)		25		Severance		(150	)
Taxes		(1,057	)		(9	)	Tax effect of adjustments		(1,066	)
Income from continuing operations		1,448			16				1,464
Discontinued operations, net of tax		4			(4	)	Discontinued operations, net		—
Net Income	$	1,452		$	12			$	1,464
Basic Earnings Per Common Share
Income from continuing operations	$	1.75
Discontinued operations, net of tax		—
Net Income	$	1.75						$	1.77
Diluted Earnings Per Common Share
Income from continuing operations	$	1.74
Discontinued operations, net of tax		—
Net Income	$	1.74						$	1.76

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 Total Year

Net Income (Loss)

($ millions)

	Reported Income			Significant Items Affecting Income				Core Results
Oil & Gas	$	10,651		$	58		Rig contract terminations	$	11,308
					599		Asset impairments
Chemical		669			90		Plant closure and impairments		759
Midstream, marketing and other		520							520
Corporate
Interest expense, net		(26	)						(26	)
Other		(346	)						(346	)
Taxes		(4,629	)		(238	)	Tax effect of adjustments		(4,867	)
Income from continuing operations		6,839			509				7,348
Discontinued operations, net of tax		18			(18	)	Discontinued operations, net		—
Net Income	$	6,857		$	491			$	7,348
Basic Earnings Per Common Share
Income from continuing operations	$	8.37
Discontinued operations, net		0.02
Net Income	$	8.39						$	8.99
Diluted Earnings Per Common Share
Income from continuing operations	$	8.33
Discontinued operations, net		0.02
Net Income	$	8.35						$	8.95

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2007 Total Year

Net Income (Loss)

($ millions)

	Reported Income			Significant Items Affecting Income				Core Results
Oil & Gas	$	7,957		$	(412	)	Sale of Russian operations	$	7,369
					(112	)	Legal settlements
					(103	)	Sale of exploration properties
					(35	)	Sale of oil & gas interests
					74		Exploration impairments
Chemical		601							601
Midstream, marketing and other		367							367
Corporate
Interest expense, net		(199	)		167		Debt purchases		(32	)
Other		(141	)		(326	)	Sale of Lyondell shares		(395	)
					25		Severance charge
					47		Facility closure
Taxes		(3,507	)		2		Tax effect of adjustments		(3,505	)
Income from continuing operations		5,078			(673	)			4,405
Discontinued operations, net of tax		322			(322	)	Discontinued operations, net		—
Net Income	$	5,400		$	(995	)		$	4,405
Basic Earnings Per Common Share
Income from continuing operations	$	6.08
Discontinued operations, net of tax		0.39
Net Income	$	6.47						$	5.28
Diluted Earnings Per Common Share
Income from continuing operations	$	6.05
Discontinued operations, net of tax		0.39
Net Income	$	6.44						$	5.25

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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)	Fourth Quarter		12 Months
	2008	2007	2008	2007
Corporate
Foreign Exchange Gains & (Losses)*	88	5	91	(18	)

*Amounts shown after tax

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Worldwide Effective Tax Rate

	QUARTERLY						YEAR TO-DATE
	2008		2008		2007		2008		2007
REPORTED INCOME	QTR 4		QTR 3		QTR 4		12 Months		12 Months
Oil & Gas (a)	339		3,618		2,461		10,651		7,957
Chemicals	127		219		94		669		601
Midstream, marketing and other	170		66		138		520		367
Corporate	(70	)	(85	)	(188	)	(372	)	(340	)
Pre-tax income	566		3,818		2,505		11,468		8,585
Income tax expense
Federal and state	65		716		473		2,188		1,558
Foreign (a)	53		830		584		2,441		1,949
Total	118		1,546		1,057		4,629		3,507
Income from continuing operations	448		2,272		1,448		6,839		5,078
Worldwide effective tax rate	21%		40%		42%		40%		41%
	2008		2008		2007		2008		2007
CORE RESULTS	QTR 4		QTR 3		QTR 4		12 Months		12 Months
Oil & Gas (a)	996		3,618		2,461		11,308		7,369
Chemicals	217		219		94		759		601
Midstream, marketing and other	170		66		138		520		367
Corporate	(70	)	(85	)	(163	)	(372	)	(427	)
Pre-tax income	1,313		3,818		2,530		12,215		7,910
Income tax expense
Federal and state	131		716		482		2,254		1,556
Foreign (a)	225		830		584		2,613		1,949
Total	356		1,546		1,066		4,867		3,505
Core results	957		2,272		1,464		7,348		4,405
Worldwide effective tax rate	27%		40%		42%		40%		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.

2008	2008	2007	2008	2007
QTR 4	QTR 3	QTR 4	12 Months	12 Months
250	731	406	2,051	1,325

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 Fourth Quarter Net Income (Loss)

Reported Income Comparison

	Fourth			Third
	Quarter			Quarter
	2008			2008			B / (W)
Oil & Gas	$	339		$	3,618		$	(3,279	)
Chemical		127			219			(92	)
Midstream, marketing and other		170			66			104
Corporate
Interest expense, net		(16	)		(3	)		(13	)
Other		(54	)		(82	)		28
Taxes		(118	)		(1,546	)		1,428
Income from continuing operations		448			2,272			(1,824	)
Discontinued operations, net		(5	)		(1	)		(4	)
Net Income	$	443		$	2,271		$	(1,828	)
Earnings Per Common Share
Basic	$	0.55		$	2.79		$	(2.24	)
Diluted	$	0.55		$	2.78		$	(2.23	)
Worldwide Effective Tax Rate		21%			40%			19%

OCCIDENTAL PETROLEUM

2008 Fourth Quarter Net Income (Loss)

Core Results Comparison

	Fourth			Third
	Quarter			Quarter
	2008			2008			B / (W)
Oil & Gas	$	996		$	3,618		$	(2,622	)
Chemical		217			219			(2	)
Midstream, marketing and other		170			66			104
Corporate
Interest expense, net		(16	)		(3	)		(13	)
Other		(54	)		(82	)		28
Taxes		(356	)		(1,546	)		1,190
Core Results	$	957		$	2,272		$	(1,315	)
Core Results Per Common Share
Basic	$	1.18		$	2.79		$	(1.61	)
Diluted	$	1.18		$	2.78		$	(1.60	)
Worldwide Effective Tax Rate		27%			40%			13%

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Oil & Gas

Variance Analysis 4Q08 vs. 3Q08

($ Millions)

*Includes foreign tax liability f/x gains of $76 million

OCCIDENTAL PETROLEUM

Chemical

Variance Analysis 4Q08 vs. 3Q08

($ Millions)

*Lower energy and feedstock costs

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

2008 Fourth Quarter Net Income (Loss)

Reported Income Comparison

	Fourth			Fourth
	Quarter			Quarter
	2008			2007			B / (W)
Oil & Gas	$	339		$	2,461		$	(2,122	)
Chemical		127			94			33
Midstream, marketing and other		170			138			32
Corporate
Interest expense, net		(16	)		(13	)		(3	)
Other		(54	)		(175	)		121
Taxes		(118	)		(1,057	)		939
Income from continuing operations		448			1,448			(1,000	)
Discontinued operations, net		(5	)		4			(9	)
Net Income	$	443		$	1,452		$	(1,009	)
Earnings Per Common Share
Basic	$	0.55		$	1.75		$	(1.20	)
Diluted	$	0.55		$	1.74		$	(1.19	)
Worldwide Effective Tax Rate		21%			42%			21%

OCCIDENTAL PETROLEUM

2008 Fourth Quarter Net Income (Loss)

Core Results Comparison

	Fourth			Fourth
	Quarter			Quarter
	2008			2007			B / (W)
Oil & Gas	$	996		$	2,461		$	(1,465	)
Chemical		217			94			123
Midstream, marketing and other		170			138			32
Corporate
Interest expense, net		(16	)		(13	)		(3	)
Other		(54	)		(150	)		96
Taxes		(356	)		(1,066	)		710
Core Results	$	957		$	1,464		$	(507	)
Core Results Per Common Share
Basic	$	1.18		$	1.77		$	(0.59	)
Diluted	$	1.18		$	1.76		$	(0.58	)
Worldwide Effective Tax Rate		27%			42%			15%

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

Oil & Gas

Variance Analysis 4Q08 vs. 4Q07

($ Millions)

* DD&A rate increase and higher operating expenses

OCCIDENTAL PETROLEUM

Chemical

Variance Analysis 4Q08 vs. 4Q07

($ Millions)

* Lower feedstock costs

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Fourth Quarter				Twelve Months
	2008		2007		2008		2007
SALES VOLUMES PER DAY:
United States
Crude Oil and Liquids (MBL)
California	97		88		89		89
Permian	167		170		168		167
Midcontinent and Rockies	9		4		6		4
Total	273		262		263		260
Natural Gas (MMCF)
California	221		250		235		254
Permian	188		180		181		186
Midcontinent and Rockies	187		148		171		153
Total	596		578		587		593
Latin America
Crude Oil (MBL)
Argentina	32		31		32		32
Colombia	45		41		43		42
Total	77		72		75		74
Natural Gas (MMCF)
Argentina	24		19		21		22
Bolivia	21		22		21		18
Total	45		41		42		40
Middle East / North Africa
Crude Oil and Liquids (MBL)
Oman	27		20		23		20
Dolphin	23		14		21		4
Qatar	48		52		47		48
Yemen	20		22		21		25
Libya	10		22		15		22
Total	128		130		127		119
Natural Gas (MMCF)
Oman	23		30		24		30
Dolphin	209		133		184		51
Total	232		163		208		81
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	624		594		605		573
Other interests
Colombia - minority interest	(6	)	(6	)	(6	)	(5	)
Yemen - Occidental net interest	2		2		2		2
Total worldwide sales - MBOE	620		590		601		570

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Fourth Quarter				Twelve Months
	2008		2007		2008		2007
NET PRODUCTION PER DAY:
United States
Crude Oil and Liquids (MBL)	273		262		263		260
Natural Gas (MMCF)	596		578		587		593
Latin America
Crude Oil (MBL)
Argentina	38		32		34		33
Colombia	45		41		44		42
Total	83		73		78		75
Natural Gas (MMCF)	45		41		42		40
Middle East / North Africa
Crude Oil and Liquids (MBL)
Oman	28		20		23		19
Dolphin	22		14		20		5
Qatar	48		51		47		47
Yemen	20		22		21		25
Libya	8		20		15		21
Total	126		127		126		117
Natural Gas (MMCF)	232		163		208		81
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries	627		592		607		571
Other interests
Colombia - minority interest	(6	)	(6	)	(6	)	(6	)
Yemen - Occidental net interest	2		2		2		2
Total worldwide production - MBOE	623		588		603		567

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Fourth Quarter					Twelve Months
	2008			2007		2008			2007
OIL & GAS:
PRICES
United States
Crude Oil ($/BBL)		52.64			83.17		91.16			65.67
Natural gas ($/MCF)		4.67			6.77		8.03			6.53
Latin America
Crude Oil ($/BBL)		47.48			67.92		70.53			56.66
Natural Gas ($/MCF)		4.99			3.69		4.43			2.66
Middle East / North Africa
Crude Oil ($/BBL)		59.09			83.88		94.70			69.24
Total Worldwide
Crude Oil ($/BBL)		53.52			80.30		88.26			64.77
Natural Gas ($/MCF)		3.72			5.41		6.10			5.68
	Fourth Quarter					Twelve Months
	2008			2007		2008			2007
Exploration Expense
Domestic	$	53		$	21	$	95		$	121
Latin America		18			16		53			52
Middle East / North Africa		142			57		259			219
Other Eastern Hemisphere		2			7		1			30
TOTAL REPORTED	$	215		$	101	$	408		$	422
Less - non-core impairments		(81	)		—		(81	)		(58	)
TOTAL CORE	$	134		$	101	$	327		$	364

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

SUMMARY OF OPERATING STATISTICS

	Fourth Quarter				Twelve Months
Capital Expenditures ($MM)	2008		2007		2008		2007
Oil & Gas
California	$	244	$	140	$	802	$	573
Permian		207		77		485		367
Other U.S.		149		59		389		201
Latin America		301		192		848		508
Middle East / North Africa		323		249		1,058		1,059
Exploration		107		36		263		157
Chemicals		86		107		240		245
Midstream, marketing and other		160		83		492		243
Corporate		17		3		87		7
TOTAL	$	1,594	$	946	$	4,664	$	3,360
Depreciation, Depletion &	Fourth Quarter				Twelve Months
Amortization of Assets ($MM)	2008		2007		2008		2007
Oil & Gas
Domestic	$	334	$	276	$	1,094	$	1,040
Latin America		140		93		453		355
Middle East / North Africa		181		170		760		597
Chemicals		72		78		311		304
Midstream, marketing and other		21		18		73		67
Corporate		5		4		19		16
TOTAL	$	753	$	639	$	2,710	$	2,379

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Investor Relations Supplemental Schedules

OCCIDENTAL PETROLEUM

CORPORATE

($ millions)

	31-Dec-08			31-Dec-07
CAPITALIZATION
Long-Term Debt (including current maturities)		$	2,740		$	1,776
Notes Payable			7			12
Others			25			25
Total Debt		$	2,772		$	1,813
EQUITY		$	27,300		$	22,823
Total Debt To Total Capitalization			9%			7%

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