Occidental Petroleum Corporatio 8K Regulation FD Disclosure | OXY 4 Feb 10

EXHIBIT 99.1

February 4, 2010

Stephen I. Chazen

President and

Chief Financial Officer

Credit Suisse

2010 Energy Summit

($ in millions, except EPS data)

Full Year 2009 Results - Summary

2009 2008

• Core Results 1 $3,083 $7,348

• Core EPS (diluted) $3.78 $8.94

• Net Income $2,915 $6,857

• Reported EPS (diluted) $3.58 $8.34

• Oil and Gas sales volumes (mboe/day) 714 675

• +5.8% year-over-year

• Capital Spending $3,581 $4,664

• Cash Flow from Operations $5,800 $10,700

• ROE 10.3% 27%

• ROCE 9.6% 25%

1See attached for GAAP reconciliation.

Corporate Strategy/Philosophy

• Focus on core areas - - long-term production growth
of 5 - 8% CAGR

• US - Permian Basin, California, and Midcontinent Gas

• Middle East/North Africa

• Latin America

• Maintain strong balance sheet

– Maintain “A” credit rating

– Maintain investment discipline

– Create value

– Capture EOR projects with large volumes of oil in place

– Acquire assets with upside potential

– Maintain top quartile financial returns

• Maximize free cash flow from chemicals

• Continue to increase the dividend regularly

*Assumes Moderate Product Prices

What Are Our Goals & Current Objectives?

• Allocate and deploy capital with a focus on achieving strong
financial returns.

• Pursue only those opportunities which meet our standards
for ROCE and complement our existing assets.

– Return Targets*

• Domestic - 15+%

• International - 20+%

• Focus on further delineating and developing our significant
oil and gas discovery in CA, while continuing our exploration
program in the state.

• Focus on our large inventory of oil and gas properties and
projects in order to achieve profitable growth.

• Continue to make decisions based on creating long-term
value for shareholders.

Worldwide Oil & Gas Operations

Thousand BOE/Day

519

601

633

675

2005

2006

2007

2008

Note: This schedule reflects what production volumes would have been for the past 5 years if all production had been represented on a pre
-tax basis. Importantly this forecast is based only on existing projects and does not contemplate any new projects or future acquisitions.

2009

750

2010E

770

714

CAGR
= 7.9%

Worldwide Production Outlook

Low

Middle

Risk Factor

Exploratory

Commodity

Political

Engineering

Reinvestment

Financial

High

Level of Risk Acceptable to Occidental

Business Risk Factors

2009 Reserve Replacement

• We estimate that we replaced approximately 206% of our oil
and gas production in 2009.

• 2009 year-end proved reserves were 3.23 billion BOE, an
increase of 8%.

• Oxy had a three-year reserve replacement ratio of 160%.

• Our finding and development costs in 2009 were $7.90 per
BOE.

• Three-year finding and development costs averaged about
$15.10 per BOE.

• At 12/31/09, Oxy’s proved reserves consisted of 73% oil and
27% gas, with 64% located in the US and 36% internationally.

• Approximately 23% of the proved reserves were proved
undeveloped and 77% were proved developed.

2009

2008

2007

2006

2005

3-Year Average

5-Year Average

323

126

182

180

241

210

160

210

326

139

143

179

483

336

242

506

380

353

389

206

153

116

243

212

160

185

Organic

Growth

Acquisitions

Total

Reserve

Replace %

Million BOE

235

220

208

179

221

210

Worldwide

Production

(million boe)

Reserve Replacement

Growth Capital

Base Capital

Total Oil & Gas, and Midstream Capital

1,030

2,310

3,340

1,570

2,485

4,055

2009

2010E

($ in millions)

• We currently anticipate total year 2010 capex to be about
$4.3 billion compared to $3.6 billion spent in 2009.

– Our capital program will continue to focus on ensuring that our returns remain
well above our cost of capital.

– The increase in capital vs. 2009 will be allocated to the Oil & Gas segment.
Of this:

• about a quarter each will go to California and Iraq, and;

• about 15% to Bahrain and 10% to Midcontinent Gas.

– As a result, the capital allocation will be approximately 82% in Oil & Gas with
the remainder being spent in Midstream and Chemical.

Oil & Gas, and Midstream Capital

Capital Spending Program

Pipeline of Future Growth Projects

• California - Oxy is the largest acreage holder in the state, and is
continuing to pursue recent exploration successes.

• Permian Basin - - opportunity to deploy additional sources of CO2
to improve recovery and boost oil production.

• Midcontinent Gas - most of our gas production in the Piceance
Basin, non-associated gas in the Permian Basin, and the
Hugoton field has been combined into a single business unit.

• Oman - recently awarded new gas and condensate development
opportunities and have initiated drilling.

• Bahrain - have created a new joint operating company and
signed a Development and Production Sharing Agreement for
the further development of the Bahrain Field.

• Iraq - Oxy is part of an Eni-led consortium that has been
awarded the license for development of the giant Zubair oil field.

2009 net production

• 377 mboe/day

• 58% of worldwide total

2009 reserves

• 2.07 billion boe

• 64% of worldwide total

US Oil & Gas Operations

331

354

359

2005

2006

2007

Thousand BOE/Day

US Oil and Gas Production

**ROANCC = Return On Average Net Capitalized Costs.

361

377

2008

2009

A-T Cash = Income from continuing operations after US income
taxes, plus DD&A, and minus exploration and development costs
incurred.

1See attached for GAAP reconciliation.

US Oil & Gas Operations

Key Operations/Assets:

– California/Elk Hills Field

– Permian Basin

– Midcontinent Gas

2009 Financial Data1

Pre-tax Income $2.2 Billion

After-tax Cash $1.6 Billion

Capital $1.2 Billion

ROANCC** 9%

New Mexico

Colorado

Bravo Dome

Salt Creek

Hugoton

Sheep Mountain

Kansas

• Large resource inventory — Oxy
holds 2.2 mm net acres

• 2009 production of 185 mboe/day

• 1.1 billion boe of net proved
reserves (34% of Oxy total)

• Low decline rate & long-lived
properties

• Generates significant free cash flow

• Significant investment in long-lead
CO2 projects (Century plant)

• Operating efficiency

– 6 rig drilling program focused on
exploitation of recent "bolt-on"
acquisitions

– Running 65 workover rigs focused
on highest productivity wells

• Natural area for consolidation

Texas

Midland

Hobbs

Indian Basin

Area

Sharon Ridge

Cogdell

Seminole

Oxy Acreage

CO2 Pipelines

New Centurion Pipelines

Old Centurion Pipelines

To Cushing, OK

Permian Basin Operations

SandRidge

Acreage

1,300 mi2 3D

5 phases

Oxy

Pakenham

Oxy

JM - - Brown Bassett

Oil

Pipelines

CO2

Pipelines

County

NGL

Pipelines

Terrell

(Oxy)

Mitchell

Gray Ranch

New Plant

“Century”

Pikes

Peak

Pinon Field

SD Plant

Gas Plants

McCamey
Hub

CO2 Pipelines

Permian - - Century CO2 Plant Project

• Oxy to invest $850 mm
in CO2 plant and
pipeline facilities.

• CO2 to be used in Oxy’s
Permian EOR projects.

• New CO2 resources
expected to expand
Oxy’s Permian
production by at least 50
mb/day within 5 years.

• Allows Oxy to exploit at
least 3.5 tcf of CO2 for
EOR use.

• Enables Oxy to
accelerate and enhance
development of existing
assets.

Qatar

UAE

Oman

Yemen

Libya

2009 net production

• 254 mboe/day

• 35% of worldwide total

2009 reserves

• 924 million boe

• 29% of worldwide total

Bahrain

Middle East/North Africa Oil & Gas

157

175

198

2005

2006

2007

Thousand BOE/Day

Middle East/North Africa

Oil and Gas Production

**ROANCC = Return On Average Net Capitalized Costs.

238

254

2008

2009

A-T Cash = Income from continuing operations after foreign income taxes,

plus DD&A minus exploration and development costs incurred.

1See attached for GAAP reconciliation.

Middle East/North Africa Oil & Gas

Key Operations/Assets:

– Dolphin Project

– Qatar ISND

– Oman/Mukhaizna

– Bahrain

2009 Financial Data1

Pre-tax Income $2.5 Billion

After-tax Cash $1.2 Billion

Capital $1.0 Billion

ROANCC** 22%

Oxy Blocks

Oman - Mukhaizna Project

• Continuing large scale steam flood
EOR project - drilled 665+ wells
thru 2009

• Gross production at year-end 2009
was more than 10x higher vs. Sept.
2005

• Expect to drill approximately 320
new wells in 2010

• Exceeded target 2009 production
exit rate of 80 mb/d (gross)

• Completing all multiple water
treatment facilities to supply the
steam generators in order to:

– Increase gross production to year-
end 2010 exit rate of 100 mb/d;

– Expect to increase gross
production to 150 mb/d.

• PSA signed on 11/24/08

– Newly formed contract area -
“Habiba” - - Block 62

– 20-year agreement covers 2,269
km2

– Development of four gas fields

– Exploration potential

• Partners

– Oxy (operator) 48%, Mubadala
32%, Oman 20%

• Development Plan

– First production in 2010

– Gross production approximately
27 to 28 mboe/d by year-end 2011

Oxy Blocks

Oman - Gas Project

• Oxy, Mubadala, and NOGA announced
the creation of a new joint operating
company, Tatweer Petroleum, which will
serve as operator for the Bahrain Field.

• The company will operate under a
Development and Production Sharing
Agreement (DPSA) signed and approved
in late 2009.

• Oxy will hold a 48% interest, with
Mubadala holding 32%, and NOGA 20%.

• We expect to increase oil production to
about 3x the current level to reach 100
mb/d within 7 years, and increase gas
production by more than 65% to
approximately 2.5 bcf/d.

• Gross capital investment is expected to
be approximately $1.5 billion over the
initial 5 years of the DPSA.

Bahrain Field Development Project

Iran

Saudi Arabia

Syria

Kirkuk

Reserves 17B

Bai Hassan

Reserves 5B

Mansuriya

Reserves 1.6TCF

West Qurna 1

ExxonMobil/Shell

Reserves 6B

Rumaila

BP/CNPC

Reserves 21B

Akkas

Reserves 2.5TCF

Iraq

Zubair

Eni/Oxy/Kogas

Reserves 4.2B+

Missan

Reserves 2.2B

Iraq - Zubair Field

• Oxy is part of an Eni-led consortium that has been awarded the license
for development of the giant Zubair oil field in Iraq.

• Iraq holds the world’s second-largest reserves of oil with about 115
billion barrels estimated - second only to Saudi Arabia.

• We are now one of the few companies on the ground floor of this world-
class opportunity.

• Zubair has significant proved reserves estimated at more than 4.2
billion bbls and current production of 195 mb/d.

• Development of Zubair will be a multi-year, multi-phased project with
production expected to reach approx. 1.2 mm b/d in the next 6 years.

• We expect Oxy’s net share of peak production from the field to be
approximately 90 mb/d.

• Zubair will give us the opportunity to learn, and give us the insight to
effectively evaluate future developments in Iraq.

• We hope to expand our position and continue our involvement in Iraq
while meeting our standards for security and rate of return.

*Production and producing wells as of each of the quarterly earnings disclosure dates.

California - Kern County Discovery

KERN COUNTY DISCOVERY AREA

4Q09 3Q09 2Q09 1Q09

Gross Production*

– Natural Gas (mmcf/d) 145 105 74 28

– Liquids (mb/d) 7.5 8.5 5 3

– Total mboe/d 31.7 26.0 17.3 7.7

Number of producing wells* 15 10 6 4

• We believe there are 150 mm to 250 mm gross boe of reserves within the
small producing area.

• Approximately two-thirds of the discovery is believed to be natural gas.

• The discovery, which is near Elk Hills, is not below any producing zones.

• Oxy’s interest in the discovery area is approximately 80%.

San Joaquin

Valley

OXY Producing Properties

Exploration Acreage

Elk Hills

Long Beach

& Tidelands

San

Francisco

Sacramento

Bakersfield

Los Angeles

Sacramento

Valley

California - Kern County Discovery

• Cumulative gross production
since the start of production
through 12/31/09 has been 19.4
bcf of gas and 1.5 mm barrels of
liquids;

• We expect to drill 8 wells in the
first half of 2010 focusing on oil
drilling and exploring the limits of
the field;

• We also expect to add skid
mounted gas processing facilities
by 2Q-10;

• We expect to add to our gas
production once these facilities
are installed.

California Exploration

• Excluding the Kern County
discovery:

– Over the course of a couple of years,
we have drilled 39 exploration wells
seeking non-traditional hydrocarbon
bearing zones in California.

– Of these wells, 12 are commercial
and 10 are currently being evaluated;

– Oxy holds 1.3 mm acres of net fee
minerals and leasehold in CA, which
have been acquired in the last few
years to exploit these opportunities.
Discoveries similar to the Kern
County discovery are possible in this
net acre position.

– Additionally, we continue to pursue
shale production which is expected to
produce oil on this acreage.

Other Value Enhancing Initiatives

• Chemicals Operations

– consistent free cash generator

• Midstream Assets - Marketing and Pipelines

– adds value and is complimentary to Oil & Gas operations

• Dividend Growth

– consistent track record of dividend increases

3-Year* 5-Year*

Average Average 2009

Period ending 12/31/09*

($ millions)

1 See attached for GAAP reconciliation.

Chemicals Operations

Pre-tax Earnings $583 $688 $389

Free Cash Flow1 $657 $758 $480

Capital Spending $230 $221 $205

The assets are comprised of the following businesses:
Marketing; Gas processing plants; Pipelines; Power
generation, and; CO2 source fields and facilities.

Midstream Data 2009 2008 2007

Pre-tax earnings $235 $520 $367

Net Book Value $3,840 $2,930 $1,935

Capex & Acquisition costs $885 $880 $430

• Funds will be spent enhancing our CO2 production, investing in construction of the
W. Texas gas processing plant, and expanding our pipeline capacity.

($ in millions)

Midstream, Marketing and Other

$7,600

$40

$1,065

$1,750

$1,230

Available

Cash

Capex

Net Debt

Issuance

Dividends

Acquisitions

& Foreign

Bonuses

Ending Cash

Balance

12/31/09

Cash

Flow From

Operations

$5,800

($ in millions)

Beginning

Cash

$1,800

12/31/08

$3,600

Other

Debt

Issuance

$740

Debt

Reduction

$700

Full Year 2009 Cash Flow

2009

($ in millions)

Uses of Capital - (In Order of Priority)

1. Base/Maintenance Capital - $2,550

2. Dividends - $1,065

3. Growth Capital - $1,030

4. Acquisitions - - $1,750

5. Share Repurchase - $ -

$0.52

$0.55

$0.645

$0.80

Annual Dividend Payout per share

$0.50

$0.94

An established track record of consistent dividend increases

$1.21

$1.31

Creating Shareholder Value - Dividends

Change In

Equity Market Value

Change In

Shareholders’ Equity

9.5

2.6

2.3

Oxy’s Shareholder Equity versus Equity Market Value

1 - Year

3 - Year

5 - Year

10 - Year

• Building a History of Generating Shareholder Value

($ in millions)

Market Value per $ of Equity Retained

$17,443

$1,834

$25,037

$9,555

$42,897

$18,562

Financial Data for period ending December 31, 2009.

$58,096

$25,636

Creating Shareholder Value

Future Growth Areas to Watch

• Bahrain - -

• Oman/Mukhaizna - -

• Middle East -

• California - -

• Permian Basin -

• Midcontinent Gas -

Occidental Petroleum Corporation

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
significantly affect expected results. Factors that could cause actual results to differ materially
include, but are not limited to: global commodity price fluctuations and supply/demand
considerations for oil, gas and chemicals; not successfully completing (or any material delay in)
any expansions, field development, capital projects, acquisitions, or dispositions; higher-than-
expected costs; political risk; operational interruptions; changes in tax rates; exploration risks,
such as drilling of unsuccessful wells; and commodity trading risks. 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 does not undertake any obligation to update
any forward-looking statements as a result of new information, future events or otherwise.
Finding and Development cost calculations inherently compare costs and reserves additions
from separate periods. You can see the elements of our calculation of such costs in our
reserves release on our website. The United States Securities and Exchange Commission
(SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only
reserves anticipated to be economically producible, as of a given date, by application of
development projects to known accumulations. We use certain terms in this presentation, such
as estimated reserves, recoverable reserves and oil in place, that the SEC’s guidelines strictly
prohibit us from using in filings with the SEC. U.S. investors are urged to consider carefully the
disclosures 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. Oxy posts or provides
links to important information on its website including investor and analyst presentations, certain
board committee charters and information the SEC requires companies and certain of its
officers and directors to file or furnish. Such information may be found in the “Investor
Relations” and “Social Responsibility” portions of the website.

Appendix

—

100

2004

—

100

2005

Capital

Acquisitions

Share Repurchase

Debt Reduction & Cash

Dividends

2006

Percentage of Total

100

2007

100

2008

—

100

2009

—

100

Gross Cash Flow Uses

California - Kern County Discovery

Conventional vs. Non-conventional - What does this mean?

• Oxy’s discovery is Conventional, which means it is non-shale, is analogous
to a deep water discovery, and bears no relationship at all to so called
resource plays.

• This is a classic oil and gas field with large pay zones and with high
permeability.

• Flow rates are high without stimulation because of the high permeability of
the reservoir.

• Decline rates are relatively low (compared with frac’d wells) because each
well can drain a large area.

• In a Non-conventional field the source rock and the producing zone are
often the same. In a Conventional field a trapping mechanism is needed to
contain the migrated oil and/or gas, which reduces the statistical nature of
the drilling results.

California - Kern County Discovery

Conventional vs. Non-conventional - What does this mean?

• In a Non-conventional play drilling efficiencies and cost burden determines
the outcome. In a Conventional discovery the value is created by the
discovery process.

• In a Non-conventional field, reserves for the play are determined by
statistical inference. In the Non-conventional wells, decline curves tend to
be steep, making ultimate reserves difficult to estimate early in the play's
history. Conventional fields can often be determined volumetrically with
the area and pay thickness being relatively easy to determine while the
recovery factor can usually be bracketed by analogy.

• As a result of the large drainage areas and the lack of need for high cost
completions, Conventional fields can have dramatically lower F&D costs
than Non-conventional fields.

Occidental Petroleum Corporation
Reconciliation to Generally Accepted Accounting Principles (GAAP)
For the Twelve Months Ended December 31,
($ Millions)

	2009						2008
				Diluted						Diluted
				EPS						EPS
Reported Income	$	2,915			$	3.58	$	6,857			$	8.34
Add: significant items affecting earnings
Asset impairments		170						599
Rig contract terminations		8						58
Plant closure and impairment		-						90
Railcar leases		15						-
Severance accrual		40						-
Tax effect of pre-tax adjustments		(77	)					(238	)
Discontinued operations, net *		12						(18	)
Core Results	$	3,083			$	3.78	$	7,348			$	8.94

* Amount shown after-tax

Average Diluted Common Shares Outstanding						813.8						820.5

Chemicals Free Cash Flow
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)

	2005		2006		2007		2008		2009
Occidental Petroleum Consolidated Statement of Cash Flows
Cash flow from operating activities	5,337		6,353		6,798		10,652		5,813
Cash flow from investing activities	(3,161	)	(4,383	)	(3,128	)	(9,457	)	(5,327	)
Cash flow from financing activities	(1,187	)	(2,819	)	(3,045	)	(1,382	)	(1,033	)
Change in cash	989		(849	)	625		(187	)	(547	)


Chemicals Free Cash Flow
Core results (see reconciliation below)	784		906		601		759		389
Depreciation & amortization expense	268		279		304		311		298
Roundings	1		(2	)	-		-		(2	)
Capital expenditures (excluding acquisitions)	(168	)	(248	)	(245	)	(240	)	(205	)
Free cash flow	885		935		660		830		480

	Core		Cash		Capital
	Results		Flow		Spending
3-Year Average (2007-2009)	583		657		230
5-Year Average (2005-2009)	688		758		221


Segment income	614		906		601		669		389
Add: significant items affecting earnings
Plant closure and impairments	-		-		-		90		-
Hurricane insurance charges	11		-		-		-		-
Write-off of plants	159		-		-		-		-
Core results	784		906		601		759		389

Occidental Petroleum Corporation
Reconciliation to Generally Accepted Accounting Principles (GAAP)
For the Year Ended December 31, 2009

	United		Latin		Middle East
	States		America		North Africa		TOTAL
Capitalized Costs
Proved properties	24,488		5,743		10,909		41,140
Unproved properties	1,709		-		158		1,867
	26,197		5,743		11,067		43,007
Accumulated DD&A	(7,956	)	(2,490	)	(4,826	)	(15,272	)
Capitalized cost	18,241		3,253		6,241		27,735

Costs Incurred
Property Acquisition Costs
Proved Properties	569		-		158		727
Unproved Properties	100		-		3		103
Exploration Costs	131		26		50		207
Development Costs	1,223		560		996		2,779
Cost Incurred	2,023		586		1,207		3,816

Results of Operations
Revenues	5,832		1,538		4,195		11,565
Production costs	1,452		409		601		2,462
Taxes other than on income	399		22		-		421
Exploration expenses	156		28		83		267
Other operating expenses	389		116		208		713
Impairment of suspended costs	-		170		-		170
DD&A	1,237		628		823		2,688
Pretax income	2,199		165		2,480		4,844
Income taxes	670		6		1,151		1,827
Results of operations	1,529		159		1,329		3,017

After-tax Cash
After-tax income	1,529		159		1,329		3,017
+ DD&A	1,237		628		823		2,688
+ Impairment of suspended costs	-		170		-		170
+ Exploration expense	156		28		83		267
- Costs incurred (development)	(1,223	)	(560	)	(996	)	(2,779	)
- Costs incurred (exploration)	(131	)	(26	)	(50	)	(207	)
After-tax cash	1,568		399		1,189		3,156

Return on Average Net Capitalized Costs
Capitalized costs
2009	18,241		3,253		6,241		27,735
2008	17,611		3,484		5,886		26,981
Average	17,926		3,369		6,064		27,358

After-tax income	1,529		159		1,329		3,017

Return %	9%		5%		22%		11%

Occidental Petroleum Corporatio (OXY) 8-KRegulation FD Disclosure