Occidental Petroleum (OXY) 8-K Occidental Petroleum Announces 1st Quarter 2016 Results

Exhibit 99.1

Occidental Petroleum Announces 1st Quarter 2016 Results

·Permian Resources Q1 2016 production grew by 30,000 BOE per day or over 30% year-over-year

·Total year production growth outlook increased to 4 to 6 percent with the same capital budget of $3.0 billion

·Capital spending declined $500 million from Q4 2015 rate

·Collected $835 million from the Ecuador settlement and asset sales proceeds

·Q1 2016 quarter-end cash balance of $3.2 billion

HOUSTON – May 5, 2016 – Occidental Petroleum Corporation (NYSE: OXY) announced that operating cash flow from continuing operations before working capital for the first quarter of 2016 was more than $820 million, with total cash on the balance sheet at March 31, 2016, of $3.2 billion. Reported income was $78 million or $0.10 per diluted share for the first quarter of 2016. Core results for the first quarter of 2016 were a loss of $426 million or $0.56 per diluted share.

In announcing the results, President and Chief Executive Officer Vicki Hollub said, “We continued to focus on our cash flow priorities in the first quarter as the current low product price environment persists. We generated more than $820 million of operating cash flows before working capital, received $550 million from the Ecuador settlement and collected $285 million in asset sales proceeds. After paying our dividend and the current debt maturity of $700 million, we ended the first quarter with $3.2 billion in cash.

“Our Permian Resources operations continue to exceed production growth expectations, with the first quarter increasing by 30,000 BOE per day or over 30 percent from the first quarter of 2015 levels. We continued lowering our cost structure through improved operating and capital efficiencies. Permian Resources first quarter 2016 operating costs improved 10 percent from the fourth quarter of 2015 and 33 percent from the first quarter of 2015. Total oil and gas cash operating costs were lower by 23 percent compared to the first quarter of 2015.

“Total company first quarter capital spending declined by $500 million from the fourth quarter of 2015. The $700 million run rate is in line with our full year budget of roughly $3 billion, and we are increasing our total year production growth outlook for the year to 4 to 6 percent.”

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QUARTERLY RESULTS

Oil and Gas

Domestically, we completed the sale of the Piceance Basin assets on March 1, 2016, and we continue to reduce our exposure to non-core operations in the Middle East/North Africa region, including Bahrain, Iraq and Yemen. These domestic and international operations produced average daily volumes of 67,000 barrels of oil equivalent (BOE) and 114,000 BOE in the first quarters of 2016 and 2015, respectively. Excluding that production, the first quarter of 2016 total company average daily oil and gas production volumes for ongoing operations increased by 59,000 BOE to 590,000 BOE from 531,000 BOE in the first quarter of 2015. Compared to the first quarter of 2015, domestic average daily production increased by 17,000 BOE to 307,000 BOE in the first quarter of 2016 with the all of the increase attributable to Permian Resources. The increase in Permian Resources production was partially offset by lower natural gas and NGL production in South Texas. International average daily production increased to 283,000 BOE in the first quarter of 2016 from 241,000 BOE in the first quarter of 2015. The increase in international production mainly comes from Al Hosn, which was not fully operational in the first quarter of 2015.

Compared to the fourth quarter of 2015 production of 597,000 BOE per day, total company average daily oil and gas production from ongoing operations was down by 7,000 BOE. First quarter domestic average daily production increased by 9,000 BOE compared to the fourth quarter of 2015 due to increased production from Permian Resources, offset by lower natural gas and NGL production from South Texas. The decrease in international average daily production of 16,000 BOE compared to the fourth quarter of 2015 mainly reflected lower production from Al Hosn due to scheduled maintenance in the first quarter of 2016.

Total company average daily sales volumes for ongoing operations were 584,000 BOE in the first quarter of 2016 compared to 600,000 BOE for the fourth quarter of 2015 and 533,000 BOE in the first quarter of 2015.

Total oil and gas after-tax results reflected a loss of $388 million for the first quarter of 2016, compared to losses of $189 million for the fourth quarter of 2015 and $22 million for the first quarter of 2015. The decrease in oil and gas results on a sequential and year-over-year basis was mainly due to the continued decline in commodity prices in the first quarter of 2016, partially offset by lower operating costs.

The average WTI and Brent marker prices were $33.45 per barrel and $35.08 per barrel, respectively, for the first quarter of 2016, a decrease of more than 20 percent on a sequential quarterly basis and more than 30 percent on a year-over-year basis. Average worldwide realized crude oil prices were $29.42 per barrel for the first quarter of 2016, a decrease of 24 percent compared with the fourth quarter of 2015 and 39 percent compared with the first quarter of 2015. Average worldwide NGL prices were $10.86 per barrel in the first quarter of 2016, a decline of 23 percent from the preceding quarter and 40 percent from the first quarter of last year. Average domestic natural gas prices were $1.50 per MCF, a decline of 14 percent in the first quarter of 2016 compared with the fourth quarter of 2015 and 40 percent compared with the first quarter of 2015.

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Chemical

Chemical pre-tax core earnings for the first quarter of 2016 were $126 million, compared to $116 million in the fourth quarter of 2015 and $139 million in the first quarter of 2015. Compared to the first quarter of 2015, the first quarter of 2016 reflected lower sales prices across most product lines and significantly lower calcium chloride demand due to the mild winter weather conditions, offset with lower ethylene and natural gas costs. The increase in earnings compared to the fourth quarter of 2015 reflected lower natural gas costs and higher volumes across most product lines with the exception of calcium chloride, offset by weaker vinyls and caustic soda pricing.

Midstream and Marketing

Midstream pre-tax core results for the first quarter of 2016 were a loss $95 million, compared to losses of $45 million for the fourth quarter of 2015 and $5 million for the first quarter of 2015. The decrease compared to the fourth quarter of 2015 reflected lower NGL pricing, lower plant income from Al Hosn due to scheduled maintenance in the first quarter of 2016 as well as lower third-party foreign pipeline revenues. Compared to the first quarter of 2015, the lower results reflected lower marketing margins due to unfavorable Permian to Gulf Coast differentials.

About Occidental Petroleum

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory

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approval environment; reorganization or restructuring of Occidental’s operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. 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. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2015 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

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Contacts:

Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com

or

Investors:
Christopher M. Degner
212-603-8111
christopher_degner@oxy.com

On the web: www.oxy.com

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Occidental Petroleum Corporation

Quarter 1 2016 Earnings Release Schedules Index

Schedule #	Schedule Description
1	Summary Highlights
2	Segment Results Before Tax Allocations
	· Core results
	· Non-core adjustments
	· Reported results
3	Segment Results After Tax Allocations
	· Core results
	· Non-core adjustments
	· Reported results
4	Detail of Non-Core Adjustments
	· Before tax allocations
	· After tax allocations
5	GAAP Consolidated Income Statement
6	Condensed Balance Sheets
7	Condensed Statement of Cash Flows - Including GAAP reconciliations
	Details of Depreciation, Depletion and Amortization and Capital Expenditures
8	Daily Production - TOTAL REPORTED
	· MBOE/D
	· By Commodity
9	Daily Production - PRO FORMA FOR ONGOING OPERATIONS
	(EXCLUDES OPERATIONS SOLD, EXITED AND EXITING)
	· MBOE/D
	· By Commodity
10	Sales Volumes and Realized Prices
	· MBOE/D
	· Realized prices and related marker prices
11	Oil and Gas $/BOE Costs
12	Segment Core Results Pre-tax Variance Roll-forwards
	· Quarter-over-Quarter
	· Year-over-Year

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

					2015									2016
Quarterly	Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD		Qtr 1		Qtr 2	Qtr 3	Qtr 4	YTD
Net income (loss)
Core Income (Loss) ($ millions)	$	31	$	165	$	24	$	(129)	$	91	$	(426)				$	(426)
Core EPS - Diluted ($/share)	$	0.04	$	0.21	$	0.03	$	(0.17)	$	0.12	$	(0.56)				$	(0.56)
Effective tax rate	75%		65%		90%		29%		86%		29%					29%
Reported Income (Loss) ($ millions)	$	(218)	$	176	$	(2,609)	$	(5,178)	$	(7,829)	$	78				$	78
Reported EPS - Diluted ($/share)	$	(0.28)	$	0.23	$	(3.42)	$	(6.78)	$	(10.23)	$	0.10				$	0.10
Effective tax rate	8%		64%		15%		18%		14%		36%					36%
Average Shares Outstanding
Basic (millions)	769.6		766.4		763.3		763.2		765.6		763.4					763.4
Diluted (millions)	769.6		766.6		763.3		763.2		765.6		763.4					763.4
Production - Ongoing Operations
Total US (MBOE/D)	290		298		300		298		297		307					307
US oil (MBBL/D)	180		188		188		190		187		197					197
Worldwide (MBOE/D)	531		552		578		597		565		590					590
Worldwide sales (MBOE/D)	533		547		581		600		567		584					584
Realizations
Worldwide oil ($/BBL)	$	48.50	$	54.55	$	47.78	$	38.68	$	47.10	$	29.42				$	29.42
Worldwide NGL ($/BBL)	$	17.96	$	18.06	$	14.68	$	14.02	$	15.96	$	10.86				$	10.86
Domestic gas ($/MCF)	$	2.49	$	2.09	$	2.24	$	1.75	$	2.15	$	1.50				$	1.50
Cash Flows ($ millions)
Operating before working capital	$	1,121	$	1,517	$	1,202	$	944	$	4,784	$	822				$	822
Working capital changes	(555)		(399)		16		58		(880)		(316)					(316)
Other, net	-		(307)		(192)		(151)		(650)		(367)					(367)
Operating - continuing operations	$	566	$	811	$	1,026	$	851	$	3,254	$	139				$	139
Capital expenditures	$	(1,735)	$	(1,488)	$	(1,219)	$	(1,170)	$	(5,612)	$	(687)				$	(687)
	2015										2016
Year-to-date	Mar		Jun		Sep		Dec				Mar		Jun	Sep	Dec
Net income (loss)
Core Income (Loss) ($ millions)	$	31	$	196	$	220	$	91			$	(426)
Core EPS - Diluted ($/share)	$	0.04	$	0.25	$	0.29	$	0.12			$	(0.56)
Effective tax rate	75%		67%		74%		86%				29%
Reported Income (Loss) ($ millions)	$	(218)	$	(42)	$	(2,651)	$	(7,829)			$	78
Reported EPS - Diluted ($/share)	$	(0.28)	$	(0.05)	$	(3.46)	$	(10.23)			$	0.10
Effective tax rate	8%		113%		5%		14%				36%
Average Shares Outstanding
Basic (millions)	769.6		768.0		766.4		765.6				763.4
Diluted (millions)	769.6		768.0		766.4		765.6				763.4
Production - Ongoing Operations
Total US (MBOE/D)	290		294		296		297				307
US oil (MBBL/D)	180		184		187		187				197
Worldwide (MBOE/D)	531		542		554		565				590
Worldwide sales (MBOE/D)	533		540		554		567				584
Realizations
Worldwide oil ($/BBL)	$	48.50	$	51.60	$	50.33	$	47.10			$	29.42
Worldwide NGL ($/BBL)	$	17.96	$	18.01	$	16.73	$	15.96			$	10.86
Domestic gas ($/MCF)	$	2.49	$	2.29	$	2.28	$	2.15			$	1.50
Cash Flows ($ millions)
Operating before working capital	$	1,121	$	2,638	$	3,840	$	4,784			$	822
Working capital changes	(555)		(954)		(938)		(880)				(316)
Other, net	-		(307)		(499)		(650)				(367)
Operating - continuing operations	$	566	$	1,377	$	2,403	$	3,254			$	139
Capital expenditures	$	(1,735)	$	(3,223)	$	(4,442)	$	(5,612)			$	(687)

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental’s results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Therefore, management uses a measure called “core results,” which excludes those items. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported earnings are considered representative of management’s performance over the long term. Core results are not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.

SCHEDULE 2

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)

							2015													2016
Core Results	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(236	)	$	(67	)	$	(179	)	$	(222	)	$	(704	)	$	(601	)				$	(601	)
Foreign	295			395			342			125			1,157			99						99
Exploration	(2		)	(4		)	(1		)	(9		)	(16		)	(6		)				(6		)
	57			324			162			(106		)	437			(508		)				(508		)
Chemical	139			136			174			116			565			126						126
Midstream and Marketing	(5		)	84			31			(45		)	65			(95		)				(95		)
Segment Income (Loss)	191			544			367			(35		)	1,067			(477		)				(477		)
Corporate
Interest	(28		)	(7		)	(47		)	(59		)	(141		)	(57		)				(57		)
Other	(39		)	(61		)	(74		)	(88		)	(262		)	(62		)				(62		)
Pre-tax Income (Loss)	124			476			246			(182		)	664			(596		)				(596		)
Taxes
Federal and state	14			59			80			159			312			258						258
Foreign	(107		)	(370		)	(302		)	(106		)	(885		)	(88		)				(88		)
Net Income (Loss)	$	31		$	165		$	24		$	(129	)	$	91		$	(426	)				$	(426	)
Core earnings per share
Basic	$	0.04		$	0.21		$	0.03		$	(0.17	)	$	0.12		$	(0.56	)				$	(0.56	)
Diluted	$	0.04		$	0.21		$	0.03		$	(0.17	)	$	0.12		$	(0.56	)				$	(0.56	)
Effective Tax Rate	75%			65%			90%			29%			86%			29%						29%
Non-core Adjustments	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(277	)	$	32		$	(1,852	)	$	(1,350	)	$	(3,447	)	$	23					$	23
Foreign	(46		)	(1		)	(1,438		)	(3,419		)	(4,904		)	-						-
Exploration	-			-			-			(146		)	(146		)	-						-
	(323		)	31			(3,290		)	(4,915		)	(8,497		)	23						23
Chemical	-			-			98			(121		)	(23		)	88						88
Midstream and Marketing	(10		)	3			(7		)	(1,245		)	(1,259		)	-						-
Segment Income (Loss)	(333		)	34			(3,199		)	(6,281		)	(9,779		)	111						111
Corporate
Interest	-			-			-			-			-			-						-
Other	(25		)	(6		)	(98		)	(232		)	(361		)	(78		)				(78		)
Pre-tax Income (Loss)	(358		)	28			(3,297		)	(6,513		)	(10,140		)	33						33
Taxes
Federal and state	111			(12		)	667			992			1,758			33						33
Foreign	1			(1		)	-			145			145			-						-
Income (Loss) From Continuing Operations	(246		)	15			(2,630		)	(5,376		)	(8,237		)	66						66
Discontinued Operations	(3		)	(4		)	(3		)	327			317			438						438
Net Income (Loss)	$	(249	)	$	11		$	(2,633	)	$	(5,049	)	$	(7,920	)	$	504					$	504
Reported Results	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(513	)	$	(35	)	$	(2,031	)	$	(1,572	)	$	(4,151	)	$	(578	)				$	(578	)
Foreign	249			394			(1,096		)	(3,294		)	(3,747		)	99						99
Exploration	(2		)	(4		)	(1		)	(155		)	(162		)	(6		)				(6		)
	(266		)	355			(3,128		)	(5,021		)	(8,060		)	(485		)				(485		)
Chemical	139			136			272			(5		)	542			214						214
Midstream and Marketing	(15		)	87			24			(1,290		)	(1,194		)	(95		)				(95		)
Segment Income (Loss)	(142		)	578			(2,832		)	(6,316		)	(8,712		)	(366		)				(366		)
Corporate
Interest	(28		)	(7		)	(47		)	(59		)	(141		)	(57		)				(57		)
Other	(64		)	(67		)	(172		)	(320		)	(623		)	(140		)				(140		)
Pre-tax Income (Loss)	(234		)	504			(3,051		)	(6,695		)	(9,476		)	(563		)				(563		)
Taxes
Federal and state	125			47			747			1,151			2,070			291						291
Foreign	(106		)	(371		)	(302		)	39			(740		)	(88		)				(88		)
Income (Loss) From Continuing Operations	(215		)	180			(2,606		)	(5,505		)	(8,146		)	(360		)				(360		)
Discontinued Operations	(3		)	(4		)	(3		)	327			317			438						438
Net Income (Loss)	$	(218	)	$	176		$	(2,609	)	$	(5,178	)	$	(7,829	)	$	78					$	78
Reported earnings per share
Basic	$	(0.28	)	$	0.23		$	(3.42	)	$	(6.78	)	$	(10.23	)	$	0.10					$	0.10
Diluted	$	(0.28	)	$	0.23		$	(3.42	)	$	(6.78	)	$	(10.23	)	$	0.10					$	0.10
Effective Tax Rate	8%			64%			15%			18%			14%			36%						36%

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results After Tax Allocations

(Amounts in millions, except per share amounts)

							2015													2016
Core Results	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(89	)	$	(42	)	$	(113	)	$	(141	)	$	(385	)	$	(387	)				$	(387	)
Foreign	69			154			131			106			460			5						5
Exploration	(2		)	(4		)	(1		)	(154		)	(161		)	(6		)				(6		)
	(22		)	108			17			(189		)	(86		)	(388		)				(388		)
Chemical	88			86			111			73			358			82						82
Midstream and Marketing	4			66			41			2			113			(56		)				(56		)
Segment Income (Loss)	70			260			169			(114		)	385			(362		)				(362		)
Corporate
Interest	(28		)	(7		)	(47		)	(59		)	(141		)	(57		)				(57		)
Other	(39		)	(61		)	(74		)	(88		)	(262		)	(62		)				(62		)
Taxes	28			(27		)	(24		)	132			109			55						55
Net Income (Loss)	$	31		$	165		$	24		$	(129	)	$	91		$	(426	)				$	(426	)
Core earnings per share
Basic	$	0.04		$	0.21		$	0.03		$	(0.17	)	$	0.12		$	(0.56	)				$	(0.56	)
Diluted	$	0.04		$	0.21		$	0.03		$	(0.17	)	$	0.12		$	(0.56	)				$	(0.56	)
Non-core Adjustments	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(177	)	$	20		$	(1,186	)	$	(864	)	$	(2,207	)	$	15					$	15
Foreign	(46		)	(1		)	(1,438		)	(3,420		)	(4,905		)	-						-
Exploration	-			-			-			-			-			-						-
	(223		)	19			(2,624		)	(4,284		)	(7,112		)	15						15
Chemical	-			-			63			(78		)	(15		)	56						56
Midstream and Marketing	(4		)	2			(4		)	(807		)	(813		)	-						-
Segment Income (Loss)	(227		)	21			(2,565		)	(5,169		)	(7,940		)	71						71
Corporate
Interest	-			-			-			-			-			-						-
Other	(19		)	(6		)	(65		)	(225		)	(315		)	(78		)				(78		)
Taxes	-			-			-			18			18			73						73
Income (Loss) From Continuing Operations	(246		)	15			(2,630		)	(5,376		)	(8,237		)	66						66
Discontinued Operations	(3		)	(4		)	(3		)	327			317			438						438
Net Income (Loss)	$	(249	)	$	11		$	(2,633	)	$	(5,049	)	$	(7,920	)	$	504					$	504
Reported Results	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(266	)	$	(22	)	$	(1,299	)	$	(1,005	)	$	(2,592	)	$	(372	)				$	(372	)
Foreign	23			153			(1,307		)	(3,314		)	(4,445		)	5						5
Exploration	(2		)	(4		)	(1		)	(154		)	(161		)	(6		)				(6		)
	(245		)	127			(2,607		)	(4,473		)	(7,198		)	(373		)				(373		)
Chemical	88			86			174			(5		)	343			138						138
Midstream and Marketing	-			68			37			(805		)	(700		)	(56		)				(56		)
Segment Income (Loss)	(157		)	281			(2,396		)	(5,283		)	(7,555		)	(291		)				(291		)
Corporate
Interest	(28		)	(7		)	(47		)	(59		)	(141		)	(57		)				(57		)
Other	(58		)	(67		)	(139		)	(313		)	(577		)	(140		)				(140		)
Taxes	28			(27		)	(24		)	150			127			128						128
Income (Loss) From Continuing Operations	(215		)	180			(2,606		)	(5,505		)	(8,146		)	(360		)				(360		)
Discontinued Operations	(3		)	(4		)	(3		)	327			317			438						438
Net Income (Loss)	$	(218	)	$	176		$	(2,609	)	$	(5,178	)	$	(7,829	)	78						78
Reported earnings per share
Basic	$	(0.28	)	$	0.23		$	(3.42	)	$	(6.78	)	$	(10.23	)	$	0.10					$	0.10
Diluted	$	(0.28	)	$	0.23		$	(3.42	)	$	(6.78	)	$	(10.23	)	$	0.10					$	0.10

SCHEDULE 4

Occidental Petroleum Corporation

Non-Core Adjustments Detail

(Amounts in millions)

							2015														2016
Before Tax Allocations	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD				Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic
Asset sales gains (losses)	$	(13	)	$	18		$	-		$	5		$	10			$	48					$	48
Asset impairments and related items	(264		)	14			(1,852		)	(1,355		)	(3,457		)		-						-
Other	-			-			-			-			-				(25		)				(25		)
	(277		)	32			(1,852		)	(1,350		)	(3,447		)		23						23
Foreign
Asset impairments and related items	(46		)	(1		)	(1,438		)	(3,565		)	(5,050		)	��	-						-
Total Oil and Gas	(323		)	31			(3,290		)	(4,915		)	(8,497		)		23						23
Chemical
Asset sale gains	-			-			98			-			98				88						88
Asset impairments	-			-			-			(121		)	(121		)		-						-
Total Chemical	-			-			98			(121		)	(23		)		88						88
Midstream and Marketing
Asset sales gains	-			-			-			-			-				-						-
Asset impairments and related items	(10		)	3			(7		)	(1,245		)	(1,259		)		-						-
Total Midstream	(10		)	3			(7		)	(1,245		)	(1,259		)		-						-
Corporate
Asset sales gains (losses)	(11		)	-			2			1			(8		)		-						-
Asset impairments	-			-			(5		)	(230		)	(235		)		(78		)				(78		)
Severance, spin-off costs and other items	(14		)	(6		)	(95		)	(3		)	(118		)		-						-
Total Corporate	(25		)	(6		)	(98		)	(232		)	(361		)		(78		)				(78		)
Taxes	112			(13		)	667			1,137			1,903				33						33
Income (Loss) From Continuing Operations	(246		)	15			(2,630		)	(5,376		)	(8,237		)		66						66
Discontinued Operations	(3		)	(4		)	(3		)	327			317				438			-	-	-	438
Totals	$	(249	)	$	11		$	(2,633	)	$	(5,049	)	$	(7,920	)		$	504					$	504
							2015														2016
After Tax Allocations	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD				Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic
Asset sales gains (losses)	$	(8	)	$	11		$	(1	)	$	3		$	5			$	31					$	31
Asset impairments and related items	(169		)	9			(1,185		)	(867		)	(2,212		)		-						-
Other	-			-			-			-			-				(16		)				(16		)
	(177		)	20			(1,186		)	(864		)	(2,207		)		15						15
Foreign
Asset impairments and related items	(46		)	(1		)	(1,438		)	(3,420		)	(4,905		)		-						-
Total Oil and Gas	(223		)	19			(2,624		)	(4,284		)	(7,112		)		15						15
Chemical
Asset sale gains	-			-			63			-			63				56						56
Asset impairments	-			-			-			(78		)	(78		)		-						-
Total Chemical	-			-			63			(78		)	(15		)		56						56
Midstream and Marketing
Asset sales gains	-			-			-			-			-				-						-
Asset impairments and related items	(4		)	2			(4		)	(807		)	(813		)		-						-
Total Midstream	(4		)	2			(4		)	(807		)	(813		)		-						-
Corporate
Asset sales gains (losses)	(7		)	-			1			1			(5		)		-						-
Asset impairments	-			-			(5		)	(229		)	(234		)		(78		)				(78		)
Severance, spin-off costs and other items	(12		)	(6		)	(61		)	3			(76		)		-						-
Total Corporate	(19		)	(6		)	(65		)	(225		)	(315		)		(78		)				(78		)
Taxes (a)	-			-			-			18			18				73						73
Income (Loss) From Continuing Operations	(246		)	15			(2,630		)	(5,376		)	(8,237		)		66						66
Discontinued Operations	(3		)	(4		)	(3		)	327			317				438						438
Totals	$	(249	)	$	11		$	(2,633	)	$	(5,049	)	$	(7,920	)		$	504					$	504

(a)  The 2015 amount included the change in the unitary state tax rates.  The 2016 amount included benefits for relinquishment of foreign exploration blocks.

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(Amounts in millions, except per-share amounts)

							2015													2016
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
REVENUES
Net sales
Oil & Gas	$	2,009		$	2,342		$	2,054		$	1,899		$	8,304		$	1,275					$	1,275
Chemical	1,000			1,030			1,008			907			3,945			890						890
Midstream and Marketing	197			294			231			169			891			133						133
Eliminations	(117		)	(197		)	(177		)	(169		)	(660		)	(175		)				(175		)
	3,089			3,469			3,116			2,806			12,480			2,123						2,123
Interest, dividends and other income	31			26			31			30			118			20						20
Gain (loss) on sale of assets and equity investments, net	(24		)	19			99			7			101			138						138
	3,096			3,514			3,246			2,843			12,699			2,281						2,281
COSTS AND OTHER DEDUCTIONS
Cost of sales	1,557			1,480			1,413			1,354			5,804			1,281						1,281
Depreciation, depletion and amortization	1,029			1,116			1,123			1,276			4,544			1,102						1,102
Selling, general and administrative and other operating expenses	311			347			292			320			1,270			272						272
Asset impairments and related items	324			-			3,397			6,518			10,239			78						78
Taxes other than on income	107			107			79			50			343			75						75
Exploration expense	8			10			5			13			36			9						9
Interest and debt expense, net	30			8			48			61			147			60						60
	3,366			3,068			6,357			9,592			22,383			2,877						2,877
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS	(270		)	446			(3,111		)	(6,749		)	(9,684		)	(596		)				(596		)
Benefit from (provision for) domestic and foreign income taxes	19			(324		)	445			1,190			1,330			203						203
Income from equity investments	36			58			60			54			208			33						33
INCOME (LOSS) FROM CONTINUING OPERATIONS	(215		)	180			(2,606		)	(5,505		)	(8,146		)	(360		)				(360		)
Discontinued operations, net	(3		)	(4		)	(3		)	327			317			438						438
NET INCOME (LOSS)	$	(218	)	$	176		$	(2,609	)	$	(5,178	)	$	(7,829	)	$	78					$	78
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations	$	(0.28	)	$	0.23		$	(3.41	)	$	(7.21	)	$	(10.64	)	$	(0.47	)				$	(0.47	)
Discontinued operations, net	-			-			(0.01		)	0.43			0.41			0.57						0.57
BASIC EARNINGS PER COMMON SHARE	$	(0.28	)	$	0.23		$	(3.42	)	$	(6.78	)	$	(10.23	)	$	0.10					$	0.10
DILUTED EARNINGS PER COMMON SHARE	$	(0.28	)	$	0.23		$	(3.42	)	$	(6.78	)	$	(10.23	)	$	0.10					$	0.10
DIVIDENDS PER COMMON SHARE	$	0.72		$	0.75		$	0.75		$	0.75		$	2.97		$	0.75					$	0.75
AVERAGE COMMON SHARES OUTSTANDING
BASIC	769.6			766.4			763.3			763.2			765.6			763.4						763.4
DILUTED	769.6			766.6			763.3			763.2			765.6			763.4						763.4

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(Amounts in millions)

	2015											2016
	MAR			JUN			SEP			DEC		MAR			JUN	SEP	DEC
CURRENT ASSETS
Cash and cash equivalents	$	2,153		$	2,756		$	2,547		$	3,201	$	3,176
Restricted cash	3,265			2,382			1,765			1,193		-
Trade receivables, net	3,068			3,973			3,507			2,970		2,780
Inventories	1,133			1,120			1,122			986		997
Assets held for sale	-			-			709			141		-
Other current assets	815			777			890			911		1,284
Total current assets	10,434			11,008			10,540			9,402		8,237
INVESTMENTS
Investments in unconsolidated entities	1,221			1,330			1,428			1,267		1,301
Available for sale investment	544			432			186			167		-
Total investments	1,765			1,762			1,614			1,434		1,301
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment	75,979			77,375			73,447			71,058		71,643
Accumulated depreciation, depletion and amortization	(35,870		)	(36,897		)	(36,612		)	(39,419)		(40,138		)
	40,109			40,478			36,835			31,639		31,505
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	1,060			1,090			1,070			934		975
TOTAL ASSETS	$	53,368		$	54,338		$	50,059		$	43,409	$	42,018
CURRENT LIABILITIES
Current maturities of long-term debt	$	700		$	1,450		$	1,450		$	1,450	$	2,000
Accounts payable	3,867			4,145			3,727			3,069		2,801
Accrued liabilities	2,152			2,230			2,202			2,213		2,025
Domestic and foreign income taxes	196			-			25			-		-
Liabilities of assets held for sale	-			-			29			110		-
Total current liabilities	6,915			7,825			7,433			6,842		6,826
LONG-TERM DEBT, NET	6,118			6,849			6,852			6,855		5,608
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	2,947			3,153			2,579			1,323		1,642
Other	3,224			3,209			3,313			4,039		4,153
	6,171			6,362			5,892			5,362		5,795
STOCKHOLDERS’ EQUITY
Common stock, $.20 per share par value	178			178			178			178		178
Treasury stock	(8,734		)	(9,107		)	(9,113		)	(9,121)		(9,128		)
Additional paid-in capital	7,632			7,651			7,664			7,640		7,668
Retained earnings	35,294			34,896			31,712			25,960		25,375
Accumulated other comprehensive loss	(206		)	(316		)	(559		)	(307)		(304		)
Total equity	34,164			33,302			29,882			24,350		23,789
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	53,368		$	54,338		$	50,059		$	43,409	$	42,018

SCHEDULE 7

Occidental Petroleum Corporation

Condensed Statements of Cash Flows and Detail of CAPEX and DD&A

(Amounts in millions)

	2015														2016
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD		Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
OPERATING CASH FLOW
Net income (loss)	$	(218	)	$	176		$	(2,609	)	$	(5,178	)	$	(7,829)	$	78					$	78
Depreciation, depletion and amortization (see detail below)	1,029			1,116			1,123			1,276			4,544		1,102						1,102
Deferred income tax (benefit) provision	(63		)	202			(556		)	(955		)	(1,372)		77						77
Asset impairments and other non-cash charges	373			23			3,244			5,801			9,441		(435		)				(435		)
Operating cash flow before working capital	1,121			1,517			1,202			944			4,784		822						822
Working capital changes	(555		)	(399		)	16			58			(880)		(316		)				(316		)
Other, net (a)	-			(307		)	(192		)	(151		)	(650)		(367		)				(367		)
Operating cash flow from continuing operations	566			811			1,026			851			3,254		139						139
INVESTING CASH FLOW
Capital expenditures (see detail below)	(1,735		)	(1,488		)	(1,219		)	(1,170		)	(5,612)		(687		)				(687		)
Payment for purchases of assets	(6		)	(37		)	(9		)	(57		)	(109)		(24		)				(24		)
Sales of assets and equity investments, net	20			38			93			668			819		285						285
Changes in capital accrual	(458		)	(127		)	(67		)	60			(592)		(208		)				(208		)
Other investing activities	(27		)	(69		)	(27		)	194			71		(3		)				(3		)
Investing cash flow from continuing operations	(2,206		)	(1,683		)	(1,229		)	(305		)	(5,423)		(637		)				(637		)
FINANCING CASH FLOW
Cash dividends paid	(557		)	(556		)	(577		)	(574		)	(2,264)		(574		)				(574		)
Purchases of treasury stock	(207		)	(329		)	(50		)	(8		)	(594)		(7		)				(7		)
Proceeds from long-term debt	-			1,478			-			1			1,479		-						-
Payment of long-term debt	-			-			-			-			-		(700		)				(700		)
Other financing activities	19			5			10			3			37		11						11
Financing cash flow from continuing operations	(745		)	598			(617		)	(578		)	(1,342)		(1,270		)				(1,270		)
Cash Flow From Discontinued Operations	(5		)	(6		)	(6		)	114			97		550						550
Increase (decrease) in cash	(2,390		)	(280		)	(826		)	82			(3,414)		(1,218		)				(1,218		)
Cash, cash equivalents and restricted cash (b) - beg of period	7,808			5,418			5,138			4,312			7,808		4,394						4,394
Cash, cash equivalents and restricted cash (b) - end of period	$	5,418		$	5,138		$	4,312		$	4,394		$	4,394	$	3,176					$	3,176
Depreciation, Depletion and Amortization	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD		Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Oil & Gas
United States	$	502		$	541		$	556		$	510		$	2,109	$	709					$	709
Latin America	48			49			48			51			196		42						42
Middle East/North Africa	329			370			345			537			1,581		175						175
Chemical	92			92			94			93			371		88						88
Midstream and Marketing	48			55			71			75			249		78						78
Corporate	10			9			9			10			38		10						10
	$	1,029		$	1,116		$	1,123		$	1,276		$	4,544	$	1,102					$	1,102
Capital Expenditures
Oil & Gas
Permian Resources	$	(729	)	$	(555	)	$	(521	)	$	(426	)	$	(2,231)	$	(221	)				$	(221	)
Permian EOR	(115		)	(119		)	(102		)	(88		)	(424)		(91		)				(91		)
Other Domestic	(86		)	(21		)	-			(2		)	(109)		(2		)				(2		)
Latin America	(47		)	(45		)	(24		)	(34		)	(150)		(11		)				(11		)
Middle East/North Africa	(476		)	(449		)	(242		)	(245		)	(1,412)		(183		)				(183		)
Exploration Drilling	(58		)	(30		)	(15		)	(13		)	(116)		(8		)				(8		)
Chemical	(40		)	(57		)	(58		)	(99		)	(254)		(46		)				(46		)
Midstream and Marketing	(115		)	(105		)	(155		)	(160		)	(535)		(82		)				(82		)
Corporate	(9		)	(9		)	(10		)	(13		)	(41)		(2		)				(2		)
GAAP external reporting	(1,675		)	(1,390		)	(1,127		)	(1,080		)	(5,272)		(646		)				(646		)
Cracker JV investment contributions	(60		)	(98		)	(92		)	(90		)	(340)		(41		)				(41		)
	$	(1,735	)	$	(1,488	)	$	(1,219	)	$	(1,170	)	$	(5,612)	$	(687	)				$	(687	)
Reconciliation of non-GAAP disclosures to GAAP	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD		Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Condensed Statements of Cash Flows
CASH FLOW FROM OPERATING ACTIVITIES
Continuing operations	$	566		$	811		$	1,026		$	851		$	3,254	$	139					$	139
Discontinued operations	(5		)	(6		)	(6		)	114			97		550						550
CASH FLOW FROM INVESTING ACTIVITIES
Continuing operations	(2,206		)	(1,683		)	(1,229		)	(305		)	(5,423)		(637		)				(637		)
Discontinued operations	-			-			-			-			-		-						-
CASH FLOW FROM FINANCING ACTIVITIES
Continuing operations	9			1,481			-			(6		)	1,484		(77		)				(77		)
Discontinued operations	-			-			-			-			-		-						-
Increase (decrease) in cash and cash equivalents	(1,636		)	603			(209		)	654			(588)		(25		)				(25		)
Cash and cash equivalents - beginning of period	3,789			2,153			2,756			2,547			3,789		3,201						3,201
Cash and cash equivalents - end of period	$	2,153		$	2,756		$	2,547		$	3,201		$	3,201	$	3,176					$	3,176

(a)   In 2015, Occidental filed for an extension of time for payment of taxes by a corporation expecting a net operating loss(NOL) carryback.  The other operating, net, for 2015 of $650 million represents the federal and state tax benefit of the carryback of the 2015 NOL, of which $358 million was applied to the 2014 federal balance due and the remainder will be received in cash during 2016.  The 2016 amount represents the NOL carryback which is expected to be collected in 2017.

(b)   Restricted cash must be used solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing. As of March 31, 2016, there is no restricted cash remaining.

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

			2015					2016
REPORTED NET MBOE VOLUMES PER DAY:	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD
United States
Permian Resources	98	109	116	118	110	128				128
Permian EOR	145	145	144	143	145	145				145
Midcontinent & Other	83	79	72	60	73	43				43
Total	326	333	332	321	328	316				316
Latin America	40	42	27	39	37	39				39
Middle East / North Africa
Al Hosn	9	18	50	60	35	42				42
Dolphin	39	42	41	43	41	44				44
Oman	89	87	93	88	89	89				89
Qatar	64	65	67	69	66	69				69
Other	78	71	79	60	72	58				58
Total	279	283	330	320	303	302				302
TOTAL REPORTED PRODUCTION	645	658	689	680	668	657				657
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian Resources	62	71	74	76	71	84				84
Permian EOR	111	110	108	109	110	108				108
Midcontinent & Other	25	24	22	13	21	5				5
Total	198	205	204	198	202	197				197
NGLs (MBBL)
Permian Resources	14	15	18	18	16	19				19
Permian EOR	28	29	30	28	29	28				28
Midcontinent & Other	11	11	10	10	10	7				7
Total	53	55	58	56	55	54				54
Natural Gas (MMCF)
Permian Resources	130	136	143	143	137	152				152
Permian EOR	37	38	37	35	37	51				51
Midcontinent & Other	280	263	239	220	250	185				185
Total	447	437	419	398	424	388				388
Latin America
Oil (MBBL)	38	40	25	38	35	38				38
Natural Gas (MMCF)	12	10	9	8	10	8				8
Middle East / North Africa
Oil (MBBL)
Al Hosn	2	4	9	11	7	9				9
Dolphin	7	7	7	8	7	7				7
Oman	80	81	85	81	82	77				77
Qatar	64	65	67	69	66	69				69
Other	37	31	39	23	32	20				20
Total	190	188	207	192	194	182				182
NGLs (MBBL)
Al Hosn	2	4	14	18	10	13				13
Dolphin	7	8	8	8	8	9				9
Total	9	12	22	26	18	22				22
Natural Gas (MMCF)
Al Hosn	30	60	162	185	109	121				121
Dolphin	150	160	158	162	158	166				166
Oman	56	38	45	41	44	71				71
Other	245	240	242	222	237	230				230
Total	481	498	607	610	548	588				588

SCHEDULE 9

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

PRO FORMA FOR ONGOING OPERATIONS (EXCLUDES OPERATIONS SOLD, EXITED AND EXITING)

			2015						2016
NET MBOE VOLUMES PER DAY:	Qtr 1	Qtr 2	Qtr 3		Qtr 4	YTD	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD
United States
Permian Resources	98	109	116		118	110	128				128
Permian EOR	145	145	144		143	145	145				145
South Texas & Other	47	44	40		37	42	34				34
Total	290	298	300		298	297	307				307
Latin America	40	42	27		39	37	39				39
Middle East / North Africa
Al Hosn	9	18	50		60	35	42				42
Dolphin	39	42	41		43	41	44				44
Oman	89	87	93		88	89	89				89
Qatar	64	65	67		69	66	69				69
Total	201	212	251		260	231	244				244
TOTAL ONGOING OPERATIONS	531	552	578	��	597	565	590				590
NET PRODUCTION VOLUMES PER DAY
BY COMMODITY FOR ONGOING OPERATIONS:
United States
Oil (MBBL)
Permian Resources	62	71	74		76	71	84				84
Permian EOR	111	110	108		109	110	108				108
South Texas & Other	7	7	6		5	6	5				5
Total	180	188	188		190	187	197				197
NGLs (MBBL)
Permian Resources	14	15	18		18	16	19				19
Permian EOR	28	29	30		28	29	28				28
South Texas & Other	8	7	7		7	7	5				5
Total	50	51	55		53	52	52				52
Natural Gas (MMCF)
Permian Resources	130	136	143		143	137	152				152
Permian EOR	37	38	37		35	37	51				51
South Texas & Other	194	183	163		151	173	142				142
Total	361	357	343		329	347	345				345
Latin America
Oil (MBBL)	38	40	25		38	35	38				38
Natural Gas (MMCF)	12	10	9		8	10	8				8
Middle East / North Africa
Oil (MBBL)
Al Hosn	2	4	9		11	7	9				9
Dolphin	7	7	7		8	7	7				7
Oman	80	81	85		81	82	77				77
Qatar	64	65	67		69	66	69				69
Total	153	157	168		169	162	162				162
NGLs (MBBL)
Al Hosn	2	4	14		18	10	13				13
Dolphin	7	8	8		8	8	9				9
Total	9	12	22		26	18	22				22
Natural Gas (MMCF)
Al Hosn	30	60	162		185	109	121				121
Dolphin	150	160	158		162	158	166				166
Oman	56	38	45		41	44	71				71
Total	236	258	365		388	311	358				358

SCHEDULE 10

Occidental Petroleum Corporation

Oil & Gas Sales Volumes Per Day and Realized Prices by Geographical Locations

					2015									2016
NET SALES MBOE VOLUMES PER DAY:	Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD		Qtr 1		Qtr 2	Qtr 3	Qtr 4	YTD
United States	290		298		300		298		297		307					307
Latin America	38		37		36		37		37		35					35
Middle East / North Africa
Al Hosn	9		18		50		60		35		42					42
Dolphin	40		42		41		43		42		44					44
Oman	89		87		92		88		89		91					91
Qatar	67		65		62		74		67		65					65
Total	205		212		245		265		233		242					242
ONGOING OPERATIONS	533		547		581		600		567		584					584
Operations Sold, Exited and Exiting	104		110		89		130		107		67					67
TOTAL REPORTED SALES	637		657		670		730		674		651					651
REALIZED PRICES
United States
Oil ($/BBL)	$	43.66	$	52.64	$	44.48	$	39.19	$	45.04	$	29.48				$	29.48
NGLs ($/BBL)	$	17.32	$	17.32	$	13.72	$	13.27	$	15.35	$	9.91				$	9.91
Natural Gas ($/MCF)	$	2.49	$	2.09	$	2.24	$	1.75	$	2.15	$	1.50				$	1.50
Latin America
Oil ($/BBL)	$	47.70	$	55.19	$	42.46	$	32.75	$	44.49	$	27.63				$	27.63
Natural Gas ($/MCF)	$	4.53	$	5.49	$	5.67	$	5.28	$	5.20	$	4.19				$	4.19
Middle East / North Africa
Oil ($/BBL)	$	53.98	$	56.48	$	52.53	$	39.14	$	49.65	$	29.68				$	29.68
NGLs ($/BBL)	$	21.57	$	21.38	$	17.12	$	15.62	$	17.88	$	13.25				$	13.25
Total Worldwide
Oil ($/BBL)	$	48.50	$	54.55	$	47.78	$	38.68	$	47.10	$	29.42				$	29.42
NGLs ($/BBL)	$	17.96	$	18.06	$	14.68	$	14.02	$	15.96	$	10.86				$	10.86
Natural Gas ($/MCF)	$	1.66	$	1.48	$	1.51	$	1.32	$	1.49	$	1.25				$	1.25
Index Prices
WTI Oil ($/BBL)	$	48.63	$	57.94	$	46.43	$	42.18	$	48.80	$	33.45				$	33.45
Brent Oil ($/BBL)	$	55.17	$	63.50	$	51.17	$	44.71	$	53.64	$	35.08				$	35.08
NYMEX Natural Gas ($/MCF)	$	3.07	$	2.73	$	2.78	$	2.44	$	2.75	$	2.07				$	2.07
Percentage of Index Prices
Worldwide oil as a percentage of WTI	100%		94%		103%		92%		97%		88%					88%
Worldwide oil as a percentage of Brent	88%		86%		93%		87%		88%		84%					84%
Worldwide NGL as a percentage of WTI	37%		31%		32%		33%		33%		32%					32%
Worldwide NGL as a percentage of Brent	33%		28%		29%		31%		30%		31%					31%
Domestic gas as a percentage of NYMEX	81%		77%		81%		72%		78%		73%					73%

SCHEDULE 11

Occidental Petroleum Corporation

Oil and Gas Costs

					2015									2016
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD		Qtr 1		Qtr 2	Qtr 3	Qtr 4	YTD
Cash operating expenses ($/BOE)
United States	$	14.46	$	13.04	$	13.10	$	11.94	$	13.13	$	11.67				$	11.67
Latin America	$	9.95	$	11.99	$	13.60	$	12.39	$	11.93	$	8.55				$	8.55
Middle East / North Africa	$	12.51	$	11.03	$	8.72	$	8.01	$	9.87	$	9.02				$	9.02
Total Oil and Gas	$	13.36	$	12.10	$	11.15	$	9.95	$	11.57	$	10.28				$	10.28
Taxes other than on income ($/BOE)
United States	$	3.14	$	3.30	$	2.36	$	1.46	$	2.57	$	2.12				$	2.12
Total Oil and Gas	$	1.63	$	1.85	$	1.20	$	0.67	$	1.32	$	1.15				$	1.15
DD&A expense ($/BOE)
United States	$	17.12	$	17.82	$	18.24	$	17.32	$	17.63	$	24.63				$	24.63
Latin America	$	14.05	$	14.66	$	14.61	$	14.87	$	14.54	$	12.88				$	12.88
Middle East / North Africa	$	13.41	$	14.20	$	12.36	$	15.68	$	14.02	$	6.42				$	6.42
Total Oil and Gas	$	15.35	$	16.06	$	15.39	$	16.36	$	15.81	$	15.61				$	15.61
G&A and other operating expenses ($/BOE)	$	3.58	$	3.57	$	2.88	$	2.69	$	3.15	$	2.88				$	2.88
Exploration Expense ($ millions)
United States	$	5	$	6	$	3	$	5	$	19	$	2				$	2
Latin America	-		-		-		2		2		1					1
Middle East / North Africa	3		4		2		6		15		6					6
	$	8	$	10	$	5	$	13	$	36	$	9				$	9

SCHEDULE 12

 Occidental Petroleum Corporation

 Segment Core Results Pre-tax Variance Roll-forwards

 (Amounts in millions)

							2015													2016
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD
Quarter-over-Quarter
Oil & Gas
Prior quarter core income (loss)	$	736		$	57		$	324		$	162					$	(106	)
Sales price	(934		)	217			(261		)	(347		)				(378		)
Sales volume	10			28			(14		)	39						(88		)
Operating expenses	101			30			45			13						59
DD&A rate	123			(5		)	5			23						16
Exploration expense	52			(3		)	5			(8		)				4
All others	(31		)	-			58			12						(15		)
Current quarter core income (loss)	$	57		$	324		$	162		$	(106	)				$	(508	)
Chemical
Prior quarter core income	$	160		$	139		$	136		$	174					$	116
Sales price	(92		)	2			(42		)	(37		)				(43		)
Sales volume / mix	(26		)	16			(8		)	(22		)				20
Operations / manufacturing	89			(20		)	80			10						34
All others	8			(1		)	8			(9		)				(1		)
Current quarter core income	$	139		$	136		$	174		$	116					$	126
Midstream and Marketing
Prior quarter core income (loss)	$	168		$	(5	)	$	84		$	31					$	(45	)
Marketing	(73		)	59			(91		)	(57		)				(3		)
Gas plants	(14		)	1			(2		)	16						(17		)
Pipelines	(83		)	29			23			(23		)				(31		)
Power generation	(3		)	-			17			(12		)				3
All others	-			-			-			-						(2		)
Current quarter core income (loss)	$	(5	)	$	84		$	31		$	(45	)				$	(95	)
Year-over-Year
Oil & Gas
Prior year core income	$	1,719		$	1,703		$	1,571		$	736		$	5,729		$	57					$	57
Sales price	(1,923		)	(1,714		)	(1,768		)	(1,320		)	(6,725		)	(747		)				(747		)
Sales volume	210			247			163			216			836			(18		)				(18		)
Operating expenses	(51		)	6			83			116			154			140						140
DD&A rate	102			84			87			84			357			19						19
Exploration expense	19			28			22			47			116			(2		)				(2		)
All others	(19		)	(30		)	4			15			(30		)	43						43
Current quarter core income (loss)	$	57		$	324		$	162		$	(106	)	$	437		$	(508	)				$	(508	)
Chemical
Prior year core income	$	136		$	133		$	140		$	160		$	569		$	139					$	139
Sales price	(88		)	(115		)	(181		)	(177		)	(561		)	(123		)				(123		)
Sales volume / mix	(44		)	(29		)	1			(46		)	(118		)	4						4
Operations / manufacturing	145			146			213			174			678			109						109
All others	(10		)	1			1			5			(3		)	(3		)				(3		)
Current quarter core income	$	139		$	136		$	174		$	116		$	565		$	126					$	126
Midstream and Marketing
Prior year core income (loss)	$	96		$	130		$	155		$	168		$	549		$	(5	)				$	(5	)
Marketing	(21		)	7			(98		)	(165		)	(277		)	(93		)				(93		)
Gas plants	(41		)	(33		)	(35		)	3			(106		)	(2		)				(2		)
Pipelines	(26		)	(15		)	6			(45		)	(80		)	(2		)				(2		)
Power generation	(12		)	(11		)	4			-			(19		)	7						7
All others	(1		)	6			(1		)	(6		)	(2		)	-						-
Current quarter core income (loss)	$	(5	)	$	84		$	31		$	(45	)	$	65		$	(95	)				$	(95	)