Occidental Petroleum (OXY) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Occidental Petroleum Announces 2nd Quarter 2017 Results and

Progress Toward Cash Flow Breakeven at Low Oil Prices

·Raised dividend for the 15th consecutive year

·Increased cash balance to $2.2 billion with ample additional liquidity available

·Permian Resources average daily production up 7 percent sequentially from previous quarter to 138,000 BOE

·Acquired working interests in low decline, low capital intensity EOR production, while monetizing low priority non-strategic acreage

·Improved cash flow generation in the Chemical and Midstream segments

HOUSTON — August 2, 2017 — Occidental Petroleum Corporation (NYSE:OXY) today announced reported net income of $507 million, or $0.66 per diluted share, compared with $117 million, or $0.15 per diluted share, for the first quarter of 2017. Core income for the second quarter of 2017 was $119 million, or $0.15 per diluted share, compared with $117 million, or $0.15 per diluted share, for the first quarter of 2017.

“We continue to make progress on our pathway to breakeven at low oil prices. Reported earnings for all three operating segments were higher than the previous quarter despite lower oil prices. Both the Chemical and Midstream segments exceeded expectations, and Permian Resources had another great quarter with 7 percent production growth over the previous quarter. I am confident in our organization’s ability to continue to exceed expectations toward our cash flow breakeven goal at low oil prices,” said President and Chief Executive Officer Vicki Hollub.

QUARTERLY RESULTS
Oil and Gas

Total average daily production volumes were 601,000 barrels of oil equivalent (BOE) for the second quarter of 2017. Adjusted to exclude South Texas properties sold in April, average daily production volumes from ongoing operations were 594,000 BOE in the second quarter of 2017, compared to 559,000 BOE in the first quarter of 2017. Permian Resources average daily production volumes improved by 9,000 BOE from the prior quarter to 138,000 BOE in the second quarter of 2017 due to increased drilling activity and well productivity in the Delaware Basin. International average daily production improved by 24,000 BOE from the prior quarter as the Al Hosn Gas and Dolphin operations came back online to full capacity after completing planned maintenance in the first quarter of 2017.

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Oil and gas pre-tax income for the second quarter of 2017 was $627 million, compared to $220 million for the first quarter of 2017. The second quarter income includes gains from domestic asset sales of $510 million, which include the sale of South Texas properties. Excluding the gains on sales, oil and gas income for the second quarter of 2017 was down compared to the first quarter of 2017 due to lower commodity prices across all products, which was partially offset by higher sales volumes.

For the second quarter of 2017, average WTI and Brent marker prices were $48.29 per barrel and $50.92 per barrel, respectively. Average worldwide realized crude oil prices were $46.55 per barrel for the second quarter of 2017, a decrease of 5 percent compared with the first quarter of 2017. Average worldwide realized NGL prices were $18.90 per barrel in the second quarter of 2017, a decrease of 12 percent compared to the first quarter of 2017. Average domestic realized natural gas prices were $2.23 per MCF in the second quarter of 2017, compared to $2.68 per MCF in the first quarter of 2017.

Chemical

Chemical pre-tax income for the second quarter of 2017 was $230 million. Compared to pre-tax income of $170 million in the first quarter of 2017, the increase in earnings primarily resulted from higher realized caustic soda and vinyls prices, higher equity income from the Ingleside ethylene cracker that commenced operations in February 2017, and higher potassium hydroxide sales volumes due to seasonally improved agricultural demand. These increases were partially offset by higher ethylene costs.

Midstream and Marketing

Midstream pre-tax income for the second quarter of 2017 was $119 million, compared to a loss of $47 million for the first quarter of 2017. The second quarter of 2017 included a non-cash, fair-value gain on the Plains Pipeline equity investment of $94 million. Excluding the gain, the improvement in second quarter of 2017 income, compared to the first quarter of 2017, reflected higher marketing margins due to improved Midland-to-Gulf Coast spreads and increased sales volumes at the Ingleside Crude Terminal and higher foreign pipeline income as the Dolphin Pipeline operations came back online to full capacity after completing planned maintenance in the first quarter of 2017.

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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. Occidental posts or provides links to important information on its website at www.oxy.com.

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 approval environment; 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; reorganization or restructuring of Occidental’s operations; 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 2016 Form 10-K.

-0-

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Contacts:

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

or

Investors:
Richard A. Jackson
713-215-7235
richard_jackson@oxy.com

On the web: www.oxy.com

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Occidental Petroleum Corporation

Quarter 2 2017 Earnings Release Schedules Index

Schedule #	Schedule Description
1	Summary Highlights
2	Segment Results Before Tax Allocations
	· Reported results
	· Non-core adjustments
	· Core results
3	Segment Results After Tax Allocations
	· Reported results
	· Non-core adjustments
	· Core results
4	Non-Core Adjustments Detail
	· Before tax allocations
	· After tax allocations
5	GAAP Consolidated Condensed Statements of Operations
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

						2016										2017
Quarterly		Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
Net income (loss)
Reported Income (Loss) ($ millions)		$	78	$	(139)	$	(241)	$	(272)	$	(574)	$	117	$	507			$	624
Reported EPS - Diluted ($/share)		$	0.10	$	(0.18)	$	(0.32)	$	(0.36)	$	(0.75)	$	0.15	$	0.66			$	0.81
Effective tax rate		36%		41%		11%		55%		40%		40%		36%				37%
Core Income (Loss) ($ millions)		$	(426)	$	(136)	$	(112)	$	(97)	$	(771)	$	117	$	119			$	236
Core EPS - Diluted ($/share)		$	(0.56)	$	(0.18)	$	(0.15)	$	(0.13)	$	(1.01)	$	0.15	$	0.15			$	0.31
Effective tax rate		29%		41%		-6%		-29%		24%		40%		37%				38%
Average Shares Outstanding
Basic (millions)		763.4		763.6		764		764.1		763.8		764.4		764.9				764.7
Diluted (millions)		763.4		763.6		764		764.1		763.8		765.2		765.9				765.5
Production - Reported
Total US (MBOE/D)		316		302		294		296		302		303		296				300
US oil (MBBL/D)		197		190		181		184		189		192		195				194
Worldwide (MBOE/D)		657		653		605		607		630		584		601				593
Worldwide sales (MBOE/D)		651		660		609		607		632		583		603				593
Production - Ongoing Operations
Total US (MBOE/D)		278		274		268		272		273		278		289				284
US oil (MBBL/D)		194		187		179		183		186		190		195				193
Worldwide (MBOE/D)		561		581		579		583		575		559		594				577
Worldwide sales (MBOE/D)		555		588		583		583		577		558		596				577
Realizations
Worldwide oil ($/BBL)		$	29.42	$	39.66	$	41.49	$	45.08	$	38.73	$	49.04	$	46.55			$	47.77
Worldwide NGL ($/BBL)		$	10.86	$	14.59	$	14.99	$	18.36	$	14.82	$	21.59	$	18.90			$	20.18
Domestic gas ($/MCF)		$	1.50	$	1.46	$	2.30	$	2.39	$	1.90	$	2.68	$	2.23			$	2.48
Cash Flows ($ millions)
Operating before working capital		$	822	$	935	$	614	$	998	$	3,369	$	1,049	$	1,033			$	2,082
Working capital changes		(316)		(195)		51		71		(389)		(389)		83				(306)
Other, net		(367)		63		(9)		(148)		(461)		(8)		737				729
Operating - continuing operations		$	139	$	803	$	656	$	921	$	2,519	$	652	$	1,853			$	2,505
Capital expenditures		$	(687)	$	(657)	$	(642)	$	(891)	$	(2,877)	$	(752)	$	(779)			$	(1,531)
				2016										2017
Year-to-date		Mar		Jun		Sep		Dec				Mar		Jun		Sep	Dec
Net income (loss)
Reported Income (Loss) ($ millions)		$	78	$	(61)	$	(302)	$	(574)			$	117	$	624
Reported EPS - Diluted ($/share)		$	0.10	$	(0.08)	$	(0.40)	$	(0.75)			$	0.15	$	0.81
Effective tax rate		36%		38%		31%		40%				40%		37%
Core Income (Loss) ($ millions)	��	$	(426)	$	(562)	$	(674)	$	(771)			$	117	$	236
Core EPS - Diluted ($/share)		$	(0.56)	$	(0.74)	$	(0.88)	$	(1.01)			$	0.15	$	0.31
Effective tax rate		29%		32%		28%		24%				40%		38%
Average Shares Outstanding
Basic (millions)		763.4		763.5		763.7		763.8				764.4		764.7
Diluted (millions)		763.4		763.5		763.7		763.8				765.2		765.5
Production - Reported
Total US (MBOE/D)		316		309		304		302				303		300
US oil (MBBL/D)		197		193		189		189				192		194
Worldwide (MBOE/D)		657		655		638		630				584		593
Worldwide sales (MBOE/D)		651		656		640		632				583		593
Production - Ongoing Operations
Total US (MBOE/D)		278		276		273		273				278		284
US oil (MBBL/D)		194		190		186		186				190		193
Worldwide (MBOE/D)		561		571		573		575				559		577
Worldwide sales (MBOE/D)		555		572		575		577				558		577
Realizations
Worldwide oil ($/BBL)		$	29.42	$	34.46	$	36.70	$	38.73			$	49.04	$	47.77
Worldwide NGL ($/BBL)		$	10.86	$	12.80	$	13.58	$	14.82			$	21.59	$	20.18
Domestic gas ($/MCF)		$	1.50	$	1.48	$	1.74	$	1.90			$	2.68	$	2.48
Cash Flows ($ millions)
Operating before working capital		$	822	$	1,757	$	2,371	$	3,369			$	1,049	$	2,082
Working capital changes		(316)		(511)		(460)		(389)				(389)			(306)
Other, net		(367)		(304)		(313)		(461)				(8)			729
Operating - continuing operations		$	139	$	942	$	1,598	$	2,519			$	652	$	2,505
Capital expenditures		$	(687)	$	(1,344)	$	(1,986)	$	(2,877)			$	(752)	$	(1,531)

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)

					2016										2017
Reported Results	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(578)	$	(361)	$	(341)	$	(272)	$	(1,552)	$	(191)	$	210			$	19
Foreign	99		267		295		304		965		418		422				840
Exploration	(6)		(23)		(5)		(15)		(49)		(7)		(5)				(12)
	(485)		(117)		(51)		17		(636)		220		627				847
Chemical	214		88		117		152		571		170		230				400
Midstream and Marketing	(95)		(58)		(180)		(48)		(381)		(47)		119				72
Segment Income (Loss)	(366)		(87)		(114)		121		(446)		343		976				1,319
Corporate
Interest	(57)		(84)		(62)		(72)		(275)		(78)		(81)				(159)
Other	(140)		(61)		(92)		(650)		(943)		(70)		(103)				(173)
Pre-tax Income (Loss)	(563)		(232)		(268)		(601)		(1,664)		195		792				987
Taxes
Federal and state	291		234		242		531		1,298		113		(79)				34
Foreign	(88)		(138)		(212)		(198)		(636)		(191)		(206)				(397)
Income (Loss) From Continuing Operations	(360)		(136)		(238)		(268)		(1,002)		117		507				624
Discontinued Operations	438		(3)		(3)		(4)		428		-		-				-
Net Income (Loss)	$	78	$	(139)	$	(241)	$	(272)	$	(574)	$	117	$	507			$	624
Reported earnings per share
Basic	$	0.10	$	(0.18)	$	(0.32)	$	(0.36)	$	(0.75)	$	0.15	$	0.66			$	0.81
Diluted	$	0.10	$	(0.18)	$	(0.32)	$	(0.36)	$	(0.75)	$	0.15	$	0.66			$	0.81
Effective Tax Rate	36%		41%		11%		55%		40%		40%		36%				37%
Non-core Adjustments	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	23	$	-	$	59	$	24	$	106	$	-	$	510			$	510
Foreign	-		-		(61)		(9)		(70)		-		-				-
Exploration	-		-		-		-		-		-		-				-
	23		-		(2)		15		36		-		510				510
Chemical	88		-		-		-		88		-		-				-
Midstream and Marketing	-		-		(160)		-		(160)		-		94				94
Segment Income (Loss)	111		-		(162)		15		(36)		-		604				604
Corporate
Interest	-		-		-		-		-		-		-				-
Other	(78)		-		-		(541)		(619)		-		-				-
Pre-tax Income (Loss)	33		-		(162)		(526)		(655)		-		604				604
Taxes
Federal and state	32		1		36		210		279		-		(216)				(216)
Foreign	1		(1)		-		145		145		-		-				-
Income (Loss) From Continuing Operations	66		-		(126)		(171)		(231)		-		388				388
Discontinued Operations	438		(3)		(3)		(4)		428		-		-				-
Net Income (Loss)	$	504	$	(3)	$	(129)	$	(175)	$	197	$	-	$	388			$	388
Core Results	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(601)	$	(361)	$	(400)	$	(296)	$	(1,658)	$	(191)	$	(300)			$	(491)
Foreign	99		267		356		313		1,035		418		422				840
Exploration	(6)		(23)		(5)		(15)		(49)		(7)		(5)				(12)
	(508)		(117)		(49)		2		(672)		220		117				337
Chemical	126		88		117		152		483		170		230				400
Midstream and Marketing	(95)		(58)		(20)		(48)		(221)		(47)		25				(22)
Segment Income (Loss)	(477)		(87)		48		106		(410)		343		372				715
Corporate
Interest	(57)		(84)		(62)		(72)		(275)		(78)		(81)				(159)
Other	(62)		(61)		(92)		(109)		(324)		(70)		(103)				(173)
Pre-tax Income (Loss)	(596)		(232)		(106)		(75)		(1,009)		195		188				383
Taxes
Federal and state	259		233		206		321		1,019		113		137				250
Foreign	(89)		(137)		(212)		(343)		(781)		(191)		(206)				(397)
Net Income (Loss)	$	(426)	$	(136)	$	(112)	$	(97)	$	(771)	$	117	$	119			$	236
Core earnings per share
Basic	$	(0.56)	$	(0.18)	$	(0.15)	$	(0.13)	$	(1.01)	$	0.15	$	0.15			$	0.31
Diluted	$	(0.56)	$	(0.18)	$	(0.15)	$	(0.13)	$	(1.01)	$	0.15	$	0.15			$	0.31
Effective Tax Rate	29%		41%		-6%		-29%		24%		40%		37%				38%

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results After Tax Allocations

(Amounts in millions, except per share amounts)

							2016															2017
Reported Results	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(372	)	$	(233	)	$	(219	)	$	(175	)	$	(999	)	$	(122	)	$	134				$	12
Foreign	5			111			141			118			375			243			222					465
Exploration	(6		)	(23		)	(5		)	(14		)	(48		)	(5		)	(4		)			(9		)
	(373		)	(145		)	(83		)	(71		)	(672		)	116			352					468
Chemical	138			57			75			96			366			109			148					257
Midstream and Marketing	(56		)	(26		)	(101		)	(17		)	(200		)	(24		)	94					70
Segment Income (Loss)	(291		)	(114		)	(109		)	8			(506		)	201			594					795
Corporate
Interest	(57		)	(84		)	(62		)	(72		)	(275		)	(78		)	(81		)			(159		)
Other	(140		)	(61		)	(92		)	(412		)	(705		)	(70		)	(103		)			(173		)
Taxes	128			123			25			208			484			64			97					161
Income (Loss) From Continuing Operations	(360		)	(136		)	(238		)	(268		)	(1,002		)	117			507					624
Discontinued Operations	438			(3		)	(3		)	(4		)	428			-			-					-
Net Income (Loss)	$	78		$	(139	)	$	(241	)	$	(272	)	$	(574	)	$	117		$	507				$	624
Reported earnings per share
Basic	$	0.10		$	(0.18	)	$	(0.32	)	$	(0.36	)	$	(0.75	)	$	0.15		$	0.66				$	0.81
Diluted	$	0.10		$	(0.18	)	$	(0.32	)	$	(0.36	)	$	(0.75	)	$	0.15		$	0.66				$	0.81
Non-core Adjustments	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	15		$	-		$	38		$	16		$	69		$	-		$	328				$	328
Foreign	-			-			(61		)	(7		)	(68		)	-			-					-
Exploration	-			-			-			-			-			-			-					-
	15			-			(23		)	9			1			-			328					328
Chemical	56			-			-			-			56			-			-					-
Midstream and Marketing	-			-			(103		)	-			(103		)	-			60					60
Segment Income (Loss)	71			-			(126		)	9			(46		)	-			388					388
Corporate
Interest	-			-			-			-			-			-			-					-
Other	(78		)	-			-			(338		)	(416		)	-			-					-
Taxes	73			-			-			158			231			-			-					-
Income (Loss) From Continuing Operations	66			-			(126		)	(171		)	(231		)	-			388					388
Discontinued Operations	438			(3		)	(3		)	(4		)	428			-			-					-
Net Income (Loss)	$	504		$	(3	)	$	(129	)	$	(175	)	$	197		$	-		$	388				$	388
Core Results	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic	$	(387	)	$	(233	)	$	(257	)	$	(191	)	$	(1,068	)	$	(122	)	$	(194	)			$	(316	)
Foreign	5			111			202			125			443			243			222					465
Exploration	(6		)	(23		)	(5		)	(14		)	(48		)	(5		)	(4		)			(9		)
	(388		)	(145		)	(60		)	(80		)	(673		)	116			24					140
Chemical	82			57			75			96			310			109			148					257
Midstream and Marketing	(56		)	(26		)	2			(17		)	(97		)	(24		)	34					10
Segment Income (Loss)	(362		)	(114		)	17			(1		)	(460		)	201			206					407
Corporate
Interest	(57		)	(84		)	(62		)	(72		)	(275		)	(78		)	(81		)			(159		)
Other	(62		)	(61		)	(92		)	(74		)	(289		)	(70		)	(103		)			(173		)
Taxes	55			123			25			50			253			64			97					161
Net Income (Loss)	$	(426	)	$	(136	)	$	(112	)	$	(97	)	$	(771	)	$	117		$	119				$	236
Core earnings per share
Basic	$	(0.56	)	$	(0.18	)	$	(0.15	)	$	(0.13	)	$	(1.01	)	$	0.15		$	0.15				$	0.31
Diluted	$	(0.56	)	$	(0.18	)	$	(0.15	)	$	(0.13	)	$	(1.01	)	$	0.15		$	0.15				$	0.31
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share	$	0.10		$	(0.18	)	$	(0.32	)	$	(0.36	)	$	(0.75	)	$	0.15		$	0.66				$	0.81
After-Tax Non-Core Adjustments
Oil & Gas
Domestic	$	0.02		$	-		$	0.05		$	0.02		$	0.09		$	-		$	0.43				$	0.43
Foreign	$	-		$	-		$	(0.08	)	$	(0.01	)	$	(0.09	)	$	-		$	-				$	-
Exploration	$	-		$	-		$	-		$	-		$	-		$	-		$	-				$	-
Chemical	$	0.07		$	-		$	-		$	-		$	0.07		$	-		$	-				$	-
Midstream and Marketing	$	-		$	-		$	(0.13	)	$	-		$	(0.13	)	$	-		$	0.08				$	0.07
Corporate
Interest	$	-		$	-		$	-		$	-		$	-		$	-		$	-				$	-
Other	$	(0.10	)	$	-		$	-		$	(0.44	)	$	(0.54	)	$	-		$	-				$	-
Taxes	$	0.10		$	-		$	-		$	0.21		$	0.30		$	-		$	-				$	-
Discontinued Operations	$	0.57		$	-		$	(0.01	)	$	(0.01	)	$	0.56		$	-		$	-				$	-
Total After-Tax Non-Core Adjustments	$	0.66		$	-		$	(0.17	)	$	(0.23	)	$	0.26		$	-		$	0.51				$	0.50
Core Diluted Earnings Per Share	$	(0.56	)	$	(0.18	)	$	(0.15	)	$	(0.13	)	$	(1.01	)	$	0.15		$	0.15				$	0.31
Average Diluted Shares Outstanding (millions)	763.4			763.6			764.0			764.1			763.8			765.2			765.9					765.5

The difference between reported average diluted shares outstanding and core average diluted shares outstanding is immaterial and does not impact the calculation of core earnings per share. As such, core earnings per share is calculated as core earning (loss) divided by reported average diluted shares outstanding.

SCHEDULE 4

Occidental Petroleum Corporation

Non-Core Adjustments Detail

(Amounts in millions)

							2016														2017
Before Tax Allocations	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1		Qtr 2			Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic
Asset sales gains (losses)	$	48		$	-		$	59		$	-		$	107		$	-	$	510				$	510
Asset impairments and related items	-			-			-			24			24			-		-					-
Other	(25		)	-			-			-			(25		)	-		-					-
	23			-			59			24			106			-		510					510
Foreign
Asset impairments and related items	-			-			(61		)	(9		)	(70		)	-		-					-
Total Oil and Gas	23			-			(2		)	15			36			-		510					510
Chemical
Asset sale gains	88			-			-			-			88			-		-					-
Total Chemical	88			-			-			-			88			-		-					-
Midstream and Marketing
Asset and equity investment gains (losses)	-			-			-			-			-			-		94					94
Asset impairments and related items	-			-			(160		)	-			(160		)	-		-					-
Total Midstream	-			-			(160		)	-			(160		)	-		94					94
Corporate
Asset impairments and related items (a)	(78		)	-			-			(541		)	(619		)	-		-					-
Total Corporate	(78		)	-			-			(541		)	(619		)	-		-					-
Taxes (b)	33			-			36			355			424			-		(216		)			(216		)
Income (Loss) From Continuing Operations	66			-			(126		)	(171		)	(231		)	-		388					388
Discontinued Operations	438			(3		)	(3		)	(4		)	428			-		-					-
Totals	$	504		$	(3	)	$	(129	)	$	(175	)	$	197		$	-	$	388				$	388

							2016													2017
After Tax Allocations	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
Oil & Gas
Domestic
Asset sales gains (losses)	$	31		$	-		$	38		$	-		$	69		$	-	$	328			$	328
Asset impairments and related items	-			-			-			16			16			-		-				-
Other	(16		)	-			-			-			(16		)	-		-				-
	15			-			38			16			69			-		328				328
Foreign
Asset impairments and related items	-			-			(61		)	(7		)	(68		)	-		-				-
Total Oil and Gas	15			-			(23		)	9			1			-		328				328
Chemical
Asset sale gains	56			-			-			-			56			-		-				-
Total Chemical	56			-			-			-			56			-		-				-
Midstream and Marketing
Asset and equity sales gains (losses)	-			-			-			-			-			-		60				60
Asset impairments and related items	-			-			(103		)	-			(103		)	-		-				-
Total Midstream	-			-			(103		)	-			(103		)	-		60				60
Corporate
Asset impairments and related items (a)	(78		)	-			-			(338		)	(416		)	-		-				-
Total Corporate	(78		)	-			-			(338		)	(416		)	-		-				-
Taxes (b)	73			-			-			158			231			-		-				-
Income (Loss) From Continuing Operations	66			-			(126		)	(171		)	(231		)	-		388				388
Discontinued Operations	438			(3		)	(3		)	(4		)	428			-		-				-
Totals	$	504		$	(3	)	$	(129	)	$	(175	)	$	197		$	-	$	388			$	388

(a) The Q4 2016 amount represented a reserve for doubtful accounts.

(b) 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)

							2016															2017
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3	Qtr 4	YTD
REVENUES
Net sales
Oil & Gas	$	1,275		$	1,625		$	1,660		$	1,817		$	6,377		$	1,894		$	1,848				$	3,742
Chemical	890			908			988			970			3,756			1,068			1,156					2,224
Midstream and Marketing	133			141			202			208			684			211			270					481
Eliminations	(175		)	(143		)	(202		)	(207		)	(727		)	(216		)	(214		)			(430		)
	2,123			2,531			2,648			2,788			10,090			2,957			3,060					6,017
Interest, dividends and other income	20			27			25			34			106			21			31					52
Gains on sale of assets and equity investments, net	138			-			60			4			202			-			512					512
	2,281			2,558			2,733			2,826			10,398			2,978			3,603					6,581
COSTS AND OTHER DEDUCTIONS
Cost of sales	1,281			1,244			1,338			1,326			5,189			1,426			1,486					2,912
Depreciation, depletion and amortization	1,102			1,070			1,046			1,050			4,268			942			989					1,931
Selling, general and administrative and other operating expenses	272			338			316			404			1,330			272			352					624
Asset impairments and related items	78			-			221			526			825			13			-					13
Taxes other than on income	75			74			61			67			277			68			77					145
Exploration expense	9			27			9			17			62			11			8					19
Interest and debt expense, net	60			88			68			76			292			81			86					167
	2,877			2,841			3,059			3,466			12,243			2,813			2,998					5,811
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS	(596		)	(283		)	(326		)	(640		)	(1,845		)	165			605					770
Benefit from (provision for) domestic and foreign income taxes	203			96			30			333			662			(78		)	(285		)			(363		)
Income from equity investments	33			51			58			39			181			30			187					217
INCOME (LOSS) FROM CONTINUING OPERATIONS	(360		)	(136		)	(238		)	(268		)	(1,002		)	117			507					624
Discontinued operations, net	438			(3		)	(3		)	(4		)	428			-			-					-
NET INCOME (LOSS)	$	78		$	(139	)	$	(241	)	$	(272	)	$	(574	)	$	117		$	507				$	624
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations	$	(0.47	)	$	(0.18	)	$	(0.31	)	$	(0.35	)	$	(1.31	)	$	0.15		$	0.66				$	0.81
Discontinued operations, net	0.57			-			(0.01		)	(0.01		)	0.56			-			-					-
BASIC EARNINGS PER COMMON SHARE	$	0.10		$	(0.18	)	$	(0.32	)	$	(0.36	)	$	(0.75	)	$	0.15		$	0.66				$	0.81
DILUTED EARNINGS PER COMMON SHARE	$	0.10		$	(0.18	)	$	(0.32	)	$	(0.36	)	$	(0.75	)	$	0.15		$	0.66				$	0.81
DIVIDENDS PER COMMON SHARE	$	0.75		$	0.75		$	0.76		$	0.76		$	3.02		$	0.76		$	0.76				$	1.52
AVERAGE COMMON SHARES OUTSTANDING
BASIC	763.4			763.6			764.0			764.1			763.8			764.4			764.9					764.7
DILUTED	763.4			763.6			764.0			764.1			763.8			765.2			765.9					765.5

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(Amounts in millions)

	2016											2017
	MAR			JUN			SEP			DEC		MAR			JUN			SEP	DEC
CURRENT ASSETS
Cash and cash equivalents	$	3,176		$	3,751		$	3,180		$	2,233	$	1,494		$	2,218
Trade receivables, net	2,780			3,113			3,521			3,989		4,316			3,913
Inventories	997			906			927			866		1,005			920
Assets held for sale	-			-			-			-		162			558
Other current assets	1,284			1,202			1,083			1,340		1,261			466
Total current assets	8,237			8,972			8,711			8,428		8,238			8,075
INVESTMENTS
Investments in unconsolidated entities	1,301			1,360			1,420			1,401		1,436			1,572
Total investments	1,301			1,360			1,420			1,401		1,436			1,572
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment	71,643			72,250			72,495			71,293		69,612			68,796
Accumulated depreciation, depletion and amortization	(40,138		)	(41,212		)	(42,076		)	(38,956)		(37,607		)	(37,330		)
	31,505			31,038			30,419			32,337		32,005			31,466
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET	975			1,025			1,080			943		786			869
TOTAL ASSETS	$	42,018		$	42,395		$	41,630		$	43,109	$	42,465		$	41,982
CURRENT LIABILITIES
Current maturities of long-term debt	$	2,000		$	-		$	-		$	-	$	500		$	500
Accounts payable	2,801			3,126			3,392			3,926		4,071			3,825
Accrued liabilities	2,025			2,141			2,296			2,436		2,155			2,050
Liabilities of assets held for sale	-			-			-			-		126			16
Total current liabilities	6,826			5,267			5,688			6,362		6,852			6,391
LONG-TERM DEBT, NET	5,608			8,331			8,333			9,819		9,322			9,324
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred domestic and foreign income taxes	1,642			1,646			1,411			1,132		1,031			1,059
Other	4,153			4,050			3,902			4,299		4,181			4,171
	5,795			5,696			5,313			5,431		5,212			5,230
STOCKHOLDERS’ EQUITY
Common stock, $.20 per share par value	178			178			178			178		179			179
Treasury stock	(9,128		)	(9,136		)	(9,143		)	(9,143)		(9,143		)	(9,149		)
Additional paid-in capital	7,668			7,697			7,719			7,747		7,783			7,824
Retained earnings	25,375			24,661			23,836			22,981		22,513			22,435
Accumulated other comprehensive loss	(304		)	(299		)	(294		)	(266)		(253		)	(252		)
Total equity	23,789			23,101			22,296			21,497		21,079			21,037
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	42,018		$	42,395		$	41,630		$	43,109	$	42,465		$	41,982

SCHEDULE 7

Occidental Petroleum Corporation

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

(Amounts in millions)

							2016															2017
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3	Qtr 4	YTD
OPERATING CASH FLOW
Net income (loss)	$	78		$	(139	)	$	(241	)	$	(272	)	$	(574	)	$	117		$	507				$	624
Depreciation, depletion and amortization (see detail below)	1,102			1,070			1,046			1,050			4,268			942			989					1,931
Deferred income tax (benefit) provision	77			(1		)	(238		)	(355		)	(517		)	(108		)	84					(24		)
Asset impairments and other non-cash charges	(435		)	5			47			575			192			98			(547		)			(449		)
Operating cash flow before working capital	822			935			614		(a)	998			3,369			1,049			1,033					2,082
Working capital changes	(316		)	(195		)	51			71			(389		)	(389		)	83					(306		)
Other, net (b)	(367		)	63			(9		)	(148		)	(461		)	(8		)	737					729
Operating cash flow from continuing operations	139			803			656			921			2,519			652			1,853					2,505
INVESTING CASH FLOW
Capital expenditures (see detail below)	(687		)	(657		)	(642		)	(891		)	(2,877		)	(752		)	(779		)			(1,531		)
Payment for purchases of assets	(24		)	(10		)	(48		)	(1,962		)	(2,044		)	(19		)	(358		)			(377		)
Sales of assets and equity investments, net	285			(25		)	63			(21		)	302			-			609					609
Changes in capital accrual	(208		)	(1		)	2			93			(114		)	(41		)	6					(35		)
Other investing activities	(3		)	(4		)	(17		)	15			(9		)	(7		)	(21		)			(28		)
Investing cash flow from continuing operations	(637		)	(697		)	(642		)	(2,766		)	(4,742		)	(819		)	(543		)			(1,362		)
FINANCING CASH FLOW
Cash dividends paid	(574		)	(575		)	(575		)	(585		)	(2,309		)	(584		)	(584		)			(1,168		)
Purchases of treasury stock	(7		)	(8		)	(7		)	-			(22		)	-			(6		)			(6		)
Proceeds from long-term debt	-			2,718			-			1,485			4,203			-			-					-
Payment of long-term debt	(700		)	(2,010		)	-			-			(2,710		)	-			-					-
Other financing activities	11			18			3			4			36			12			4					16
Financing cash flow from continuing operations	(1,270		)	143			(579		)	904			(802		)	(572		)	(586		)			(1,158		)
Cash Flow From Discontinued Operations	550			326			(6		)	(6		)	864			-			-					-
Increase (decrease) in cash	(1,218		)	575			(571		)	(947		)	(2,161		)	(739		)	724					(15		)
Cash, cash equivalents and restricted cash (c) - beg of period	4,394			3,176			3,751			3,180			4,394			2,233			1,494					2,233
Cash, cash equivalents and restricted cash (c) - end of period	$	3,176		$	3,751		$	3,180		$	2,233		$	2,233		$	1,494		$	2,218				$	2,218
Depreciation, Depletion and Amortization	Qtr1			Qtr2			Qtr3			Qtr4			TY			Qtr1			Qtr2			Qtr3	Qtr4	YTD
Oil & Gas
United States	$	709		$	701		$	693		$	690		$	2,793		$	593		$	625				$	1,218
Latin America	42			43			33			38			156			27			32					59
Middle East	175			157			147			147			626			144			148					292
Chemical	88			81			85			86			340			86			90					176
Midstream and Marketing	78			78			78			79			313			81			84					165
Corporate	10			10			10			10			40			11			10					21
	$	1,102		$	1,070		$	1,046		$	1,050		$	4,268		$	942		$	989				$	1,931
Capital Expenditures	Qtr1			Qtr2			Qtr3			Qtr4			TY			Qtr1			Qtr2			Qtr3	Qtr4	-
Oil & Gas
Permian Resources	$	(221	)	$	(128	)	$	(153	)	$	(216	)	$	(718	)	$	(280	)	$	(298	)			$	(578	)
Permian EOR	(91		)	(116		)	(116		)	(171		)	(494		)	(119		)	(87		)			(206		)
Other Domestic	(2		)	(4		)	(2		)	(4		)	(12		)	(1		)	-					(1		)
Latin America	(11		)	(11		)	(13		)	(38		)	(73		)	(29		)	(35		)			(64		)
Middle East	(183		)	(163		)	(141		)	(150		)	(637		)	(148		)	(135		)			(283		)
Exploration Drilling	(8		)	(7		)	(10		)	(19		)	(44		)	(16		)	(42		)			(58		)
Chemical	(46		)	(77		)	(58		)	(143		)	(324		)	(63		)	(73		)			(136		)
Midstream and Marketing	(82		)	(90		)	(93		)	(93		)	(358		)	(65		)	(89		)			(154		)
Corporate	(2		)	(5		)	(12		)	(38		)	(57		)	(1		)	(11		)			(12		)
GAAP external reporting	(646		)	(601		)	(598		)	(872		)	(2,717		)	(722		)	(770		)			(1,492		)
Cracker JV investment contributions	(41		)	(56		)	(44		)	(19		)	(160		)	(30		)	(9		)			(39		)
	$	(687	)	$	(657	)	$	(642	)	$	(891	)	$	(2,877	)	$	(752	)	$	(779	)			$	(1,531	)
Reconciliation of non-GAAP disclosures to GAAP	Qtr1			Qtr2			Qtr3			Qtr4			TY			Qtr1			Qtr2			Qtr3	Qtr4	YTD
Condensed Statements of Cash Flows
CASH FLOW FROM OPERATING ACTIVITIES
Continuing operations	$	139		$	803		$	656		$	921		$	2,519		$	652		$	1,853				$	2,505
Discontinued operations	550			326			(6		)	(6		)	864			-			-					-
CASH FLOW FROM INVESTING ACTIVITIES
Continuing operations	(637		)	(697		)	(642		)	(2,766		)	(4,742		)	(819		)	(543		)			(1,362		)
CASH FLOW FROM FINANCING ACTIVITIES
Continuing operations	(77		)	143			(579		)	904			391			(572		)	(586		)			(1,158		)
Increase (decrease) in cash and cash equivalents	(25		)	575			(571		)	(947		)	(968		)	(739		)	724					(15		)
Cash and cash equivalents - beginning of period	3,201			3,176			3,751			3,180			3,201			2,233			1,494					2,233
Cash and cash equivalents - end of period	$	3,176		$	3,751		$	3,180		$	2,233		$	2,233		$	1,494		$	2,218				$	2,218

(a)  The third quarter of 2016 operating cash flow before working capital includes one-time charge for the termination of crude oil supply contracts of $160 million and the timing of the recognition of a portion of the 2016 NOL receivable of $86 million.

(b)   The 2016 amount represents the NOL carryback which is expected to be collected in 2017, net of the 2nd quarter 2016 collection of $302 million for the 2015 NOL.  The second quarter of 2017 represents collection of $749 million for the 2016 NOL partially offset by 2017 NOL carryback which is expected to be collected in 2018.

(c)   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

			2016					2017
REPORTED NET MBOE VOLUMES PER DAY:	Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD
United States
Permian Resources	128	126	121	123	124	129	138			133
Permian EOR	145	144	143	145	145	145	146			146
South Texas & Other	43	32	30	28	33	29	12			21
Total	316	302	294	296	302	303	296			300
Latin America	39	35	27	34	34	29	33			31
Middle East
Al Hosn	42	68	74	72	64	57	75			66
Dolphin	44	43	43	44	43	39	43			41
Oman	89	95	102	99	96	95	96			95
Qatar	69	66	65	62	65	61	58			60
Other	58	44	-	-	26	-	-			-
Total	302	316	284	277	294	252	272			262
TOTAL REPORTED PRODUCTION	657	653	605	607	630	584	601			593
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian Resources	84	79	72	73	77	78	83			80
Permian EOR	108	107	106	109	108	111	110			111
South Texas & Other	5	4	3	2	4	3	2			3
Total	197	190	181	184	189	192	195			194
NGLs (MBBL)
Permian Resources	19	20	23	22	21	23	25			24
Permian EOR	28	27	27	26	27	24	26			25
South Texas & Other	7	5	5	5	5	5	2			3
Total	54	52	55	53	53	52	53			52
Natural Gas (MMCF)
Permian Resources	152	162	158	165	158	169	178			175
Permian EOR	51	60	62	61	59	59	58			59
South Texas & Other	185	135	129	126	144	124	50			87
Total	388	357	349	352	361	352	286			321
Latin America
Oil (MBBL)	38	34	26	33	33	28	32			30
Natural Gas (MMCF)	8	8	8	8	8	8	7			7
Middle East
Oil (MBBL)
Al Hosn	9	13	14	13	12	11	14			12
Dolphin	7	7	7	7	7	7	7			7
Oman	77	76	78	77	77	73	72			72
Qatar	69	66	65	62	65	61	58			60
Other	20	6	-	-	7	-	-			-
Total	182	168	164	159	168	152	151			151
NGLs (MBBL)
Al Hosn	13	22	23	23	20	18	24			22
Dolphin	9	8	8	9	8	8	8			8
Total	22	30	31	32	28	26	32			30
Natural Gas (MMCF)
Al Hosn	121	200	222	216	190	167	224			194
Dolphin	166	167	167	165	166	146	166			156
Oman	71	114	142	132	115	131	142			137
Other	230	227	-	-	114	-	-			-
Total	588	708	531	513	585	444	532			487

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)

			2016					2017
NET MBOE VOLUMES PER DAY:	Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD
United States
Permian Resources	128	126	121	123	124	129	138			133
Permian EOR	145	144	143	145	145	145	146			146
Other Domestic	5	4	4	4	4	4	5			5
Total	278	274	268	272	273	278	289			284
Latin America	39	35	27	34	34	29	33			31
Middle East
Al Hosn	42	68	74	72	64	57	75			66
Dolphin	44	43	43	44	43	39	43			41
Oman	89	95	102	99	96	95	96			95
Qatar	69	66	65	62	65	61	58			60
Total	244	272	284	277	268	252	272			262
TOTAL ONGOING OPERATIONS	561	581	579	583	575	559	594			577
NET PRODUCTION VOLUMES PER DAY
BY COMMODITY FOR ONGOING OPERATIONS:
United States
Oil (MBBL)
Permian Resources	84	79	72	73	77	78	83			80
Permian EOR	108	107	106	109	108	111	110			111
Other Domestic	2	1	1	1	1	1	2			2
Total	194	187	179	183	186	190	195			193
NGLs (MBBL)
Permian Resources	19	20	23	22	21	23	25			24
Permian EOR	28	27	27	26	27	24	26			25
Total	47	47	50	48	48	47	51			49
Natural Gas (MMCF)
Permian Resources	152	162	158	165	158	169	178			175
Permian EOR	51	60	62	61	59	59	58			59
Other Domestic	19	17	18	16	18	16	18			17
Total	222	239	238	242	235	244	254			251
Latin America
Oil (MBBL)	38	34	26	33	33	28	32			30
Natural Gas (MMCF)	8	8	8	8	8	8	7			7
Middle East
Oil (MBBL)
Al Hosn	9	13	14	13	12	11	14			12
Dolphin	7	7	7	7	7	7	7			7
Oman	77	76	78	77	77	73	72			72
Qatar	69	66	65	62	65	61	58			60
Total	162	162	164	159	161	152	151			151
NGLs (MBBL)
Al Hosn	13	22	23	23	20	18	24			22
Dolphin	9	8	8	9	8	8	8			8
Total	22	30	31	32	28	26	32			30
Natural Gas (MMCF)
Al Hosn	121	200	222	216	190	167	224			194
Dolphin	166	167	167	165	166	146	166			156
Oman	71	114	142	132	115	131	142			137
Total	358	481	531	513	471	444	532			487

SCHEDULE 10

Occidental Petroleum Corporation

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

					2016										2017
NET SALES MBOE VOLUMES PER DAY:	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
United States	278		274		268		272		273		278		289				284
Latin America	35		39		32		34		35		28		35				31
Middle East
Al Hosn	42		67		74		72		64		57		75				66
Dolphin	44		43		43		44		43		39		43				41
Oman	91		95		101		98		96		96		96				96
Qatar	65		70		65		63		66		60		58				59
Total	242		275		283		277		269		252		272				262
ONGOING OPERATIONS	555		588		583		583		577		558		596				577
Operations Sold, Exited and Exiting	96		72		26		24		55		25		7				16
TOTAL REPORTED SALES	651		660		609		607		632		583		603				593
REALIZED PRICES
United States
Oil ($/BBL)	$	29.48	$	41.43	$	41.49	$	45.70	$	39.38	$	48.67	$	44.94			$	46.78
NGLs ($/BBL)	$	9.91	$	14.25	$	15.21	$	19.53	$	14.72	$	23.07	$	20.47			$	21.75
Natural Gas ($/MCF)	$	1.50	$	1.46	$	2.30	$	2.39	$	1.90	$	2.68	$	2.23			$	2.48
Latin America									��
Oil ($/BBL)	$	27.63	$	39.26	$	39.66	$	43.70	$	37.48	$	48.26	$	42.60			$	45.12
Natural Gas ($/MCF)	$	4.19	$	3.36	$	3.48	$	4.16	$	3.78	$	4.77	$	5.18			$	4.96
Middle East
Oil ($/BBL)	$	29.68	$	37.80	$	41.84	$	44.63	$	38.25	$	49.63	$	49.51			$	49.57
NGLs ($/BBL)	$	13.25	$	15.21	$	14.63	$	16.40	$	15.01	$	18.64	$	16.31			$	17.35
Total Worldwide
Oil ($/BBL)	$	29.42	$	39.66	$	41.49	$	45.08	$	38.73	$	49.04	$	46.55			$	47.77
NGLs ($/BBL)	$	10.86	$	14.59	$	14.99	$	18.36	$	14.82	$	21.59	$	18.90			$	20.18
Natural Gas ($/MCF)	$	1.25	$	1.26	$	1.84	$	1.88	$	1.53	$	2.07	$	1.81			$	1.93
Index Prices
WTI Oil ($/BBL)	$	33.45	$	45.59	$	44.94	$	49.29	$	43.32	$	51.91	$	48.29			$	50.10
Brent Oil ($/BBL)	$	35.08	$	46.97	$	46.98	$	51.13	$	45.04	$	54.66	$	50.92			$	52.79
NYMEX Natural Gas ($/MCF)	$	2.07	$	1.97	$	2.70	$	2.95	$	2.42	$	3.26	$	3.14			$	3.20
Percentage of Index Prices
Worldwide oil as a percentage of WTI	88%		87%		92%		91%		89%		94%		96%				95%
Worldwide oil as a percentage of Brent	84%		84%		88%		88%		86%		90%		91%				90%
Worldwide NGL as a percentage of WTI	32%		32%		33%		37%		34%		42%		39%				40%
Worldwide NGL as a percentage of Brent	31%		31%		32%		36%		33%		39%		37%				38%
Domestic gas as a percentage of NYMEX	73%		74%		85%		81%		79%		82%		71%				78%

SCHEDULE 11

Occidental Petroleum Corporation

Oil and Gas Costs

					2016										2017
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3	Qtr 4	YTD
Cash operating expenses ($/BOE)
United States	$	11.67	$	11.80	$	12.26	$	12.59	$	12.07	$	13.47	$	13.55			$	13.51
Latin America	$	8.55	$	13.12	$	14.93	$	16.34	$	13.16	$	14.70	$	11.73			$	13.06
Middle East	$	9.02	$	8.35	$	8.83	$	10.39	$	9.12	$	10.67	$	10.04			$	10.34
Total Oil and Gas	$	10.28	$	10.21	$	10.81	$	11.80	$	10.76	$	12.33	$	11.86			$	12.09
Taxes other than on income ($/BOE)
United States	$	2.12	$	2.41	$	1.96	$	2.20	$	2.17	$	2.07	$	2.53			$	2.30
Total Oil and Gas	$	1.15	$	1.12	$	0.97	$	1.09	$	1.08	$	1.15	$	1.27			$	1.21
DD&A expense ($/BOE)
United States	$	24.63	$	25.59	$	25.58	$	25.29	$	25.27	$	21.74	$	23.17			$	22.45
Latin America	$	12.88	$	12.00	$	11.13	$	12.41	$	12.12	$	10.61	$	9.91			$	10.22
Middle East	$	6.42	$	5.38	$	5.66	$	5.78	$	5.81	$	6.34	$	6.02			$	6.17
Total Oil and Gas	$	15.61	$	15.00	$	15.58	$	15.69	$	15.46	$	14.55	$	14.67			$	14.61
G&A and other operating expenses ($/BOE)	$	2.88	$	2.22	$	2.95	$	3.71	$	2.94	$	3.65	$	3.60			$	3.62
Exploration Expense ($ millions)
United States	$	2	$	3	$	3	$	5	$	13	$	10	$	5			$	15
Latin America	1		1		-		-		2		1		2				3
Middle East	6		23		6		12		47		-		1				1
	$	9	$	27	$	9	$	17	$	62	$	11	$	8			$	19

SCHEDULE 12

Occidental Petroleum Corporation

Segment Core Results Pre-tax Variance Roll-forwards

(Amounts in millions)

							2016															2017
	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3	Qtr 4	YTD
Quarter-over-Quarter
Oil & Gas
Prior quarter core income (loss)	$	(106	)	$	(508	)	$	(117	)	$	(49	)				$	2		$	220
Sales price	(378		)	377			102			144						150			(109		)
Sales volume	(88		)	19			(50		)	(4		)				(59		)	25
Operating expenses	59			(4		)	8			(51		)				11			(4		)
DD&A rate	16			(2		)	(1		)	(1		)				93			(1		)
Exploration expense	4			(17		)	18			(9		)				7			3
All others	(15		)	18			(9		)	(28		)				16			(17		)
Current quarter core income (loss)	$	(508	)	$	(117	)	$	(49	)	$	2					$	220		$	117
Chemical
Prior quarter core income	$	116		$	126		$	88		$	117					$	152		$	170
Sales price	(43		)	35			25			36						10			61
Sales volume / mix	20			21			(13		)	4						43			10
Operations / manufacturing	34			(82		)	7			(20		)				(15		)	(47		)
All others	(1		)	(12		)	10			15						(20		)	36
Current quarter core income	$	126		$	88		$	117		$	152					$	170		$	230
Midstream and Marketing
Prior quarter core income (loss)	$	(45	)	$	(95	)	$	(58	)	$	(20	)				$	(48	)	$	(47	)
Marketing	(3		)	4			41			(24		)				-			47
Gas plants	(17		)	6			(10		)	8						8			(12		)
Pipelines	(31		)	23			4			(8		)				(9		)	32
Power generation	3			2			6			(10		)				2			1
All others	(2		)	2			(3		)	6						-			4
Current quarter core income (loss)	$	(95	)	$	(58	)	$	(20	)	$	(48	)				$	(47	)	$	25
Year-over-Year
Oil & Gas
Prior year core income	$	57		$	324		$	162		$	(106	)	$	437		$	(508	)	$	(117	)			$	(625	)
Sales price	(747		)	(588		)	(219		)	228			(1,326		)	717			281					998
Sales volume	(18		)	12			(111		)	(70		)	(187		)	(15		)	(56		)			(71		)
Operating expenses	140			85			75			(12		)	288			(52		)	(57		)			(109		)
DD&A rate	19			27			41			(5		)	82			86			88					174
Exploration expense	(2		)	(16		)	(4		)	(5		)	(27		)	(2		)	18					16
All others	43			39			7			(28		)	61			(6		)	(40		)			(46		)
Current quarter core income (loss)	$	(508	)	$	(117	)	$	(49	)	$	2		$	(672	)	$	220		$	117				$	337
Chemical
Prior year core income	$	139		$	136		$	174		$	116		$	565		$	126		$	88				$	214
Sales price	(123		)	(76		)	(11		)	59			(151		)	126			137					263
Sales volume / mix	4			(22		)	(24		)	11			(31		)	26			54					80
Operations / manufacturing	109			59			(15		)	(47		)	106			(101		)	(90		)			(191		)
All others	(3		)	(9		)	(7		)	13			(6		)	(7		)	41					34
Current quarter core income	$	126		$	88		$	117		$	152		$	483		$	170		$	230				$	400
Midstream and Marketing
Prior year core income (loss)	$	(5	)	$	84		$	31		$	(45	)	$	65		$	(95	)	$	(58	)			$	(153	)
Marketing	(93		)	(148		)	(14		)	20			(235		)	24			62					86
Gas plants	(2		)	3			(6		)	(13		)	(18		)	13			(5		)			8
Pipelines	(2		)	(8		)	(27		)	(12		)	(49		)	13			22					35
Power generation	7			10			(1		)	1			17			-			(1		)			(1		)
All others	-			1			(3		)	1			(1		)	(2		)	5					3
Current quarter core income (loss)	$	(95	)	$	(58	)	$	(20	)	$	(48	)	$	(221	)	$	(47	)	$	25				$	(22	)