EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Amounts in millions, except per-share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
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2000 1999 2000 1999
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BASIC EARNINGS PER SHARE
Income before extraordinary items and effect of
changes in accounting principles $ 401 $ 126 $ 1,236 $ 81
Effect of repurchase of Trust Preferred Securities -- -- 1 --
Preferred stock dividends -- -- -- (7)
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Earnings before extraordinary items and effect of
changes in accounting principles applicable
to common stock 401 126 1,237 74
Extraordinary gain (loss), net 1 -- 1 (3)
Cumulative effect of changes in
accounting principles, net -- -- -- (13)
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 402 $ 126 $ 1,238 $ 58
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Weighted average common shares outstanding 369.2 357.6 368.7 351.3
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Basic earnings per share
Income before extraordinary items and effect of $ 1.09 $ .35 $ 3.36 $ .22
changes in accounting principles
Extraordinary gain (loss), net -- -- -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- -- (.04)
------------ ------------ ------------ ------------
Basic earnings per common share $ 1.09 $ .35 $ 3.36 $ .17
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DILUTED EARNINGS PER SHARE
Earnings before extraordinary items and effect of
changes in accounting principles applicable
to common stock $ 401 $ 126 $ 1,237 $ 74
Dividends applicable to dilutive preferred stock -- -- -- 7
------------ ------------ ------------ ------------
401 126 1,237 81
Extraordinary gain (loss), net 1 -- 1 (3)
Cumulative effect of changes in
accounting principles, net -- -- -- (13)
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 402 $ 126 $ 1,238 $ 65
============ ============ ============ ============
Weighted average common shares outstanding 369.2 357.6 368.7 351.3
Dilutive effect of exercise of options outstanding .3 .1 .2 .1
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369.5 357.7 368.9 351.4
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Diluted earnings per share
Income before extraordinary items and effect of $ 1.09 $ .35 $ 3.36 $ .22
changes in accounting principles
Extraordinary gain (loss), net -- -- -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- -- (.04)
------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.09 $ .35 $ 3.36 $ .17
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EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Amounts in millions, except per-share amounts)
The following items were not included in the computation of diluted earnings per
share because their effect was antidilutive:
Three Months Ended Nine Months Ended
September 30 September 30
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2000 1999 2000 1999
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STOCK OPTIONS
Number of shares 5.6 4.6 5.6 5.0
Price range per share $22.000 -- $29.438 $22.000 -- $29.625 $21.250 -- $29.438 $19.875 -- $29.625
Expiration range 4/28/03 -- 11/10/09 1/14/00 -- 7/8/08 4/28/03 -- 11/10/09 1/14/00 -- 7/8/08
CONVERTIBLE PREFERRED
STOCK $3.00
Number of shares -- -- -- --
Dividends paid -- -- -- 7.2
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