EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(Amounts in millions, except per-share amounts)
Three Months Ended Six Months Ended
June 30 June 30
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2001 2000 2001 2000
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BASIC EARNINGS PER SHARE
Income before extraordinary item and effect
of changes in accounting principles $ 473 $ 564 $ 984 $ 835
Effect of repurchase of Trust Preferred Securities -- -- -- 1
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Earnings before extraordinary item and effect of
changes in accounting principles 473 564 984 836
Extraordinary loss, net -- -- (3) --
Cumulative effect of changes in
accounting principles, net -- -- (24) --
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 473 $ 564 $ 957 $ 836
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Weighted average common shares outstanding 372.0 368.8 371.1 368.5
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Basic earnings per share
Income before extraordinary item and effect
of changes in accounting principles $ 1.27 $ 1.53 $ 2.65 $ 2.27
Extraordinary loss, net -- -- (.01) --
Cumulative effect of changes in
accounting principles, net -- -- (.06) --
------------ ------------ ------------ ------------
Basic earnings per common share $ 1.27 $ 1.53 $ 2.58 $ 2.27
============ ============ ============ ============
DILUTED EARNINGS PER SHARE
Earnings before extraordinary item and effect of
changes in accounting principles $ 473 $ 564 $ 984 $ 836
Extraordinary loss, net -- -- (3) --
Cumulative effect of changes in
accounting principles, net -- -- (24) --
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 473 $ 564 $ 957 $ 836
============ ============ ============ ============
Weighted average common shares outstanding 372.0 368.8 371.1 368.5
Dilutive effect of exercise of options outstanding 2.7 .3 1.7 .2
------------ ------------ ------------ ------------
374.7 369.1 372.8 368.7
============ ============ ============ ============
Diluted earnings per share
Income before extraordinary item and effect
of changes in accounting principles $ 1.26 $ 1.53 $ 2.64 $ 2.27
Extraordinary loss, net -- -- (.01) --
Cumulative effect of changes in
accounting principles, net -- -- (.06) --
------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.26 $ 1.53 $ 2.57 $ 2.27
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EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(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 Six Months Ended
June 30 June 30
----------------------------------------- -----------------------------------------
2001 2000 2001 2000
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STOCK OPTIONS
Number of shares .02 4.16 .02 4.61
Price range per share $29.063 -- $29.438 $23.125 -- $29.438 $29.063 -- $29.438 $21.250 -- $29.438
Expiration range 12/01/07 -- 4/29/08 8/18/00 -- 7/08/08 12/01/07 -- 4/29/08 8/18/00 -- 7/08/08
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