Occidental Petroleum Corporation

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) January 29, 2009

 

OCCIDENTAL PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

1-9210

95-4035997

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

10889 Wilshire Boulevard

Los Angeles, California

90024

(Address of principal executive offices)

(ZIP code)

 

Registrant’s telephone number, including area code:

(310) 208-8800

 

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

 

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Section 2 – Financial Information

 

Item 2.02.  Results of Operations and Financial Condition

 

On January 29, 2009, Occidental Petroleum Corporation released information regarding its results of operations for the three and twelve months ended December 31, 2008. The exhibits to this Form 8-K and the information set forth in this Item 2.02 are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The full text of the press release is attached to this report as Exhibit 99.1. The full text of the speeches given by Dr. Ray R. Irani and Stephen I. Chazen are attached to this report as Exhibit 99.2. Investor Relations Supplemental Schedules are attached to this report as Exhibit 99.3. Earnings Conference Call Slides are attached to this report as Exhibit 99.4. Forward-Looking Statements Disclosure for Earnings Release Presentation Materials are attached to this report as Exhibit 99.5.

 

 

Section 8 – Other Events

 

Item 8.01.  Other Events

 

On January 29, 2009, Occidental Petroleum Corporation announced net income of $443 million ($0.55 per diluted share) for the fourth quarter of 2008, compared with $1.452 billion ($1.74 per diluted share) for the fourth quarter of 2007. Core results for the fourth quarter of 2008 were $957 million ($1.18 per diluted share), compared with $1.464 billion ($1.76 per diluted share) for the fourth quarter of 2007. Core results for 2008 excluded after-tax charges of $514 million ($0.63 per diluted share).

 

Net income for the twelve months of 2008 was $6.857 billion ($8.35 per diluted share), compared with $5.400 billion ($6.44 per diluted share) for the twelve months of 2007. Core results were $7.348 billion ($8.95 per diluted share) for the twelve months of 2008, compared with $4.405 billion ($5.25 per diluted share) for 2007. See the attached schedule for a reconciliation of net income to core results.

 

QUARTERLY RESULTS

 

Oil and Gas

 

Oil and gas segment earnings were $339 million for the fourth quarter of 2008, compared with $2.461 billion for the same period in 2007. The fourth quarter of 2008 core results were $996 million after excluding pre-tax losses of $599 million relating to the impairment of assets and $58 million for rig termination costs. The $1.465 billion decrease in the fourth quarter of 2008 core results was due to lower crude oil and natural gas prices, higher operating expenses, DD&A rates and exploration expense.

 

For the fourth quarter of 2008, daily oil and gas sales volumes averaged 620,000 barrels of oil equivalent (BOE), compared with 590,000 BOE per day in the fourth quarter of 2007. The increase includes 22,000 BOE per day from the Dolphin Project, 14,000 BOE per day domestically and 6,000 BOE per day from Oman, offset by 12,000 BOE per day lower production in Libya as a result of the new contract terms.

 

Oxy's realized price for worldwide crude oil was $53.52 per barrel for the fourth quarter of 2008, compared with $80.30 per barrel for the fourth quarter of 2007. Domestic realized gas

 

 

1

 

prices dropped from $6.77 per MCF in the fourth quarter of 2007 to $4.67 per MCF for the fourth quarter of 2008.

 

Chemicals

Chemical segment earnings for the fourth quarter of 2008 were $127 million, compared with $94 million for the same period in 2007. The fourth quarter of 2008 core results were $217 million after excluding a $90 million pre-tax loss related to plant closure and impairments. The improvement in the fourth quarter of 2008 results reflect higher caustic soda margins, partially offset by lower volumes for chlorine, caustic soda and polyvinyl chloride.

 

Midstream, Marketing and Other

 

Midstream segment earnings were $170 million for the fourth quarter of 2008, compared with $138 million for the fourth quarter of 2007. Earnings for the fourth quarter of 2008 reflect higher margins in crude oil marketing, higher pipeline income from Dolphin and lower NGL margins in gas processing.

 

TWELVE-MONTH RESULTS

 

Oil and Gas

 

Oil and gas segment earnings were $10.651 billion for the twelve months of 2008, compared with $7.957 billion for the same period of 2007. Oil and gas core results were $11.308 billion for the twelve months of 2008 after excluding the fourth quarter impairments and rig termination costs described above, compared to 2007 core results of $7.369 billion. The $3.939 billion increase in the 2008 core results reflected $3.980 billion from higher crude oil and natural gas prices and $639 million from increased oil and gas production, offset by higher operating expenses and increased DD&A rates.

 

Daily oil and gas sales volumes for the year were 601,000 BOE per day for 2008, compared with 570,000 BOE per day for the same 2007 period. The 5.4 percent increase was largely the result of 39,000 BOE per day from the Dolphin project, offset by a reduction of 7,000 BOE per day in Libya, as a result of the new contract.

 

Oxy's realized price for worldwide crude oil was $88.26 per barrel for the twelve months of 2008, compared with $64.77 per barrel for the twelve months of 2007. Domestic realized gas prices increased from $6.53 per MCF in the twelve months of 2007 to $8.03 per MCF in the twelve months of 2008.

 

Chemicals

Chemical segment earnings were $669 million for the twelve months of 2008 compared with $601 million in 2007. The 2008 core results were $759 million after excluding the fourth quarter charge for the plant closure and impairments mentioned above. The improvement in 2008 is due primarily to higher caustic soda margins, partially offset by lower volumes in chlorine, caustic soda and polyvinyl chloride.

 

 

 

2

 

Midstream, Marketing and Other

 

Midstream segment earnings were $520 million for the twelve months of 2008, compared with $367 million for the same period in 2007. The improvement in 2008 reflected higher pipeline income from Dolphin and higher margins in gas processing.

 

Forward-Looking Statements

 

Statements in this report that contain words such as "will," "expect" or "estimate," or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause actual results to differ materially include, but are not limited to: global commodity price fluctuations and supply/demand considerations for oil, gas and chemicals; exploration risks, such as drilling of unsuccessful wells; higher-than-expected costs; political risk; operational interruptions; changes in tax rates and not successfully completing (or any material delay in) any expansions, capital projects, acquisitions, or dispositions. You should not place undue reliance on these forward-looking statements which speak only as of the date of this report. 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. U.S. investors are urged to consider carefully the disclosures in our Form 10-K, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.

 

 

3

 

SUMMARY OF SEGMENT NET SALES AND EARNINGS

 

(Millions, except

 

Fourth Quarter

 

Twelve Months

 

 per-share amounts)

 

 

2008

 

 

2007

 

 

2008

 

 

2007

 

SEGMENT NET SALES

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and Gas

 

$

2,746

 

$

4,122

 

$

18,187

 

$

13,304

 

Chemical

 

 

1,005

 

 

1,134

 

 

5,112

 

 

4,664

 

Midstream, Marketing and Other

 

 

394

 

 

413

 

 

1,598

 

 

1,388

 

Eliminations and other

 

 

(124

)

 

(152

)

 

(680

)

 

(572

)

Net sales

 

$

4,021

 

$

5,517

 

$

24,217

 

$

18,784

 

SEGMENT EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and Gas (a)

 

$

339

 

$

2,461

 

$

10,651

 

$

7,957

 

Chemical (b)

 

 

127

 

 

94

 

 

669

 

 

601

 

Midstream, Marketing and Other

 

 

170

 

 

138

 

 

520

 

 

367

 

 

 

 

636

 

 

2,693

 

 

11,840

 

 

8,925

 

Unallocated Corporate Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net (c)

 

 

(16

)

 

(13

)

 

(26

)

 

(199

)

Income taxes

 

 

(118

)

 

(1,057

)

 

(4,629

)

 

(3,507

)

Other (d)

 

 

(54

)

 

(175

)

 

(346

)

 

(141

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

 

448

 

 

1,448

 

 

6,839

 

 

5,078

 

Discontinued operations, net (e)

 

 

(5

)

 

4

 

 

18

 

 

322

 

NET INCOME

 

$

443

 

$

1,452

 

$

6,857

 

$

5,400

 

BASIC EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.55

 

$

1.75

 

$

8.37

 

$

6.08

 

Discontinued operations, net (e)

 

 

 

 

 

 

0.02

 

 

0.39

 

 

 

$

0.55

 

$

1.75

 

$

8.39

 

$

6.47

 

DILUTED EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.55

 

$

1.74

 

$

8.33

 

$

6.05

 

Discontinued operations, net (e)

 

 

 

 

 

 

0.02

 

 

0.39

 

 

 

$

0.55

 

$

1.74

 

$

8.35

 

$

6.44

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

 

810.3

 

 

828.4

 

 

817.6

 

 

834.9

 

DILUTED

 

 

811.6

 

 

833.1

 

 

820.8

 

 

839.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See footnotes on following page.

 

 

4

 

(a)

Oil and Gas - The fourth quarter of 2008 includes $599 million charges for asset impairments and a $58 million charge for the termination of rig contracts. The twelve months of 2007 included a gain of $412 million from the sale of Occidental's Russian joint venture interests, a $112 million gain resulting from the resolution of certain legal disputes, a $103 million gain on the sale of exploration properties, partially offset by $74 million in charges for exploration impairments, and a $35 million gain from the sale of oil and gas interest.

 

 

(b)

Chemical - The fourth quarter of 2008 includes a $90 million charge for plant closure and impairments.

 

 

(c)

Interest Expense, net - The twelve months of 2007 included $167 million of interest charges for the purchase of various debt issues in the open market.

 

 

(d)

Unallocated Corporate Items - Other - The twelve months of 2007 included a $326 million gain from the sale of Lyondell shares, a $47 million charge for plant closure and related environmental remediation reserve, and a $25 million severance accrual.

 

 

(e)

Discontinued Operations, net - In 2008, Occidental received payment from Ecuador for tax refunds. In 2007, Occidental completed an exchange of oil and gas interests in Horn Mountain with BP p.l.c. (BP) for oil and gas interests in the Permian Basin and a gas processing plant in Texas. Occidental also sold its oil and gas interests in Pakistan to BP.

 

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE

 

 

 

Fourth Quarter

 

Twelve Months

 

($ millions)

 

 

2008

 

 

2007

 

 

2008

 

 

2007

 

CAPITAL EXPENDITURES

 

$

1,594

 

$

946

 

$

4,664

 

$

3,360

 

DEPRECIATION, DEPLETION AND

 

 

 

 

 

 

 

 

 

 

 

 

 

AMORTIZATION OF ASSETS

 

$

753

 

$

639

 

$

2,710

 

$

2,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS

 

Income/(Expense)

 

Fourth Quarter

 

Twelve Months

 

($ millions)

 

 

2008

 

 

2007

 

 

2008

 

 

2007

 

Foreign exchange gains and (losses)*

 

$

88

 

$

5

 

$

91

 

$

(18

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Amounts shown after tax.

 

 

5

 

SUMMARY OF OPERATING STATISTICS - SALES

 

 

Fourth Quarter

 

Twelve Months

 

 

 

2008

 

2007

 

2008

 

2007

 

NET OIL, GAS AND LIQUIDS

 

 

 

 

 

 

 

 

 

SALES PER DAY

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

Crude Oil and Liquids (MBBL)

 

 

 

 

 

 

 

 

 

California

 

97

 

88

 

89

 

89

 

Permian

 

167

 

170

 

168

 

167

 

Midcontinent and Rockies

 

9

 

4

 

6

 

4

 

Total

 

273

 

262

 

263

 

260

 

Natural Gas (MMCF)

 

 

 

 

 

 

 

 

 

California

 

221

 

250

 

235

 

254

 

Permian

 

188

 

180

 

181

 

186

 

Midcontinent and Rockies

 

187

 

148

 

171

 

153

 

Total

 

596

 

578

 

587

 

593

 

Latin America

 

 

 

 

 

 

 

 

 

Crude Oil (MBBL)

 

 

 

 

 

 

 

 

 

Argentina

 

32

 

31

 

32

 

32

 

Colombia

 

45

 

41

 

43

 

42

 

Total

 

77

 

72

 

75

 

74

 

Natural Gas (MMCF)

 

 

 

 

 

 

 

 

 

Argentina

 

24

 

19

 

21

 

22

 

Bolivia

 

21

 

22

 

21

 

18

 

Total

 

45

 

41

 

42

 

40

 

Middle East/North Africa

 

 

 

 

 

 

 

 

 

Crude Oil and Liquids (MBBL)

 

 

 

 

 

 

 

 

 

Oman

 

27

 

20

 

23

 

20

 

Dolphin

 

23

 

14

 

21

 

4

 

Qatar

 

48

 

52

 

47

 

48

 

Yemen

 

20

 

22

 

21

 

25

 

Libya

 

10

 

22

 

15

 

22

 

Total

 

128

 

130

 

127

 

119

 

Natural Gas (MMCF)

 

 

 

 

 

 

 

 

 

Oman

 

23

 

30

 

24

 

30

 

Dolphin

 

209

 

133

 

184

 

51

 

Total

 

232

 

163

 

208

 

81

 

Barrels of Oil Equivalent (MBOE)

 

 

 

 

 

 

 

 

 

Subtotal consolidated subsidiaries

 

624

 

594

 

605

 

573

 

Colombia-minority interest

 

(6

)

(6

)

(6

)

(5

)

Yemen-Occidental net interest

 

2

 

2

 

2

 

2

 

Total Worldwide Sales - MBOE

 

620

 

590

 

601

 

570

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

SUMMARY OF OPERATING STATISTICS - PRODUCTION

 

 

Fourth Quarter

 

Twelve Months

 

 

 

2008

 

2007

 

2008

 

2007

 

NET OIL, GAS AND LIQUIDS

 

 

 

 

 

 

 

 

 

PRODUCTION PER DAY

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

Crude Oil and Liquids (MBBL)

 

273

 

262

 

263

 

260

 

Natural Gas (MMCF)

 

596

 

578

 

587

 

593

 

Latin America

 

 

 

 

 

 

 

 

 

Crude Oil (MBBL)

 

 

 

 

 

 

 

 

 

Argentina

 

38

 

32

 

34

 

33

 

Colombia

 

45

 

41

 

44

 

42

 

Total

 

83

 

73

 

78

 

75

 

Natural Gas (MMCF)

 

45

 

41

 

42

 

40

 

Middle East/North Africa

 

 

 

 

 

 

 

 

 

Crude Oil and Liquids (MBBL)

 

 

 

 

 

 

 

 

 

Oman

 

28

 

20

 

23

 

19

 

Dolphin

 

22

 

14

 

20

 

5

 

Qatar

 

48

 

51

 

47

 

47

 

Yemen

 

20

 

22

 

21

 

25

 

Libya

 

8

 

20

 

15

 

21

 

Total

 

126

 

127

 

126

 

117

 

Natural Gas (MMCF)

 

232

 

163

 

208

 

81

 

Barrels of Oil Equivalent (MBOE)

 

 

 

 

 

 

 

 

 

Subtotal consolidated subsidiaries

 

627

 

592

 

607

 

571

 

Colombia-minority interest

 

(6

)

(6

)

(6

)

(6

)

Yemen-Occidental net interest

 

2

 

2

 

2

 

2

 

Total Worldwide Production - MBOE

 

623

 

588

 

603

 

567

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

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. 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 is not considered to be an alternative to operating income in accordance with generally accepted accounting principles.

 

 

8

 

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

 

 

Fourth Quarter

 

($ millions, except

 

 

 

 

Diluted

 

 

 

 

Diluted

 

per-share amounts)

 

 

2008

 

 

EPS

 

 

2007

 

 

EPS

 

TOTAL REPORTED EARNINGS

 

$

443

 

$

0.55

 

$

1,452

 

$

1.74

 

Oil and Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Earnings

 

$

339

 

 

 

 

$

2,461

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairments

 

 

599

 

 

 

 

 

 

 

 

 

Rig contract terminations

 

 

58

 

 

 

 

 

 

 

 

 

Segment Core Results

 

 

996

 

 

 

 

 

2,461

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Earnings

 

 

127

 

 

 

 

 

94

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Plant closure and Impairments

 

 

90

 

 

 

 

 

 

 

 

 

Segment Core Results

 

 

217

 

 

 

 

 

94

 

 

 

 

Midstream, Marketing and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Earnings

 

 

170

 

 

 

 

 

138

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

No significant items affecting earnings

 

 

 

 

 

 

 

 

 

 

 

Segment Core Results

 

 

170

 

 

 

 

 

138

 

 

 

 

Total Segment Core Results

 

 

1,383

 

 

 

 

 

2,693

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Results — Non Segment*

 

 

(193

)

 

 

 

 

(1,241

)

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance Accrual

 

 

 

 

 

 

 

25

 

 

 

 

Tax effect of pre-tax adjustments

 

 

(238

)

 

 

 

 

(9

)

 

 

 

Discontinued operations, net**

 

 

5

 

 

 

 

 

(4

)

 

 

 

Corporate Core Results — Non Segment

 

 

(426

)

 

 

 

 

(1,229

)

 

 

 

TOTAL CORE RESULTS

 

$

957

 

$

1.18

 

$

1,464

 

$

1.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Interest expense, income taxes, G&A expense and other.

**

Amounts shown after tax.

 

 

9

 

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS (continued)

 

 

Twelve Months

 

($ millions, except

 

 

 

 

Diluted

 

 

 

 

Diluted

 

per-share amounts)

 

 

2008

 

 

EPS

 

 

2007

 

 

EPS

 

TOTAL REPORTED EARNINGS

 

$

6,857

 

$

8.35

 

$

5,400

 

$

6.44

 

Oil and Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Earnings

 

$

10,651

 

 

 

 

$

7,957

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Russia joint venture**

 

 

 

 

 

 

 

(412

)

 

 

 

Legal settlements**

 

 

 

 

 

 

 

(112

)

 

 

 

Asset impairments

 

 

599

 

 

 

 

 

74

 

 

 

 

Gain on sale of oil & gas interests

 

 

 

 

 

 

 

 

(35

)

 

 

 

Sale of exploration properties

 

 

 

 

 

 

 

(103

)

 

 

 

Rig contract terminations

 

 

58

 

 

 

 

 

 

 

 

 

Segment Core Results

 

 

11,308

 

 

 

 

 

7,369

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Earnings

 

 

669

 

 

 

 

 

601

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Plant closure and Impairments

 

 

90

 

 

 

 

 

 

 

 

 

Segment Core Results

 

 

759

 

 

 

 

 

601

 

 

 

 

Midstream, Marketing and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Earnings

 

 

520

 

 

 

 

 

367

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

No significant items affecting earnings

 

 

 

 

 

 

 

 

 

 

 

Segment Core Results

 

 

520

 

 

 

 

 

367

 

 

 

 

Total Segment Core Results

 

 

12,587

 

 

 

 

 

8,337

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Results — Non Segment*

 

 

(4,983

)

 

 

 

 

(3,525

)

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt purchase expense

 

 

 

 

 

 

 

167

 

 

 

 

Facility closure

 

 

 

 

 

 

 

47

 

 

 

 

Gain on sale of Lyondell shares

 

 

 

 

 

 

 

(326

)

 

 

 

Severance accrual

 

 

 

 

 

 

 

25

 

 

 

 

Tax effect of pre-tax adjustments

 

 

(238

)

 

 

 

 

2

 

 

 

 

Discontinued operations, net**

 

 

(18

)

 

 

 

 

(322

)

 

 

 

Corporate Core Results — Non Segment

 

 

(5,239

)

 

 

 

 

(3,932

)

 

 

 

TOTAL CORE RESULTS

 

$

7,348

 

$

8.95

 

$

4,405

 

$

5.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Interest expense, income taxes, G&A expense and other.

**

Amounts shown after tax.

 

 

10

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01.  Financial Statements and Exhibits

 

(d)  Exhibits

 

 

99.1

Press release dated January 29, 2009.

 

 

 

 

99.2

Full text of speeches given by Dr. Ray R. Irani and Stephen I. Chazen.

 

 

 

 

99.3

Investor Relations Supplemental Schedules.

 

 

 

 

99.4

Earnings Conference Call Slides.

 

 

 

 

99.5

Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.

 

 

11

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

OCCIDENTAL PETROLEUM CORPORATION

 

(Registrant)

 

 

 

 

 

 

 

 

DATE:  January 29, 2009

/s/ ROY PINECI

 

Roy Pineci, Vice President, Controller

and Principal Accounting Officer

 

 

12

 

EXHIBIT INDEX

 

 

99.1

 

Press release dated January 29, 2009.

 

 

 

99.2

 

Full text of speeches given by Dr. Ray R. Irani and Stephen I. Chazen.

 

 

 

99.3

 

Investor Relations Supplemental Schedules.

 

 

 

99.4

 

Earnings Conference Call Slides.

 

 

 

99.5

 

Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.