SHAILENDRA CHOUDHARY

M-08-0039

OCCIDENT AL PETR OLEU M CORPORA TION

Occidental Petroleum Corporation (Oxy) Is a U.S based international

oil & gas exploration & production company .whose operations are spread around
U.S, Middle East, North Africa, and South America. Oxy. Whosehead quarter is in
Los angles established in 1920. Company is fourth largest oil producer of U.S.

Mr. Martin occident L is global head, president & CEO the

company. In year 2007

Company’s market capital was $49.93 MN USD. 8846 employees are working
under this organization

Histor y
Oxy was founded in 1920. In 1957 Dr. Armand Hammer was elected president and
CEO. In 1961, Oxy discovered California's second largest natural gas field in the
Arbuckle area of the Sacramento basin at Lathrop.

Over the next 10 years, Oxy expanded worldwide operations with efforts
in Libya, Peru, Venezuela, Bolivia, Trinidad and the United Kingdom.
Occidental won exploration rights in Libya in 1965 and achieved exploration and
development success until all activities were suspended in 1986 as the result of
economic sanctions imposed by the United States government.

In 1968, Oxy entered the chemical business with the acquisition of Hooker
Chemicals. This was 26 years after the contamination at Love Canal. On July 6, 1988
a fire on Piper Alpha, an oil platform in the North Sea, caused the biggest disaster in
offshore oil industry's history. Today Occidental Chemical Corporation (OxyChem) is
a leading chemical manufacturer with interests in basic chemicals, vinyls and
performance chemical products.

In 1994, Dr. Ray Iranibecame President and CEO of Oxy. in 2005, Oxy was among
53 entities that contributed the maximum of $250,000 to the second inauguration
of US President George W. Bush.

Oper ation s & pr oduct ions

Occidental’s oil and gas growth strategy relies on three components: Enhanced Oil
Recovery (EOR), Exploration and Acquisitions.

Oil and Gas operations are focused in three core areas, the United States, the
Middle East/North Africa and South Americas. Oxy made its first major discovery in
California's Sacramento Valley in 1961. Today, Oxy is the largest natural gas
producer in the state. Most of the company's worldwide production – 63 percent in
2007 – continues to come from U.S. operations in California, Colorado, Kansas, New
Mexico and Texas, where Oxy is the largest oil producer.

Oxy has been an active investor in the Middle East and North Africa for more than
40 years, with current operations in Libya, Oman, Qatar, United Arab Emirates and
Yemen. This increasingly important region accounted for 24 percent of Oxy's
worldwide production in 2007.

Latin America operations – in Argentina, Bolivia and Colombia – accounted for 13

percent of Oxy's 2007 total production. 2008 marks the 25th anniversary of
Colombia's Caño Limón field, discovered by Oxy in 1983.

MA NAGEM EN T S TRA TEG EY

The fourth-largest American oil and gas company by market capitalization,
Occidental Petroleum is one of the industry's unqualified success stories. Oxy's
success is a direct outcome of the company's visionary leadership and ongoing
commitment to enhance stockholder value.

• 2006: Oxy acquired production assets from Vintage Petroleum in Latin

America, California and the Middle East.
 • 2005: Oxy signed an agreement with Libya's National Oil Company to re-
enter the country to participate in exploration and production operations after
the U.S. ended nearly 20 years of economic sanctions.
• 2004: Oxy signed a new production-sharing contract for the Mukhaizna oil
field, one of the largest in Oman.
• 2002: Oxy became a partner in the Dolphin Project in Qatar and United Arab
Emirates, one of the largest energy initiatives undertaken in the Middle East.
• 2000: The purchase of Altura Energy, Ltd., in the Permian Basin of southwest
Texas and southeast New Mexico made Oxy the largest oil producer in Texas.
• 1998: Oxy became the largest natural gas producer in California with the
purchase of the U.S. Department of Energy's 78-percent interest in Elk Hills
Naval Petroleum Reserve.
• 1986: Oxy purchased MidCon Corp., the parent company of a diversified
group of natural gas pipelines and energy-related companies.
• 1982: Oxy acquired Cities Service Company, which was principally engaged
in oil and natural gas exploration, development, production, refining,
marketing and transportation.

FIN AN CIAL INF OR MA TI ON

Oxy has been publicly traded on the New York Stock Exchange since 1964. Oxy
stock has split twice: a 2-for-1 stock split on July 20, 2006, and a 3-for-1 stock split
on January 29, 1968. Total return to stake holder was 60 percent in 2007, a
company record. In May 2008, the Board of Directors approved Oxy's seventh
dividend increase since 2002.
A disciplined financial strategy and focusing on high-potential oil and gas assets in
Oxy's core geographic regions; Oxy consistently achieve top-quartile results on the
key metrics watched by the investment community. For example:
• Since 2002 Employing, cumulative total return to stockholders has outpaced
Oxy's oil and gas industry peers as well as the S&P 500 Index;
• Since 2003, net income has increased by 251 percent and total debt has
decreased by more than 60 percent;
• market capitalization of any company in the Los Angeles area, where we are
headquartered;
• Since 1999, Oxy has led its industry peers as the most profitable oil and
natural gas producer on a per-barrel basis
 Income f or Second Quar ter and Fir st Si x Mon ths of
2008
Occidental Petroleum Corporation (NYSE: OXY) announced net income of $2.297
billion ($2.78 per diluted share) for the second quarter of 2008, compared with $1.412
billion ($1.68 per diluted share) for the second quarter of 2007.

Core results for the second quarter of 2008 were $2.300 billion ($2.79 per
diluted share), compared with $943 million ($1.12 per diluted share) for the second
quarter of 2007..

Oxy's record net income for the second quarter of 2008 beat the previous record
set during the first quarter of 2008 by 24 percent. Occidental's first six months of 2008
net income was 58 percent higher than our previous record first six month income
achieved in 2007.

Oxy’s production grew by 5 percent for the second quarter, and nearly 7 percent
for the first six months compared to last year, and we plan to increase capital
expenditures to $4.7 billion in 2008 to accelerate growth. The additional capital funds
will be used to drill and recomplete approximately 400 wells, mainly in California, Texas
and Colorado, as well as in Argentina, Colombia and Libya.

QU ARTERL Y RE SUL TS

Oil and gas segment earnings were $3.806 billion for the second quarter of 2008,
compared with $1.658 billion for the same period in 2007. The $2.1 billion increase in
the second quarter 2008 segment earnings reflected $2.2 billion of increases from
record crude oil and higher natural gas prices, higher oil and gas production and lower
exploration expense, partially offset by increased DD&A rates and higher operating ex.

For the second quarter of 2008, daily oil and gas production averaged
588,000 barrels of oil equivalent (BOE), compared with 558,000 BOE per day
produced in the second quarter of 2007. The bulk of the production increase was
the result of 46,000 BOE per day from the Dolphin project, which began production
in the third quarter of 2007, and 11,000 BOE per day from recently acquired
domestic assets, partially offset by lower production from Argentina as a result of a
strike in May and by 19,000 BOE per day lower production caused by higher oil
prices affecting our production sharing contracts. Argentina production was
impacted by 15,000 BOE per day from the strike which lasted approximately five
weeks and also halted all drilling programs. Production is now backing at
approximately pre-strike levels.

Oxy's realized price for worldwide crude oil was $110.12 per barrel for the
second quarter of 2008, compared with $59.11 per barrel for the second quarter of
2007. Domestic realized gas prices increased from $7.07 per MCF in the second
quarter of 2007 to $9.99 per MCF for the second quarter of 2008.

En vir onmenta l reco r d

Researchers at the University of Massachusetts Amherst have identified Occidental
Petroleum as the 47th-largest corporate producer of air pollution in the United
States, with roughly 1.2 million pounds of toxic chemicals released annually into the
air. Major pollutants indicated by the study
include chlorine, antimony compounds, benzotrichloride, and hydrochloric acid.
The Environmental Protection Agency has named Occidental as a potentially
responsible party for at least six Superfund toxic waste sites.