On January 29, 2008, Occidental Petroleum Corporation released information regarding its results of operations for the three and twelve months ended December 31, 2007. 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 speech given by Stephen I. Chazen is 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.

Reserves Information

On January 29, 2008, Occidental Petroleum Corporation issued a press release announcing preliminary proved reserve additions from all sources resulting in a production replacement rate of 116 percent. The full text of the press release is attached to this report as Exhibit 99.5.

Earnings Information

On January 29, 2008, Occidental Petroleum Corporation announced record net income of $5.400 billion ($6.44 per diluted share) for the twelve months of 2007, compared with $4.191 billion ($4.87 per diluted share) for the twelve months of 2006.

Net income for the fourth quarter of 2007 was $1.452 billion ($1.74 per diluted share), compared with $930 million ($1.09 per diluted share) for the fourth quarter of 2006.

Oil and gas segment earnings were $2.599 billion for the fourth quarter of 2007, compared with $1.422 billion for the same period in 2006. The $1.2 billion increase in the fourth quarter 2007 segment earnings reflected $1.3 billion of increases from record crude oil and higher natural gas prices and volumes from the Dolphin project in the UAE coming on line in 2007, partially offset by increased DD&A rates and higher operating expenses.

The average price for West Texas Intermediate crude oil in the fourth quarter of 2007 was $90.68 per barrel, compared to $60.20 per barrel in the fourth quarter of 2006. Oxy's realized price for worldwide crude oil was $80.30 per barrel for the fourth quarter of 2007, compared with $52.55 per barrel for the fourth quarter of 2006. The average price for NYMEX gas in the fourth quarter of 2007 was $7.06 per MCF, compared with $6.27 per MCF in the fourth quarter of 2006. Domestic realized gas prices increased from $5.63 per MCF in the fourth quarter of 2006 to $6.77 per MCF for the fourth quarter of 2007. For the fourth quarter of 2007, daily oil and gas production averaged 590,000 barrels of oil equivalent (BOE), compared with 561,000 BOE per day produced in the fourth quarter of 2006.

Chemical segment earnings for the fourth quarter of 2007 were $94 million, compared with $157 million for the same period in 2006. The fourth quarter of 2007 results reflect lower margins for polyvinyl chloride.

Net income for the twelve months of 2007 was a record $5.400 billion ($6.44 per diluted share), compared with $4.191 billion ($4.87 per diluted share) for the twelve months of 2006.

Core results were also a record $4.405 billion ($5.25 per diluted share) for the twelve months of 2007, compared with $4.116 billion ($4.78 per diluted share) for the twelve months of 2006. See the attached schedule for a reconciliation of net income to core results.

Oil and Gas

Oil and gas segment earnings were $8.318 billion for the twelve months of 2007, compared with $6.880 billion for the same period of 2006. Oil and gas core results were $7.730 billion for the twelve months of 2007 after excluding gains from the sale of Oxy's joint venture in Russia, sales of exploration properties, net of asset impairments, sales of domestic oil and gas interests, and litigation settlements. The increase of $850 million in the twelve months of 2007 core results from $6.880 billion in 2006 reflected $1.3 billion from higher crude oil and natural gas prices, and increased production, including Dolphin coming on line in the third quarter of 2007, partially offset by higher DD&A rates, exploration and operating expenses.

The average price for West Texas Intermediate crude oil in the twelve months of 2007 was $72.32 per barrel compared to $66.23 per barrel in the twelve months of 2006. Oxy's realized price for worldwide crude oil was $64.77 per barrel for the twelve months of 2007, compared with $57.81 per barrel for the twelve months of 2006. The average price for NYMEX gas in the twelve months of 2007 was $7.12 per MCF, compared with $7.82 per MCF in the twelve months of 2006. Domestic realized gas prices increased slightly from $6.49 per MCF in the twelve months of 2006 to $6.53 per MCF for the same period of 2007.

For the twelve months of 2007, daily oil and gas production averaged 570,000 BOE, compared with 545,000 BOE per day produced from continuing operations in the twelve months of 2006.

Chemical segment earnings for the twelve months of 2007 were $601 million, compared with $906 million for the same period in 2006. The 2007 results reflect lower margins for polyvinyl chloride.

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 results to differ materially include, but are not limited to: exploration risks, such as drilling of unsuccessful wells; global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher-than-expected costs; political risk; operational interruptions; changes in tax rates and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. 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. U.S. investors are urged to consider carefully the disclosure 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.

SUMMARY OF SEGMENT NET SALES AND EARNINGS



                                         Fourth Quarter        Twelve Months
(Millions, except per-share amounts)     2007      2006       2007       2006
SEGMENT NET SALES
Oil and Gas                            $  4,321   $ 2,946   $ 13,918   $ 12,190
Chemical                                  1,134     1,036      4,664      4,815
Other                                        62        56        202        170
Net sales                              $  5,517   $ 4,038   $ 18,784   $ 17,175
SEGMENT EARNINGS
Oil and Gas (a)                        $  2,599   $ 1,422   $  8,318   $  6,880
Chemical                                     94       157        601        906
                                          2,693     1,579      8,919      7,786
Unallocated Corporate Items
Interest expense, net (b)                   (13 )     (51 )     (199 )     (131 )
Income taxes                             (1,057 )    (771 )   (3,507 )   (3,354 )
Other (c)                                  (175 )     113       (135 )      (99 )

Income from Continuing Operations         1,448       870      5,078      4,202
Discontinued operations, net (d)              4        60        322        (11 )
NET INCOME                             $  1,452   $   930   $  5,400   $  4,191
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations      $   1.75   $  1.03   $   6.08   $   4.93
Discontinued operations, net (d)              -      0.07       0.39      (0.01 )
                                       $   1.75   $  1.10   $   6.47   $   4.92
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations      $   1.74   $  1.02   $   6.05   $   4.88
Discontinued operations, net (d)              -      0.07       0.39      (0.01 )
                                       $   1.74   $  1.09   $   6.44   $   4.87
AVERAGE COMMON SHARES OUTSTANDING
BASIC                                     828.4     846.4      834.9      852.6
DILUTED                                   833.1     852.6      839.1      860.4

See footnotes on following page.

(a) Oil and Gas- The twelve months of 2007 includes pre-tax gains of $412 million from the sale of Occidental's Russian investment, $112 million resulting from the resolution of certain legal disputes, $35 million from the sale of domestic oil and gas interests and $103 million from the sale of exploration properties, partially offset by a pre-tax loss of $74 million for the impairment of properties.

(b) Interest Expense, net- Includes pre-tax interest charges for the purchase of various debt issues in the open market of $167 million for the twelve months of 2007 and $31 million for the twelve months of 2006, respectively.

(c) Unallocated Corporate Items - Other-The twelve months of 2007 includes a $326 million pre-tax gain from the sale of Occidental's remaining investment in Lyondell Chemical Company (Lyondell) and a $47 million pre-tax charge for a plant closure and related environmental remediation reserve. The fourth quarter of 2006 includes pre-tax gains of $108 million related to litigation settlements and $90 million from the sale of a portion of Occidental's investment in Lyondell.

(d) Discontinued Operations, net- In June 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. The twelve months of 2007 includes after-tax income of $326 million related to these transactions and their operating results and a $4 million after-tax charge from assets classified to discontinued operations in 2006.

In January 2006, Occidental completed the merger of Vintage into a subsidiary and classified certain assets and liabilities as held for sale. In May 2006, Ecuador terminated Occidental's contract for the operation of Block 15. The twelve months of 2006 includes a $253 million after-tax loss for Ecuador and the properties held for sale and $242 million after-tax income for the operations of Horn Mountain and Pakistan.

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE



                                                Fourth Quarter          Twelve Months
($ millions)                                   2007         2006       2007       2006
CAPITAL EXPENDITURES                         $     987    $  1,010   $  3,497   $  2,987
DEPRECIATION, DEPLETION AND AMORTIZATION
OF ASSETS                                    $     639    $    562   $  2,379   $  2,008

SUMMARY OF OPERATING STATISTICS



                                                Fourth Quarter      Twelve Months
                                               2007       2006      2007      2006
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil and Liquids (MBBL)
California                                         88         94       89        86
Permian                                           170        167      167       167
Hugoton and other                                   4          3        4         3
Total                                             262        264      260       256
Natural Gas (MMCF)
California                                        250        261      254       256
Hugoton and other                                 148        142      153       138
Permian                                           180        190      186       194
Total                                             578        593      593       588
Latin America
Crude Oil (MBBL)
Argentina                                          31         35       32        33
Colombia                                           41         44       42        38
Total                                              72         79       74        71
Natural Gas (MMCF)
Argentina                                          19         17       22        17
Bolivia                                            22         18       18        17
Total                                              41         35       40        34
Middle East/North Africa
Crude Oil (MBBL)
Oman                                               20         19       20        18
Dolphin                                            14          -        4         -
Qatar                                              52         44       48        43
Yemen                                              22         26       25        29
Libya                                              22         24       22        23
Total                                             130        113      119       113
Natural Gas (MMCF)
Oman                                               30         25       30        30
Dolphin                                           133          -       51         -
Total                                             163         25       81        30
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries                594        565      573       549
Colombia-minority interest                         (6 )       (6 )     (5 )      (5 )
Yemen-Occidental net interest                       2          2        2         1
Total Worldwide Production - MBOE (a)             590        561      570       545

(a) Occidental sold its interest in Russia in January 2007. In June 2007, Occidental sold its Pakistan operations to BP and exchanged its Gulf of Mexico - Horn Mountain operations with BP. Production from these operations has been excluded from all periods for comparability.

SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

. . .

(d) Exhibits

99.1 Press release dated January 29, 2008 (relating to earnings information).

99.2 Full text of speech given by Stephen I. Chazen.

99.3 Investor Relations Supplemental Schedules.

99.4              Earnings Conference Call Slides.



99.5              Press release dated January 29, 2008 (relating to reserves
information).