On October 28, 2008, Occidental Petroleum Corporation released information regarding its results of operations for the three months ended September 30, 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 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.

On October 28, 2008, Occidental Petroleum Corporation announced net income of $2.271 billion ($2.78 per diluted share) for the third quarter of 2008, compared with $1.324 billion ($1.58 per diluted share) for the third quarter of 2007.

Oil and gas segment earnings were $3.618 billion for the third quarter of 2008, compared with $1.955 billion for the same period in 2007. The $1.7 billion increase in the third quarter 2008 segment earnings reflected $1.8 billion of increases from higher crude oil and natural gas prices, higher oil and gas production and lower exploration expense, partially offset by increased DD&A rates and higher operating expenses.

For the third quarter of 2008, daily oil and gas production averaged 588,000 barrels of oil equivalent (BOE), compared with 570,000 BOE per day produced in the third quarter of 2007. The bulk of the production increase was the result of 31,000 BOE per day higher production from the Dolphin project, which began production in the third quarter of 2007, partially offset by 5,000 BOE per day lower production resulting from Hurricane Ike and 13,000 BOE per day lower production in Libya as a result of the new contract that became effective in the third quarter of 2008.

Oxy's realized price for worldwide crude oil was $104.15 per barrel for the third quarter of 2008, compared with $67.81 per barrel for the third quarter of 2007. Domestic realized gas prices increased from $5.90 per MCF in the third quarter of 2007 to $9.35 per MCF for the third quarter of 2008.

Chemical segment earnings for the third quarter of 2008 were $219 million, compared with $212 million for the same period in 2007. The third quarter of 2008 results reflect higher caustic soda margins, partially offset by lower volumes and margins for chlorine and polyvinyl chloride.

Midstream segment earnings were $66 million for the third quarter of 2008, compared with $86 million for the third quarter of 2007. The third quarter of 2008 reflects lower margins in crude oil marketing, partially offset by higher pipeline income from Dolphin, which came on line in the second half of 2007, and higher margins in gas processing and power generation.

Net income for the nine months of 2008 was $6.414 billion ($7.79 per diluted share), compared with $3.948 billion ($4.69 per diluted share) for the nine months of 2007.

Core results were $6.391 billion ($7.76 per diluted share) for the nine months of 2008, compared with $2.941 billion ($3.50 per diluted share) for the nine months of 2007. See the attached schedule for a reconciliation of net income to core results.

Oil and Gas

Oil and gas segment earnings were $10.312 billion for the nine months of 2008, compared with $5.496 billion for the same period of 2007. Oil and gas core results were $4.908 billion for the nine months of 2007 after excluding a $412 million gain from the sale of Occidental's Russian joint venture interests, a $35 million gain from the sale of other oil and gas interests, $112 million income from the resolution of certain legal disputes and a $29 million gain from the sale of exploration properties, net of impairments. The $5.4 billion increase in the 2008 core results from $4.9 billion in 2007 reflected $5.5 billion from higher crude oil and natural gas prices, increased oil and gas production and lower exploration expense, partially offset by higher operating expenses and increased DD&A rates.

Daily oil and gas production for the first nine months was 594,000 BOE per day for 2008, compared with 563,000 BOE per day for the same 2007 period. The 5.5 percent increase was largely the result of 44,000 BOE per day higher production from the Dolphin project, partially offset by 5,000 BOE per day lower production in Libya resulting from the new contract.

Oxy's realized price for worldwide crude oil was $100.39 per barrel for the nine months of 2008, compared with $59.47 per barrel for the nine months of 2007. Domestic realized gas prices increased from $6.45 per MCF in the nine months of 2007 to $9.18 per MCF in the nine months of 2008.

Chemical segment earnings were $542 million for the nine months of 2008, compared with $507 million for the nine months of 2007. The 2008 results reflect higher margins for caustic soda, partially offset by lower volumes and margins for chlorine and polyvinyl chloride.

Midstream segment earnings were $350 million for the nine months of 2008, compared with $229 million for the same period in 2007. The improvement in 2008 reflected higher pipeline income from the Dolphin Pipeline and higher margins in gas processing and power generation, partially offset by lower margins in crude oil marketing.

Statements in this release 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



(Millions, except                        Third Quarter           Nine Months
 per-share amounts)                     2008      2007       2008       2007
SEGMENT NET SALES
Oil and Gas                         $  5,422   $ 3,401   $ 15,441   $  9,182
Chemical                               1,454     1,241      4,107      3,530
Midstream, Marketing and Other           381       337      1,204        975
Eliminations                            (197 )    (138 )     (556 )     (420 )
Net sales                           $  7,060   $ 4,841   $ 20,196   $ 13,267
SEGMENT EARNINGS
Oil and Gas (a)                     $  3,618   $ 1,955   $ 10,312   $  5,496
Chemical                                 219       212        542        507
Midstream, Marketing and Other            66        86        350        229
                                       3,903     2,253     11,204      6,232
Unallocated Corporate Items
Interest expense, net (b)                 (3 )     (11 )      (10 )     (186 )
Income taxes                          (1,546 )    (862 )   (4,511 )   (2,450 )
Other (c)                                (82 )     (64 )     (292 )       34

Income from Continuing Operations      2,272     1,316      6,391      3,630
Discontinued operations, net (d)          (1 )       8         23        318
NET INCOME                          $  2,271   $ 1,324   $  6,414   $  3,948
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations   $   2.79   $  1.58   $   7.79   $   4.34
Discontinued operations, net (d)           -      0.01       0.03       0.38
                                    $   2.79   $  1.59   $   7.82   $   4.72
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations   $   2.78   $  1.57   $   7.76   $   4.31
Discontinued operations, net (d)           -      0.01       0.03       0.38
                                    $   2.78   $  1.58   $   7.79   $   4.69
AVERAGE COMMON SHARES OUTSTANDING
BASIC                                  815.3     833.1      820.1      837.0
DILUTED                                817.7     837.0      823.8      840.9

See footnotes on following page.

(a) Oil and Gas - The third quarter of 2007 includes a $103 million pre-tax gain from the sale of exploration properties, partially offset by a $74 million pre-tax charge for exploration impairments. The nine months of 2007 also includes an after-tax gain of $412 million from the sale of Occidental's Russian joint venture interests, a $112 million after-tax gain resulting from the resolution of certain legal disputes and a $35 million pre-tax gain from the sale of oil and gas interest.

(b) Interest Expense, net - The first nine months of 2007 includes $167 million of pre-tax interest charges for the purchase of various debt issues in the open market. The net interest expense of $10 million for the first nine months of 2008 included interest expense of $94 million offset by $84 million of interest income. The net interest expense of $186 million for the first nine months of 2007 included interest expense of $297 million offset by $111 million of interest income.

(c) Unallocated Corporate Items - Other - Includes a $42 million pre-tax gain from the sale of Lyondell shares for the third quarter of 2007 and an additional $284 million pre-tax gain in the first nine months of 2007. The first nine months of 2007 also includes a $47 million pre-tax charge for a plant closure and related environmental remediation reserve.

(d) Discontinued Operations, net - In the first nine months of 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



                                  Third Quarter         Nine Months
($ millions)                      2008     2007      2008      2007
CAPITAL EXPENDITURES          $  1,239   $  880   $ 3,223   $ 2,510
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS        $    683   $  602   $ 1,957   $ 1,740

SUMMARY OF OPERATING STATISTICS

                                        Third Quarter     Nine Months
                                       2008      2007    2008    2007
NET OIL, GAS AND LIQUIDS
PRODUCTION PER DAY
United States
Crude Oil and Liquids (MBBL)
California                               87        90      86      89
Permian                                 166       171     168     167
Midcontinent and Rockies                  8         4       6       3
Total                                   261       265     260     259
Natural Gas (MMCF)
California                              236       264     239     254
Permian                                 169       182     179     189
Midcontinent and Rockies                165       158     166     154
Total                                   570       604     584     597
Latin America
Crude Oil (MBBL)
Argentina                                38        31      32      33
Colombia                                 43        42      43      43
Total                                    81        73      75      76
Natural Gas (MMCF)
Argentina                                24        22      19      24
Bolivia                                  21        18      21      17
Total                                    45        40      40      41
Middle East/North Africa
Crude Oil and Liquids (MBBL)
Oman                                     23        18      21      20
Dolphin                                  18         3      20       1
Qatar                                    49        46      47      46
Yemen                                    20        22      22      26
Libya                                     7        20      17      22
Total                                   117       109     127     115
Natural Gas (MMCF)
Oman                                     25        34      24      31
Dolphin                                 165        69     176      23
Total                                   190       103     200      54
Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries      593       572     599     566
Colombia-minority interest               (7 )      (4 )    (7 )    (5 )
Yemen-Occidental net interest             2         2       2       2
Total Worldwide Production - MBOE       588       570     594     563

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.

. . .

(d) Exhibits

99.1 Press release dated October 28, 2008.

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 Forward-Looking Statements Disclosure for Earnings Release Presentation Materials.