Item 5.02(b). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 12, 2008, Occidental Petroleum Corporation entered into a retirement agreement with John W. Morgan, Executive Vice President (whose intent to retire at year end was announced in April). Under this agreement, Mr. Morgan will be available during 2009 to assist in matters relating to projects or events that occurred while he was employed; and, in addition to the retiree benefits generally available to all salaried employees, Mr. Morgan will continue to receive his salary during 2009, and the cash value of the portion of his performance-based incentive awards forfeited as a result of his retirement, to the extent that payments are made on the non forfeited portion of such awards at the end of the applicable performance period. A copy of the Retirement Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

10.1 Retirement Agreement dated November 12, 2008, by and between Occidental Petroleum Corporation and John W. Morgan.