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.

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.

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

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

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 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.

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.

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.

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.

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.

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.

(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.

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

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
. . .

(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.