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

As announced in March, R. Casey Olson, Executive Vice President of Occidental Petroleum Corporation and President, Oxy Oil and Gas, International, has elected to retire at year end. In connection with his retirement, Mr. Olson and the Company have entered into a retirement agreement dated June 12, 2009. Under this agreement, Mr. Olson will be available during 2010 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. Olson will continue to receive his salary during 2010, 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 June 12, 2009, by and between Occidental Petroleum Corporation and R. Casey Olson.