On October 22, 2009, Occidental Petroleum Corporation released information regarding its results of operations for the three and nine months ended September 30, 2009. 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 October 22, 2009, Occidental Petroleum Corporation announced net income of $927 million ($1.14 per diluted share) for the third quarter of 2009, compared with $2.3 billion ($2.77 per diluted share) for the third quarter of 2008.

Oil and gas segment earnings were $1.5 billion for the third quarter of 2009, compared with $3.6 billion for the same period in 2008. The decrease in the third quarter 2009 segment earnings reflected lower crude oil and natural gas prices, partially offset by higher oil and gas sales volumes and lower operating expenses.

For the third quarter of 2009, daily oil and gas sales volumes averaged 628,000 barrels of oil equivalent (BOE), compared with 588,000 BOE per day in the third quarter of 2008. Volumes increased by six percent domestically, mainly from California and the Permian and by 15 percent in the Middle East/North Africa largely in Dolphin and Oman, partially offset by a six-percent decrease in Latin America mostly due to a labor strike in Argentina. Increased California volumes resulted largely from the new exploration discoveries in Kern County.

Oxy's realized price for worldwide crude oil was $62.79 per barrel for the third quarter of 2009, compared with $104.15 per barrel for the third quarter of 2008. Domestic realized gas prices decreased from $9.35 per MCF in the third quarter of 2008 to $3.04 per MCF for the third quarter of 2009.

Chemical segment earnings for the third quarter of 2009 were $72 million, compared with $219 million for the same period in 2008. The third quarter 2009 results reflect the continued weakness in the U.S. housing, automotive and durable goods sectors resulting in lower margins for caustic soda and polyvinyl chloride and lower volumes for chlorine, caustic soda, potassium hydroxide and polyvinyl chloride.

Midstream segment earnings were $77 million for the third quarter of 2009, compared with $66 million for the third quarter of 2008. The third quarter of 2009 reflects better results in marketing operations, partially offset by lower margins in the gas processing business.

Net income for the nine months of 2009 was $2.0 billion ($2.43 per diluted share), compared with $6.4 billion ($7.77 per diluted share) for the nine months of 2008.

Oil and Gas

Oil and gas segment earnings were $3.1 billion for the nine months of 2009, compared with $10.3 billion for the same period of 2008. The decrease in segment earnings reflected lower crude oil and natural gas prices, partially offset by higher oil and gas sales volumes and lower operating and administrative costs.

Daily oil and gas sales volumes for the first nine months was 643,000 BOE per day for 2009, compared with 594,000 BOE per day for the same 2008 period. Volumes increased by five percent domestically mainly in California and Midcontinent/Rockies, by 14 percent in Latin America, and by 12 percent in the Middle East/North Africa largely due to Dolphin and Oman.

Oxy's realized price for worldwide crude oil was $51.44 per barrel for the nine months of 2009, compared with $100.39 per barrel for the nine months of 2008. Domestic realized gas prices decreased from $9.18 per MCF in the nine months of 2008 to $3.15 per MCF in the nine months of 2009.

Chemical segment earnings were $356 million for the nine months of 2009, compared with $542 million for the nine months of 2008. The 2009 results reflect lower volumes and prices for chlorine, caustic soda and polyvinyl chloride due to the economic slowdown, partially offset by lower feedstock and energy costs.

Midstream segment earnings were $154 million for the nine months of 2009, compared with $350 million for the same period in 2008. The earnings decline in 2009 reflects lower margins in the gas processing business.

Statements in this release that contain words such as "will," "should," "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; not successfully completing (or any material delay in) any expansions, field development, capital projects, acquisitions, or dispositions; higher-than-expected costs; political risk; operational interruptions and changes in tax rates. 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 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



(In millions, except                        Third Quarter           Nine Months
 per-share amounts)                        2009      2008       2009       2008
SEGMENT NET SALES
Oil and Gas                             $ 3,089   $ 5,422   $  7,952   $ 15,441
Chemical                                    842     1,454      2,445      4,107
Midstream, Marketing and Other              285       381        763      1,204
Eliminations                               (112 )    (197 )     (296 )     (556 )
Net sales                               $ 4,104   $ 7,060   $ 10,864   $ 20,196
SEGMENT EARNINGS
Oil and Gas (a), (b)                    $ 1,464   $ 3,618   $  3,092   $ 10,312
Chemical                                     72       219        356        542
Midstream, Marketing and Other               77        66        154        350
                                          1,613     3,903      3,602     11,204
Unallocated Corporate Items
Interest expense, net                       (33 )      (3 )      (76 )      (10 )
Income taxes                               (549 )  (1,546 )   (1,245 )   (4,511 )
Other (c)                                  (102 )     (82 )     (297 )     (292 )

Income from Continuing Operations(a)        929     2,272      1,984      6,391
Discontinued operations, net                 (2 )      (1 )       (7 )       23
NET INCOME (a)                          $   927   $ 2,271   $  1,977   $  6,414
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations       $  1.14   $  2.78   $   2.44   $   7.78
Discontinued operations, net                  -         -      (0.01 )     0.03
                                        $  1.14   $  2.78   $   2.43   $   7.81
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations       $  1.14   $  2.77   $   2.44   $   7.74
Discontinued operations, net                  -         -      (0.01 )     0.03
                                        $  1.14   $  2.77   $   2.43   $   7.77
AVERAGE COMMON SHARES OUTSTANDING
BASIC                                     811.8     815.3      811.1      820.1
DILUTED                                   814.4     817.6      813.9      823.5

See footnotes on following page.

(a) Net Income- Net income and income from continuing operations represent amounts attributable to Common Stock, after deducting non-controlling interest of $14 million and $38 million for the third quarter and $35 million and $104 million for the nine months ended September 30, 2009 and 2008, respectively. Oil and gas segment earnings are also presented net of these non-controlling interest amounts.

(b) Oil and Gas- The nine months of 2009 includes an $8 million pre-tax charge for rig contract termination costs.

(c) Unallocated Corporate Items - Other- The nine months of 2009 includes non-core pre-tax charges of $40 million related to severance and $15 million for railcar leases.

SUMMARY OF CAPITAL EXPENDITURES AND DD&A EXPENSE



                                                         Third Quarter         Nine Months
 ($ millions)                                           2009      2008      2009      2008
CAPITAL EXPENDITURES                                 $   746   $ 1,199   $ 2,649   $ 3,070
DEPRECIATION, DEPLETION AND AMORTIZATION OF ASSETS   $   769   $   683   $ 2,297   $ 1,957

ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS

Income/(Expense) Third Quarter Nine Months ($ millions) 2009 2008 2009 2008 Foreign exchange gains and (losses)* $ (3 ) $ 8 $ 28 $ 3

*Amounts shown after tax.

SUMMARY OF OPERATING STATISTICS



                                            Third Quarter     Nine Months
                                           2009      2008    2009    2008
NET OIL, GAS AND LIQUIDS SALES PER DAY
United States
Crude Oil and Liquids (MBBL)
California                                   92        87      93      86
Permian                                     168       166     168     168
Midcontinent/Rockies                          9         8      10       6
Total                                       269       261     271     260

Natural Gas (MMCF)
California                                  269       236     240     239
Permian                                     208       169     200     179
Midcontinent/Rockies                        176       165     192     166
Total                                       653       570     632     584

Latin America
Crude Oil (MBBL)
Argentina                                    30        38      37      32
Colombia                                     44        43      46      43
Total                                        74        81      83      75

Natural Gas (MMCF)
Argentina                                    27        24      30      19
Bolivia                                      18        21      17      21
Total                                        45        45      47      40

Middle East/North Africa
Crude Oil and Liquids (MBBL)
Oman                                         39        23      38      21
Dolphin                                      21        18      22      20
Qatar                                        46        49      48      47
Yemen                                        22        20      25      22
Libya                                         4         7       6      17
Total                                       132       117     139     127

Natural Gas (MMCF)
Oman                                         22        25      23      24
Dolphin                                     208       165     218     176
Total                                       230       190     241     200

Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries          630       593     646     599
Colombia-minority interest                   (5 )      (7 )    (6 )    (7 )
Yemen-Occidental net interest                 3         2       3       2

Total Worldwide Sales Volumes - MBOE        628       588     643     594

SUMMARY OF OPERATING STATISTICS



                                                 Third Quarter     Nine Months
                                                2009      2008    2009    2008
NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY
United States
Crude Oil and Liquids (MBBL)                     269       261     271     260
Natural Gas (MMCF)                               653       570     632     584

Latin America
Crude Oil (MBBL)
Argentina                                         31        39      36      33
Colombia                                          43        43      46      43
Total                                             74        82      82      76
Natural Gas (MMCF)                                45        45      47      40

Middle East/North Africa
Crude Oil and Liquids (MBBL)
Oman                                              40        24      38      21
Dolphin                                           21        18      22      20
Qatar                                             48        48      48      47
Yemen                                             22        19      25      22
Libya                                              5         9       7      17
Total                                            136       118     140     127
Natural Gas (MMCF)                               230       190     241     200

Barrels of Oil Equivalent (MBOE)
Subtotal consolidated subsidiaries               634       595     646     600
Colombia-minority interest                        (5 )      (6 )    (6 )    (6 )
Yemen-Occidental net interest                      3         2       3       2

Total Worldwide Production Volumes - MBOE        632       591     643     596

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 . . .

(d) Exhibits

99.1            Press release dated October 22, 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.