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Corporate headquarters               Oil and gas
10889 Wilshire Boulevard             Occidental Oil and Gas Corporation
Los Angeles, California 90024-4201   10889 Wilshire Boulevard
(310) 208-8800                       Los Angeles, California 90024-4201
www.oxy.com                          (310) 208-8800

Investor relations                   Occidental Energy Marketing, Inc.
1230 Avenue of the Americas          5 Greenway Plaza
8th Floor, Suite 800                 Houston, Texas 77046-0506
New York, New York 10020-1508        P.O. Box 27570
(212) 603-8111                       Houston, Texas 77227-7570
investorrelations@oxy.com            (713) 215-7000

Government relations                 Occidental Middle East
1717 Pennsylvania Avenue, NW         Crescent Towers, Zayed The First Street,
Suite 400                            Khalidyah
Washington, D.C. 20006-4614          P.O. Box 73243
(202) 857-3000                       Abu Dhabi, United Arab Emirates
                                     +971 2 691 7200

                                     Chemicals




                                                                                                                                         Occidental Petroleum Corporation
                                     Occidental Chemical Corporation
                                     Occidental Tower
                                     5005 LBJ Freeway
                                     Dallas, Texas 75244-6119
                                     P.O. Box 809050
                                     Dallas, Texas 75380-9050
                                     (972) 404-3800




                                                                                Occidental Petroleum Corporation	


                                                                                                                    Annual Report 2007
                                                                                Annual Report 2007
Selected Financial Data
Dollar amounts in millions, except per-share amounts


For the years ended December 31,	                              2007	          2006	           2005	           2004	         2003



Results of Operations (a)
	 Net sales	                                              $	18,784	       $	17,175	       $	14,153	       $	10,400	     $	 8,598
	 Income from continuing operations	                      $	 5,078	       $	 4,202	       $	 4,838	       $	 2,197	     $	 1,410
	 Net income	                                             $	 5,400	       $	 4,191	       $	 5,293	       $	 2,574	     $	 1,537
	 Basic earnings per common share
		 from continuing operations	                            $	 6.08	        $	 4.93	        $	 6.00	        $	 2.78	      $	 1.84
	 Basic earnings per common share	                        $	 6.47	        $	 4.92	        $	 6.56	        $	 3.25	      $	 2.00
	 Diluted earnings per common share	                      $	 6.44	        $	 4.87	        $	 6.47	        $	 3.21	      $	 1.98
Financial Position(a)					
	 Total assets	                                           $	36,519	       $	32,431	       $	26,170	       $	21,440	     $	18,210
	 Long-term debt, net	                                    $	 1,741	       $	 2,619	       $	 2,873	       $	 3,345	     $	 4,446
	 Stockholders’ equity	                                   $	22,823	       $	19,252	       $	15,091	       $	10,597	     $	 7,970

Market Capitalization(b)	                                 $	63,573	       $	41,013	       $	32,121	       $	23,153	     $	16,349

Cash Flow
	 Cash provided by operating activities	                  $	 6,798	       $	 6,353	       $	 5,337	       $	 3,878	     $	 3,074
	 Capital expenditures	                                   $	 3,497	       $	 2,987	       $	 2,295	       $	 1,703	     $	 1,481
	 Cash provided (used) by all other
		 investing activities, net	                             $	    369	      $	 (1,396)	     $	 (866)	       $	 (725)	 $ 	 (650)

Dividends Per Common Share	                               $	 0.94	        $	 0.80	        $	 0.645	       $	 0.55	      $	 0.52

Basic Shares Outstanding (thousands)	                       	
                                                            834,932		852,550		806,600		791,159		767,887




(a) 	 the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section
      See
      of this report and the “Notes to Consolidated Financial Statements” for information regarding accounting changes,
      asset acquisitions and dispositions, discontinued operations, environmental remediation, other costs and other items
      affecting comparability.
(b) 	Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares
      held in treasury stock, by the year-end closing stock price.

Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect
expected results of operations, liquidity, cash flows and business prospects. Words such as “estimate,” “project,” “predict,”
“believe,” “will,” “would,” “could,” “may,” “might,” “anticipate,” “plan,” “intend” and “expect” or similar expressions that convey
the uncertainty of future events or outcomes generally identify forward-looking statements. You should not place undue reli-
ance 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. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their
filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be
economically producible under existing economic and operating conditions. We use certain terms in this report, such as gross
oil reserves, estimated proved reserves, probable, possible and recoverable reserves and oil in place, that the SEC’s guidelines
strictly prohibit us from using in filings with the SEC. Additionally, the SEC requires oil and natural gas companies, in their
filings, to disclose non-financial statistical information about their consolidated entities separately from such information
about their equity holdings and not to show combined totals. Certain information in this report is shown on a combined
basis; however, the information is disclosed separately in the “Notes to the Consolidated Financial Statements” included in
the 2007 Annual Report on Form 10-K included in this report.



Cover: Workers at Oxy’s Idd El Shargi North Dome Field, offshore Qatar, cross a bridge connecting
the operational platforms. Inset top: A pumping unit at Oxy’s Permian Basin Hobbs, New Mexico,
location. Inset middle: Seismic trucks in Libya, where Oxy is the largest net holder of oil and gas
acreage. Inset bottom: A well in Argentina where Oxy drilled 153 wells in 2007.
Oxy in brief
                                           3
                                                                     1


United States
1. 	Elk Hills
2. 	Long Beach        1
                          2
3. 	Hugoton/	                                                            2
	 Piceance Basin                       4
4. 	Permian Basin

                              1
                                                                         3
Middle East/
North Africa
1. 	 Libya                                          5
                                                    4
2. 	 Yemen
3.	 Oman                                                      3                             Latin America
4.	 United Arab 	                                              2                            1.	 Colombia
	 Emirates                                                                                  2.	 Bolivia
5.	 Qatar                                                                                   3.	 Argentina




                    Occidental Petroleum Corporation (nyse:oxy)
                    is a leading international oil and gas exploration
                    and production company, as well as a major
                    North American chemical manufacturer.
                    The fourth-largest U.S. oil and gas company, based on market capitalization of more
                    than $60 billion, Oxy engages in oil and gas exploration and production in three core
                    regions: the United States, the Middle East/North Africa and Latin America. OxyChem,
                    a wholly owned subsidiary, manufactures and markets chlor-alkali products and
                    vinyls, and is the nation’s largest merchant marketer of chlorine and caustic soda.
                    Oxy’s U.S. operations in the Permian Basin of southwest Texas and southeast New
                    Mexico, Mid-Continent and California account for more than 60 percent of the
                    company’s total worldwide oil and gas production. Oxy is the largest oil producer in
                    Texas, the second-largest in New Mexico and the third-largest in California, where it
                    also is the largest producer of natural gas.
                    In the increasingly important Middle East/North Africa region, Oxy currently has
                    operations in Libya, Oman, Qatar, United Arab Emirates and Yemen, which collec-
                    tively account for approximately one-quarter of the company’s total worldwide
                    production. Oxy is also a partner in the transborder Dolphin Project that supplies
                    natural gas from Qatar to markets in the United Arab Emirates and Oman. Oxy’s Latin
                    America operations in Argentina, Bolivia and Colombia account for approximately
                    13 percent of total production.
                    Oxy is an industry leader in applying advanced technology to boost production from
                    mature oil and gas fields and access hard-to-reach reserves. With more than 9,000
                    employees, Oxy is committed to respecting the environment, protecting safety and
                    upholding high standards of social responsibility throughout its worldwide operations.

                                                                                                        1
Occidental achieved exceptional financial
    Dr. Ray R. Irani          performance in 2007, surpassing even our
    Chairman and
    Chief Executive Officer   strong success of recent years.


    It’s a story of solid
                              Notably, net income of $5.4 billion was      throughout the industry in 2007, Oxy
                              the highest in Oxy’s 87-year history.        was ideally positioned to capitalize on
                                                                           the robust energy market. Oxy continues
                              We achieved top-tier results relative to
                                                                           to outperform our major competitors in
                              our industry peers on the key metrics
                                                                           capturing the value from higher oil and
                              which in our view best measure com-
                                                                           gas prices and delivering it to the bottom
                              parative financial performance. These
                                                                           line by being one of the industry’s most
                              include total return to stockholders,
                                                                           efficient producers on an equivalent
                              return on equity (ROE) and return on
                                                                           barrel basis.
                              capital employed (ROCE) and demon-
                              strate our ability to generate significant
                                                                           2007 market performance
                              long-term value for Oxy stockholders.
                                                                           Oxy’s year-end closing stock price of
                              These accomplishments underscore             $76.99 per share was the highest year-end
                              the effectiveness of the business strategy   price in our history, increasing 58 percent
                              we have employed over the past decade.       from the 2006 year-end record of $48.83
                              Strict financial discipline and a focus      per share. Our 60-percent stockholder
                              on high-potential, long-lived oil and        return, based on stock price appreciation
                              gas assets have positioned the company       plus dividend reinvestment, also repre-
                              for sustainable growth and profitability     sented a new high mark for the company.
                              — and our stockholders continue to
                              enjoy the benefits.                          Cumulative total return to stockholders
                                                                           over the past five years has significantly
                              Our disciplined business strategy affords    outpaced Oxy’s peer companies, as well
                              Oxy a distinct advantage. While high         as the Standard  Poor’s 500 Stock Index.
                              commodity prices boosted earnings



2
Net income                                        Return on capital employed (ROCE)*                Debt-to-capitalization ratio
$ in billions                                     Stated as percent                                 Stated as percent


2003     1.5                                      2003      15                                      2003      36
2004     2.6                                      2004      20                                      2004      27
2005     5.3                                      2005      33                                      2005      17
2006     4.2                                      2006      21                                      2006      13
2007     5.4                                      2007      24                                      2007       7



Return on equity (ROE)                            Total debt                                        Stockholders’ equity
Stated as percent                                 $ in billions                                     $ in billions


2003      22                                      2003     4.6                                      2003     8.0
2004      28                                      2004     3.9                                      2004 10.6
2005      41                                      2005     3.0                                      2005 15.1
2006      24                                      2006     2.9                                      2006 19.3
2007      26                                      2007     1.8                                      2007 22.8




performance
A $100 investment in Oxy stock at                 Oxy continues to                                  — double the 50 cents per share paid in
year-end 2002 would have grown                                                                      2002. This was the sixth dividend increase
to $599 by year-end 2007. The same                outperform our                                    since 2002, resulting in a compound
$100 invested in Oxy’s peer group                 major competitors in                              annual dividend growth rate of 13
— a representative sampling of the oil                                                              percent over the most recent five-year
and gas companies against which Oxy               capturing the value                               period. Dividend increases reflect the
competes for major global projects                                                                  confidence of Oxy’s management and
                                                  from higher oil and gas
— would have been worth only $283                                                                   the Board of Directors in the company’s
after the same five years. And $100               prices and delivering                             financial and operating performance.
invested in the SP 500 Index for that                                                              The Board will continue its ongoing
period would have been worth just $183.
                                                  it to the bottom line…                            evaluation of dividends to generate
                                                                                                    top-quartile returns to stockholders.
2007 financial performance                        $1.1 billion to repurchase 20.6 million
                                                                                                    Our 2007 ROE and ROCE* were a strong
Oxy achieved strong results in 2007               shares of Oxy common stock.
                                                                                                    26 percent and 24 percent, respectively.
across the range of financial metrics most        Our 7-percent debt-to-capitalization              For the three years of 2005 through
watched by the investment community.              ratio at the close of 2007 was Oxy’s              2007, we achieved an average ROE of
Consolidated net income reached a                 lowest in more than 40 years. Total debt          29 percent and an average ROCE of
new company record of $5.4 billion,               at year-end was $1.8 billion, represent-          26 percent. Stockholders’ equity grew
29 percent higher than the $4.2 billion           ing a $1.1-billion reduction from the             by 18 percent during 2007, from $19.3
Oxy achieved in 2006. From our operat-            $2.9-billion balance at the end of 2006.          billion to $22.8 billion, and more than
ing cash flow of $6.8 billion, we spent                                                             doubled over the past three years, from
                                                  Oxy increased the dividend to stock-
$3.5 billion to fund capital expenditures,                                                          $10.6 billion to $22.8 billion.
                                                  holders by 14 percent in 2007, from an
$765 million to pay dividends and                 annualized rate of 88 cents to $1.00




*  OCE is earnings before interest expense and tax effect of interest expense over stockholders’ equity plus average total debt.
  R                                                                                                                                         3
Oil                                      $8.3 billion in income
                                         Record-setting income for Oxy Oil and Gas — four years running



and gas                                  570,000 BOE/day
                                         Oxy’s worldwide oil and gas production up 4.6% over 2006


                                         242 million BOE replaced
                                         A 116% reserve replacement rate in 2007


                                         Strategy for steady growth
                                         Oxy’s consistently strong financial performance over the past
                                         15 years reflects our disciplined business strategy




    The robust performance by the oil and gas segment
    in recent years is another reflection of Oxy’s effective
    business strategy.
                   We focus on large, long-lived “legacy” oil and gas assets where Oxy can enhance
                   production, and we invest only in projects we believe will generate above-cost-of-
                   capital returns throughout the business cycle. We continued to strengthen our asset
                   base in 2007 within each of our core geographic regions: the United States, the
                   Middle East/North Africa and Latin America.
                   Earnings from our oil and gas segment in 2007 set a new company record for the
                   fourth consecutive year. Oil and gas earnings from worldwide operations totaled
                   $8.3 billion, an increase of more than 20 percent from the previous record of $6.9
                   billion earned by this segment in 2006.
                                                                  Higher oil prices, along with
    We consistently replace and expand our                        increased oil and gas production,
                                                                  mainly contributed to these record
    reserves through improved recovery, strategic
                                                                  results. Our average realized crude
    acquisitions and focused exploration.                         oil price for 2007 was $64.77 per
                                                                  barrel, $6.96 above 2006. Worldwide
                   oil and natural gas production averaged 570,000 barrels of oil equivalent (BOE) per
                   day, an increase of 4.6 percent over the 545,000 BOE per day produced in 2006.
                   Oxy is a worldwide industry leader in applying advanced technology to boost
                   production from mature oil and gas fields and access hard-to-reach reserves.
                   Furthermore, we consistently replace and expand our reserves through improved
                   recovery, strategic acquisitions and focused exploration.
                   Consolidated proved reserve additions from all sources totaled 242 million BOE in
                   2007, compared to production of 209 million BOE, for a production replacement
                   rate of 116 percent. For the three-year period 2005 through 2007, Oxy’s consolidated
                   proved reserve additions totaled 1.125 billion BOE and total production equaled 580
                   million BOE, for a reserve replacement rate of 194 percent. More than 90 percent
                   of the net additions in 2007 were in the United States, primarily in the Permian Basin
                   in Texas and New Mexico, the Elk Hills field in California and the Rocky Mountains.

4
A pumping unit in the Permian Basin is
                                    silhouetted at Oxy’s Denver City, Texas
                                    facility. Oxy is the largest oil producer
                                    in the Permian Basin, which extends
                                    through southwest Texas and south-
                                    east New Mexico.




Oil  natural gas proved reserves   Oil  natural gas production
Million BOE                         Thousand BOE/day
 U.S.    International   Total       U.S.    International   Total


2003    1,777 530    2,307
2004    1,816 560    2,376
2005    2,003 566    2,569
2006    2,064 799    2,863
2007    2,152 712    2,864




                                                                                5
Oil                                                                      U.S. production: 63%
                                                                          Production averaged 360,000 BOE/day from all U.S. assets



and gas                                                                  Dolphin fully operational
                                                                          In February 2008 the Dolphin Project, in which Oxy
                                                                          has a 24.5% interest, became fully operational


                                                                         Largest acreage in Libya
                                                                          Oxy is the largest holder of exploration acreage in Libya


                                                                         177 million BOE
                                                                          Proved reserves from our assets in Argentina




                                              Right: Oxy’s new Elk Hills Consolidated Control Facility provides a cost-
                                              efficient central location for field management. Middle: Oxy’s Visualization
                                              Center in Doha, Qatar, features state-of-the-art 3-D visualization technol-
                                              ogy for scientific collaboration. Far Right: Rig workers prepare a drilling rig
                                              at the San Jorge Basin in southern Argentina.



At year-end 2007, the U.S. accounted for 75 percent of Oxy’s              in oil and gas properties in the Permian Basin and in the
proved reserves, the Middle East/North Africa 16 percent and              Piceance Basin of Colorado, which we announced in the
Latin America 9 percent.                                                  fourth quarter 2007. The Piceance assets complement our
                                                                          existing Colorado holdings, while the additional Permian
Oxy’s excellent oil and gas assets are well positioned to provide
                                                                          assets expand our industry-leading position there. Together,
us continued success and growth.
                                                                          these acquisitions are expected to increase our net proved
                                                                          reserves in the U.S. by 92 million BOE, a figure we believe
United States
                                                                          will substantially increase over time.
Sixty-three percent of Oxy’s 2007 production — approximately
360,000 BOE per day — was generated from assets in the United             Production from Oxy’s California assets averaged 131,000
States, including the Permian Basin of southwest Texas and                BOE per day, or 23 percent of our worldwide total. In 2007
southeast New Mexico, one of the largest and most active oil              we made four complementary acquisitions for our California
basins in the country. Oxy continues to be the leading producer           business unit, for approximately $300 million, which will
in the Permian, where our 2007 production averaged 198,000                further enhance our production in the state.
BOE per day, representing 35 percent of the company’s daily
worldwide production.                                                     Middle East/ North Africa
                                                                          The increasingly important Middle East/North Africa region
In 2007, we completed several asset exchanges with BP,
                                                                          provided 24 percent of our 2007 production.
acquiring strategic properties that complement our existing
operations. Oxy purchased BP’s West Texas Pipeline System,                The start-up of production from the giant Dolphin Project,
with 1,550 miles of active pipelines and the capacity to transport        the premier transborder natural gas project in the Middle East,
approximately 190,000 barrels of crude oil per day from the               contributed to our robust regional growth. Oxy has a 24.5-
Permian Basin to the market center in Cushing, Oklahoma.                  percent interest in the Dolphin Project, in which natural gas is
Combined with our existing area assets, this created a system             produced from wells offshore Qatar. The gas is processed at an
with a throughput capacity of 350,000 barrels per day and a               onshore gas processing and compression plant in Ras Laffan,
5-million-barrel storage capability. Oxy also secured from BP             Qatar, and then flows through a 48-inch, 230-mile-long subsea
additional Permian Basin oil and gas assets adjacent to our               export pipeline — one of the longest and largest in the Middle
existing operations.                                                      East — to markets in the United Arab Emirates and Oman.
In the first quarter of 2008, we completed the purchase of 50             Most of the facilities within the original scope of the Dolphin
percent of Plains Exploration  Production’s working interests            Project were completed by the end of 2007, including three of
                                                                          the four trains in the onshore processing plant in Ras Laffan.

6
Above: Natural gas from the Dolphin Project is processed and
                                                                     compressed at this plant in Ras Laffan, Qatar, before flowing
                                                                     through a 48-inch, 230-mile-long subsea export pipeline to
                                                                     markets in the United Arab Emirates and Oman.




The fourth and final train was completed and fully operational       result, oil production is projected to triple from the current
by the end of February 2008. Dolphin exited 2007 producing           gross production of approximately 100,000 barrels per day
43,000 BOE per day net to Oxy.                                       to around 300,000 barrels per day.
Oxy acquired Anadarko Petroleum Corporation’s 92.5-percent           Additionally, in late 2007 Oxy was awarded two offshore
interest in an exploration and production sharing agreement          exploration blocks in Bahrain adjacent to major producing
covering two properties located offshore Qatar in October 2007.      fields in Qatar, where we have begun a study phase and
Proved reserves for all of Oxy’s Qatar properties, except the        technical assessment.
Dolphin Project, totaled 128 million BOE at year-end.
                                                                     Latin America	
At the Mukhaizna oil field in Oman, more than 170 new wells
were drilled by year-end 2007, and we are implementing a major       Our Latin America operations accounted for 13 percent of
steam flood project for enhanced oil recovery. The 2007 gross        Oxy’s worldwide production in 2007.
daily production exit rate was nearly triple that of September       Oxy’s Colombia operations include four fields within the
2005, when Oxy assumed operations of this field. Over the next       Llanos Norte Basin and another in the Middle-Magdalena
several years we plan to steadily increase gross production to       Basin, the LaCira-Infantes (LCI) field. Oxy holds a 48-percent
150,000 BOE per day.                                                 interest in LCI, an enhanced oil recovery project with large
We announced significant new agreements in November 2007             remaining reserves, which has now entered the commercial
with the Libya National Oil Corporation for major field              phase of development and production and is tracking to
redevelopment and exploration in the prolific Sirte Basin. The       our production plans. Our share of 2007 production from
new 30-year agreements will further expand our industry-             these operations was 37,000 BOE per day and proved reserves
leading position in Libya, where Oxy is the largest holder of        totaled 57 million BOE at year-end.
exploration acreage. Signing of the new agreements will give         Our share of production from our assets in Argentina averaged
Oxy a 75-percent working interest in the new Libya projects, and     36,000 BOE per day in 2007. Proved reserves amounted to
with our partner, Oxy will receive 10 to 12 percent of the gross     177 million BOE at year-end 2007. We expect to significantly
production on an after-tax basis, depending on the specific field.   increase production in Argentina over the next five years
Oxy and our partners expect to develop gross oil reserves in         through aggressive drilling, waterflooding and enhanced oil
Libya of approximately 2.5 billion barrels for an anticipated        recovery projects. In 2008, Oxy plans to drill 220 wells, com-
overall capital investment of $5 billion over the next five years,   plete eight waterflood projects initiated in 2007 and implement
of which Oxy’s portion will be approximately $1.9 billion. As a      a number of new waterflood projects.


                                                                                                                                      7
Chemicals
Earnings from our chemical segment decreased in 2007 due          along with favorable foreign currency exchange rates.
to the weakness in the United States housing market and           OxyChem’s PVC facilities saw an average operating rate
continued high feedstock costs, which led to lower margins        of 78 percent for 2007, compared to the North American
in the polyvinyl chloride (PVC) business. Overall chemical        industry average of 85 percent.
segment earnings for 2007 were $601 million, compared with
                                                                  Pricing for liquid caustic soda started the year strong and
$906 million for 2006.
                                                                  increased in every quarter of 2007, aided by unplanned global
Domestic demand for PVC in 2007 declined 5 percent from           supply disruptions and a strong export market. OxyChem’s
the previous year as a result of the housing slump. This was      chlor-alkali operating rate for 2007 was 92 percent, comparable
partially offset by increased demand for U.S. products in         with the industry average.
export markets, aided by expanding international economies




Corporate
social responsibility
                     The health and safety of our employees, contractors,
                     neighbors and customers, as well as sound and sensitive
                     environmental practices, are key priorities for Oxy.

                                           Oxy’s health, environment and safety (HES) management systems continually evolve to
                                           meet the changing needs of our growing business. We work diligently to implement
                                           progressive health, environmental, safety, process risk and security standards at
                                           all new and ongoing operations. Incidents are thoroughly investigated and their causes
                                           promptly identified and corrected. Oxy continues to maintain a strong HES
                                           risk management program, the results of which are regularly reviewed by senior
                                           management and the Board of Directors.
                                           We take pride in Oxy’s superior employee Injury and Illness Incidence Rate (IIR),
                                           which measures recordable injuries and illnesses per 100 full-time workers per year.
                                           Oxy’s IIR is one-fourth that of the oil and gas extractive industry overall, which puts
                                           us ahead even of such professions as legal services and dentists for employee safety,
                                           according to the most recent figures from the U.S. Bureau of Labor Statistics. Our 2007
                                           IIR was 0.5, virtually the same as the previous year. And it is merely one indicator of
                                           the company’s excellent safety record.
                                           We constantly work to save costs while enhancing energy efficiency in our operations,
                                           thereby reducing greenhouse gas (GHG) emissions. Oxy voluntarily reports on GHG
                                           emissions and actively participates in trade association efforts to discuss a wide
                                           spectrum of environmental issues. In addition, we are utilizing several highly efficient

8
Exemplary safety record
Oxy’s employee IIR is one-fourth that of the oil and gas
extractive industry average


Strong HES programs
Results are regularly reviewed by senior management and
the Board of Directors


Responsible practices
Oxy recognizes that responsible social and HES practices
link to strong financial performance


                                                                                         Above: A rig worker performs maintenance on
Employee recordable injury and illness trend                                             a rig at Oxy’s THUMS operations at Long Beach
                                                                                         Harbor in Southern California. Oxy employees
 Oxy Employee IIR        Average IIR of all U.S. industries*
                                                                                         and contractors are required to wear appropri-
                                                                                         ate safety gear and to meet all applicable
1998    0.68     6.7                                                                     government and Oxy safety requirements.
1999    0.65     6.3
2000    0.83     6.1
2001    0.69     5.7
2002    0.62     5.3
2003    0.68     5.0
2004    0.34     4.8                                               We expanded the scope and depth of our extensive corporate
2005    0.47     4.6                                               social responsibility programs in 2007, promoting awareness
2006    0.47     4.4                                               and integration of our Human Rights Policy and its underlying
2007    0.50        **                                             principles, building on the program adopted by the Board of
                                                                   Directors in 2004. Human rights training is mandatory for all
                                                                   Oxy managers, security staff, contractors and new employees
cogeneration facilities to supply power and steam to Oxy’s
                                                                   throughout our international operations. In addition, as
oil and gas and chemicals operations; implementing new
                                                                   required by our policy, we conduct social impact assessments in
maintenance and operating practices; installing energy-
                                                                   new work areas outside the U.S. We will continue to build upon
efficient equipment; electrifying well field operations that
                                                                   our commitment to the Voluntary Principles on Security and
formerly utilized gas or diesel engines; and using solar-
                                                                   Human Rights as an integral aspect of our business practices.
powered lighting in remote areas.
                                                                   At Oxy, social responsibility is everyone’s business. It is a
Oxy recognizes that responsible social, environmental and
                                                                   hallmark of good management and an integral part of our
safety practices link to strong financial performance. We have
                                                                   success. By systematizing our approach to SR, we are helping
adopted a unified approach that integrates social responsibility
                                                                   to ensure that wherever Oxy does business and engages with
(SR) into our comprehensive HES management systems to
                                                                   communities, we are the partner of choice, the employer of
enable us to apply a defined and measurable SR standard
                                                                   choice and the neighbor of choice.
around the globe.

* 	 Source: U.S. Bureau of Labor Statistics
**  ot available
    N                                                                                                                                9
Looking                               620,000 – 630,000 BOE/day
                                      Expected oil and gas production in 2008


ahead                                 New Middle East opportunities
                                      The Middle East and North Africa will be an important source
                                      of Oxy’s future growth


                                      $3.6 billion capital spending
                                      Expected total oil and gas capital spending for 2008




     Oxy’s performance in 2007 again ranked among the
     strongest in the oil and gas industry.

                While these results are gratifying, we are focused on the future in order to build on
                this success in 2008 and beyond.
                Adhering to our program of disciplined financial management, we will continue
                to pursue top-quartile results and enhanced value for Oxy stockholders. With the
                excellent recent additions to Oxy’s asset portfolio, ongoing solid production perfor-
                mance and promising projects in the pipeline, along with continued strong energy
                prices, we fully expect 2008 to be another standout year for the company.
                We expect oil and gas production for the full year of 2008 to increase to approximately
                620,000 to 630,000 BOE per day, based on $80 per barrel average West Texas
                Intermediate (WTI) prices, as compared to our 2007 rate of 570,000 BOE per day.
                We anticipate this increase will include the Dolphin Project’s full-year operations
                and increased production from the Mukhaizna oil field in Oman, as well as our
                Argentina and Colombia assets. We expect our total oil and gas capital spending
                for 2008 to be approximately $3.6 billion, including increased capital spending in
                our Argentina, Colombia, Libya and California operations.
                We believe new opportunities in the Middle East and North Africa, where we are
                actively pursuing and negotiating several projects, will be an important source of
                Oxy’s future growth.
                We also will continue to grow through additional attractive acquisitions in each of
                our core regions. However, as always, we will only enter into agreements that we
                expect to meet our stringent standards for financial return.
                Oxy takes pride in applying expertise and experience to help meet the world’s energy
                needs and fuel economic growth. Our success is built on technical know-how,
                business acumen, strong partnerships and proven ability to deliver superior results.




10
Above: Oil field worker operating in Argentina, where Oxy anticipates
increasing production through aggressive drilling, waterflooding
and enhanced oil recovery projects.

Right: Oxy Libya’s technical team monitors and analyzes producing fields.
Far Right: Technician surveys equipment on Oxy Qatar’s offshore PS1
platform, where new processing facilities have increased gas compres-
sion, water injection and separation capacity.




We are continually focused on optimizing profits and free                   I want to acknowledge and commend the superb efforts of
cash flow per BOE, keeping costs competitive, and growing                   Oxy’s employees, talented management team and the Board
our oil and gas reserves at a rate well in excess of production.            of Directors, whose stewardship is invaluable. The company’s
                                                                            achievements in 2007 and over the past decade-and-a-half are
Oxy’s consistently strong financial performance over the
                                                                            a tribute to their dedication and hard work. Together, we will
past 15 years reflects this disciplined business strategy, as
                                                                            continue to meet the highest expectations of our stockholders
well as our focus on operational excellence and our ability
                                                                            and all those for whom Oxy is synonymous with success.
to work effectively in diverse cultural environments. We
believe these strengths will keep Oxy at the forefront of our
industry and will continue to be instrumental in enhancing                  Dr. Ray R. Irani
stockholder value.                                                          Chairman and Chief Executive Officer




                                                                                                                                        11
Board of Directors




From left: R. Chad Dreier, Walter L. Weisman, Rodolfo Segovia, John E. Feick, Spencer Abraham, Aziz D. Syriani, Dr. Ray R. Irani,
Rosemary Tomich, Irvin W. Maloney, Ronald W. Burkle, Edward P. Djerejian, John S. Chalsty.


Dr. Ray R. Irani1,8                                         R. Chad Dreier2,3                                    Rosemary Tomich1,2,3,4,5,7
Chairman and Chief Executive Officer,                       Chairman, President and Chief Executive Officer,     Owner, Hope Cattle Company and A.S. Tomich
Occidental Petroleum Corporation                            The Ryland Group, Inc.                               Construction Company; Chairman and Chief Executive
                                                                                                                 Officer, Livestock Clearing, Inc.
Spencer Abraham3,4,7                                        John E. Feick1,2,4,8
Chairman and Chief Executive Officer,                       Chairman, Matrix Solutions Inc.                      Walter L. Weisman4,5,8
The Abraham Group, LLC;                                                                                          Private investor; former Chairman and Chief Executive
former U.S. Secretary of Energy                             Irvin W. Maloney       1,2,3,7
                                                                                                                 Officer, American Medical International, Inc.
                                                            Retired Chairman and Chief Executive Officer,
Ronald W. Burkle       8
                                                            Dataproducts Corporation                             1
                                                                                                                   Member of the Executive Committee
Managing Partner, The Yucaipa Companies
                                                                                                                 2
                                                                                                                   Member of the Audit Committee
                                                            Rodolfo Segovia      1,3,4,5,7                       3
                                                                                                                   M
                                                                                                                    ember of the Executive Compensation
John S. Chalsty1,2,3,5,8                                    Member of the Executive Committee, Inversiones         and Human Resources Committee
Principal, Muirfield Capital Management LLC;                Sanford; former President, Ecopetrol — Colombian     4
                                                                                                                   M
                                                                                                                    ember of the Environmental, Health
former Chairman, Donaldson, Lufkin  Jenrette, Inc.         national oil company                                   and Safety Committee
                                                                                                                 5
                                                                                                                   M
                                                                                                                    ember of the Corporate Governance, Nominating and
Edward P. Djerejian4,5,7                                    Aziz D. Syriani1,2,5,6,8                               Social Responsibility Committee
Director, James A. Baker III Institute for Public Policy;   President and Chief Executive Officer,               6
                                                                                                                   Lead Independent Director
former U.S. Ambassador                                      The Olayan Group                                     7
                                                                                                                   Member of the Charitable Contributions Committee
                                                                                                                 8
                                                                                                                   Member of the Dividend Committee




Officers                                                    Vice Presidents and Key Executives
Dr. Ray R. Irani                                            B. Chuck Anderson                                    Christopher G. Stavros
Chairman and Chief Executive Officer                        President, OxyChem                                   Vice President — Investor Relations
Stephen I. Chazen                                           Gary L. Daugherty                                    Todd A. Stevens
President and Chief Financial Officer                       Vice President — Internal Audit                      Vice President — Acquisitions and Corporate Finance
                                                            Ian M. Davis                                         Michael S. Stutts
Executive Vice Presidents                                   Vice President — Government Relations                Vice President — Tax

Donald P. de Brier                                          James R. Havert                                      Charles F. Weiss
Executive Vice President, General Counsel and Secretary     Vice President and Treasurer                         Vice President — Health, Environment and Safety

Richard W. Hallock                                          Richard S. Kline
Executive Vice President — Human Resources                  Vice President — Communications and Public Affairs   As of December 31, 2007

James M. Lienert                                            Jim A. Leonard
Executive Vice President — Finance and Planning             Vice President and Controller

John W. Morgan                                              Donald L. Moore, Jr.
Executive Vice President;                                   Vice President and Chief Information Officer
President, Oxy Oil and Gas — Western Hemisphere
                                                            Roy Pineci
R. Casey Olson                                              Senior Vice President, Finance — Oil and Gas
Executive Vice President;
President, Oxy Oil and Gas — Eastern Hemisphere




12
Selected Financial Data                                                                                                               Auditors
                                                                                                                                      KPMG LLP
                                                                                                                                                                                          Annual certifications
                                                                                                                                                                                          Occidental has filed the certifications
                                                                                                                                      Los Angeles, California                             of the chief executive officer and chief
                                                                                                                                                                                          financial officer required by Section 302
Dollar amounts in millions, except per-share amounts
                                                                                                                                      Transfer agent and registrar                        of the Sarbanes-Oxley Act of 2002 as
                                                                                                                                      BNY Mellon                                          Exhibits 31.1 and 31.2 to its 2007 Annual
For the years ended December 31,	                              2007	          2006	           2005	           2004	           2003
                                                                                                                                      Shareowner Services                                 Report on Form 10-K filed with the
                                                                                                                                      Newport Office Center VII                           Securities and Exchange Commission.
Results of Operations (a)                                                                                                             480 Washington Boulevard                            In addition, in 2007, Occidental submitted
                                                                                                                                      Jersey City, New Jersey 07310                       to the NYSE a certificate of the chief
	 Net sales	                                             $	 18,784	      $	 17,175	      $	 14,153	     $	 10,400	      $	 8,598      (800) 622-9231                                      executive officer stating that he is not
	 Income from continuing operations	                     $	 5,078	       $	 4,202	       $	 4,838	      $	 2,197	       $	 1,410      www.melloninvestor.com                              aware of any violation by the company
	 Net income	                                            $	 5,400	       $	 4,191	       $	 5,293	      $	 2,574	       $	 1,537                                                          of the NYSE corporate governance
	 Basic earnings per common share                                                                                                     Stock exchange listing                              listing standards.
		 from continuing operations	                           $	    6.08	     $	    4.93	     $	    6.00	    $	     2.78	    $	    1.84
                                                                                                                                      Common Stock
	 Basic earnings per common share	                       $	    6.47	     $	    4.92	     $	    6.56	    $	     3.25	    $	    2.00
                                                                                                                                      New York Stock Exchange (NYSE)                      Current news and general information
	 Diluted earnings per common share	                     $	    6.44	     $	    4.87	     $	    6.47	    $	     3.21	    $	    1.98                                                        Information about Occidental, including
Financial Position(a)					                                                                                                            Dividend reinvestment plan                          news releases, is available on the Internet
                                                                                                                                      Occidental stockholders owning 25 or more           at www.oxy.com. In addition, our investor
	 Total assets	                                          $	 36,519	      $	 32,431	      $	 26,170	     $	 21,440	      $	 18,210                                                         package is available by calling toll-free
                                                                                                                                      shares of common or preferred stock registered
	 Long-term debt, net	                                   $	 1,741	       $	 2,619	       $	 2,873	      $	 3,345	       $	 4,446                                                          1-888-OXYPETE; (1-888-699-7383).
                                                                                                                                      in their name are eligible to purchase additional
	 Stockholders’ equity	                                  $	 22,823	      $	 19,252	      $	 15,091	     $	 10,597	      $	 7,970
                                                                                                                                      shares of common stock under the Dividend
Market Capitalization(b)	                                $	 63,573	      $	 41,013	      $	 32,121	     $	 23,153	      $	 16,349     Reinvestment Plan by investing dividends
Cash Flow                                                                                                                             on a minimum of 25 shares and optional
	 Cash provided by operating activities	                 $	 6,798	       $	 6,353	       $	 5,337	      $	 3,878	       $	 3,074
                                                                                                                                      cash payments of up to $10,000 per month.
	 Capital expenditures	                                  $	 3,497	       $	 2,987	       $	 2,295	      $	 1,703	       $	 1,481
                                                                                                                                      Information may be obtained from:
	 Cash provided (used) by all other
                                                                                                                                      BNY Mellon, Shareowner Services at
		 investing activities, net	                            $	     369	     $	 (1,396)	 $	       (866)	 $	       (725)	    $ 	 (650)
                                                                                                                                      www.melloninvestor.com.

Dividends Per Common Share	                              $	    0.94	     $	    0.80	     $	 0.645	      $	     0.55	    $     0.52

Basic Shares Outstanding (thousands)	                      	834,932		852,550		806,600		791,159		767,887
                                                                                                                                      Available to stockholders
                                                                                                                                      The following publications are available by writing to Occidental corporate
                                                                                                                                      headquarters and at www.oxy.com: Oxy Social Responsibility Report,
                                                                                                                                      Oxy Today: Middle East and North Africa, Oxy Corporate Snapshot and
(a) 	 the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section
      See                                                                                                                             Oxy Corporate Governance Principles.
      of this report and the “Notes to Consolidated Financial Statements” for information regarding accounting changes,
      asset acquisitions and dispositions, discontinued operations, environmental remediation, other costs and other items
      affecting comparability.
(b) 	Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares
      held in treasury stock, by the year-end closing stock price.

Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect
expected results of operations, liquidity, cash flows and business prospects. Words such as “estimate,” “project,” “predict,”
“believe,” “will,” “would,” “could,” “may,” “might,” “anticipate,” “plan,” “intend” and “expect” or similar expressions that convey
the uncertainty of future events or outcomes generally identify forward-looking statements. You should not place undue reli-
ance 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. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their
filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be
economically producible under existing economic and operating conditions. We use certain terms in this report, such as gross
oil reserves, estimated proved reserves, probable, possible and recoverable reserves and oil in place, that the SEC’s guidelines
                                                                                                                                      This annual report is printed on Forest
strictly prohibit us from using in filings with the SEC. Additionally, the SEC requires oil and natural gas companies, in their       Stewardship Council (FSC)-Certified
filings, to disclose non-financial statistical information about their consolidated entities separately from such information         paper that contains wood from well-
about their equity holdings and not to show combined totals. Certain information in this report is shown on a combined                managed forests, controlled sources
basis; however, the information is disclosed separately in the “Notes to the Consolidated Financial Statements” included in
                                                                                                                                      and recycled wood or fiber.
the 2007 Annual Report on Form 10-K included in this report.
                                                                                                                                                                                                Cert no. SCS-COC-00949




Cover: Workers at Oxy’s Idd El Shargi North Dome Field, offshore Qatar, cross a bridge connecting
the operational platforms. Inset top: A pumping unit at Oxy’s Permian Basin Hobbs, New Mexico,
location. Inset middle: Seismic trucks in Libya, where Oxy is the largest net holder of oil and gas
acreage. Inset bottom: A well in Argentina where Oxy drilled 153 wells in 2007.
Corporate headquarters               Oil and gas
10889 Wilshire Boulevard             Occidental Oil and Gas Corporation
Los Angeles, California 90024-4201   10889 Wilshire Boulevard
(310) 208-8800                       Los Angeles, California 90024-4201
www.oxy.com                          (310) 208-8800

Investor relations                   Occidental Energy Marketing, Inc.
1230 Avenue of the Americas          5 Greenway Plaza
8th Floor, Suite 800                 Houston, Texas 77046-0506
New York, New York 10020-1508        P.O. Box 27570
(212) 603-8111                       Houston, Texas 77227-7570
investorrelations@oxy.com            (713) 215-7000

Government relations                 Occidental Middle East
1717 Pennsylvania Avenue, NW         Crescent Towers, Zayed The First Street,
Suite 400                            Khalidyah
Washington, D.C. 20006-4614          P.O. Box 73243
(202) 857-3000                       Abu Dhabi, United Arab Emirates
                                     +971 2 691 7200

                                     Chemicals




                                                                                                                                         Occidental Petroleum Corporation
                                     Occidental Chemical Corporation
                                     Occidental Tower
                                     5005 LBJ Freeway
                                     Dallas, Texas 75244-6119
                                     P.O. Box 809050
                                     Dallas, Texas 75380-9050
                                     (972) 404-3800




                                                                                Occidental Petroleum Corporation	


                                                                                                                    Annual Report 2007
                                                                                Annual Report 2007

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occidental petroleum 2007 Annual Report to Stockholders

  • 1. Corporate headquarters Oil and gas 10889 Wilshire Boulevard Occidental Oil and Gas Corporation Los Angeles, California 90024-4201 10889 Wilshire Boulevard (310) 208-8800 Los Angeles, California 90024-4201 www.oxy.com (310) 208-8800 Investor relations Occidental Energy Marketing, Inc. 1230 Avenue of the Americas 5 Greenway Plaza 8th Floor, Suite 800 Houston, Texas 77046-0506 New York, New York 10020-1508 P.O. Box 27570 (212) 603-8111 Houston, Texas 77227-7570 investorrelations@oxy.com (713) 215-7000 Government relations Occidental Middle East 1717 Pennsylvania Avenue, NW Crescent Towers, Zayed The First Street, Suite 400 Khalidyah Washington, D.C. 20006-4614 P.O. Box 73243 (202) 857-3000 Abu Dhabi, United Arab Emirates +971 2 691 7200 Chemicals Occidental Petroleum Corporation Occidental Chemical Corporation Occidental Tower 5005 LBJ Freeway Dallas, Texas 75244-6119 P.O. Box 809050 Dallas, Texas 75380-9050 (972) 404-3800 Occidental Petroleum Corporation Annual Report 2007 Annual Report 2007
  • 2. Selected Financial Data Dollar amounts in millions, except per-share amounts For the years ended December 31, 2007 2006 2005 2004 2003 Results of Operations (a) Net sales $ 18,784 $ 17,175 $ 14,153 $ 10,400 $ 8,598 Income from continuing operations $ 5,078 $ 4,202 $ 4,838 $ 2,197 $ 1,410 Net income $ 5,400 $ 4,191 $ 5,293 $ 2,574 $ 1,537 Basic earnings per common share from continuing operations $ 6.08 $ 4.93 $ 6.00 $ 2.78 $ 1.84 Basic earnings per common share $ 6.47 $ 4.92 $ 6.56 $ 3.25 $ 2.00 Diluted earnings per common share $ 6.44 $ 4.87 $ 6.47 $ 3.21 $ 1.98 Financial Position(a) Total assets $ 36,519 $ 32,431 $ 26,170 $ 21,440 $ 18,210 Long-term debt, net $ 1,741 $ 2,619 $ 2,873 $ 3,345 $ 4,446 Stockholders’ equity $ 22,823 $ 19,252 $ 15,091 $ 10,597 $ 7,970 Market Capitalization(b) $ 63,573 $ 41,013 $ 32,121 $ 23,153 $ 16,349 Cash Flow Cash provided by operating activities $ 6,798 $ 6,353 $ 5,337 $ 3,878 $ 3,074 Capital expenditures $ 3,497 $ 2,987 $ 2,295 $ 1,703 $ 1,481 Cash provided (used) by all other investing activities, net $ 369 $ (1,396) $ (866) $ (725) $ (650) Dividends Per Common Share $ 0.94 $ 0.80 $ 0.645 $ 0.55 $ 0.52 Basic Shares Outstanding (thousands) 834,932 852,550 806,600 791,159 767,887 (a) the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section See of this report and the “Notes to Consolidated Financial Statements” for information regarding accounting changes, asset acquisitions and dispositions, discontinued operations, environmental remediation, other costs and other items affecting comparability. (b) Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares held in treasury stock, by the year-end closing stock price. Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Words such as “estimate,” “project,” “predict,” “believe,” “will,” “would,” “could,” “may,” “might,” “anticipate,” “plan,” “intend” and “expect” or similar expressions that convey the uncertainty of future events or outcomes generally identify forward-looking statements. You should not place undue reli- ance 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. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this report, such as gross oil reserves, estimated proved reserves, probable, possible and recoverable reserves and oil in place, that the SEC’s guidelines strictly prohibit us from using in filings with the SEC. Additionally, the SEC requires oil and natural gas companies, in their filings, to disclose non-financial statistical information about their consolidated entities separately from such information about their equity holdings and not to show combined totals. Certain information in this report is shown on a combined basis; however, the information is disclosed separately in the “Notes to the Consolidated Financial Statements” included in the 2007 Annual Report on Form 10-K included in this report. Cover: Workers at Oxy’s Idd El Shargi North Dome Field, offshore Qatar, cross a bridge connecting the operational platforms. Inset top: A pumping unit at Oxy’s Permian Basin Hobbs, New Mexico, location. Inset middle: Seismic trucks in Libya, where Oxy is the largest net holder of oil and gas acreage. Inset bottom: A well in Argentina where Oxy drilled 153 wells in 2007.
  • 3. Oxy in brief 3 1 United States 1. Elk Hills 2. Long Beach 1 2 3. Hugoton/ 2 Piceance Basin 4 4. Permian Basin 1 3 Middle East/ North Africa 1. Libya 5 4 2. Yemen 3. Oman 3 Latin America 4. United Arab 2 1. Colombia Emirates 2. Bolivia 5. Qatar 3. Argentina Occidental Petroleum Corporation (nyse:oxy) is a leading international oil and gas exploration and production company, as well as a major North American chemical manufacturer. The fourth-largest U.S. oil and gas company, based on market capitalization of more than $60 billion, Oxy engages in oil and gas exploration and production in three core regions: the United States, the Middle East/North Africa and Latin America. OxyChem, a wholly owned subsidiary, manufactures and markets chlor-alkali products and vinyls, and is the nation’s largest merchant marketer of chlorine and caustic soda. Oxy’s U.S. operations in the Permian Basin of southwest Texas and southeast New Mexico, Mid-Continent and California account for more than 60 percent of the company’s total worldwide oil and gas production. Oxy is the largest oil producer in Texas, the second-largest in New Mexico and the third-largest in California, where it also is the largest producer of natural gas. In the increasingly important Middle East/North Africa region, Oxy currently has operations in Libya, Oman, Qatar, United Arab Emirates and Yemen, which collec- tively account for approximately one-quarter of the company’s total worldwide production. Oxy is also a partner in the transborder Dolphin Project that supplies natural gas from Qatar to markets in the United Arab Emirates and Oman. Oxy’s Latin America operations in Argentina, Bolivia and Colombia account for approximately 13 percent of total production. Oxy is an industry leader in applying advanced technology to boost production from mature oil and gas fields and access hard-to-reach reserves. With more than 9,000 employees, Oxy is committed to respecting the environment, protecting safety and upholding high standards of social responsibility throughout its worldwide operations. 1
  • 4. Occidental achieved exceptional financial Dr. Ray R. Irani performance in 2007, surpassing even our Chairman and Chief Executive Officer strong success of recent years. It’s a story of solid Notably, net income of $5.4 billion was throughout the industry in 2007, Oxy the highest in Oxy’s 87-year history. was ideally positioned to capitalize on the robust energy market. Oxy continues We achieved top-tier results relative to to outperform our major competitors in our industry peers on the key metrics capturing the value from higher oil and which in our view best measure com- gas prices and delivering it to the bottom parative financial performance. These line by being one of the industry’s most include total return to stockholders, efficient producers on an equivalent return on equity (ROE) and return on barrel basis. capital employed (ROCE) and demon- strate our ability to generate significant 2007 market performance long-term value for Oxy stockholders. Oxy’s year-end closing stock price of These accomplishments underscore $76.99 per share was the highest year-end the effectiveness of the business strategy price in our history, increasing 58 percent we have employed over the past decade. from the 2006 year-end record of $48.83 Strict financial discipline and a focus per share. Our 60-percent stockholder on high-potential, long-lived oil and return, based on stock price appreciation gas assets have positioned the company plus dividend reinvestment, also repre- for sustainable growth and profitability sented a new high mark for the company. — and our stockholders continue to enjoy the benefits. Cumulative total return to stockholders over the past five years has significantly Our disciplined business strategy affords outpaced Oxy’s peer companies, as well Oxy a distinct advantage. While high as the Standard Poor’s 500 Stock Index. commodity prices boosted earnings 2
  • 5. Net income Return on capital employed (ROCE)* Debt-to-capitalization ratio $ in billions Stated as percent Stated as percent 2003 1.5 2003 15 2003 36 2004 2.6 2004 20 2004 27 2005 5.3 2005 33 2005 17 2006 4.2 2006 21 2006 13 2007 5.4 2007 24 2007 7 Return on equity (ROE) Total debt Stockholders’ equity Stated as percent $ in billions $ in billions 2003 22 2003 4.6 2003 8.0 2004 28 2004 3.9 2004 10.6 2005 41 2005 3.0 2005 15.1 2006 24 2006 2.9 2006 19.3 2007 26 2007 1.8 2007 22.8 performance A $100 investment in Oxy stock at Oxy continues to — double the 50 cents per share paid in year-end 2002 would have grown 2002. This was the sixth dividend increase to $599 by year-end 2007. The same outperform our since 2002, resulting in a compound $100 invested in Oxy’s peer group major competitors in annual dividend growth rate of 13 — a representative sampling of the oil percent over the most recent five-year and gas companies against which Oxy capturing the value period. Dividend increases reflect the competes for major global projects confidence of Oxy’s management and from higher oil and gas — would have been worth only $283 the Board of Directors in the company’s after the same five years. And $100 prices and delivering financial and operating performance. invested in the SP 500 Index for that The Board will continue its ongoing period would have been worth just $183. it to the bottom line… evaluation of dividends to generate top-quartile returns to stockholders. 2007 financial performance $1.1 billion to repurchase 20.6 million Our 2007 ROE and ROCE* were a strong Oxy achieved strong results in 2007 shares of Oxy common stock. 26 percent and 24 percent, respectively. across the range of financial metrics most Our 7-percent debt-to-capitalization For the three years of 2005 through watched by the investment community. ratio at the close of 2007 was Oxy’s 2007, we achieved an average ROE of Consolidated net income reached a lowest in more than 40 years. Total debt 29 percent and an average ROCE of new company record of $5.4 billion, at year-end was $1.8 billion, represent- 26 percent. Stockholders’ equity grew 29 percent higher than the $4.2 billion ing a $1.1-billion reduction from the by 18 percent during 2007, from $19.3 Oxy achieved in 2006. From our operat- $2.9-billion balance at the end of 2006. billion to $22.8 billion, and more than ing cash flow of $6.8 billion, we spent doubled over the past three years, from Oxy increased the dividend to stock- $3.5 billion to fund capital expenditures, $10.6 billion to $22.8 billion. holders by 14 percent in 2007, from an $765 million to pay dividends and annualized rate of 88 cents to $1.00 * OCE is earnings before interest expense and tax effect of interest expense over stockholders’ equity plus average total debt. R 3
  • 6. Oil $8.3 billion in income Record-setting income for Oxy Oil and Gas — four years running and gas 570,000 BOE/day Oxy’s worldwide oil and gas production up 4.6% over 2006 242 million BOE replaced A 116% reserve replacement rate in 2007 Strategy for steady growth Oxy’s consistently strong financial performance over the past 15 years reflects our disciplined business strategy The robust performance by the oil and gas segment in recent years is another reflection of Oxy’s effective business strategy. We focus on large, long-lived “legacy” oil and gas assets where Oxy can enhance production, and we invest only in projects we believe will generate above-cost-of- capital returns throughout the business cycle. We continued to strengthen our asset base in 2007 within each of our core geographic regions: the United States, the Middle East/North Africa and Latin America. Earnings from our oil and gas segment in 2007 set a new company record for the fourth consecutive year. Oil and gas earnings from worldwide operations totaled $8.3 billion, an increase of more than 20 percent from the previous record of $6.9 billion earned by this segment in 2006. Higher oil prices, along with We consistently replace and expand our increased oil and gas production, mainly contributed to these record reserves through improved recovery, strategic results. Our average realized crude acquisitions and focused exploration. oil price for 2007 was $64.77 per barrel, $6.96 above 2006. Worldwide oil and natural gas production averaged 570,000 barrels of oil equivalent (BOE) per day, an increase of 4.6 percent over the 545,000 BOE per day produced in 2006. Oxy is a worldwide industry leader in applying advanced technology to boost production from mature oil and gas fields and access hard-to-reach reserves. Furthermore, we consistently replace and expand our reserves through improved recovery, strategic acquisitions and focused exploration. Consolidated proved reserve additions from all sources totaled 242 million BOE in 2007, compared to production of 209 million BOE, for a production replacement rate of 116 percent. For the three-year period 2005 through 2007, Oxy’s consolidated proved reserve additions totaled 1.125 billion BOE and total production equaled 580 million BOE, for a reserve replacement rate of 194 percent. More than 90 percent of the net additions in 2007 were in the United States, primarily in the Permian Basin in Texas and New Mexico, the Elk Hills field in California and the Rocky Mountains. 4
  • 7. A pumping unit in the Permian Basin is silhouetted at Oxy’s Denver City, Texas facility. Oxy is the largest oil producer in the Permian Basin, which extends through southwest Texas and south- east New Mexico. Oil natural gas proved reserves Oil natural gas production Million BOE Thousand BOE/day U.S. International Total U.S. International Total 2003 1,777 530 2,307 2004 1,816 560 2,376 2005 2,003 566 2,569 2006 2,064 799 2,863 2007 2,152 712 2,864 5
  • 8. Oil U.S. production: 63% Production averaged 360,000 BOE/day from all U.S. assets and gas Dolphin fully operational In February 2008 the Dolphin Project, in which Oxy has a 24.5% interest, became fully operational Largest acreage in Libya Oxy is the largest holder of exploration acreage in Libya 177 million BOE Proved reserves from our assets in Argentina Right: Oxy’s new Elk Hills Consolidated Control Facility provides a cost- efficient central location for field management. Middle: Oxy’s Visualization Center in Doha, Qatar, features state-of-the-art 3-D visualization technol- ogy for scientific collaboration. Far Right: Rig workers prepare a drilling rig at the San Jorge Basin in southern Argentina. At year-end 2007, the U.S. accounted for 75 percent of Oxy’s in oil and gas properties in the Permian Basin and in the proved reserves, the Middle East/North Africa 16 percent and Piceance Basin of Colorado, which we announced in the Latin America 9 percent. fourth quarter 2007. The Piceance assets complement our existing Colorado holdings, while the additional Permian Oxy’s excellent oil and gas assets are well positioned to provide assets expand our industry-leading position there. Together, us continued success and growth. these acquisitions are expected to increase our net proved reserves in the U.S. by 92 million BOE, a figure we believe United States will substantially increase over time. Sixty-three percent of Oxy’s 2007 production — approximately 360,000 BOE per day — was generated from assets in the United Production from Oxy’s California assets averaged 131,000 States, including the Permian Basin of southwest Texas and BOE per day, or 23 percent of our worldwide total. In 2007 southeast New Mexico, one of the largest and most active oil we made four complementary acquisitions for our California basins in the country. Oxy continues to be the leading producer business unit, for approximately $300 million, which will in the Permian, where our 2007 production averaged 198,000 further enhance our production in the state. BOE per day, representing 35 percent of the company’s daily worldwide production. Middle East/ North Africa The increasingly important Middle East/North Africa region In 2007, we completed several asset exchanges with BP, provided 24 percent of our 2007 production. acquiring strategic properties that complement our existing operations. Oxy purchased BP’s West Texas Pipeline System, The start-up of production from the giant Dolphin Project, with 1,550 miles of active pipelines and the capacity to transport the premier transborder natural gas project in the Middle East, approximately 190,000 barrels of crude oil per day from the contributed to our robust regional growth. Oxy has a 24.5- Permian Basin to the market center in Cushing, Oklahoma. percent interest in the Dolphin Project, in which natural gas is Combined with our existing area assets, this created a system produced from wells offshore Qatar. The gas is processed at an with a throughput capacity of 350,000 barrels per day and a onshore gas processing and compression plant in Ras Laffan, 5-million-barrel storage capability. Oxy also secured from BP Qatar, and then flows through a 48-inch, 230-mile-long subsea additional Permian Basin oil and gas assets adjacent to our export pipeline — one of the longest and largest in the Middle existing operations. East — to markets in the United Arab Emirates and Oman. In the first quarter of 2008, we completed the purchase of 50 Most of the facilities within the original scope of the Dolphin percent of Plains Exploration Production’s working interests Project were completed by the end of 2007, including three of the four trains in the onshore processing plant in Ras Laffan. 6
  • 9. Above: Natural gas from the Dolphin Project is processed and compressed at this plant in Ras Laffan, Qatar, before flowing through a 48-inch, 230-mile-long subsea export pipeline to markets in the United Arab Emirates and Oman. The fourth and final train was completed and fully operational result, oil production is projected to triple from the current by the end of February 2008. Dolphin exited 2007 producing gross production of approximately 100,000 barrels per day 43,000 BOE per day net to Oxy. to around 300,000 barrels per day. Oxy acquired Anadarko Petroleum Corporation’s 92.5-percent Additionally, in late 2007 Oxy was awarded two offshore interest in an exploration and production sharing agreement exploration blocks in Bahrain adjacent to major producing covering two properties located offshore Qatar in October 2007. fields in Qatar, where we have begun a study phase and Proved reserves for all of Oxy’s Qatar properties, except the technical assessment. Dolphin Project, totaled 128 million BOE at year-end. Latin America At the Mukhaizna oil field in Oman, more than 170 new wells were drilled by year-end 2007, and we are implementing a major Our Latin America operations accounted for 13 percent of steam flood project for enhanced oil recovery. The 2007 gross Oxy’s worldwide production in 2007. daily production exit rate was nearly triple that of September Oxy’s Colombia operations include four fields within the 2005, when Oxy assumed operations of this field. Over the next Llanos Norte Basin and another in the Middle-Magdalena several years we plan to steadily increase gross production to Basin, the LaCira-Infantes (LCI) field. Oxy holds a 48-percent 150,000 BOE per day. interest in LCI, an enhanced oil recovery project with large We announced significant new agreements in November 2007 remaining reserves, which has now entered the commercial with the Libya National Oil Corporation for major field phase of development and production and is tracking to redevelopment and exploration in the prolific Sirte Basin. The our production plans. Our share of 2007 production from new 30-year agreements will further expand our industry- these operations was 37,000 BOE per day and proved reserves leading position in Libya, where Oxy is the largest holder of totaled 57 million BOE at year-end. exploration acreage. Signing of the new agreements will give Our share of production from our assets in Argentina averaged Oxy a 75-percent working interest in the new Libya projects, and 36,000 BOE per day in 2007. Proved reserves amounted to with our partner, Oxy will receive 10 to 12 percent of the gross 177 million BOE at year-end 2007. We expect to significantly production on an after-tax basis, depending on the specific field. increase production in Argentina over the next five years Oxy and our partners expect to develop gross oil reserves in through aggressive drilling, waterflooding and enhanced oil Libya of approximately 2.5 billion barrels for an anticipated recovery projects. In 2008, Oxy plans to drill 220 wells, com- overall capital investment of $5 billion over the next five years, plete eight waterflood projects initiated in 2007 and implement of which Oxy’s portion will be approximately $1.9 billion. As a a number of new waterflood projects. 7
  • 10. Chemicals Earnings from our chemical segment decreased in 2007 due along with favorable foreign currency exchange rates. to the weakness in the United States housing market and OxyChem’s PVC facilities saw an average operating rate continued high feedstock costs, which led to lower margins of 78 percent for 2007, compared to the North American in the polyvinyl chloride (PVC) business. Overall chemical industry average of 85 percent. segment earnings for 2007 were $601 million, compared with Pricing for liquid caustic soda started the year strong and $906 million for 2006. increased in every quarter of 2007, aided by unplanned global Domestic demand for PVC in 2007 declined 5 percent from supply disruptions and a strong export market. OxyChem’s the previous year as a result of the housing slump. This was chlor-alkali operating rate for 2007 was 92 percent, comparable partially offset by increased demand for U.S. products in with the industry average. export markets, aided by expanding international economies Corporate social responsibility The health and safety of our employees, contractors, neighbors and customers, as well as sound and sensitive environmental practices, are key priorities for Oxy. Oxy’s health, environment and safety (HES) management systems continually evolve to meet the changing needs of our growing business. We work diligently to implement progressive health, environmental, safety, process risk and security standards at all new and ongoing operations. Incidents are thoroughly investigated and their causes promptly identified and corrected. Oxy continues to maintain a strong HES risk management program, the results of which are regularly reviewed by senior management and the Board of Directors. We take pride in Oxy’s superior employee Injury and Illness Incidence Rate (IIR), which measures recordable injuries and illnesses per 100 full-time workers per year. Oxy’s IIR is one-fourth that of the oil and gas extractive industry overall, which puts us ahead even of such professions as legal services and dentists for employee safety, according to the most recent figures from the U.S. Bureau of Labor Statistics. Our 2007 IIR was 0.5, virtually the same as the previous year. And it is merely one indicator of the company’s excellent safety record. We constantly work to save costs while enhancing energy efficiency in our operations, thereby reducing greenhouse gas (GHG) emissions. Oxy voluntarily reports on GHG emissions and actively participates in trade association efforts to discuss a wide spectrum of environmental issues. In addition, we are utilizing several highly efficient 8
  • 11. Exemplary safety record Oxy’s employee IIR is one-fourth that of the oil and gas extractive industry average Strong HES programs Results are regularly reviewed by senior management and the Board of Directors Responsible practices Oxy recognizes that responsible social and HES practices link to strong financial performance Above: A rig worker performs maintenance on Employee recordable injury and illness trend a rig at Oxy’s THUMS operations at Long Beach Harbor in Southern California. Oxy employees Oxy Employee IIR Average IIR of all U.S. industries* and contractors are required to wear appropri- ate safety gear and to meet all applicable 1998 0.68 6.7 government and Oxy safety requirements. 1999 0.65 6.3 2000 0.83 6.1 2001 0.69 5.7 2002 0.62 5.3 2003 0.68 5.0 2004 0.34 4.8 We expanded the scope and depth of our extensive corporate 2005 0.47 4.6 social responsibility programs in 2007, promoting awareness 2006 0.47 4.4 and integration of our Human Rights Policy and its underlying 2007 0.50 ** principles, building on the program adopted by the Board of Directors in 2004. Human rights training is mandatory for all Oxy managers, security staff, contractors and new employees cogeneration facilities to supply power and steam to Oxy’s throughout our international operations. In addition, as oil and gas and chemicals operations; implementing new required by our policy, we conduct social impact assessments in maintenance and operating practices; installing energy- new work areas outside the U.S. We will continue to build upon efficient equipment; electrifying well field operations that our commitment to the Voluntary Principles on Security and formerly utilized gas or diesel engines; and using solar- Human Rights as an integral aspect of our business practices. powered lighting in remote areas. At Oxy, social responsibility is everyone’s business. It is a Oxy recognizes that responsible social, environmental and hallmark of good management and an integral part of our safety practices link to strong financial performance. We have success. By systematizing our approach to SR, we are helping adopted a unified approach that integrates social responsibility to ensure that wherever Oxy does business and engages with (SR) into our comprehensive HES management systems to communities, we are the partner of choice, the employer of enable us to apply a defined and measurable SR standard choice and the neighbor of choice. around the globe. * Source: U.S. Bureau of Labor Statistics ** ot available N 9
  • 12. Looking 620,000 – 630,000 BOE/day Expected oil and gas production in 2008 ahead New Middle East opportunities The Middle East and North Africa will be an important source of Oxy’s future growth $3.6 billion capital spending Expected total oil and gas capital spending for 2008 Oxy’s performance in 2007 again ranked among the strongest in the oil and gas industry. While these results are gratifying, we are focused on the future in order to build on this success in 2008 and beyond. Adhering to our program of disciplined financial management, we will continue to pursue top-quartile results and enhanced value for Oxy stockholders. With the excellent recent additions to Oxy’s asset portfolio, ongoing solid production perfor- mance and promising projects in the pipeline, along with continued strong energy prices, we fully expect 2008 to be another standout year for the company. We expect oil and gas production for the full year of 2008 to increase to approximately 620,000 to 630,000 BOE per day, based on $80 per barrel average West Texas Intermediate (WTI) prices, as compared to our 2007 rate of 570,000 BOE per day. We anticipate this increase will include the Dolphin Project’s full-year operations and increased production from the Mukhaizna oil field in Oman, as well as our Argentina and Colombia assets. We expect our total oil and gas capital spending for 2008 to be approximately $3.6 billion, including increased capital spending in our Argentina, Colombia, Libya and California operations. We believe new opportunities in the Middle East and North Africa, where we are actively pursuing and negotiating several projects, will be an important source of Oxy’s future growth. We also will continue to grow through additional attractive acquisitions in each of our core regions. However, as always, we will only enter into agreements that we expect to meet our stringent standards for financial return. Oxy takes pride in applying expertise and experience to help meet the world’s energy needs and fuel economic growth. Our success is built on technical know-how, business acumen, strong partnerships and proven ability to deliver superior results. 10
  • 13. Above: Oil field worker operating in Argentina, where Oxy anticipates increasing production through aggressive drilling, waterflooding and enhanced oil recovery projects. Right: Oxy Libya’s technical team monitors and analyzes producing fields. Far Right: Technician surveys equipment on Oxy Qatar’s offshore PS1 platform, where new processing facilities have increased gas compres- sion, water injection and separation capacity. We are continually focused on optimizing profits and free I want to acknowledge and commend the superb efforts of cash flow per BOE, keeping costs competitive, and growing Oxy’s employees, talented management team and the Board our oil and gas reserves at a rate well in excess of production. of Directors, whose stewardship is invaluable. The company’s achievements in 2007 and over the past decade-and-a-half are Oxy’s consistently strong financial performance over the a tribute to their dedication and hard work. Together, we will past 15 years reflects this disciplined business strategy, as continue to meet the highest expectations of our stockholders well as our focus on operational excellence and our ability and all those for whom Oxy is synonymous with success. to work effectively in diverse cultural environments. We believe these strengths will keep Oxy at the forefront of our industry and will continue to be instrumental in enhancing Dr. Ray R. Irani stockholder value. Chairman and Chief Executive Officer 11
  • 14. Board of Directors From left: R. Chad Dreier, Walter L. Weisman, Rodolfo Segovia, John E. Feick, Spencer Abraham, Aziz D. Syriani, Dr. Ray R. Irani, Rosemary Tomich, Irvin W. Maloney, Ronald W. Burkle, Edward P. Djerejian, John S. Chalsty. Dr. Ray R. Irani1,8 R. Chad Dreier2,3 Rosemary Tomich1,2,3,4,5,7 Chairman and Chief Executive Officer, Chairman, President and Chief Executive Officer, Owner, Hope Cattle Company and A.S. Tomich Occidental Petroleum Corporation The Ryland Group, Inc. Construction Company; Chairman and Chief Executive Officer, Livestock Clearing, Inc. Spencer Abraham3,4,7 John E. Feick1,2,4,8 Chairman and Chief Executive Officer, Chairman, Matrix Solutions Inc. Walter L. Weisman4,5,8 The Abraham Group, LLC; Private investor; former Chairman and Chief Executive former U.S. Secretary of Energy Irvin W. Maloney 1,2,3,7 Officer, American Medical International, Inc. Retired Chairman and Chief Executive Officer, Ronald W. Burkle 8 Dataproducts Corporation 1 Member of the Executive Committee Managing Partner, The Yucaipa Companies 2 Member of the Audit Committee Rodolfo Segovia 1,3,4,5,7 3 M ember of the Executive Compensation John S. Chalsty1,2,3,5,8 Member of the Executive Committee, Inversiones and Human Resources Committee Principal, Muirfield Capital Management LLC; Sanford; former President, Ecopetrol — Colombian 4 M ember of the Environmental, Health former Chairman, Donaldson, Lufkin Jenrette, Inc. national oil company and Safety Committee 5 M ember of the Corporate Governance, Nominating and Edward P. Djerejian4,5,7 Aziz D. Syriani1,2,5,6,8 Social Responsibility Committee Director, James A. Baker III Institute for Public Policy; President and Chief Executive Officer, 6 Lead Independent Director former U.S. Ambassador The Olayan Group 7 Member of the Charitable Contributions Committee 8 Member of the Dividend Committee Officers Vice Presidents and Key Executives Dr. Ray R. Irani B. Chuck Anderson Christopher G. Stavros Chairman and Chief Executive Officer President, OxyChem Vice President — Investor Relations Stephen I. Chazen Gary L. Daugherty Todd A. Stevens President and Chief Financial Officer Vice President — Internal Audit Vice President — Acquisitions and Corporate Finance Ian M. Davis Michael S. Stutts Executive Vice Presidents Vice President — Government Relations Vice President — Tax Donald P. de Brier James R. Havert Charles F. Weiss Executive Vice President, General Counsel and Secretary Vice President and Treasurer Vice President — Health, Environment and Safety Richard W. Hallock Richard S. Kline Executive Vice President — Human Resources Vice President — Communications and Public Affairs As of December 31, 2007 James M. Lienert Jim A. Leonard Executive Vice President — Finance and Planning Vice President and Controller John W. Morgan Donald L. Moore, Jr. Executive Vice President; Vice President and Chief Information Officer President, Oxy Oil and Gas — Western Hemisphere Roy Pineci R. Casey Olson Senior Vice President, Finance — Oil and Gas Executive Vice President; President, Oxy Oil and Gas — Eastern Hemisphere 12
  • 15. Selected Financial Data Auditors KPMG LLP Annual certifications Occidental has filed the certifications Los Angeles, California of the chief executive officer and chief financial officer required by Section 302 Dollar amounts in millions, except per-share amounts Transfer agent and registrar of the Sarbanes-Oxley Act of 2002 as BNY Mellon Exhibits 31.1 and 31.2 to its 2007 Annual For the years ended December 31, 2007 2006 2005 2004 2003 Shareowner Services Report on Form 10-K filed with the Newport Office Center VII Securities and Exchange Commission. Results of Operations (a) 480 Washington Boulevard In addition, in 2007, Occidental submitted Jersey City, New Jersey 07310 to the NYSE a certificate of the chief Net sales $ 18,784 $ 17,175 $ 14,153 $ 10,400 $ 8,598 (800) 622-9231 executive officer stating that he is not Income from continuing operations $ 5,078 $ 4,202 $ 4,838 $ 2,197 $ 1,410 www.melloninvestor.com aware of any violation by the company Net income $ 5,400 $ 4,191 $ 5,293 $ 2,574 $ 1,537 of the NYSE corporate governance Basic earnings per common share Stock exchange listing listing standards. from continuing operations $ 6.08 $ 4.93 $ 6.00 $ 2.78 $ 1.84 Common Stock Basic earnings per common share $ 6.47 $ 4.92 $ 6.56 $ 3.25 $ 2.00 New York Stock Exchange (NYSE) Current news and general information Diluted earnings per common share $ 6.44 $ 4.87 $ 6.47 $ 3.21 $ 1.98 Information about Occidental, including Financial Position(a) Dividend reinvestment plan news releases, is available on the Internet Occidental stockholders owning 25 or more at www.oxy.com. In addition, our investor Total assets $ 36,519 $ 32,431 $ 26,170 $ 21,440 $ 18,210 package is available by calling toll-free shares of common or preferred stock registered Long-term debt, net $ 1,741 $ 2,619 $ 2,873 $ 3,345 $ 4,446 1-888-OXYPETE; (1-888-699-7383). in their name are eligible to purchase additional Stockholders’ equity $ 22,823 $ 19,252 $ 15,091 $ 10,597 $ 7,970 shares of common stock under the Dividend Market Capitalization(b) $ 63,573 $ 41,013 $ 32,121 $ 23,153 $ 16,349 Reinvestment Plan by investing dividends Cash Flow on a minimum of 25 shares and optional Cash provided by operating activities $ 6,798 $ 6,353 $ 5,337 $ 3,878 $ 3,074 cash payments of up to $10,000 per month. Capital expenditures $ 3,497 $ 2,987 $ 2,295 $ 1,703 $ 1,481 Information may be obtained from: Cash provided (used) by all other BNY Mellon, Shareowner Services at investing activities, net $ 369 $ (1,396) $ (866) $ (725) $ (650) www.melloninvestor.com. Dividends Per Common Share $ 0.94 $ 0.80 $ 0.645 $ 0.55 $ 0.52 Basic Shares Outstanding (thousands) 834,932 852,550 806,600 791,159 767,887 Available to stockholders The following publications are available by writing to Occidental corporate headquarters and at www.oxy.com: Oxy Social Responsibility Report, Oxy Today: Middle East and North Africa, Oxy Corporate Snapshot and (a) the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section See Oxy Corporate Governance Principles. of this report and the “Notes to Consolidated Financial Statements” for information regarding accounting changes, asset acquisitions and dispositions, discontinued operations, environmental remediation, other costs and other items affecting comparability. (b) Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares held in treasury stock, by the year-end closing stock price. Portions of this report contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Words such as “estimate,” “project,” “predict,” “believe,” “will,” “would,” “could,” “may,” “might,” “anticipate,” “plan,” “intend” and “expect” or similar expressions that convey the uncertainty of future events or outcomes generally identify forward-looking statements. You should not place undue reli- ance 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. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this report, such as gross oil reserves, estimated proved reserves, probable, possible and recoverable reserves and oil in place, that the SEC’s guidelines This annual report is printed on Forest strictly prohibit us from using in filings with the SEC. Additionally, the SEC requires oil and natural gas companies, in their Stewardship Council (FSC)-Certified filings, to disclose non-financial statistical information about their consolidated entities separately from such information paper that contains wood from well- about their equity holdings and not to show combined totals. Certain information in this report is shown on a combined managed forests, controlled sources basis; however, the information is disclosed separately in the “Notes to the Consolidated Financial Statements” included in and recycled wood or fiber. the 2007 Annual Report on Form 10-K included in this report. Cert no. SCS-COC-00949 Cover: Workers at Oxy’s Idd El Shargi North Dome Field, offshore Qatar, cross a bridge connecting the operational platforms. Inset top: A pumping unit at Oxy’s Permian Basin Hobbs, New Mexico, location. Inset middle: Seismic trucks in Libya, where Oxy is the largest net holder of oil and gas acreage. Inset bottom: A well in Argentina where Oxy drilled 153 wells in 2007.
  • 16. Corporate headquarters Oil and gas 10889 Wilshire Boulevard Occidental Oil and Gas Corporation Los Angeles, California 90024-4201 10889 Wilshire Boulevard (310) 208-8800 Los Angeles, California 90024-4201 www.oxy.com (310) 208-8800 Investor relations Occidental Energy Marketing, Inc. 1230 Avenue of the Americas 5 Greenway Plaza 8th Floor, Suite 800 Houston, Texas 77046-0506 New York, New York 10020-1508 P.O. Box 27570 (212) 603-8111 Houston, Texas 77227-7570 investorrelations@oxy.com (713) 215-7000 Government relations Occidental Middle East 1717 Pennsylvania Avenue, NW Crescent Towers, Zayed The First Street, Suite 400 Khalidyah Washington, D.C. 20006-4614 P.O. Box 73243 (202) 857-3000 Abu Dhabi, United Arab Emirates +971 2 691 7200 Chemicals Occidental Petroleum Corporation Occidental Chemical Corporation Occidental Tower 5005 LBJ Freeway Dallas, Texas 75244-6119 P.O. Box 809050 Dallas, Texas 75380-9050 (972) 404-3800 Occidental Petroleum Corporation Annual Report 2007 Annual Report 2007