Occidental Petroleum Announces 1st Quarter of 2013 Income

Occidental
Petroleum Corporation (NYSE:OXY) announced income from continuing
operations of $1.4 billion ($1.69 per diluted share) for the first
quarter of 2013, compared with $1.6 billion ($1.92 per diluted share)
for the first quarter of 2012. Net income for the first quarter of 2013
was also $1.4 billion ($1.68 per diluted share).

In announcing the results, Stephen I. Chazen, President and Chief
Executive Officer, said, 'Our first quarter domestic production of
478,000 barrels of oil equivalent per day, of which 342,000 barrels per
day were liquids, set a record for the tenth consecutive quarter. Our
total company production of 763,000 barrels of oil equivalent in the
first quarter of 2013 was 8,000 barrels higher than production in first
quarter of 2012.

'We executed well in the first quarter and to date are running ahead of
our full-year objectives in our program to improve domestic operational
and capital efficiencies. We have reduced both our domestic well and
operating costs by about 19 percent relative to 2012. Overall, we
generated cash flow from operations of $2.9 billion before changes in
working capital for the first quarter of 2013 and invested $2.1 billion
in capital expenditures.'

Oil and Gas

Oil and gas segment earnings were $1.9 billion for the first quarter of
2013, compared with $2.5 billion for the first quarter of 2012. The
current quarter results reflected higher domestic liquids volumes and
lower operating costs, which were offset by lower year-over-year oil and
NGL prices, lower sales volumes in the Middle East/North Africa and
higher DD&A rates.

Operating costs dropped significantly during the first quarter of 2013,
especially domestically. The first quarter 2013 domestic operating costs
were $14.06 per barrel, compared to $16.44 in the first quarter 2012,
$17.17 in the fourth quarter 2012 and $17.43 for the full year 2012. For
the entire company, the first quarter 2013 costs were $13.93 per barrel,
compared to $14.99 for all of 2012. First quarter 2013 international
operating costs were higher due principally to planned maintenance
turnarounds.

For the first quarter of 2013, daily oil and gas production volumes
averaged 763,000 barrels of oil equivalent (BOE), compared with 755,000
BOE in the first quarter of 2012. The first quarter 2013 production
increase resulted from higher volumes of 23,000 BOE per day from
domestic operations while international production was 15,000 BOE per
day lower. The lower international production volumes were due to the
combined effect of maintenance turnarounds in Qatar and the impact of
full cost recovery in Oman and our Dolphin operations. The turnarounds
were executed successfully and production has returned to normal levels.

Daily sales volumes increased slightly from 745,000 BOE in the first
quarter of 2012 to 746,000 BOE in the first quarter of 2013. Sales
volumes were lower than production volumes due to the timing of liftings
in Middle East/North Africa.

Oxy′s realized price for worldwide crude oil was $98.07 per barrel for
the first quarter of 2013, compared with $107.98 per barrel for the
first quarter of 2012. NGL prices were $40.27 per barrel in the first
quarter of 2013, compared with $52.51 per barrel in the first quarter of
2012. Domestic gas prices were higher in the first quarter of 2013 at
$3.08 per MCF, compared with $2.84 in the first quarter of 2012.

First quarter 2013 realized prices were higher than fourth quarter 2012
prices for worldwide oil, while NGLs prices were lower and domestic
natural gas prices were flat. On a sequential quarterly basis, prices
increased 2 percent for oil and decreased 11 percent for NGLs.

Chemical

Chemical segment earnings for the first quarter of 2013 were $159
million, compared with $184 million in the first quarter of 2012. The
lower earnings resulted from weaker chlorinated organics demand and
pricing combined with higher natural gas costs, partially offset by
higher caustic soda exports.

Midstream, Marketing and Other

Midstream segment earnings were $215 million for the first quarter of
2013, compared with $131 million for the first quarter of 2012. The
increase mainly reflected improved marketing and trading performance.

About Oxy

Occidental
Petroleum Corporation (OXY) is an international oil and gas
exploration and production company with operations in the United States,
Middle East/North Africa and Latin America regions. Oxy is one of the
largest U.S. oil and gas companies, based on equity market
capitalization. Oxy's wholly owned subsidiary OxyChem manufactures and
markets chlor-alkali products and vinyls. Oxy is committed to
safeguarding the environment, protecting the safety and health of
employees and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide operations.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and
involve risks and uncertainties that could materially affect expected
results of operations, liquidity, cash flows and business prospects.
Actual results may differ from anticipated results, sometimes
materially, and reported results should not be considered an indication
of future performance. Factors that could cause results to differ
materially include, but are not limited to: global commodity pricing
fluctuations; supply and demand considerations for Occidental′s
products; higher-than-expected costs; the regulatory approval
environment; not successfully completing, or any material delay of,
field developments, expansion projects, capital expenditures, efficiency
projects, acquisitions or dispositions; lower-than-expected production
from development projects or acquisitions; exploration risks; general
economic slowdowns domestically or internationally; political conditions
and events; inability to attract trained engineers; environmental
liability; litigation; disruption or interruption of production or
manufacturing or facility damage due to accidents, chemical releases,
labor unrest, weather, natural disasters, cyber attacks or insurgent
activity; failure of risk management; changes in law or regulations; or
changes in tax rates. Words such as 'estimate', 'project', 'predict',
'will', 'would', 'should', 'could', 'may', 'might', 'anticipate',
'plan', 'intend', 'believe', 'expect', 'aim', 'goal', 'target',
'objective', 'likely' or similar expressions that convey the prospective
nature of events or outcomes generally indicate forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this release. Unless
legally required, Occidental does not undertake any obligation to update
any forward-looking statements, as a result of new information, future
events or otherwise. Material risks that may affect Occidental′s results
of operations and financial position appear in Part 1, Item 1A 'Risk
Factors' of the 2012 Form 10-K. Occidental posts or provides links to
important information on its website at www.oxy.com.

For further analysis of Occidental's quarterly performance, please visit
the website: www.oxy.com

Occidental Petroleum Corporation

Melissa E. Schoeb (media)

melissa_schoeb@oxy.com

310-443-6504

or

Chris
Stavros (investors)

chris_stavros@oxy.com

212-603-8184