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Occidental Petrl. (OCP)

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Tuesday 22 April, 2003

Occidental Petrl.

1st Quarter Results

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        Occidental Petroleum Announces First Quarter 2003 Results
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LOS ANGELES, April 22, 2003 (PRIMEZONE) -- Occidental Petroleum
Corporation (NYSE:OXY) (LSE:OCP)  announced net income for the first
quarter 2003 of $325 million ($0.86 per share), compared with $25
million ($0.07 per share) for the first quarter 2002.

In announcing the results, Dr. Ray R. Irani, chairman and chief
executive officer, said, "Oil and natural gas production for the quarter
averaged 532,000 barrels of oil equivalent - the highest level for any
quarter in the company's history.  Our core earnings, which were driven
by high oil and natural gas prices, hit their highest level in the last
six quarters.  Strong cash flow during the quarter resulted in
additional debt reduction of $182 million which in turn lowered our debt-
to-total-capitalization to 41 percent compared to 43 percent at the end
of last year.  Core earnings, as shown on the attached schedule, were
$433 million for the first quarter 2003 ($1.14 per share)."
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                              Oil and Gas
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Oil and gas segment and core earnings were $727 million for the first
quarter 2003, compared with $306 million for the first quarter 2002.
The improvement in the first quarter 2003 earnings reflected $440
million from higher worldwide crude oil and natural gas prices.
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                              Chemicals
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Chemical segment and core earnings were $35 million for the first
quarter 2003, compared with a $31 million loss for the first quarter
2002.  The improvement in the first quarter 2003 results reflected
higher sales prices for PVC, chlorine and EDC; partially offset by
higher energy and raw material costs and lower caustic soda sales
prices.  The first quarter 2002 included a $36 million pre-tax loss for
Equistar, which was sold in the third quarter 2002, and a $14 million
pre-tax charge for severance.

Statements in this presentation that contain words such as "will" or
"expect", or otherwise relate to the future, are forward-looking and
involve risks and uncertainties that could significantly affect expected
results.  Factors that could cause results to differ materially include,
but are not limited to: global commodity pricing fluctuations, and
supply/demand considerations, for oil, gas and chemicals; higher-than-
expected costs; and not successfully completing (or any material delay
in) any expansion, capital expenditure, acquisition, or disposition.
Occidental disclaims any obligation to update any forward-looking
statements.

For further analysis of Occidental's quarterly performance, please visit
the website: www.oxy.com
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             SUMMARY OF SEGMENT NET SALES AND EARNINGS
                ($ millions, except per-share amounts)

                                           First Quarter
                                            2003     2002
                                          _______  _______
 SEGMENT NET SALES
    Oil and gas                          $ 1,553  $   958
    Chemical                                 790      565
    Corporate and other                       28        -
                                          _______  _______

    Net sales                            $ 2,371  $ 1,523
                                        ________  _______
 SEGMENT EARNINGS (LOSSES)
   Oil and gas                             $ 727  $   306
   Chemical                                   35      (31)
                                           _______  _______
                                             762      275
 Unallocated Corporate Items
   Interest expense, net (a)                (124)     (56)
   Income taxes (b)                         (178)     (44)
   Trust preferred distributions
     & other                                 (11)     (11)
   Other (c)                                 (56)     (41)
                                           _______  _______

 Income from continuing operations           393      123
   Discontinued operations, net                -       (3)
   Cumulative effect of changes in
     accounting principles, net (d)          (68)     (95)
                                           _______  _______
 NET INCOME                              $   325  $    25
                                           _______  _______
                                           _______  _______

 BASIC EARNINGS PER COMMON SHARE
   Income from continuing operations     $  1.04  $  0.33
   Discontinued operations, net                -    (0.01)
   Cumulative effect of changes in
     accounting principles, net            (0.18)   (0.25)
                                           _______  _______
                                         $  0.86  $  0.07
                                           _______  _______
                                           _______  _______

 DILUTED EARNINGS PER COMMON SHARE
   Income from continuing operations     $  1.03  $  0.33
   Discontinued operations, net                -  $ (0.01)
   Cumulative effect of changes
     in accounting principles, net         (0.18)   (0.25)
                                           _______  _______
                                         $  0.85  $  0.07
                                           _______  _______
                                           _______  _______
 AVERAGE BASIC COMMON SHARES
   OUTSTANDING                               379.1    374.5
                                          ________  _______
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See footnotes on following page.
(a) The first quarter 2003 includes a $61 million pre-tax interest
charge to repay a $450 million 6.4 percent senior notes issue that had
ten years of remaining life, but was subject to re-marketing on April 1,
2003. The three months 2002 includes interest income on notes receivable
from Altura partners of $14 million.  The partnership exercised an
option in May 2002 to redeem the sellers' remaining partnership
interests in exchange for the outstanding balance on the notes.

(b) Excludes U.S. federal income tax charges and credits allocated to
the segments and foreign taxes.  Oil and gas segment earnings include
credits of $1 million for each of the three months 2003 and 2002.
Chemical segment earnings have been impacted by credits of $4 million
for the three months 2002.

(c) The three months 2002 includes preferred distributions to the
Occidental Permian Partners of $15 million.  This is essentially offset
by the interest income discussed in (a) above.  The partnership
exercised an option in May 2002 to redeem the sellers' remaining
partnership interests in exchange for the outstanding balance on the
notes.

(d) Effective January 1, 2003, Occidental implemented SFAS No. 143 -
"Accounting for Asset Retirement Obligations." Adoption of this new
accounting standard resulted in a cumulative after-tax reduction in net
income of $50 million.  Also effective January 1, 2003, Occidental
implemented the rescission of EITF 98-10, which precludes mark-to-market
accounting for all energy-trading contracts that are not derivatives and
fair-value accounting for inventories purchased from third parties.
Adoption of this accounting change resulted in a cumulative after-tax
reduction in net income of $18 million.  Effective January 1, 2002,
Occidental implemented SFAS No. 142 - "Goodwill and Other Intangible
Assets."  Adoption of this new accounting standard resulted in a
cumulative after-tax reduction in net income of $95 million in the first
quarter 2002.
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SUMMARY OF OPERATING STATISTICS

                                           First Quarter
                                           2003     2002
                                         ________  _______
 NET OIL, GAS AND LIQUIDS
    PRODUCTION PER DAY

 United States
    Crude oil and liquids (MBBL)
      California                              78        90
      Permian                                144       140
      Horn Mountain                           15         -
      Hugoton                                  4         3
                                          _______   _______
        Total                                241       233

    Natural Gas (MMCF)
      California                             262       305
      Hugoton                                144       157
      Permian                                117       129
      Horn Mountain                            5         -
                                         _______   _______
        Total                                528       591

 Latin America
    Crude oil (MBBL)
      Colombia                                37        36
      Ecuador                                 16        13
                                          _______   _______
        Total                                 53        49

 Middle East and
    Other Eastern Hemisphere
    Crude oil (MBBL)
      Oman                                    13        17
      Pakistan                                10         8
      Qatar                                   47        44
      Yemen                                   39        47
                                          _______   _______
        Total                                109       116

   Natural Gas (MMCF)
      Pakistan                                75        50

 Barrels of Oil Equivalent (MBOE)

  Subtotal consolidated subsidiaries         504       505

    Colombia-minority interest                (4)       (5)
    Russia-Occidental net interest            30        25
    Yemen-Occidental net interest              2         -
                                          _______   _______
  Subtotal other interests                    28        20
                                         _______   _______

  Total worldwide production                 532       525
                                         _______   _______
                                         _______   _______

  CAPITAL EXPENDITURES (millions)        $   298   $   254
                                          _______   _______
                                          _______   _______

 DEPRECIATION, DEPLETION AND
   AMORTIZATION OF ASSETS (millions)     $   285   $   261
                                          ________  _______
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SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING EARNINGS

Occidental's results of operations often include the effects of
significant transactions and events affecting earnings that vary widely
and unpredictably in nature, timing, and amount.  Therefore, management
uses a measure called "core earnings", which excludes those items.  This
non-GAAP measure is not meant to disassociate those items from
management's performance, but rather is meant to provide useful
information to investors interested in comparing Occidental's earnings
performance between periods.  Reported earnings are considered
representative of management's performance over the long term.  Core
earnings is not considered to be an alternative to operating income in
accordance with generally accepted accounting principles.

The following table sets forth the core earnings and significant items
affecting earnings for each operating segment and corporate:
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                                        First Quarter
                        ($ millions, except per share amounts)
                                  2003    EPS   2002    EPS
                                  _____  _____  _____  _____

 TOTAL REPORTED EARNINGS         $ 325  $0.86  $  25  $0.07
                                 ______  _____  _____  _____
                                 ______  _____  _____  _____

 Oil and Gas
  Segment Earnings               $ 727         $ 306
  Less:
      None                          -             -
                                 _____         _____
  Segment Core Earnings            727           306
                                 _____         _____
 Chemicals
  Segment Earnings (Loss)           35           (31)
  Less:
      None                            -             -
                                 _____         _____
 Segment Core Earnings (Loss)       35           (31)
                                 _____         _____
 Corporate
  Results                         (437)         (250)
  Less:
      Debt repayment charge        (61)            -
      Tax effect of pre-tax
        adjustments                 21             -
      Discontinued operations, net*  -            (3)
      Changes in accounting
        principles, net*           (68)          (95)
                                  _____         _____

 TOTAL CORE EARNINGS             $ 433  $1.14  $ 123  $0.33
                                  _____  _____  _____  _____

 * These amounts are shown after tax.

  ITEMS AFFECTING COMPARABILITY OF CORE EARNINGS BETWEEN PERIODS

                                                    First Quarter
  ($ millions)                                      2003     2002
                                                   _______  _______

 INCOME / (EXPENSE)
  (Pre-tax)

 Oil and Gas
    On-going quarterly impact of adopting asset
      retirement obligations                          (4)       -

 Chemicals
    Reorganizations/severance                          -      (14)
    Equistar equity results                            -      (36)

 Corporate
    Equity results                                   (23)       -
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CONTACT: Occidental
         Lawrence P. Meriage (media)
         (310) 443-6562
         Kenneth J. Huffman (investors)
         (212) 603-8183
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