Oxy's 3Q 2007 Reaches a Record High

Occidental Petroleum Corporation (NYSE:OXY) announced net income of $1.324 billion ($1.58 per diluted share) for the third quarter of 2007, compared with $1.170 billion ($1.36 per diluted share) for the third quarter of 2006. Core results for the third quarter of 2007 were a record high of $1.210 billion ($1.45 per diluted share), compared with $1.103 billion ($1.28 per diluted share) for the third quarter of 2006. See the attached schedule for a reconciliation of net income to core results.

"Increase in our production volume, including initial production from the Dolphin Project and increases in worldwide crude oil prices, contributed to Oxy's record-setting third quarter core income results of $1.210 billion," said Dr. Ray R. Irani, chairman, president and CEO.

For the third quarter of 2007, daily oil and gas production averaged 570,000 boe, compared with 533,000 boe/d produced in the third quarter of 2006. The increased production included 15,000 boe/d from Dolphin, 12,000 boe/d from domestic operations and the remainder primarily from the Middle East.

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