2. Selected Financial Data
Dollar amounts in millions, except per-share amounts
2006 2005 2004 2003 2002
For the years ended December 31,
Results of Operations (a)
Net sales $ 17,661 $ 14,597 $ 10,879 $ 9,020 $ 7,149
Income from continuing operations 4,435 5,040 2,406 1,559 1,167
Net income 4,182 5,281 2,568 1,527 989
Basic earnings per common share
from continuing operations 5.20 6.25 3.04 2.03 1.55
Basic earnings per common share 4.90 6.55 3.24 1.99 1.31
Diluted earnings per common share 4.86 6.45 3.20 1.97 1.30
Core earnings (b) 4,349 3,732 2,299 1,599 1,003
Financial Position (a)
Total assets 32,355 26,108 21,391 18,168 16,548
Long-term debt, net and
trust preferred securities (c) 2,619 2,873 3,345 4,446 4,452
Stockholders’ equity 19,184 15,032 10,550 7,929 6,318
Market Capitalization 42,515 32,129 23,153 16,349 10,750
Cash Flow
Cash provided by operating activities 6,353 5,337 3,878 3,074 2,100
Capital expenditures (3,005) (2,324) (1,720) (1,523) (1,145)
Cash used by all other investing activities, net (1,378) (837) (708) (608) (551)
Dividends Per Common Share $ 0.80 $ 0.645 $ 0.55 $ 0.52 $ 0.50
Basic Shares Outstanding (thousands) 852,550 806,600 791,159 767,887 752,380
(a) See the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MDA) section 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) For an explanation of core earnings and reconciliation to net income, see “Significant Items Affecting Earnings” in the MDA
section of this report.
(c) On January 20, 2004, Occidental redeemed the trust preferred securities.
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,” “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 reliance on these forward-looking statements, which speak only as of the date of this
report. Unless legally required, Occidental expressly disclaims any obligation to publicly update or revise 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 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 2006 Annual Report on Form 10-K included in this report.
ON THE COvER: The illustration is a depiction of a multilateral horizontal well. Horizontal wells enable Oxy to produce
concurrently from multiple intervals off a single well bore.
3. Oxy in Brief
Occidental Petroleum Corporation (NYSE: OXY) is a world leader
in oil and natural gas exploration and production, and a major
North American chemical manufacturer.
With oil and natural gas operations in the United operations include producing assets in Argentina,
States, the Middle East/ North Africa region and Bolivia and Colombia. The company also has
Latin America, Occidental is helping to meet producing assets in Pakistan.
the world’s energy needs. In the United States,
Occidental Chemical Corporation (OxyChem)
Occidental is the largest oil producer in Texas and
manufactures vinyls and performance chemicals
the largest natural gas producer in California, with
in addition to chlorine and caustic soda — the
additional operations in Kansas, Oklahoma and
building blocks for such indispensable products as
New Mexico. Occidental also has an interest in a
pharmaceuticals, water disinfectants, detergents
single non-operated property in the Gulf of Mexico.
and others.
In the Middle East/North Africa, Occidental has
Worldwide, Occidental is committed to safeguarding
assets in Libya, Oman, Qatar, Yemen and is a
the environment, protecting the safety and health of
partner in the transborder Dolphin Project that will
employees and neighboring communities and upholding
supply natural gas from Qatar to markets in the
the highest standards of social responsibility.
United Arab Emirates and Oman. Our Latin American
3
1 9
2
4
13 12 14
5
1. Elk Hills
10
11
2. Long Beach
3. Hugoton
4. Permian Basin
6
5. Horn Mountain
6. Colombia
7. Bolivia
8. Argentina
7
9. Libya
10. Yemen 8
11. Oman
12. United Arab Emirates
13. Qatar
14. Pakistan
4. 2006 nnual Report to Stockholders
In my reports to you during the past five years,
I have emphasized the strategic steps we
have taken to strengthen our financial and
operational performance. The execution of
our strategy to balance near-term profitability
with long-term growth has positioned the
company to capitalize on strong energy prices
to generate a growing stream of income
and cash flow, and secure new investment
Dr. Ray R. Irani
opportunities. As a result, our performance
Chairman, President and Chief Executive Officer
in 2006 again ranked among the strongest in
the oil and gas industry as demonstrated by
a series of key metrics that we believe best
measure comparative financial performance.
Return on Capital
Net Income Return on
Employed*
Equity
$ in Billions
Stated as Percent
Stated as Percent
33
5.3 41
29.714302
4.2 35.142886
21
28 26.428585
29.285738
20
24
23.142868
23.428591
2.6 15
21 19.857151
17.571443
1.5 11.714295 16.571434
13.285717
5.857148
10.000000
0.000000
2005
2004
2006
2003
2005
2004
2005
2006
2003
2004
2006
2003
* ROCE is earnings before interest expense and tax
effect of interest expense over stockholders’ equity
plus average total debt.
2
5. We also received $250 million from the sale of 10
Market PerforMance
After adjusting for a two-for-one stock split in August million shares of our investment in Lyondell Chemical
2006, Occidental’s year-end closing stock price of Company. We used $3 billion of our cash flow to
$48.83 per share was the highest year-end stock fund our 2006 capital program, used $2.5 billion for
price in the company’s history and 22 percent higher acquisitions and $1.5 billion to repurchase 30.6
than the previous year-end record of $ 39.94 set in million shares of Occidental common stock. We
2005. Our 2006 total return to stockholders, based also paid off $895 million of debt, including debt
on stock price appreciation plus dividend reinvest- assumed as part of the Vintage acquisition, and we
ment, was 24 percent. Over the past five years, paid dividends totaling $645 million. At year-end
Occidental’s total return to stockholders of 315 2006, Occidental had approximately $1.6 billion of
percent substantially outperformed the total returns cash and short-term investments on hand.
of 195 percent recorded by the Standard Poor’s
We also increased the annual dividend rate by 24
500 Oil and Gas Exploration Production Index and
percent, which was the fifth increase since 2002.
125 percent by the Standard Poor’s 500 Oil and
The board of directors will continue to evaluate the
Gas Integrated Index.
dividend policy in keeping with our commitment to
financial PerforMance generate top quartile total returns for our stockholders.
Consolidated net income was nearly $4.2 billion
During 2006, our return on capital employed was
compared to the $5.3 billion we earned in 2005.
21 percent, and the three-year average from 2004
Core income, which excludes special items, rose
through 2006 was 25 percent. Our return on equity
to an all-time high of $4.3 billion. Cash flow from
in 2006 was 24 percent, and the three-year average
operations was approximately $6.4 billion. In addition,
was 30 percent. During the same three-year period,
we received total proceeds of $1 billion from the sale
our stockholders’ equity grew by 142 percent —
of non-core properties that were part of Vintage
from $7.9 billion to $19.2 billion.
Petroleum, which we acquired early in the year.
Total Debt Stockholders’
Debt-to-
Equity
Capitalization $ in Billions
Ratio $ in Billions
Stated as Percent
19.2
4.6
37
3.9 16.457157
3.942860
15.0
27 3.0
3.285717 13.714297
2.9
10.6
2.628574 10.971438
17 7.9
1.971430 8.228578
13
5.485719
1.314287
2.742859
0.657143
0.000000 0.000000
2005
2005
2004
2004
2006
2006
2003
2003
2005
2004
2006
2003
6. Oil and Gas
oPerations PerforMance
For the third consecutive year, oil and gas segment income set a
new record. Oil and gas earnings of $7.239 billion were 21 percent
higher than the $5.968 billion this segment earned in 2005.
The improvement was mainly the result of higher Production from California averaged about 129,000
crude oil prices and combined oil and gas volumes. BOE per day, which was 21 percent of the world-
Oil and gas income on a barrel of oil equivalent wide total.
(BOE) basis—after taxes and before interest
The assets we acquired from Vintage Petroleum in
expense — was $20.51, which we believe will
California, Argentina and Yemen were an excellent
place Occidental in the top quartile among large
strategic fit with our existing core operations. The
capitalization oil and gas industry peers for the
September acquisition of oil and gas producing
eighth consecutive year.
properties from Plains Petroleum further strength-
Worldwide oil and natural gas production averaged ened Occidental’s operations in California and the
601,000 BOE per day in 2006, which is 14 percent Permian Basin. These 2006 acquisitions are part of
higher than the 2005 average production of 526,000 our business strategy to achieve profitable growth
BOE per day. Our oil and gas production for the by focusing on large, long-lived assets in our core
fourth quarter 2006 averaged a quarterly record high geographic areas.
of 616,000 BOE per day, up 5 percent from the third
Middle East/North Africa
quarter and 13 percent from the fourth quarter 2005.
Occidental’s net 2006 production from our Middle
Last year, we continued adding proved oil and gas East/North Africa operations increased by 15 percent,
reserves at a pace well ahead of production. In compared in 2005 to an average of 118,000 BOE
2006, we produced approximately 219 million BOE per day, and accounted for 20 percent of our total
while adding 511 million BOE of proved reserves worldwide production.
from all sources. At year-end 2006, Occidental’s
The primary factor accounting for the increase was
total proved reserves from all sources rose to 2.9
a full year’s worth of production from our historic
billion BOE. The United States accounted for 72
contract areas in the prolific Sirte Basin in Libya,
percent of our total proved reserves followed by the
compared to four months of production in 2005.
Middle East with 18 percent, Latin America with 9
Occidental’s net production from Libya averaged
percent and 1 percent for other operations.
23,000 BOE per day in 2006, compared to an
average of 8,000 BOE per day in 2005. We continue
United States
Combined United States oil and natural gas to hold discussions with Libyan officials about the
production, which accounted for 61 percent potential to increase production from these and
of total worldwide production, increased to an other producing fields through the application of
average of 367,000 BOE per day, a 6-percent innovative enhanced recovery techniques.
increase compared to 2005. The largest operation
Our success in winning nine new exploration blocks
is in the Permian Basin of west Texas and south-
in the EPSA-IV oil and gas licensing round in Libya
eastern New Mexico and accounted for an average
in January 2005 has been followed by the most
of 199,000 BOE per day, or 33 percent of our
extensive seismic data acquisition program in the
daily worldwide production.
7. Oil Natural Gas
Oil Natural Gas
Proved Reserves
Production
Million BOE
Thousand BOE/Day
2,208 2,365 2,428 2,611 2,899
520
502 522 526 601
453 560 584 585 814 International
176 177 181 181 234 International
1,755 1,805 1,844 2,026 2,085 U.S.
326 345 339 345 367 U.S.
2004
2002
2003
2005
2006
2004
2002
2003
2005
2006
Oxy’s Long Beach, California operations are an The Permian Basin is a showcase for Oxy’s world-class Formerly a U.S. Naval Petroleum reserve, Oxy’s
example of the company’s success in increasing Enhanced Oil Recovery (EOR) expertise. Through Elk Hills operation in central California is the
reserves and maximizing production from mature emphasis on advanced technology, reservoir manage- seventh largest oil field in the continental United
fields. Visitors to this beachside community are ment and a cost-effective capital program, Oxy has States. Elk Hills helps make Oxy the largest
often unaware that the harbor’s resort-looking minimized the production decline from this mature field. natural gas producer and the third largest oil
islands are oil and gas production facilities. Pictured above is Oxy’s Permian Basin Denver City unit. producer in California.
Pictured at left is Oxy’s Permian
Basin unit in Hobbs, New Mexico.
Oxy’s Permian Basin assets, which
span 2 million acres of west Texas
and a portion of New Mexico,
account for about a third of Oxy’s
worldwide net production.
In 2006, Oxy acquired Vintage
Petroleum with primary assets
in California and Argentina. Pictured
at right is one of the Argentina
properties. Through aggressive
drilling, waterflooding and EOR
projects, Oxy expects to ramp
up production from these newly
acquired assets.
8.
9. Oil and Gas
company’s history. Occidental is the operator and and water desalination markets in the United Arab
holds a 90-percent exploration working interest in Emirates and Oman. Occidental has a 24.5-percent
onshore Blocks 106 and 124 in the Sirte Basin, interest in this mega project.
Blocks 131 and 163 in the Murzuk Basin and Block
Qatar remains our largest operation in the Middle
59 in the Cyrenaica Basin. Occidental also holds a
East/North Africa. Our net production in Qatar of
35-percent exploration working interest in offshore
43,000 barrels per day in 2006 accounted for more
Blocks 35, 36, 52 and 53. Occidental’s total
than one-third of our total production for the region.
exploration and production acreage in Libya
encompasses an area of approximately 130,000 Latin America
square kilometers, making Occidental the largest Our production in Latin America averaged approxi-
net holder of oil and gas acreage in the country. mately 76,000 BOE per day, which made up 13
percent of our total worldwide production.
Occidental and its partners have thus far accumulated
seismic data covering 20,000 kilometers. Plans are The acquisition of Vintage Petroleum’s operations
in place to gather data spanning an additional 6,000 in Argentina contributed significantly to Occidental’s
kilometers. Our ongoing analysis of the seismic data 2006 Latin American production. Occidental’s share
has already led to the identification of a number of of production from the Argentina operations
attractive prospects and we have just begun an averaged approximately 39,000 BOE per day, on
extensive drilling program. an annualized basis, for the 11 months the company
held the properties. The integration of the former
Since July 2005, when the Sultanate of Oman
Vintage assets into our operations has largely been
awarded Occidental a 45-percent working interest
completed. We are excited by the large number of
in a contract to operate one of the largest oil fields
opportunities to increase production in Argentina,
in Oman, work in the Mukhaizna field has been
and we are moving forward with plans for the
moving forward according to plan. Occidental and
accelerated development of these assets.
its partners plan to implement a large-scale steam
flood to increase production to approximately In Colombia, we completed our evaluation of
150,000 barrels per day within the next few years a multiphase enhanced recovery project in the
and to recover approximately 1 billion barrels of oil La Cira Infantas field and we are moving forward
over the life of the project. During 2006, Occidental with plans for the full development of the field in
drilled a total of 40 wells in the Mukhaizna field, and cooperation with Ecopetrol, Colombia’s state oil
is on track to reach its objectives. company. At full development, this project has the
potential to recover approximately 80 million net
The Dolphin Project, the premier transborder natural
barrels of reserves for Occidental, with net production
gas project in the Middle East, made significant
increasing to 20,000 BOE per day in 2010.
progress in 2006. Construction was completed on
all the project’s upstream and downstream compo- Occidental’s production in Latin America was
nents by year-end except the giant gas processing adversely impacted by the seizure of the company’s
plant located at Ras Laffan in Qatar. The project operations in Ecuador. Occidental has filed a claim
involves the initial development of approximately two against Ecuador with an agency of the World Bank
billion cubic feet per day of natural gas from Qatar’s in Washington, DC seeking redress for the illegal
giant North Field. The processed gas will be confiscation of our assets without compensation.
transported from Ras Laffan through a 48-inch
diameter, 260-mile long pipeline to supply power
Oxy’s massive seismic surveying project is underway in Libya, where vast areas both onshore and offshore are under explored. Oxy moved quickly
once sanctions were lifted, successfully bidding on nine exploration blocks. The Libya Exploration Program is the largest in Oxy’s history.
10. Chemicals
Our chemical segment core earnings of $901 million
were the highest level achieved in more than a decade
and exceeded our 2005 results by 16 percent.
Demand for our major products remained strong
across most sectors of the economy, including
construction, for much of the year. Sales volumes also
were sustained by the need to rebuild downstream
inventories following the hurricanes in late 2005 and
concerns about the potential for similar supply
disruptions in 2006. In addition, we continued to
benefit from the operation of assets acquired from
Vulcan Materials Company in mid-2005 and have
realized substantial synergies after the first full year
following the integration of these assets. Overall
chemical performance was driven by generally strong
demand that resulted in healthy margins for our
key products.
Consistent with our focus on continued improvement
in our assets and on health, environment and safety,
OxyChem began a project to convert its membrane
cell chlor-alkali plant at Taft, Louisiana to potassium
hydroxide. The project, when complete in early 2008,
will not only improve our cost position, but also
will eliminate the last of our mercury cell production
facilities in the United States.
Oxy’s chemical subsidiary, OxyChem, is a leading North American
manufacturer of vinyls, chlorine and caustic soda—the building
blocks for such products as pharmaceuticals, water disinfectants
and plastics. Based in Dallas, Texas, OxyChem has manufacturing
facilities in the United States, Canada, Brazil and Chile. Pictured
top left is OxyChem’s Ingleside, Texas plant; left, employees pose
at OxyChem’s plant in Talcahuano, Chile. Below left is the control
room at OxyChem’s Taft, Louisiana plant.
Employee Recordable
Injury Illness Trend*
Rate Per 100 Employees
Average of all U.S. industries
7.10 6.70 6.30 6.10 5.70 5.30 5.00 4.80 4.60
0.73 0.68 0.65 0.83 0.69 0.62 0.68 0.34 0.47 0.47 Occidental
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
* The US industry data for 2006 are not yet available.
11. Corporate Social
Responsibility
Clean, efficient and reliable energy supplies are assets, primarily by capturing natural gas for sale.
critical to the growth and development of the global Occidental Oil and Gas was recognized by U.S.
economy. Occidental is committed to finding and EPA as its International Partner of the Year for the
developing the oil and natural gas necessary to fuel Natural Gas Star program.
economic growth while upholding high standards of
We recognize that an important part of our effort to
social responsibility, protecting the environment and
find and develop new oil and natural gas resources
safeguarding the health and safety of our employees,
is evaluating how these activities impact local
our neighbors and our customers.
communities. Maximizing the social, environmental
Safety is a top priority for Occidental. In 2006, we and safety benefits of our activities while minimizing
maintained our excellent safety record. Our 2006 any negative impacts is our goal. In 2004, Occidental’s
Employee Injury and Illness Incidence Rate (IIR— Board of Directors adopted a comprehensive
recordable injuries and illnesses per 100 worker Human Rights Policy to restate and reinforce the
years) was 0.47, the same as our 2005 rate. We are company’s commitment to respect and promote
proud that we have been able to maintain consistently human rights. Since then, we have made excellent
low IIR rates while simultaneously meeting the progress in advancing the policy. More than 2,000
challenge of integrating two significant oil and gas employees, including most of the employees from our
acquisitions into our operations. We are working new operations in Argentina, Colombia, Libya and
diligently to implement enhanced safety and Oman have participated in human rights training
environmental standards into these new operations. courses. The training is required for all Occidental
managers, security employees and contractors
Incidents are thoroughly investigated and Occidental’s
and new employees in our international operations.
safety programs evolve to meet the changing needs
of our business as we grow. Occidental also maintains The policy also requires social impact assessments
a strong health, environment and safety risk manage- in new work areas in non-U.S. locations. So far,
ment and mitigation program, with results regularly assessments have been initiated in Oman, Libya,
reviewed by senior management. Yemen, Colombia and Argentina. In Colombia,
Occidental collaborated with Ecopetrol and
Building on our history of strong environmental
International Alert, a London-based Human Rights
stewardship, Occidental Oil and Gas Corporation
group, to introduce a new, comprehensive
joined the new U.S. EPA-sponsored Natural Gas
risk matrix, which has proven to be helpful in
Star International program. Participation will provide
evaluating potential impacts of oil field operations
a recognized forum to document and present the
on local communities.
significant reductions in methane emissions that
have been achieved in Occidental’s international In addition, our oil and gas business units are
incorporating auditable social responsibility
standards into the company’s Health, Environment
and Safety Management Systems to help ensure
our programs are fully integrated into our daily
business practices.
Occidental recognizes that responsible social,
environmental and safety practices are critical to
strong financial performance, and we strive to be
a socially responsible corporate citizen.
In September 2005, Oxy took over operations of the Mukhaizna
field, one of the largest in Oman. Oxy and its partners are
implementing a drilling and development program including a
massive steam flood project.
12.
13. Looking head
While we are pleased with our progress in 2006, we are focused
on the future to make sure that we grow stronger in 2007 and
beyond. World energy demand is growing rapidly. With very little
excess capacity, energy prices are likely to remain high and
volatile. These factors will continue to drive investment across
the energy sector. We plan to grow by building on our strengths
and participating in new investment opportunities. One of our
most important priorities is to add another core growth area to
keep our new project inventory full of high return projects.
Another priority is continued growth in our existing is the most extensive exploration initiative in
core areas. We plan to aggressively pursue the Occidental’s history and we are excited by the
exploitation of properties we acquired in California quality of the prospects.
and Argentina in 2006 from Vintage and Plains
Also, we are working on a number of new, high
through a combination of primary drilling and EOR
potential projects in the Middle East and North
projects. We expect to continue with our consolida-
Africa. We expect to announce success in winning
tion initiatives in Texas and California. In addition,
additional projects this year.
we have a large inventory of EOR projects in the
Permian Basin of Texas and New Mexico where we We are confident we can keep our combined oil and
expect to offset moderate decline rates and keep gas production growing at a sustainable annual rate
production stable. of 5 to 8 percent through 2010. Growth will come from
the company’s Argentina assets, the giant Dolphin
We expect the Dolphin Project to become fully
gas project in Qatar and the United Arab Emirates
operational around mid-year 2007, with gross
and the Mukhaizna EOR project in Oman and Libya.
production ramping up to 2 billion cubic feet per
day by year-end. This production outlook does not depend on new
exploration success, new EOR projects or new
We expect to drill between 14 and 16 exploration
acquisitions. However, we clearly hope that success
wells in Libya this year, with 10 to 12 wells onshore
in these areas will further enhance our outlook for
and the remaining four offshore. This focused effort
sustained growth.
The Dolphin Project’s giant 1 by 2 kilometer gas plant under construction in Qatar will process natural gas produced in Qatar’s North
Field. Oxy has a 24.5-percent interest in Dolphin Energy Limited with this project, which is one of the largest energy projects to be
undertaken in the Middle East.
14. Oxy began exploring Oman’s Safah field in 1983 and discovered this 300-million-barrel field a year later. Through EOR success, extensive
3-D seismic surveying and an 85-percent exploration drilling success rate, Oxy has increased its production, reserves and scope of
operations over its 20+ year tenure in Oman.
In January 2007, we sold our 50-percent interest in We are committed to achieving superior financial
the Vanyoganneft joint venture in western Siberia for and operational results, while adhering to the highest
approximately $485 million. We recorded a gain of standards of ethical behavior, maintaining a safe and
approximately $400 million in the first quarter of healthy work place and serving as a responsible
2007. This transaction reduces our risk profile and steward of the environment. We are focused on the
provides additional cash to support our initiatives to fundamentals of the business, including optimizing
enhance stockholder value in 2007 and beyond. profits and free cash flow per BOE, keeping finding
and development costs competitive, growing oil and
Maintaining financial discipline and flexibility remains
gas reserves at a rate well in excess of production
a key part of our strategy. We will continue to look
and maintaining financial discipline. Focusing
for opportunities to use our free cash flow to
on these fundamentals should keep our returns on
enhance stockholder value by maintaining a strong
equity and capital employed in the top quartile—and
balance sheet, expanding our share repurchase
ultimately generate top quartile total returns for our
program and investing for growth. We expect capital
stockholders. This formula, which has served us well
expenditures to rise by approximately $400 million in
in the past, will continue to drive our performance in
2007, from $3 billion in 2006 to $3.4 billion in 2007,
the future.
for an increase of 13 percent.
Under the stewardship of our board of directors
We will assess the potential of using the excess
and strong management team, we believe we have
cash from operations to fund new projects,
established a solid foundation for future growth and
repurchase additional shares and make strategic
profitability. Our stockholders have high expectations,
acquisitions. Our decisions will be driven by our
and we are committed to meeting those expectations.
commitment to maximize value for our stockholders.
We believe our employees are second-to-none.
Dr. Ray R. Irani
They are the most critical factor in the successful
execution of our growth strategy. As we strive Chairman, President and Chief Executive Officer
to achieve higher levels of performance, we are
broadening our recruiting efforts to attract the most
highly skilled and dedicated people.
2
15. Board and Officers
Board of directors officers
Dr. Ray R. Irani 1,8 Dr. Ray R. Irani
Chairman, President and Chief Executive Officer, Chairman, President and Chief Executive Officer
Occidental Petroleum Corporation
Stephen I. Chazen
Spencer braham 3,4,7 Senior Executive Vice President and Chief Financial Officer
Chairman and Chief Executive Officer,
The Abraham Group, LLC;
former U.S. Secretary of Energy Executive vice Presidents
Ronald W. Burkle 8 Donald P. de Brier
Managing Partner, The Yucaipa Companies Executive Vice President, General Counsel and Secretary
John S. Chalsty Richard W. Hallock
1,2,3,5,8
Principal, Muirfield Capital Management LLC; Executive Vice President — Human Resources
former Chairman, Donaldson, Lufkin Jenrette, Inc.
James M. Lienert
Edward P. Djerejian 4,5,7 Executive Vice President — Finance and Planning
Director, James A. Baker III Institute for Public Policy;
John W. Morgan
former U.S. Ambassador
Executive Vice President;
R. Chad Dreier 2,3 President, Oxy Oil and Gas — Western Hemisphere
Chairman, President and Chief Executive Officer,
R. Casey Olson
The Ryland Group, Inc.
Executive Vice President;
John E. Feick 1,2,4,8 President, Oxy Oil and Gas — Eastern Hemisphere
Chairman, Matrix Solutions Inc.
Irvin W. Maloney 1,2,3,7
vice Presidents and Key Executives
Retired Chairman and Chief Executive Officer,
B. Chuck nderson
Dataproducts Corporation
President, OxyChem
Rodolfo Segovia 1,3,4,5,7
James R. Havert
Member of the Executive Committee, Inversiones Sanford;
former President, Ecopetrol — Colombian national oil Vice President and Treasurer
company
Jim . Leonard
ziz D. Syriani 1,2,5,6,8 Vice President and Controller
President and Chief Executive Officer, The Olayan Group
Robert M. McGee
Rosemary Tomich 1,2,3,4,5,7 Vice President — Government Relations
Owner, Hope Cattle Company and A.S. Tomich
Lawrence P. Meriage
Construction Company; Chairman and Chief Executive
Vice President — Communications and Public Affairs
Officer, Livestock Clearing, Inc.
Donald L. Moore, Jr.
Walter L. Weisman 4,5,8
Vice President and Chief Information Officer
Private investor; former Chairman and Chief Executive
Officer, American Medical International, Inc.
www.bakerbuilds.com
Roy Pineci
Vice President — Internal Audit
Member of the Executive Committee
1
Christopher G. Stavros
Member of the Audit Committee
2
Vice President — Investor Relations
Member of the Executive Compensation
3
Todd . Stevens
and Human Resources Committee
Vice President — Acquisitions and Corporate Finance
Member of the Environmental, Health,
4
Baker | Brand Communications
and Safety Committee
Michael S. Stutts
Member of the Corporate Governance, Nominating and
5
Vice President — Tax; Chief Tax Counsel
Social Responsibility Committee
Lead Independent Director Richard . Swan
6
Member of the Charitable Contributions Committee Vice President — Health, Environment and Safety
7
Member of the Dividend Committee
8
As of December 31, 2006
16. auditors annual certifications
KPMG LLP Occidental has filed the certifications of the chief
Los Angeles, California executive officer and chief financial officer required
by Section 302 of the Sarbanes-Oxley Act of
2002 as Exhibits 31.1 and 31.2 to its 2006 Annual
transfer agent and registrar
Report on Form 10-K filed with the Securities
Mellon Investor Services LLC
and Exchange Commission. In addition, in 2006,
Shareholder Relations
Occidental submitted to the NYSE a certificate
Newport Office Center VII
of the chief executive officer stating that he is not
480 Washington Boulevard
aware of any violation by the company of the
Jersey City, New Jersey 07310
NYSE corporate governance listing standards.
(800) 622-9231
www.melloninvestor.com/isd
current news and
general inforMation
stock exchange listing
Information about Occidental, including press
Common Stock
releases, is available on the Internet at
New York Stock Exchange (NYSE)
www.oxy.com. In addition, our investor package
is available by calling toll-free 1-888-OXYPETE;
dividend reinvestMent Plan
(1-888-699-7383).
Occidental stockholders owning 25 or more
shares of common or preferred stock registered additional PuBlications
in their name are eligible to purchase additional
availaBle to stockholders
shares of common stock under the Dividend
The Health, Environment, Safety and Social
Reinvestment Plan by investing dividends on a
Responsibility Report, and Occidental’s Corporate
minimum of 25 shares and optional cash
Governance Principles are available upon request
payments of up to $10,000 per month.
by writing to Occidental, and at www.oxy.com.
Information may be obtained from: Mellon
Investor Services LLC at www.melloninvestor.com.
corPorate headQuarters oil and gas cheMicals
10889 Wilshire Boulevard Occidental Oil and Gas Corporation Occidental Chemical Corporation
Los Angeles, California 90024-4201 10889 Wilshire Boulevard Occidental Tower
310.208.8800 Los Angeles, California 90024-4201 5005 LBJ Freeway
www.oxy.com (310) 208-8800 Dallas, Texas 75244-6119
www.oogc.com P.O. Box 809050
Dallas, Texas 75380-9050
investor relations
Occidental Middle East (972) 404-3800
1230 Avenue of the Americas Crescent Towers, Zayed The First Street, www.oxychem.com
8th Floor, Suite 800 Khalidyah
New York, New York 10020-1508 P.O. Box 73243 occidental international
(212) 603-8111 Abu Dhabi, United Arab Emirates
corPoration
investorrelations_newyork@oxy.com +971 2 691 7200
1717 Pennsylvania Avenue, NW
stockholder relations Occidental Energy Marketing, Inc. Suite 400
5 Greenway Plaza Washington, DC 20006-4614
10889 Wilshire Boulevard
Houston, Texas 77046-0506 (202) 857-3000
Los Angeles, California 90024-4201
P.O. Box 27570
(310) 443-6459
Houston, Texas 77227-7570
(713) 215-7000
