Occidental Petroleum Corp. (OXY)

Investment Accounting Policy

Cash and Cash Equivalents

Cash equivalents are short-term, highly liquid investments that are readily convertible to cash. Cash equivalents were approximately $3.5 billion and $2.5 billion at December 31, 2011 and 2010, respectively.

Investments

Available-for-sale securities are recorded at fair value with any unrealized gains or losses included in accumulated other comprehensive income/loss (AOCI). Trading securities are recorded at fair value with unrealized and realized gains or losses included in net sales.

Source: Occidental Petroleum Corp., Annual Report

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

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Occidental Petroleum Corp., adjustment to Net Income Attributable To Common Stock

USD $ in millions

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Net income attributable to common stock (as reported)
	Add: Unrealized gains (losses) on securities
	Net income attributable to common stock (adjusted)

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

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Occidental Petroleum Corp., adjusted ratios

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Net Profit Margin
Reported net profit margin	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%
Return on Equity (ROE)
Reported ROE	%	%	%	%	%
Adjusted ROE	%	%	%	%	%
Return on Assets (ROA)
Reported ROA	%	%	%	%	%
Adjusted ROA	%	%	%	%	%

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Occidental Petroleum Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders' equity.	Occidental Petroleum Corp.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Occidental Petroleum Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Net Profit Margin

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to common stock (USD $ in millions)
Net sales (USD $ in millions)

Net profit margin¹	%	%	%	%	%
Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to common stock (USD $ in millions)
Net sales (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net income attributable to common stock ÷ Net sales
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Adjusted net income attributable to common stock ÷ Net sales
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Occidental Petroleum Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Equity (ROE)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to common stock (USD $ in millions)
Equity attributable to common stock (USD $ in millions)

ROE¹	%	%	%	%	%
Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to common stock (USD $ in millions)
Equity attributable to common stock (USD $ in millions)

Adjusted ROE²	%	%	%	%	%

2011 Calculations

¹ ROE = 100 × Net income attributable to common stock ÷ Equity attributable to common stock
= 100 × ÷ = %

² Adjusted ROE = 100 × Adjusted net income attributable to common stock ÷ Equity attributable to common stock
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders' equity.	Occidental Petroleum Corp.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to common stock (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%
Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to common stock (USD $ in millions)
Total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%

2011 Calculations

¹ ROA = 100 × Net income attributable to common stock ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Adjusted net income attributable to common stock ÷ Total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Occidental Petroleum Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Occidental Petroleum Corp. (OXY) | Analysis of Investments

Investment Accounting Policy

Cash and Cash Equivalents

Investments

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

Adjusted Net Profit Margin

Adjusted Return On Equity (ROE)

Adjusted Return On Assets (ROA)

Basic Materials

Consumer Goods

Consumer Services

Health Care

Industrials

Oil & Gas

Technology

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