Offshore staff

LOS ANGELES -- Occidental Petroleum Corp has officially announced its net income for 2Q 2007 at $1.412 billion ($1.68 per diluted share), compared with $860 million ($0.99 per diluted share) for 2Q 2006.

"Net income for the first six months of 2007 was at a record high $2.624 billion. We look ahead to the remainder of the year as the giant Dolphin project, one of the largest energy projects ever undertaken in the Middle East, has become operational," says Dr. Ray R. Irani, chairman, president and CEO. "Dolphin is now delivering natural gas from its wells in Qatar's North field to customers in the United Arab Emirates. This unique project will have significant impact on the region and we expect our 24.5% interest in Dolphin to provide a steady contribution to Oxy's financial performance for the next 25 years."

During the first half of 2007, Occidental strengthened its asset base by acquiring additional producing properties in the Permian basin in Texas and by divesting of non-core assets in the Gulf of Mexico, Pakistan, and Russia.

"The net impact of these transactions, together with the Dolphin Project production ramp-up, should result in Occidental producing at a year-end exit rate in the range of 630,000 to 650,000 boe/d," Irani says.

7/24/2007