Exhibit 99.1

For Immediate Release: August 3, 2016

Occidental Petroleum Announces 2nd Quarter 2016 Results

·                Q2 2016 quarter-end cash balance of $3.8 billion, an increase of nearly $600 million from the first quarter

·                Q2 2016 Permian Resources production increased to 126,000 BOE per day for year-over-year growth of 17,000 BOE per day or 16%

HOUSTON – August 3, 2016 – Occidental Petroleum Corporation (NYSE: OXY) announced that operating cash flow from continuing operations for the second quarter of 2016 was more than $800 million, with total cash on the balance sheet at June 30, 2016, of $3.8 billion. The company reported a loss of $139 million or $0.18 per diluted share for the second quarter of 2016.

In announcing the results, President and Chief Executive Officer Vicki Hollub said, “Total company production for on-going operations increased to 609,000 BOE per day from 590,000 BOE per day in the first quarter. The increase was driven by record production in Abu Dhabi and Oman. We continued to see further operating and capital efficiency gains during the quarter as our ‘Total Spend Per Barrel’ metric improved more than 3 percent sequentially and 37 percent year-over-year. This progress is largely due to executing our capital and operating efficiency initiatives and well productivity improvements, which should translate into full-year production growth at the high end of our 4 to 6 percent guidance, while staying within this year’s capital budget of $3 billion.

“We ended the second quarter with $3.8 billion in cash, which is nearly $600 million more than the previous quarter and includes the final payment from the settlement with Ecuador. Our strong balance sheet provides us with the flexibility to pursue attractive opportunities, including reinvesting in the business, while allowing us to deliver on our commitment of returning cash to our shareholders. As announced last month, Oxy’s Board authorized an increase of the company’s dividend to an annual rate of $3.04 per share. The increase reflects our confidence in the company’s financial strength, strong performance and future prospects.”

QUARTERLY RESULTS

Oil and Gas

Total average daily production volumes were 653,000 BOE for the second quarter of 2016, compared to 657,000 BOE for the first quarter of 2016 and 658,000 BOE for the second quarter of

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2015. Occidental continues to reduce its exposure to non-core operations in the United States and Middle East/North Africa region. These non-core operations produced average daily volumes of 44,000 BOE for second quarter of 2016, 67,000 BOE for the first quarter of 2016 and 106,000 BOE for the second quarter of 2015. Average daily production volumes from on-going operations were 609,000 BOE for the second quarter of 2016, 590,000 BOE for the first quarter of 2016 and 552,000 BOE for the second quarter of 2015.

Average daily domestic production volumes from on-going operations were 302,000 BOE for the second quarter of 2016, compared to 307,000 BOE in the first quarter of 2016 and 298,000 BOE for the second quarter of 2015. The decrease in average daily production of 5,000 BOE compared to the first quarter of 2016 reflected the impact from curtailed drilling in Occidental’s South Texas gas assets and unplanned plant outages and lower production from outside operated properties in the Permian. Compared to the second quarter of 2015, Permian Resources had increased average daily production by 17,000 BOE, which was partially offset by lower natural gas and NGL production in South Texas of 12,000 BOE.

Internationally, average daily production volumes from on-going operations were 307,000 BOE for the second quarter of 2016, compared to 283,000 BOE in the first quarter of 2016 and 254,000 BOE in the second quarter of 2015. The increase in average daily production of 24,000 BOE from the first quarter of 2016 mainly reflected the completion of scheduled maintenance at Al Hosn Gas in the first quarter along with increased production from Oman’s Block 62 as the operations continue to ramp up. Compared to the second quarter of 2015, the increase in average daily production volumes of 53,000 BOE mainly reflected production from Al Hosn Gas, which was not fully operational in the second quarter of 2015, and Oman’s Block 62 production, which commenced in 2016.

Total company average daily sales volumes were 660,000 BOE in the second quarter of 2016, compared to 651,000 BOE for the first quarter of 2016 and 657,000 BOE in the second quarter of 2015.

Oil and gas pre-tax results for the second quarter of 2016 were a loss of $117 million, compared to a loss of $485 million for the first quarter of 2016 and income of $355 million for the second quarter of 2015. After removing the impact of asset sales, impairments and other adjustments, core results were a loss of $508 million for the first quarter of 2016 and income of $324 million for the second quarter of 2015. The improvement in oil and gas results on a sequential quarterly basis reflected higher oil and NGL prices in the second quarter of 2016. Compared to the same period in 2015, the second quarter of 2016 reflected significantly lower commodity prices.

The average WTI and Brent marker prices were $45.59 per barrel and $46.97 per barrel, respectively, for the second quarter of 2016, an increase of around 35 percent on a sequential quarterly basis and a decrease of more than 20 percent on a year-over-year basis. Average worldwide realized crude oil prices were $39.66 per barrel for the second quarter of 2016, an

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increase of 35 percent compared with the first quarter of 2016 and a decrease of 27 percent compared with the second quarter of 2015. Average worldwide NGL prices were $14.59 per barrel in the second quarter of 2016, an increase of 34 percent from the preceding quarter and a decline of 19 percent from the second quarter of last year. Average domestic natural gas prices were $1.46 per MCF in the second quarter of 2016, about flat compared to the first quarter of 2016 and a 30 percent decrease compared with the second quarter of 2015.

Chemical

Chemical pre-tax earnings for the second quarter of 2016 were $88 million compared to $214 million for the first quarter of 2016 and $136 million in the second quarter of 2015. After removing the gain from asset sales in the first quarter of 2016, core income was $126 million.  Compared to the first quarter of 2016, the decrease in core earnings in the second quarter of 2016 reflected lower chlorovinyl production volumes primarily due to scheduled outages, partially offset by favorable vinyl margins. Compared to the second quarter of 2015, the decrease in second quarter 2016 earnings reflected lower average sales prices for most product lines and lower demand for calcium chloride, partially offset by lower ethylene and energy costs.

Midstream and Marketing

Midstream pre-tax results for the second quarter of 2016 were a loss of $58 million, compared to a loss of $95 million for the first quarter of 2016 and income of $87 million for the second quarter of 2015. The improvement in results compared to the first quarter of 2016 mainly reflected higher third-party foreign pipeline revenues as a gas plant was down for planned maintenance in the first quarter of 2016. Compared to the second quarter of 2015, the lower results reflected lower marketing margins due to unfavorable Permian to Gulf Coast differentials.

About Occidental Petroleum

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and

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business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental’s operations; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2015 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

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Contacts:

Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com

or

Investors:
Christopher M. Degner
212-603-8111
christopher_degner@oxy.com

On the web: www.oxy.com

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Occidental Petroleum Corporation

Quarter 2 2016 Earnings Release Schedules Index

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

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. These events may recur, even across successive reporting periods. Therefore, management uses a measure called “core results,” 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 results are not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.

SCHEDULE 2

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)