<SEC-DOCUMENT>0001034563-19-000011.txt : 20190722
<SEC-HEADER>0001034563-19-000011.hdr.sgml : 20190722
<ACCEPTANCE-DATETIME>20190722141028
ACCESSION NUMBER:		0001034563-19-000011
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190722
DATE AS OF CHANGE:		20190722
EFFECTIVENESS DATE:		20190722

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCCIDENTAL PETROLEUM CORP /DE/
		CENTRAL INDEX KEY:			0000797468
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954035997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09210
		FILM NUMBER:		19965312

	BUSINESS ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7132157000

	MAIL ADDRESS:	
		STREET 1:		5 GREENWAY PLAZA
		STREET 2:		SUITE 110
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICAHN CARL C
		CENTRAL INDEX KEY:			0000921669
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		C/O ICAHN ASSOCIATES HOLDING LLC
		STREET 2:		767 FIFTH AVE., SUITE 4700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		212-702-4300

	MAIL ADDRESS:	
		STREET 1:		C/O ICAHN ASSOCIATES HOLDING LLC
		STREET 2:		767 FIFTH AVE., SUITE 4700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ICAHN CARL C ET AL
		DATE OF NAME CHANGE:	19950612
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>oxydfan14a072219.htm
<TEXT>
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    <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Washington, D.C. 20549</div>
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          <td style="width: 93.33%; vertical-align: top;">
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          <td style="width: 6.67%; vertical-align: top;">
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          <td style="width: 93.33%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Definitive Proxy Statement</div>
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          <td style="width: 6.67%; vertical-align: top;">
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          <td style="width: 93.33%; vertical-align: top;">
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            <div style="line-height: 11.4pt;">&#8999;</div>
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            <div style="line-height: 11.4pt;">Definitive Additional Materials</div>
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 93.33%; vertical-align: top;">
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            <div style="line-height: 11.4pt;">Soliciting Material Pursuant to &#167;240.14a-12</div>
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    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">&#160;</div>
    <div style="text-align: center; line-height: 22.8pt; font-size: 18pt; font-weight: bold;">Occidental Petroleum Corporation</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">(Name of Registrant as Specified In Its Charter)</div>
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    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Carl C. Icahn</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Icahn Partners LP</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Icahn Partners Master Fund LP</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">High River Limited Partnership</div>
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    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Icahn Enterprises G.P. Inc.</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Icahn Enterprises Holdings L.P.</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">IPH GP LLC</div>
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    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Icahn Onshore LP</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">Icahn Offshore LP</div>
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          <td style="width: 6.67%; vertical-align: top;">
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          <td style="width: 93.33%; vertical-align: top;" colspan="2">
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          <td style="width: 6.67%; vertical-align: top;">
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          <td style="width: 93.33%; vertical-align: top;" colspan="2">
            <div style="line-height: 11.4pt;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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          <td style="width: 6.67%; vertical-align: top;">
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          <td style="width: 93.33%; vertical-align: top;" colspan="2">
            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 6.67%; vertical-align: top;">
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            <div style="line-height: 11.4pt;">(1)</div>
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          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Title of each class of securities to which transaction applies:</div>
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          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 6.67%; vertical-align: top;">
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          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Aggregate number of securities to which transaction applies:</div>
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            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">(3)</div>
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          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
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          <td style="width: 6.67%; vertical-align: top;">
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            <div style="line-height: 11.4pt;">Proposed maximum aggregate value of transaction:</div>
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
        </tr>
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">(5)</div>
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          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Total fee paid:</div>
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            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
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    </table>
    <div style="line-height: 11.4pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z77813593ac0840d891dd6441e138943a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 93.33%; vertical-align: top;" colspan="2">
            <div style="line-height: 11.4pt;">Fee paid previously with preliminary materials.</div>
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          <td style="width: 6.67%; vertical-align: top;">
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          </td>
          <td style="width: 93.33%; vertical-align: top;" colspan="2">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
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        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#9723;</div>
          </td>
          <td style="width: 93.33%; vertical-align: top;" colspan="2">
            <div style="line-height: 11.4pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the
              offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>
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        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">(1)</div>
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          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Amount Previously Paid:</div>
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          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">(2)</div>
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          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Form, Schedule or Registration Statement No.:</div>
          </td>
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        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">(3)</div>
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          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Filing Party:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">(4)</div>
          </td>
          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">Date Filed:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.67%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 32.11%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
          <td style="width: 61.22%; vertical-align: top;">
            <div style="line-height: 11.4pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 11.4pt;">&#160;</div>
    <div style="line-height: 1.15pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    <div style="line-height: 11.4pt;">&#160;</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt; font-size: 12pt;"> <br>
    </div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt; font-size: 12pt;">Contact:</div>
    <div style="line-height: 14.75pt; margin-bottom: 8pt; font-size: 12pt;">Icahn Capital LP<br>
      Susan Gordon<br>
      (212) 702-4309</div>
    <div style="text-indent: 87pt; line-height: 13.7pt; font-size: 12pt;">
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;"><u> <br>
          </u></div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;"><u> <br>
          </u></div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; text-indent: 9pt;"><u>Carl
            C. Icahn Issues Open Letter to</u><br>
        <u>Occidental Petroleum Stockholders</u></div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Recent Actions by OXY&#8217;s Management and Board Indicate a Lack of Checks and Balances</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Stockholder Action is Required Immediately to Hold the Board Accountable and Prevent Further Value Destruction</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Stockholder Representation on the Board and Corporate Governance Changes Needed Immediately</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;">New York, New York, July 22nd, 2019 -- Today, Carl C. Icahn released the following open letter to stockholders of
        Occidental Petroleum Corporation.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">______________________________________</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;">July 22nd, 2019</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;">Dear Fellow Occidental Stockholders:</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;"><font style="font-weight: bold;"><u>We own over
            33 million shares of Occidental Petroleum and we believe what recently happened in the OXY Boardroom is reprehensible</u></font><font style="font-weight: bold;">.</font> In over 50
        years on Wall Street I have seen many management teams and boards callously disregard stockholder rights to protect their jobs, and in some cases, build corporate empires at the expense of shareholders, but I have only rarely seen a situation such
        as the one at Occidental, where the Board and Vicki Hollub, OXY&#8217;s President and CEO, entered into an extremely risky transformational merger, without a stockholder vote. In my opinion, OXY&#8217;s massive and risky Anadarko bet that gambles the Company&#8217;s
        future without the approval of shareholders will prove to be grossly negligent and might possibly cause the Company to lose its valuable listing on the New York Stock Exchange.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;">OXY has lost over $12 billion in market value since its interest in buying Anadarko was first reported. But
        regardless, Hollub, the architect of the plan, will not suffer financially as she was paid $40 million over the past 3 years and will most certainly be paid at least another $14 million in 2019. <font style="font-weight: bold;"><u>Hollub is paid $270,000 </u></font><font style="font-weight: bold; font-style: italic;"><u>per week</u></font><font style="font-weight: bold;"><u>, which is more than 113x OXY&#8217;s median employee compensation of $2,387 </u></font><font style="font-weight: bold; font-style: italic;"><u>per week</u></font><font style="font-weight: bold;"><u>.</u></font> Think about that, the median OXY employee has to work over 2 years to earn what
        Hollub makes in a week. OXY&#8217;s Board Chairman, Eugene Batchelder, makes $490,000 a year, which is 4 times the median OXY employee&#8217;s annual pay. Further, the median OXY employee works a full-time job; Batchelder attended six Board meetings in 2018,
        for which he was paid $81,600 per meeting.&#160; No matter how badly shareholders suffer, OXY&#8217;s CEO and Chairman will continue to be among the most highly paid in the world.</div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; text-indent: 36pt; line-height: 29.85pt; font-style: italic; font-weight: bold;"><u>Management&#8217;s Abysmal Record</u></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;"><font style="font-weight: bold;">No management or
          board should be scrambling around to prevent a stockholder vote on a dangerous transformational transaction, but what makes OXY&#8217;s actions even worse is management&#8217;s egregious track record.</font>&#160;<u>When Hollub became CEO in April 2016, OXY&#8217;s stock closed at $77 per share, while oil was $45 a barrel. Today, at $52 per share, the stock is 33% lower, even though the price of oil is almost 25% higher. On a relative
            basis over that same timeframe, OXY has underperformed its peers by over 30%. To make matters even worse, Hollub has completely destroyed Wall Street analysts&#8217; expectations of OXY. When she was appointed CEO, OXY had 52% buy ratings; today OXY
            has 14% buy ratings even though the stock is 33% cheaper and oil is higher.</u></div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;"><font style="font-weight: bold;"><u>Since taking
            over, Hollub put OXY&#8217;s cherished dividend at risk by selling cash-producing assets, overspending on drilling and acquiring non- cash producing assets. In fact, in 2016 and 2017, the Company was forced to divest assets at what we believe to be
            cheap values and use balance sheet cash to pay the dividend, which is neither a sustainable nor a prudent strategy.</u></font> While we are told Hollub is a somewhat competent operator, she has admitted that she has <font style="font-weight: bold;"><u>limited M&amp;A experience</u></font>, yet she just orchestrated one of 2019&#8217;s biggest M&amp;A transactions and that limited experience sure does show! She also arranged
        the financing for the acquisition in a 90-minute meeting with Warren Buffett. I believe Hollub learned that negotiating a deal with Buffett, one of the country&#8217;s canniest operators, is not the optimal way to get M&amp;A experience. In my opinion, <font style="font-weight: bold;"><u>Buffett figuratively took her to the cleaners</u></font>.&#160; Not only did he get a $10 billion preferred paying 8% but he also amazingly received a bonus
        of 80 million warrants worth approximately $1.2 billion simply for providing the financing.&#160; At least one large investor that I know of would have been happy to provide the financing without the warrants. The Buffett deal was like taking candy from
        a baby and amazingly she even thanked him publicly for it! But you can&#8217;t blame Warren, if Hollub was arrogant enough to negotiate a deal with Buffett of this magnitude despite her admittedly limited experience in M&amp;A and the Board was misguided
        enough to rubber stamp it, then one might say in Warren&#8217;s defense that it was almost his fiduciary duty to Berkshire Hathaway to accept it. Speaking of the Board, where was our Chairman Eugene Batchelder in all of this?&#160; Presumably if Batchelder
        has M&amp;A experience, how could he have permitted this giveaway of $1.2 billion of shareholder funds?&#160; More importantly how could he, the leader of the Board, have sanctioned this whole Anadarko deal which was done in such feverish haste?&#160; We
        have our theories about why he did it, but hopefully more facts will be learned from our Section 220 demand to inspect the Company&#8217;s books and records which should shed more light on this matter and others at OXY.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;">Before the Anadarko acquisition, the Company had committed that it would maintain a prudent balance sheet and
        not take undue risks, but then blatantly broke this commitment by acquiring Anadarko. Perhaps even more egregious, in order to make this acquisition, in<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold;"><u>an absolute abrogation of good corporate governance, OXY&#8217;s Board, led by Eugene Batchelder, in my view intentionally restructured the Anadarko deal to
            avoid a stockholder vote which they knew they would not obtain.</u></font>&#160; Hollub and Batchelder implied that they did all this because they know what&#8217;s best for shareholders when in fact we believe just the opposite is true. In my mind, the
        Anadarko acquisition is an attempt to create a de facto poison pill to ensure OXY remains a stand-alone company, thus ensuring Hollub and Batchelder keep their jobs, power, and lucrative compensation. I do believe that Hollub and Batchelder know
        what&#8217;s good for them and their personal agendas but do not particularly care what&#8217;s good for shareholders. The surrounding facts raise the disturbing possibility that, with OXY weakened and doing poorly, Hollub and Batchelder were fearful there
        would be a bid for the company which shareholders would accept. If that is correct then it would be logical to conclude that this fear made Hollub and Batchelder willing to go to any lengths, including this value destroying transaction, in order to
        keep their positions of power.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;">Unfortunately, when it comes to Occidental, accountability is severely lacking. That is why Hollub and
        Batchelder are quintessential examples of a CEO and Chairman that think they can get away with anything.&#160; For example, since OXY&#8217;s value has deteriorated by over $18 billion since she took over, you would think Hollub would be working 20-hour days
        to turn the ship around. However, Hollub seems to have the time to serve on at least six outside boards and advisory committees. This might be tolerable if OXY were outperforming but that certainly is not the case. Another example is the egregious
        salary Hollub and Batchelder earn with virtually no accountability or supervision. Over the last few years it appears to me that the Board has rubber stamped any actions that Hollub and Batchelder propose no matter how problematic and risky. I
        therefore can now understand why they appear to be so afraid to allow us to get representation on this Board.</div>
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      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; line-height: 29.85pt; font-style: italic; font-weight: bold;"><u>Something
            Must be Done and Done Quickly;</u><br>
        <u>The Way Forward</u></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;">Unfortunately, we recognize that the Anadarko deal and the off-market financing arrangements that enabled it
        cannot be undone. <font style="font-weight: bold;">We know that, in a few months, we will own a highly-levered combined company that will be in immediate need of a strong board and
          good, thoughtful decision-making that prioritizes stockholder value; a board with at least four members that understand they serve on behalf of the stockholders, not the CEO; and that can and will stand up to management when necessary. </font>In
        our opinion, Occidental&#8217;s Board, the same Board that stood by and allowed a CEO to agree to an expensive transformational merger without regard for stockholder rights and that knowingly modified a deal structure, at great cost, to avoid a
        stockholder vote, <u>will not, and cannot</u>, provide the type of strong leadership required at this time. <font style="font-weight: bold;">Under the circumstances, we believe Hollub and Occidental&#8217;s Board must be held accountable, and new directors must be added, if only to ensure the operating success and balance sheet management that will
          be required to achieve the Board and management&#8217;s stated goals for the Anadarko transaction. To us, it&#8217;s obvious that the future of Occidental and your investment depends on these changes. One example is if the price of oil decreases meaningfully
          there must be new members of the Board to oppose another value-debilitating transaction made by a panicked board whose leaders serve more than one agenda.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;">We have commenced the process to remove and replace directors. It will be a long and expensive process for us,
        which is fine, insofar as we are concerned. But what is not fine, is how difficult this Board is making it for you to simply &#8220;cast your vote.&#8221; <font style="font-weight: bold;">Occidental&#8217;s
          corporate governance regime empowers and entrenches management and the Board at the expense of stockholder rights. It is anything but stockholder democracy.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 29.85pt;">The Company requires us to use a two-step process. First, we must obtain the support of 20% of the outstanding
        shares to &#8220;demand&#8221; that the Board set a record date. Once we satisfy that step, we can then solicit stockholders, as of that record date, to support our agenda to remove and replace directors and fix the Company&#8217;s corporate governance. <font style="font-weight: bold;">Unfortunately, for you to support us, the Company requires you to complete a lengthy and intrusive questionnaire, as well as to comply with other cumbersome
          steps, which undermine your ability to exercise your voting franchise, these encumbrances have no apparent benefits for Occidental or its stockholders and are simply there to dissuade you from voting.</font>&#160;<font style="font-weight: bold;">Although it will take extra time and effort on your part to comply with the Company&#8217;s arduous and unnecessary requirements, </font><font style="font-weight: bold;"><u>we implore you to do so</u></font><font style="font-weight: bold;">. </font>(Detailed information explaining these
        requirements is included in the Solicitation Statement of the Icahn Participants (the &#8220;<u>Icahn Solicitation Statement</u>&#8221;), filed with the SEC on July 18, 2019).</div>
      <div style="text-indent: 36pt; line-height: 29.85pt;"> <br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>YOUR SUPPORT IS IMPORTANT.</u></div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>FIRST, WE NEED YOUR SUPPORT TO</u></div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>DEMAND THAT THE COMPANY SET A
            RECORD DATE FOR </u><br>
        <u>OUR PROPOSED CONSENT SOLICITATION.</u></div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
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      </div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>SECOND, WE NEED YOUR SUPPORT TO:</u></div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>REMOVE FOUR OCCIDENTAL DIRECTORS,</u></div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>ELECT FOUR NEW DIRECTORS TO PROVIDE BOARDROOM OVERSIGHT,</u></div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>AND</u></div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>FIX OCCIDENTAL&#8217;S BYLAWS TO PROVIDE BASIC STOCKHOLDER RIGHTS. </u></div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; line-height: 29.85pt; font-weight: bold;"><u>Please refer to the Icahn
            Solicitation Statement and follow</u><br>
        <u>the steps necessary to demand that the Company set a</u><br>
        <u>record date for our proposed consent solicitation.</u></div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; line-height: 29.85pt;">* * *</div>
      <div style="line-height: 29.85pt;"><br style="line-height: 29.85pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt;">If you have any questions, please contact:</div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: center; line-height: 22.8pt; font-size: 18pt; font-weight: bold;">Harkins Kovler, LLC</div>
      <div style="text-align: center; line-height: 22.8pt; font-size: 18pt;">Banks and Brokers Call: +1 (212) 468-5380</div>
      <div style="text-align: center; line-height: 22.8pt; font-size: 18pt;">All Others Call Toll-Free: +1 (800) 339-9883</div>
      <div style="text-align: center; line-height: 22.8pt; font-size: 18pt;">Email: Icahn-OXY@HarkinsKovler.com</div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Additional Information and Where to Find it;</div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Participants in the Solicitation</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt;"><font style="background-color: #FFFFFF;">CARL C. ICAHN AND THE OTHER PARTICIPANTS IN THE SOLICITATION (TOGETHER, THE &#8220;PARTICIPANTS&#8221;)
          FILED A DEFINTIVE SOLICITATION STATEMENT ON JULY 18, 2019 WITH THE SECURITIES AND EXCHANGE COMMISSION (THE &#8220;SEC&#8221;) TO BE USED TO SOLICIT WRITTEN REQUESTS FOR FIXING A RECORD DATE IN CONNECTION WITH THE PROPOSED ACTIONS BY WRITTEN CONSENT OF THE
          STOCKHOLDERS OF</font></div>
      <div style="text-align: justify; line-height: 13.7pt;"><font style="background-color: #FFFFFF;">OCCIDENTAL PETROLEUM
          CORPORATION (&#8220;OCCIDENTAL&#8221;). SECURITY HOLDERS ARE ADVISED TO READ THE SOLICITATION STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH
          SOLICITATION. THESE MATERIALS AND OTHER MATERIALS FILED BY THE PARTICIPANTS WITH THE SEC ARE AVAILABLE AT NO CHARGE AT THE SEC&#8217;S WEBSITE AT </font><font style="background-color: #FFFFFF;">HTTP://WWW.SEC.GOV</font><font style="background-color: #FFFFFF;">. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH SOLICITATION IS CONTAINED IN THE SOLICITATION STATEMENT.
          EXCEPT THROUGH THE BENEFICIAL OWNERSHIP OF SHARES OF COMMON STOCK, PAR VALUE $0.20 PER SHARE, OF OCCIDENTAL</font>&#160;<font style="background-color: #FFFFFF;">OR AS OTHERWISE DISCLOSED IN THE SOLICITATION STATEMENT, THE PARTICIPANTS HAVE NO INTEREST IN OCCIDENTAL</font></div>
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      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;">Other Important Disclosure Information</div>
      <div style="text-align: center; line-height: 13.7pt; font-weight: bold;"> <br>
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><u>SPECIAL NOTE REGARDING THIS LETTER:</u></div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt;">THIS LETTER CONTAINS OUR CURRENT VIEWS ON THE VALUE OF <font style="background-color: #FFFFFF;">OCCIDENTAL</font> SECURITIES AND CERTAIN ACTIONS THAT <font style="background-color: #FFFFFF;">OCCIDENTAL</font>&#8217;S BOARD MAY TAKE TO ENHANCE THE VALUE OF
        ITS SECURITIES. OUR VIEWS ARE BASED ON OUR OWN ANALYSIS OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY,
        THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. <font style="background-color: #FFFFFF;">OCCIDENTAL</font>&#8217;S ACTUAL PERFORMANCE AND RESULTS MAY DIFFER MATERIALLY FROM OUR
        ASSUMPTIONS AND ANALYSIS.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt;">WE HAVE NOT SOUGHT, NOR HAVE WE RECEIVED, PERMISSION FROM ANY THIRD-PARTY TO INCLUDE THEIR INFORMATION IN THIS LETTER. ANY SUCH
        INFORMATION SHOULD NOT BE VIEWED AS INDICATING THE SUPPORT OF SUCH THIRD PARTY FOR THE VIEWS EXPRESSED HEREIN.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt;">THIS LETTER ALSO REFERENCES THE SIZE OF OUR RESPECTIVE CURRENT HOLDINGS OF <font style="background-color: #FFFFFF;">OCCIDENTAL</font> SECURITIES RELATIVE TO OTHER HOLDERS OF SUCH SECURITIES. OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR HOLDINGS OR INCREASE OUR HOLDINGS BY
        PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING <font style="background-color: #FFFFFF;">OCCIDENTAL</font> WITHOUT UPDATING THIS LETTER OR
        PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY LAW).</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><u>FORWARD-LOOKING STATEMENTS:</u></div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt;">Certain statements contained in this letter are forward-looking statements including, but not limited to, statements that are
        predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are
        not guarantees of future performance or activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in
        such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;should,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
        &#8220;objective,&#8221; &#8220;projection,&#8221; &#8220;forecast,&#8221; &#8220;management believes,&#8221; &#8220;continue,&#8221; &#8220;strategy,&#8221; &#8220;position&#8221; or the negative of those terms or other variations of them or by comparable terminology.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt;">Important factors that could cause actual results to differ materially from the expectations set forth in this letter include, among
        other things, the factors identified in <font style="background-color: #FFFFFF;">Occidental</font>&#8217;s public filings. Such forward-looking statements should therefore be construed in
        light of such factors, and the Participants are under no obligation, and expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except
        as required by law.</div>
      <div style="line-height: 14.75pt; margin-bottom: 8pt;"><br style="line-height: 14.75pt;">
      </div>
      <div style="line-height: 27.35pt;"><br style="line-height: 27.35pt;">
      </div>
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      </div>
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      </div>
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