EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Amounts in millions, except per-share amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
--------------------------- ---------------------------
2000 1999 2000 1999
------------------------------------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE
Income (loss) before extraordinary item and effect
of changes in accounting principles $ 564 $ 12 $ 835 $ (45)
Effect of repurchase of Trust Preferred Securities -- -- 1 --
Preferred stock dividends -- (3) -- (7)
------------ ------------ ------------ ------------
Earnings (loss) before extraordinary item and effect
of changes in accounting principles applicable
to common stock 564 9 836 (52)
Extraordinary loss, net -- (3) -- (3)
Cumulative effect of changes in
accounting principles, net -- -- -- (13)
------------ ------------ ------------ ------------
Earnings (loss) applicable to common stock $ 564 $ 6 $ 836 $ (68)
============ ============ ============ ============
Weighted average common shares outstanding 368.8 348.4 368.5 348.1
============ ============ ============ ============
Basic earnings per share
Income (loss) before extraordinary item and
effect of changes in accounting principles $ 1.53 $ .03 $ 2.27 $ (.15)
Extraordinary loss, net -- (.01) -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- -- (.04)
------------ ------------ ------------ ------------
Basic earnings (loss) per common share $ 1.53 $ .02 $ 2.27 $ (.20)
============ ============ ============ ============
DILUTED EARNINGS PER SHARE
Earnings (loss) before extraordinary item and effect
of changes in accounting principles applicable
to common stock $ 564 $ 9 $ 836 $ (52)
Extraordinary loss, net -- (3) -- (3)
Cumulative effect of changes in
accounting principles, net -- -- -- (13)
------------ ------------ ------------ ------------
Earnings (loss) applicable to common stock $ 564 $ 6 $ 836 $ (68)
============ ============ ============ ============
Weighted average common shares outstanding 368.8 348.4 368.5 348.1
Dilutive effect of exercise of options outstanding .3 .1 .2 --
------------ ------------ ------------ ------------
369.1 348.5 368.7 348.1
============ ============ ============ ============
Diluted earnings per share
Income (loss) before extraordinary item and
effect of changes in accounting principles $ 1.53 $ .03 $ 2.27 $ (.15)
Extraordinary loss, net -- (.01) -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- -- (.04)
------------ ------------ ------------ ------------
Diluted earnings (loss) per common share $ 1.53 $ .02 $ 2.27 $ (.20)
======================================================= ============ ============ ============ ============
</TABLE>
<PAGE>
EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Amounts in millions, except per-share amounts)
The following items were not included in the computation of diluted earnings per
share because their effect was antidilutive:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
------------------------------------------- -------------------------------------------
2000 1999 2000 1999
-------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
STOCK OPTIONS
Number of shares 4.2 3.3 4.6 4.4
Price range per share $23.125 -- $29.438 $21.250-- $29.625 $21.250-- $29.438 $17.750-- $29.625
Expiration range 8/18/00 --7/08/08 8/20/99-- 4/29/08 8/18/00-- 4/29/08 8/20/99-- 4/29/08
CONVERTIBLE PREFERRED
STOCK $3.00
Number of shares -- 11.5 -- 11.5
Dividends paid -- $3 -- $7
--------------------------- -------------------- -------------------- -------------------- --------------------
</TABLE>
