PERSONAL RETIREMENT ACCOUNT (PRA) PLAN

Summary Plan Description PERSONAL RETIREMENT ACCOUNT (PRA) PLAN 2015

The Personal Retirement Account Summary Plan Description is effective as of April 1, 2012. Please refer to subsequent issues of the Benefits News or The Source for any material changes to the plan made after this date of this document. PERSONAL RETIREMENT ACCOUNT CONTENTS HIGHLIGHTS... 5 EASY PRA ACCESS THROUGH OXYLINK... 6 Your OxyLink Password... 6 Your OxyLink Password Is the Key... 6 NOTICE REGARDING TRANSACTION OVERLOAD, SYSTEMS FAILURES, AND FUND VALUATION DELAYS... 7 PRA TRANSACTION SUMMARY... 7 DEFINITIONS... 8 ELIGIBILITY... 8 Who Is Eligible... 8 Who Is Not Eligible... 8 PARTICIPATION... 9 When You Begin to Participate... 9 When Active Participation Ends... 9 OXY'S CONTRIBUTIONS TO YOUR PRA... 10 Contributions for Participants Under Age 35... 10 Contributions for Participants Age 35 and Older... 10 Special Situations... 10 PRIOR PLAN TRANSFERS AND ROLLOVER ACCOUNTS... 11 INVESTING IN THE PRA... 12 Available Investment Funds... 12 Past Fund Performance Information... 12 Making Your Personal Investment Choices... 12 Changing the Investment of Oxy s Future Company Contributions... 12 Transferring Your Current PRA Balances... 13 4/1/2012 ii PRA

FUND VALUATIONS... 13 PARTICIPANT STATEMENTS... 13 VESTING... 13 YOUR PRA BENEFICIARY DESIGNATIONS... 14 RECEIVING PRA BENEFITS ONCE YOU REACH NORMAL RETIREMENT AGE... 15 How to Request a Distribution... 15 RECEIVING PRA BENEFITS WHEN YOU LEAVE OXY... 16 Participant Distribution Payment Options... 16 How to Request a Distribution... 17 DEATH BENEFITS... 18 Beneficiary Distribution Payment Options... 18 REQUIRED MINIMUM PAYMENTS... 19 During the Participant s Lifetime... 19 After the Participant s Death... 20 OTHER IMPORTANT PROVISIONS OF THE PRA... 20 Employment Changes... 20 Assignment of Benefits... 21 Qualified Domestic Relations Orders... 21 Plan Continuation... 21 Pension Benefit Guaranty Corporation... 21 Plan Documents... 22 Mergers, Consolidations, and Transfers... 22 Overpayment... 22 Data and Records... 22 If the Plan Becomes Top Heavy... 22 No Implied Promises... 22 CLAIMS AND APPEALS PROCEDURES... 22 General Information About Claims... 22 Time Period for Responding to Initial Claim... 23 Information Provided If Initial Claim Is Denied... 23 Appeal Procedure If Initial Claim Is Denied... 24 Information Provided If Appeal Is Denied... 24 Legal Proceedings... 25 YOUR RIGHTS AS PLAN PARTICIPANT... 25 Receive Information About Your Plan and Benefits... 25 Prudent Action by Plan Fiduciaries... 25 Enforce Your Rights... 26 Help With Your Questions... 26 4/1/2012 iii PRA

LIST OF ATTACHED APPENDICES... 28 APPENDIX A PERSONAL RETIREMENT ACCOUNT (PRA) SOCIAL SECURITY WAGE BASE AND GOVERNMENT LIMITS... A-1 APPENDIX B PERSONAL RETIREMENT ACCOUNT (PRA) PARTICIPATING AFFILIATES... B-1 APPENDIX C PERSONAL RETIREMENT ACCOUNT (PRA) FUND DESCRIPTION AS OF APRIL 2011... C-1 APPENDIX D PERSONAL RETIREMENT ACCOUNT (PRA) NOTICE OF FEDERAL AND STATE TAX INFORMATION FOR PLAN PAYMENTS... D-1 4/1/2012 iv PRA

PERSONAL RETIREMENT ACCOUNT HIGHLIGHTS The Occidental Petroleum Corporation Retirement Plan, also known as the Personal Retirement Account (PRA), can help provide you with financial security during your retirement years. Contributions to the PRA are solely made by Oxy. The amount of your benefit will depend on your Earnings, age and years of service with Oxy, as well as the performance of your PRA investments. You automatically become a participant on the first day of the month in which you are hired as an eligible employee or become an eligible employee. You may invest Oxy s contributions to your PRA among four different investment funds, each offering a different level of risk and potential return. The term vesting refers to your nonforfeitable right to receive benefits from your PRA. Generally, your vesting service begins on the first of the month in which you are hired by Occidental Petroleum Corporation (OPC) or any Affiliate, and continues through the last day of the month in which you separate from service from OPC and all Affiliates. If you are an active employee after 2006, then upon completion of three years of service, you will be fully vested in your PRA. Regardless of your years of vesting service, you become fully vested in your PRA: When you attain age 60; When you receive benefits under Oxy s Long-Term Disability (LTD) Plan for more than 18 consecutive months; When you qualify to receive disability benefits from the Social Security Administration for a disability that commenced while you were an active employee; If you die or the Plan is terminated while you are an employee of OPC or any Affiliate; or If you receive benefits under the Occidental Petroleum Corporation Notice and Severance Pay Plan or an equivalent plan or program for Represented Employees. Generally, regardless of your age, if you are vested, you may receive your PRA once you leave OPC and all Affiliates. This summary plan description (SPD) summarizes your PRA so that you can understand how the plan works. Although this booklet covers many of the principal features of the PRA, it is only a summary. The PRA s complete provisions are contained in the Plan documents that legally govern the Plan s operation. The Plan documents include the official Plan text, the trust agreement, and other documents and reports that are maintained by the Plan and/or filed with a federal government agency. If you wish, you may request a copy of any of the Plan documents by writing to the Plan Administrator at the address shown in the section entitled Additional Information. Copies of requested documents will be furnished within 30 days at a reasonable charge. All benefits described in this SPD are subject to the terms of the Plan documents and if there is ever a conflict or difference between this booklet and the Plan document, the official Plan document will govern. This SPD reflects the Plan document provisions in effect on April 1, 2012. These provisions may not apply to you if your employment with OPC and all Affiliates ended before this date. 4/1/2012 5 PRA

EASY PRA ACCESS THROUGH OXYLINK OxyLink Online Website oxylink.oxy.com OxyLink Employee Service Center (OxyLink) OxyLink Representatives 800-699-6903 or 918-610-1990 (from outside the U.S. or Canada) Monday through Friday (except holidays) 8:30 A.M. to 5:00 P.M. Central Time Your OxyLink Password You can have a new OxyLink password automatically emailed to you if you forget your password, provided you enable this feature in advance by taking the following actions: Go to OxyLink at oxylink.oxy.com and enter your 7-digit Employee ID and password. Select My System Profile from the OxyLink Online Menu. Select Change or set up forgotten password help under the Password heading. Select a question from the drop-down menu and then type your response. This will serve as your challenge question and answer if you forget your password in the future. After you complete this step, click OK. Under the Email heading, enter your primary email address (active employees: please retain or enter your Oxy business email address). Click OK, then select Save. If you forget your password in the future, go online to the OxyLink Online website and select Forgotten Password? displayed immediately below the OxyLink Login section. Select Continue, enter your Employee ID and select Continue again to answer your challenge question. If you provide the correct response to your preselected question, a new password will be sent immediately to the primary email address shown. For security reasons, you will not be able to change your email address while using this option. After you receive your new password by email, you may then log on to the OxyLink Online website and change it to a new password of your choice. Your new password must contain a combination of at least eight case-sensitive alpha, numeric or special character digits. Passwords will expire every 90 days. If you have any questions, contact OxyLink by email at oxylink@oxy.com or by phone at 800-699-6903 (provide your full name and Employee ID number). Your OxyLink Password Is the Key To ensure the confidentiality of your benefits information and to avoid transaction-processing delays, you must enter your Employee ID and your OxyLink password to request transactions through oxylink.oxy.com. If you have lost or forgotten your password and are unable to use Forgot Your Password, click on Contact OxyLink for New Password in the Contact Us menu, or call OxyLink at 800-699-6903 during normal business hours to request a new password. For security reasons, passwords are locked after five consecutive attempts to log on with an invalid Employee ID and/or password. Once locked, using the Forgot Your Password link will re-establish your access. 4/1/2012 6 PRA

NOTICE REGARDING TRANSACTION OVERLOAD, SYSTEMS FAILURES, AND FUND VALUATION DELAYS Neither OPC nor any Affiliate is responsible for the unavailability of information or the delay or non-completion of requested transactions due to high call volume or interruptions to computer connections or phone services. This disclaimer also covers the failure by a fund investment manager to provide the PRA trustee with updated fund values on a timely basis. If, on any Trading Day, one or more of the fund investment managers fails to provide the PRA trustee with fund values by that Trading Day s daily valuation processing deadline, those funds will be processed and valued using the last available Trading Day s closing values and all other funds will be valued using the current Trading Day s closing fund values. PRA TRANSACTION SUMMARY The following chart summarizes the various PRA transactions you may be eligible to request through OxyLink. Transaction How to Do/Frequency Special Notes When Processed Enrollment Automatic upon date of hire as an eligible employee or upon becoming an eligible employee Fully paid by Oxy; no employee contributions required or permitted Processed daily; effective first available pay period Future Contribution Investment Change Online anytime Investment must be in one percent increments Processed daily; effective first available pay period Fund Transfer Online anytime 24 free fund transfers per calendar year $10 fee will be deducted from your account balance for each fund transfer above 24 Processed and valued at same Trading Day s NYSE closing trading price if requested by 1 P.M. Central Time; if requested after 1 P.M. Central Time or on a non-trading Day, processed and valued at end of next Trading Day Daily for each Trading Day Withdrawal Request at Normal Retirement Age Termination Distribution Request Online anytime to request form. One partial request allowed in any six-month period Online anytime to request form following termination date. One partial request allowed in any six-month period Participant must have attained age 60 if an active employee. Signed withdrawal form must be received by form s expiration date Participant must have terminated employment with OPC and all Affiliates. Signed distribution form must be received by form s expiration date Processed weekly. Valued at end of Trading Day preceding check issuance date Processed weekly. Valued at end of Trading Day preceding check issuance date Beneficiary Designation Change Online anytime to request form If married, non-spousal designation requires notarized spousal consent Following receipt and approval by OxyLink Online Statements Online anytime N/A N/A 4/1/2012 7 PRA

If you need assistance, you can contact an OxyLink representative at the OxyLink Employee Service Center (OxyLink) by calling 800-699-6903 (or 918-610-1990 from outside the U.S. and Canada), Monday through Friday (except holidays) 8:30 A.M. to 5:00 P.M. Central Time. DEFINITIONS Before describing the provisions of the PRA, there are a few words and phrases that have special meaning when used in this SPD. Affiliate Any business entity that is more than 80 percent owned, directly or indirectly by OPC, or is in an affiliated service group with OPC, as defined under the Code. Code The Internal Revenue Code of 1986, as amended. Earnings For purposes of determining Oxy s contribution, your earnings shall be determined in accordance with Oxy s standard payroll practices based on how your compensation is determined. Generally, if you are compensated by salary, your regular base pay of record is your earnings. Also, generally, if you are compensated based on an hourly rate, your base hourly rate multiplied by the number of regularly scheduled hours worked is your earnings. Beginning January 1, 2012, your earnings also include your annual bonus awarded under the Variable Compensation Plan and/or Incentive Compensation Plan. Earnings include salary or wages received during vacations, paid leaves of absence and periodic notice pay, but do not include overtime, single sum notice pay payments or any severance pay payments. Earnings also do not include pay in excess of the federal government s annual compensation limit (see Appendix A), spot bonuses, awards and other nonrecurring forms of compensation. ERISA The Employee Retirement Income Security Act of 1974. OPC Occidental Petroleum Corporation, a Delaware corporation. Oxy Occidental Petroleum Corporation and all participating Affiliates. Plan Occidental Petroleum Corporation Retirement Plan, also known as the Personal Retirement Account (PRA). PRA Personal Retirement Account, also known as the Occidental Petroleum Corporation Retirement Plan. Trading Day Any business day that the New York Stock Exchange is open for trading. Wage Base The portion of your Earnings on which you and Oxy pay Old Age, Survivors and Disability Income Social Security taxes during the year. For purposes of PRA, the Wage Base is determined without regard to whether your Earnings are subject to Social Security taxes. ELIGIBILITY Who Is Eligible Generally, you are eligible to participate in the PRA if you are an Oxy employee, as described here. An employee is any person employed by OPC or any Affiliate, whether or not it is an Affiliate participating in the PRA. You are an Oxy employee if you are employed by OPC or any Affiliate designated by the OPC Board of Directors or its delegate as a participating employer under the Plan. The Affiliates who are participating employers under the Plan are listed in Appendix B. Together, OPC and participating Affiliates under the Plan are referred to as Oxy. Who Is Not Eligible You are not eligible to participate in the PRA if: 4/1/2012 8 PRA

You are employed by an Affiliate that is not a participating employer under the PRA (i.e., the Affiliate does not come within the defined term Oxy described above); Your employment with Oxy is covered by a collective bargaining agreement, unless such agreement expressly provides for your participation in the PRA; You are a nonresident alien Employee who receives no U.S.-source earned income from Oxy, unless the PRA has been expressly made applicable to you (in which case, this has previously been communicated to you); You are a participant in the Tidelands Oil Production Company Employees Pension Plan or Thums Long Beach Company Pension Plan; Through April 30, 2007, you were a "Transition Eligible Participant," as defined in Part D (Oxy Permian Cash Balance) of the Occidental Oil and Gas Consolidated Retirement Plan, who was credited after July 1, 2000 with contribution credits under Part D, unless you elected pursuant to that plan to discontinue your accrual of contribution credits and, therefore, you began participating in PRA as of January 1, 2001. If you were excluded from participation in PRA as a Transition Eligible Participant through April 30, 2007, you automatically became a participant in PRA effective May 1, 2007, if you were an Oxy employee on that date. No individual is eligible to participate in the PRA if such individual is not classified as a common-law employee in Oxy s employment records, without regard to whether the individual is subsequently determined to have been a common-law employee of Oxy. The exclusion of the individual from eligibility to participate in the PRA shall apply even if a determination is subsequently made by the Internal Revenue Service, another governmental agency, a court or other tribunal, after the individual is engaged to perform such services, that the individual is an employee for purposes of pertinent provisions of the Internal Revenue Code of 1986, as amended (Code), or for any other purpose. The determination that the individual is an employee shall apply prospectively only. PARTICIPATION When You Begin to Participate You automatically become a participant on the first day of the month in which you are hired by Oxy as an eligible employee or on the first day of the month in which you become an eligible employee. Oxy s contributions begin on your date of hire or eligibility. PRA enrollment materials and instructions will be mailed to you by OxyLink within a few days after you become eligible to participate in the PRA. After you have reviewed the enrollment materials, you can make your investment elections at OxyLink Online. OxyLink representatives are available if you need assistance. You will be asked to: Make your future contribution fund investment choices (in one-percent increments), and Name your beneficiary to receive your vested benefits in the event you die while you are a participant. A PRA beneficiary designation form will be sent with your enrollment materials. The PRA beneficiary designation form is also available to you online. The completed, signed form (with notarized spousal consent, if applicable) should be mailed back to OxyLink at the address shown on the form. See the section entitled Your PRA Beneficiary Designations for more information concerning beneficiary designations under the PRA. When Active Participation Ends You are no longer considered an active participant in the PRA if you have a separation from service or if you no longer meet the eligibility requirements to participate in the PRA. A Separation from service is a termination of employment from OPC and all Affiliates upon the earlier of: The date the employee resigns, is discharged, is laid off, is designated disabled or dies; or 4/1/2012 9 PRA

The first anniversary of a leave in which the employee is and remains absent, except that if the absence is due to a maternity or paternity leave, a separation from service does not occur until the second anniversary of the first day of such leave. An employee who transfers among OPC and any Affiliate does not have a separation from service even if the Affiliate is not a participating employer in the PRA. OXY'S CONTRIBUTIONS TO YOUR PRA Oxy makes contributions on your behalf for each pay period that you are an active participant. The contributions are deposited with the Plan trustee under the tax-exempt trust established for the PRA and credited to the Plan into an account set up in your name each payroll period. The amount of the contribution depends on your age and your Earnings. Different percentages are contributed for Earnings up to and exceeding the Wage Base. Your account is also credited with investment results. The benefit you receive from the Plan when you commence benefit payments is based on your account balance at that time. Below is a summary of contribution formulas for the PRA. Represented employees may receive different contribution percentages according to a negotiated agreement. Contributions for Participants Under Age 35 If you are under age 35, Oxy contributes an amount equal to 4 percent of your annual Earnings up to the Wage Base plus 8 percent of your Earnings that exceed the Wage Base. For example, Oxy will make the following contribution for a participant under age 35 who earns $120,000 in 2012 (when the Wage Base is $110,100): 4 percent of $110,100 $4,404 8 percent of $9,900 + $792 Annual Contribution $5,196 Oxy makes higher contributions on Earnings above the Wage Base because Social Security does not provide benefits on that portion of your pay. In addition, Oxy already contributes an amount equal to a percentage of your Earnings to help fund Social Security retirement benefits. Contributions for Participants Age 35 and Older If you are age 35 or older, Oxy contributes an amount equal to 7 percent of your annual Earnings up to the Wage Base plus 12 percent of Earnings that exceed the Wage Base. For example, Oxy will make the following contribution for a participant age 35 or older who earns $120,000 in 2012 (when the Wage Base is $110,100): 7 percent of $110,100 $7,707 12 percent of $9,900 + $1,188 Annual Contribution $8,895 Oxy's contributions are higher after you reach age 35 because your PRA investments have less time to grow until you retire. You will begin receiving the higher contribution amount beginning on January 1 of the year in which you attain age 35. Special Situations Limitation on Contributions The Internal Revenue Service (IRS) limits the amount that may be contributed to defined contribution plans in a year. The total contributions under the PRA and any other defined contribution plan, such as the Occidental Petroleum Corporation Savings Plan (also known as PSA), maintained by OPC and all Affiliates may not exceed a maximum, which is indexed every year (see the Maximum Contribution Limit specified in Appendix A). If the total 4/1/2012 10 PRA

combined employer and employee contributions under the PRA and PSA reach the Maximum Contribution Limit, contributions to both plans will be stopped in order to comply with these IRS rules. If your Earnings are greater than a certain amount (the amount may vary annually), however, and it is expected that the Maximum Contribution Limit will be reached, the allocations that would have been made to the PRA may be made to the Occidental Petroleum Corporation Supplemental Retirement Plan II (SRP II), a nonqualified deferred compensation arrangement. If your Earnings exceed the SRP II Earnings Threshold for the year (see Appendix A), Oxy credits the allocations that would have been made to PRA on your behalf during the year instead to the SRP II. Following the close of the calendar year, Oxy determines that amount credited on your behalf to SRP II that may be contributed to PRA without exceeding the Maximum Contribution Limit. This amount is transferred to PRA and the excess remains in SRP II. More details concerning this arrangement are provided in the SRP II Plan Highlights. Contribution Eligibility for Qualified Military Service If you serve in the uniformed services (as described in Chapter 43 of Title 38 of the United States Code) and are entitled to reemployment rights under that chapter with respect to such service, then you will be eligible to receive Oxy s contributions that would have been made to your PRA during your period of military service. If you qualify for such contributions, contact OxyLink. Investment gains and losses on such contributions will begin being credited on the date the contributions are credited to your PRA by Oxy. Contributions While You Are Receiving Short-Term Disability Benefits If you become temporarily disabled, Oxy s contributions to your PRA will generally be determined using the actual pay that you receive under an Oxy short-term disability plan or program. Contributions While You Are Receiving Long-Term Disability Benefits If you become permanently disabled, Oxy s contributions to your PRA will stop when your benefits under Oxy s short-term disability plan or program cease. PRIOR PLAN TRANSFERS AND ROLLOVER ACCOUNTS If you became a participant in the PRA on or about June 1, 1983 and you were a participant in a Prior Plan (as defined below) on May 31, 1983, you were given the opportunity to have the present value of your termination annuity under the Prior Plan transferred to this Plan. Similarly, if you were a participant in the MidCon Corp. Retirement Plan or the United Energy Resources, Inc. Employees Retirement Plan on March 15, 1988, you were given an opportunity to have the present value of your termination annuity under that plan transferred to this Plan. If you elected to take advantage of that opportunity and the present value of your termination annuity was transferred to this Plan, a Rollover Account was established in your name under the Plan to hold the transferred amount. In general, if you have a Rollover Account, you invest it in the same manner as you do your current PRA contributions and it is distributed to you or your beneficiary(ies) in the same time and manner as your PRA. You are always 100 percent vested in your Rollover Account. In other words, you have a nonforfeitable right to that account. For purposes of Rollover Accounts, a Prior Plan is any of the following: The Occidental Petroleum Corporation Pension Plan, The Hooker Chemical Corporation Pension Plan for Nonunion Employees, The Hooker Chemicals and Plastics Corp. Retirement Plan for Non-Union Employees, or The Cities Service Company Retirement Income Plan. 4/1/2012 11 PRA

INVESTING IN THE PRA Available Investment Funds Subject to the restrictions noted here, in Appendix C or as may be imposed by the individual investment fund, you may invest Oxy s contributions to your PRA (in multiples of one percent) among the investment funds described in the PRA Fund Description contained in Appendix C. You may make this election at OxyLink Online under Employee Self Service, Link to PSA/PRA Information. Individual descriptions of each current PRA investment fund are also contained in the publication entitled PRA Fund Descriptions which is distributed to all PRA participants annually and is available at OxyLink Online under Forms, Publications & Info. This on-line document is updated quarterly and when necessary. You may also request a printed copy by sending an e-mail request to oxylink@oxy.com or by calling OxyLink. Trustee and record keeping fees are paid by Oxy. Investment management expenses under each fund are netted out of that fund s earnings. Any 12b-1 fees that are rebated to the PRA trust by any of the investment managers that are mutual funds will be used to help pay for administrative Plan expenses. Past Fund Performance Information A fund performance summary showing annualized returns over the past quarter, one-, three- and five- year periods along with a comparison of each investment fund s benchmark(s) performance over the same time periods is distributed to all PRA participants quarterly with the PRA statements. It is also available at OxyLink Online Employee Self Service, Link to PSA/PRA Information or you may receive a printed copy by sending an e-mail request to oxylink@oxy.com or by calling OxyLink. Making Your Personal Investment Choices It is up to you to decide how to invest your PRA account balance. All investments involve the risk of loss as well as the possibility for gain. Historical performance is not indicative of the future performance of any PRA investment fund. Performance depends on a number of variables, including the performance of other companies and markets in which investments are made and the actual time frame of your investment. Oxy does not guarantee the performance of any PRA fund nor does it assume any obligation to make up for any losses that you may experience. You may want to consult with an independent financial advisor regarding the PRA investment options that may best help you achieve your personal investment goals. Changing the Investment of Oxy s Future Company Contributions You may change your fund investment election for future contributions at any time at OxyLink Online. Your election must be in one-percent increments and total 100 percent. Your new election will take effect on the first available pay period after making the change at OxyLink Online. A written confirmation of your election will be mailed to you within a few days. Elections are processed daily and are effective as of the first available pay period. Default Investments If no future investment election is on file, your future contributions will automatically be invested in one of the PRA s Balanced Strategy funds, depending on your age. Age By December 31 PRA Fund 35 & Under Balanced Strategy III: Aggressive 36 through 45 Balanced Strategy II: Moderate 46 & Over Balanced Strategy I: Conservative 4/1/2012 12 PRA

Your PRA default investment fund will be determined on January 1 based on your age as of December 31 of that same calendar year. Existing balances will remain where previously invested unless you elect a fund transfer. Transferring Your Current PRA Balances You may transfer your PRA balances among the PRA s investment funds on any Trading Day at OxyLink Online, subject to the restrictions described below. If you request a fund transfer by 1 P.M. Central Time, your transfer will be processed and valued at that same day s closing trading prices. If you request a fund transfer after 1 P.M. Central Time or on a non-trading Day, your transfer will be processed and valued at the end of the next available Trading Day. A written confirmation of your election will be mailed to you after it is processed. You may not transfer balances out of and into the same investment fund. If you elect to transfer less than the entire balance from a fund, the amount transferred will be taken proportionately from each source (for example, if you have a Rollover Account) under that fund. The amount transferred from each source within each fund will be transferred to the same source in the new fund or funds that you select for investment. Your fund transfer investment elections must be in one-percent increments and total 100 percent. If you make more than one fund transfer during a day, only the final fund transfer you made during that day will be processed. Fund Transfer Fee: In any calendar year, you may make up to 24 fund transfer requests free of charge. For each additional fund transfer you request above 24 in any calendar year, a $10 fund transfer fee will be deducted from your PRA and will be used to pay for administrative Plan expenses. FUND VALUATIONS All PRA funds are valued each Trading Day under the unit value accounting method. A unit is a standard measurement of a portion of a fund. Each unit has a dollar value that is calculated by dividing the total market value of each PRA fund by the total number of units held under that fund. A new per-unit value is calculated at the end of every Trading Day. All fund balances are expressed at their market value at the end of the last Trading Day. The market value of each participant account within each fund is determined by multiplying the number of units in each participant s account within each such fund by the per-unit value. A fund s per-unit value changes each Trading Day with gains and losses in the value of a fund s underlying investments. You purchase additional units under a fund when money is added to the fund through company contributions and amounts transferred from the other investment funds. You sell units under a fund when you request a payment or transfer money to another investment fund. Distribution payments from each fund are valued through the Trading Day preceding the check issuance date. If on any Trading Day one or more of the fund investment managers fails to provide the PRA trustee with fund values by that Trading Day s daily valuation processing deadline, those funds will be processed and valued using the last available Trading Day s closing values, and all other funds will be valued using the current Trading Day s closing fund values. PARTICIPANT STATEMENTS You will receive quarterly statements showing your PRA fund balances as of March 31, June 30, September 30 and December 31. Statements are issued 30 to 45 days following the end of each statement period. On-demand statements are also available at OxyLink Online. VESTING Vesting refers to your nonforfeitable right to receive benefits from the PRA. Your vesting service begins on the first day of the month in which you are hired by OPC or any Affiliate, whether or not it is an Affiliate participating in the 4/1/2012 13 PRA

PRA, and ends on the last day of the month in which you separate from service from OPC and all Affiliates. You always are vested fully in your Rollover Account balance, if any. You will be fully vested in your PRA upon the earliest occurrence of one of the following events: You earn three years of vesting service; * You attain age 60 while you are an active employee; You receive benefits under Oxy s Long-Term Disability (LTD) Plan for more than 18 consecutive months; You qualify to receive disability benefits from the Social Security Administration for a disability that commenced while you were an active employee; You receive benefits under the Occidental Petroleum Corporation Notice and Severance Pay Plan or an equivalent plan or program for Represented Employees; You die while you are an active employee; or The Plan is terminated by OPC while you are an active employee. You earn one year of vesting service credit for each full year of service with OPC or any Affiliate, whether or not it is an Affiliate participating in the PRA. For vesting purposes, a year of vesting service generally is the 12-month period beginning on the first day of the month in which you are hired and each 12-month period thereafter, minus separations from service greater than 12 months. If you are rehired on or before the first anniversary of your separation-from-service date, your service will be considered continuous for vesting purposes. If you terminate employment with OPC and all Affiliates before you are fully vested, you will forfeit the nonvested portion of your PRA. YOUR PRA BENEFICIARY DESIGNATIONS Under the PRA, you may designate two types of beneficiaries: Primary Beneficiary: An individual or trust you name to receive your vested PRA in the event of your death. Contingent Beneficiary: An individual or trust you name to receive your vested PRA in the event of your death if all of your designated primary beneficiaries die before you. If you are unmarried or if you are married and age 35 or older, you may designate anyone as your primary or contingent beneficiary(ies). However, under Federal law, if you are married and you do not designate your spouse as your sole primary beneficiary, you must obtain your spouse's notarized written consent to do so. If you are married and under age 35, under Federal law your sole primary beneficiary must be your spouse. If you die and are married on your date of death, your vested PRA balance will automatically be paid to your spouse unless he or she has provided notarized written consent to pay all or a portion of your vested balance to another primary beneficiary(ies) you designate. If you are unmarried when you make your beneficiary designation, and you * Employees who terminated between January 1, 1989 and December 31, 2006 were vested after earning five years of vesting service. Employees who terminated prior to January 1, 1989 were vested at age 40 (with five years of vesting service) or at any age (with 10 years of vesting service). 4/1/2012 14 PRA

subsequently marry and do not submit a new designation, the spouse to whom you are married on your date of death will automatically receive your vested PRA balance, unless he or she has provided his or her notarized written consent to pay all or a portion of your vested balance to the other primary beneficiary(ies) you designate. If any of your designated primary beneficiaries die before you and you do not change your designation, the percentage a deceased primary beneficiary would have received will be divided equally among your surviving primary beneficiaries in the event of your death. If all of your designated primary beneficiaries die before you and you do not change your designation, your vested PRA will be paid to your designated contingent beneficiaries in the event of your death. In this case, if any of your designated contingent beneficiaries die before you and you do not change your designation, the percentage a deceased contingent beneficiary would have received will be divided equally among your surviving contingent beneficiaries. If you do not designate a beneficiary or all of your designated primary and contingent beneficiaries die before you, payment will be made in the following order in the event of your death: Your surviving spouse Your surviving children (equally) Your surviving parents (equally) Your surviving brothers and sisters (equally) Your estate To designate your beneficiary or change your previous designation, you must complete a PRA Beneficiary Designation form (beneficiary designations made on other forms will not be accepted) and mail it to OxyLink at the address shown on the form. Upon acceptance, your designation will cancel all previous designations. Your PRA beneficiary designation will not affect your designation under any other Oxy benefit plan. The Plan Administrator reserves the right to require you or your beneficiary(ies) to provide satisfactory evidence of marital status or age. You should consider submitting a new beneficiary designation if: (1) your marital status changes, (2) any of your previously designated primary or contingent beneficiaries die before you, or (3) you acquire or lose dependents. For example, if you name your spouse as your beneficiary, subsequently divorce and do not remarry, your ex-spouse remains the legal beneficiary under the PRA. Also, consider the tax consequences to your survivors and/or your estate if you designate a trust. To determine these tax consequences, it is recommended that you consult with a qualified tax advisor or estate planner. You may request a PRA beneficiary designation form at OxyLink Online or by contacting an OxyLink representative. RECEIVING PRA BENEFITS ONCE YOU REACH NORMAL RETIREMENT AGE You may request a withdrawal without penalty from the PRA while you are an employee of OPC or any Affiliate after you have attained age 60, the Plan s normal retirement age. You may take distribution in any of the forms listed below under Participant Distribution Payment Options. Contributions will continue to be made to your PRA and will be invested according to your current investment elections and will be available for future withdrawals. How to Request a Distribution Once you have attained the Plan s normal retirement age, you may download and print a withdrawal packet from OxyLink Online. After you have carefully reviewed the information and instructions contained in the packet, complete your withdrawal request form and mail it to OxyLink at the address shown on the form. Your withdrawal request form must be received by the form expiration date printed on the withdrawal request form. Normally, after your completed withdrawal request is received by OxyLink and approved by the Plan Administrator, you will receive your distribution 4 to 5 days after the end of the week in which your request is processed. 4/1/2012 15 PRA

RECEIVING PRA BENEFITS WHEN YOU LEAVE OXY You (or your designated beneficiary, in the event of your death) are eligible to request a distribution of your vested balance when you separate from service from OPC and all Affiliates for one of the reasons described below. Amounts distributed to you from the PRA will be valued as described in the section entitled Fund Valuations. Termination of Employment: If you terminate with at least three years of vesting service* for reasons other than retirement, permanent and total disability or death, you may request a termination distribution of the full value of your vested PRA. Retirement: If you terminate at age 55 or older with three or more years of vesting service* or after you attain age 60, you may request a retirement distribution of the full value of your vested PRA. Permanent and Total Disability: You will be considered permanently and totally disabled and eligible for a disability distribution upon the earliest occurrence of one of the following events: You receive benefits under Oxy s Long-Term Disability Plan for more than 18 consecutive months. Note that if you were disabled prior to January 1, 2010, your LTD benefit may be affected by your distribution if you do not elect a direct rollover to an Individual Retirement Account (IRA). You qualify to receive benefits from the Social Security Administration (SSA) for a disability that commenced while you were an active employee. A copy of your disability benefits approval letter from the SSA must accompany your distribution request form. To qualify for a disability distribution, you must meet one of the disability requirements described above at the time you submit your PRA distribution request. If you meet one of the disability requirements described above but your disability commenced before October 1, 1995 and you qualify to receive benefits under Oxy s LTD Plan, you may not request a PRA distribution until your LTD benefits cease and you do not return to active employment with OPC or any Affiliate. Death: If you die while you are an active employee, your PRA will be fully vested and your designated beneficiary will be eligible for an immediate distribution. If you die after you separate from service with a deferred vested balance, your designated beneficiary will be eligible to receive an immediate distribution of your deferred balance. Please refer to the section entitled Death Benefits for death benefit distribution information. If you are not vested when you separate from service, the nonvested balance will be forfeited and will be used to pay for administrative Plan expenses and/or future company contributions to the PRA. Participant Distribution Payment Options If you are unmarried when you are eligible to request a distribution and your PRA balance is more than $5,000, the normal form of payment is an immediate straight life annuity for your life. You may also select one of the payment options described below. If you are married when you are eligible to request a distribution and your PRA balance is more than $5,000, the normal form of payment is an immediate 50 percent joint and survivor annuity with your spouse as joint annuitant. An immediate 75 percent or 100 percent joint and survivor annuity with your spouse is also available. You may also * For vesting requirements prior to January 1, 2007, see the footnote in the section on Vesting. 4/1/2012 16 PRA

select one of the other payment options described below if your spouse provides his or her notarized consent. The Plan Administrator reserves the right to require satisfactory evidence of your marital status. All of the annuity payment options described below require a vested balance of more than $5,000. Total Lump Sum Payment A single cash payment of your vested balance. The cash payment can be rolled over to an IRA or to a qualified employer plan. Partial Cash Distribution A request for a specified dollar portion of your vested balance. You may request only one partial distribution in any six-month period. The cash payment can be rolled over to an IRA or to a qualified employer plan. If you receive a partial cash distribution, you must wait until the next weekly processing period before you may request a subsequent lump-sum payment or total annuity distribution. Immediate Straight Life Annuity Provides a fixed monthly payment for your life. No monthly payments will be made after your death. Immediate Joint and Survivor Annuity Provides fixed monthly payments for your life. Upon your death, the elected percentage of the monthly payment will continue for the life of your joint annuitant. Fifty percent, 75 percent or 100 percent of the original monthly payment may be continued for the life of your joint annuitant. If you die, joint annuitant payments are payable only to the individual you name when you select this option. You may not change your joint annuitant designation after annuity payments begin. If you name your spouse as your joint annuitant, it is payable only to that spouse not to anyone else you may marry at a later date. Immediate Ten-Year Term Certain and Continuous Annuity Provides fixed monthly payments for your life with a guarantee by the insurance company that a minimum of 120 payments will be made even if you die before receiving all of them. Your designated beneficiary under the annuity will receive the remaining payments. Total Deferral Defers distribution of your vested balance, but not beyond the end of the year in which you attain age 70½. You may revoke your deferral election at any time by submitting another distribution request. If you are interested in purchasing one of the annuity options described above, you may request estimates of the monthly annuity payment amounts available under each option from an OxyLink representative. If you purchase an annuity, your actual monthly payment amount will be calculated by the insurance company using the annuity rates in effect when the proceeds of your PRA distribution are received by the insurance company. When you request the PRA to purchase an annuity on your behalf, your monthly annuity payments are guaranteed by the insurance company from which the annuity is purchased with the balance of your PRA. This guarantee is based on the ability of the insurance company to fulfill its obligation under the annuity contract. It is important to note that your payments under the contract are not guaranteed by the Pension Benefit Guaranty Corporation, as described in the section entitled Pension Benefit Guaranty Corporation, or by OPC or any Affiliate. The taxable portion of your annuity payments paid by the insurance company will be subject to ordinary income taxes in the tax year in which you receive payments. For information about the tax consequences of a distribution, please refer to the Notice of Federal and State Tax Information for Plan Payments, which is attached as Appendix D and also available at OxyLink Online. How to Request a Distribution You are eligible to request distribution after your separation from service has been processed by OPC or the Affiliate that you worked for last. You may download and print a distribution packet at OxyLink Online. 4/1/2012 17 PRA

After you have carefully reviewed the information and instructions contained in the packet, complete your distribution request form and mail it to OxyLink at the address shown on the form. Your distribution request form must be received by the form expiration date printed on the distribution request form. Normally, after your completed distribution request is received by OxyLink and approved by the Plan Administrator, you will receive your distribution 4 to 5 days after the end of the week in which your request is processed. DEATH BENEFITS If you die while you are a participant, your PRA will be paid to your surviving designated primary beneficiary(ies). To receive distribution, each of your primary beneficiaries must complete a PRA Beneficiary Distribution Request. Forms, instructions and information about the distribution options available to beneficiaries are available from OxyLink. Beneficiary Distribution Payment Options For a Spousal Beneficiary If the surviving spouse of a deceased participant is the only designated primary beneficiary, the surviving spouse may elect one of the PRA distribution payment options described below. The annuity payment options require a vested balance of more than $5,000. Total Lump Sum Payment A single cash payment of the deceased participant's PRA balance. The cash payment can be rolled over to an IRA or to a qualified employer plan. Partial Cash Distribution A request for a specified dollar portion of the deceased participant s vested balance. The spousal beneficiary may request one partial cash distribution in any six-month period. The partial cash payment can be rolled over to an IRA or to a qualified employer plan. If the spousal beneficiary receives a partial cash payment, he or she must wait until the next weekly processing period before requesting a subsequent lump-sum payment or total annuity distribution. Balances remaining in the PRA will continue to participate in Fund earnings. Immediate Straight Life Annuity Provides a monthly payment for the life of the beneficiary. No payments are made after the beneficiary's death. This option is the normal form of payment for a spousal beneficiary who is the deceased participant's only designated primary beneficiary. Immediate Ten-Year Term Certain and Continuous Annuity Provides monthly payments for the life of the beneficiary with a guarantee by the insurance company that a minimum of 120 payments will be made even if the beneficiary dies before receiving all of them. The designated beneficiary under the annuity will receive the remaining payments. Total Deferral Defers distribution of the vested balance but not beyond the end of the year in which the deceased participant would have attained age 70½. A deferral election may be revoked at any time by submitting another PRA Beneficiary Distribution Request. For a Nonspousal Beneficiary A nonspousal beneficiary who is the deceased participant's only designated primary beneficiary may elect one of the distribution payment options described below. The annuity payment options require a vested balance of more than $5,000. If the deceased participant designated other primary beneficiaries, all beneficiaries are eligible for immediate lump-sum payments only, as described in the paragraph for Multiple Beneficiaries shown below. Immediate Total Lump Sum Payment A single payment of the deceased participant's vested balance. This option is the normal form of payment for a nonspousal beneficiary who is the deceased participant's only designated beneficiary. The cash payment can be rolled over to an IRA or to a qualified employer plan. 4/1/2012 18 PRA

Immediate Straight Life Annuity Provides a monthly payment for the life of the beneficiary with no payments after the beneficiary's death. The partial cash payment can be rolled over to an IRA or to a qualified employer plan. Immediate Ten-Year Term Certain and Continuous Annuity Provides monthly payments for the life of the beneficiary with a guarantee by the insurance company that a minimum of 120 payments will be made even if the beneficiary dies before receiving all of them. A designated beneficiary under the annuity will receive the remaining payments. If the eligible beneficiary is interested in purchasing one of the annuity options described above, he or she may request estimates of the monthly annuity payment amounts under each option by calling OxyLink. If the eligible beneficiary purchases an annuity, the actual monthly payment amount will be calculated by the insurance company using the annuity rates in effect when the cash proceeds of the PRA distribution are received by the insurance company. If the eligible beneficiary requests the PRA to purchase an annuity on his or her behalf, the monthly annuity payments are guaranteed by the insurance company from which the annuity is purchased with the balance in the PRA. This guarantee is based on the ability of the insurance company to fulfill its obligation under the annuity contract. It is important to note that payments under the contract are not guaranteed by the Pension Benefit Guaranty Corporation, as described in the section entitled Pension Benefit Guaranty Corporation, or by OPC or any Affiliate. The taxable portion of the annuity payments paid by the insurance company will be taxable ordinary income to the beneficiary in the tax year in which he or she receives the payments. If a nonspousal beneficiary does not submit his or her distribution request within 60 days of when the form is mailed to them by OxyLink, that beneficiary will automatically be paid in a lump sum, and 10% federal income tax withholding will be withheld. For Multiple Beneficiaries If the deceased participant designated more than one primary beneficiary, each designated primary beneficiary may elect only an immediate total lump-sum payment of the designated portion of the deceased participant's PRA balance. Amounts distributed to beneficiaries from the PRA will be valued as described in the section entitled Fund Valuations. Normally, after the completed distribution request is received by OxyLink and approved by the Plan Administrator, the beneficiary will receive the distribution 4 to 5 days after the end of the week in which the request is processed. For information about the tax consequences of a death benefit distribution, please refer to the Notice of Federal and State Tax Information for Plan Payments, which is attached as Appendix D and also available at OxyLink Online. REQUIRED MINIMUM PAYMENTS This section describes the latest date that benefits can start or be paid under the Plan and current law. Required Minimum Distribution rules are in place unless waived by the Federal government. You should note, however, that other provisions of the Plan may require that benefits start or be paid at an earlier time as described elsewhere in this SPD. During the Participant s Lifetime If you leave OPC and all Affiliates in or after the year you attain age 70½, you will be required to receive a required minimum payment and a total lump-sum payment of your entire remaining PRA balance by December 31 of that year. If you leave OPC and all Affiliates before you attain age 70½ and have a deferred vested PRA balance, you 4/1/2012 19 PRA

will be required to receive a required minimum payment and a total lump-sum payment of your entire remaining balance by December 31 in the year you attain age 70½. After the Participant s Death If you die before commencing benefits and your spouse is the sole beneficiary, your spouse will be required to receive a required minimum payment and a total lump-sum distribution by December 31 following the year you would have attained age 70½ or, if later, the year in which you died. If you die before commencing benefits and your beneficiary is other than your spouse, your beneficiary must commence benefit payments by December 31 following the year in which you died. As required by law, a required minimum payment must be paid to you directly (or to your designated beneficiary, in the event of your death) and may not be rolled over to an IRA or to another employer s qualified plan. However, if you elect one of the annuity payment options, the entire balance, including the required minimum payment, will be used to purchase the annuity. The annuity payments will be taxable income to you in the year you receive your payments. If you are subject to the PRA's required minimum payment provisions, you (or your designated beneficiary, in the event of your death) will receive detailed information directly from the Plan Administrator during the first half of the year you attain age 70½. OTHER IMPORTANT PROVISIONS OF THE PRA Employment Changes If You Are Rehired by Oxy: If you separate from service and later are rehired and meet the Plan's eligibility requirements, you automatically begin participating in the PRA on the first day of the month in which you are rehired. The vesting service credit you had when you terminated will be restored to you. If you were not fully vested when you originally separated from service, you forfeited your PRA. When you are rehired, that amount is reinstated to your account. If You Transfer to an Ineligible Status: If you transfer to a nonparticipating location, or, for any reason, you no longer meet the PRA's eligibility requirements, your PRA will be placed in an inactive status. While your account is in an inactive status: Oxy contributions to your PRA will stop Your PRA will remain in the Plan and continue to be credited with investment Fund earnings and losses You will continue to earn vesting service credit You may request a withdrawal if you have attained age 60 If You Are Hired by Oxy After Being a Leased Employee or an Independent Contractor: If you are hired by Oxy after being a leased employee of OPC or any Affiliate, and you become a participant in the PRA, service during the time you were a leased employee may be credited for eligibility and vesting purposes. Generally, in order to qualify for prior service credit you must: Have performed services for Oxy as an independent contractor, consultant or a leased employee who was employed by a staff-leasing firm that provided service to Oxy Provided service for a minimum, continuous or combined non-continuous service, of one-year Complete and submit a Employee Previous Service Questionnaire For more information, see Prior Service Questionnaire on OxyLink > Employee Self-Service. 4/1/2012 20 PRA

Assignment of Benefits Your PRA benefit belongs to you and generally may not be sold, assigned, transferred, pledged, or garnished under most circumstances. If you (or your beneficiary) are unable to care for your own affairs, any elections may be made by, and any payments due may be paid to, someone who is authorized to conduct your affairs. This may be a relative, a court-appointed guardian, or some other person. In addition, the Plan is required to comply with IRS tax levies and with court-issued Qualified Domestic Relations Orders (QDROs), as described in the next section. Qualified Domestic Relations Orders If you become divorced or separated, are required to pay child support, or are involved in a court proceeding dividing marital property, certain court orders could require that part of your benefit be paid to someone else your spouse or children, for example. This is known as a Qualified Domestic Relations Order (QDRO) and could affect the Plan benefit paid to you as well as to any beneficiary. For a court order to qualify under the Plan, certain procedures must be followed and certain legal requirements must be met. The Plan s QDRO Administrator determines whether these legal standards are met. A booklet containing QDRO guidelines and model forms under the PRA is available upon request free of charge. To obtain this booklet or to submit correspondence regarding a QDRO, please contact: Oxy Qualified Order Team Post Office Box 6300 Newport Beach, CA 92658-6300 866-246-0826 You may be able to speed up court proceedings and save on legal fees by getting a copy of the Plan s QDRO procedures for review by your attorney before any order is presented to a court awarding someone else a share of your PRA benefit. By following the QDRO procedures, you reduce the risk that the order will be rejected by the QDRO Administrator. If your order is rejected, you or your attorney will need to have the court issue a revised order. Plan Continuation OPC expects and intends to continue the PRA but reserves the right to modify, suspend, change or terminate the Plan, or any features of the Plan, at any time, or for any reason. Any amendment to the PRA will be effected through a resolution of the Board of Directors of OPC or, in certain circumstances, by the Plan Administrator. OPC does not guarantee the continuation of this Plan during any periods of active employment, inactive employment, disability, or retirement, nor does it guarantee any specific level of future benefits. The Plan is purely voluntary on the part of the company, and OPC reserves the right to terminate it at any time by action of its Board of Directors. Benefits under this Plan are provided at the company's discretion and do not create a contract of employment. If material changes that affect Plan participants are made in the future, you will be notified. If you are an employee when the Plan is terminated, or if there is a partial termination of the Plan that affects you, you will immediately become vested in your Plan benefit as of the termination date. Distributions of Plan benefits will be made in accordance with the terms of the Plan and as directed by OPC or the Plan Administrator. Pension Benefit Guaranty Corporation The Pension Benefit Guaranty Corporation (PBGC) is a governmental agency created by ERISA. PRA benefits are not insured by the PBGC. This Plan is one of the types of plans not covered by the PBGC and is exempt from PBGC insurance requirements. 4/1/2012 21 PRA

For more information about the PBGC and the benefits it guarantees, ask your Plan Administrator or contact the PBGC s Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 20005-4026 or call 202-326-4000. TTY/TDD users may call the federal relay service at 800-877-8339 and ask to be connected to 202-326- 4000. Additional information about the PBGC s pension insurance program is available through the PBGC s website at www.pbgc.gov. Plan Documents This SPD summarizes the key features of the PRA. Complete details can be found in the official Plan documents that legally govern the operation of the Plan. All statements made in this SPD are subject to the provisions and terms of those documents. Plan documents include the official Plan text, the trust agreement and such other documents and reports that are maintained by the Plan and/or filed with a federal government agency. You may request copies of any Plan documents by writing to the Plan Administrator at the address shown in the section entitled Additional Information. Copies will be furnished within 30 days at a reasonable charge. Mergers, Consolidations, and Transfers If the Plan is merged or consolidated, or if Plan assets are transferred to another plan, the benefit you have accrued at the time of the merger, consolidation, or transfer will be protected. Your account under the new plan, if the plan were to terminate immediately after the change, would at least equal the account that you would have been entitled to receive if the current Plan had terminated just before the change. Overpayment The Plan Administrator makes every effort to ensure that benefit payments are correct. If a mistake is made when your account is distributed, the Plan Administrator reserves the right to recover any overpayment. Data and Records If you do not keep your most recent address on file and Oxy cannot locate you, benefit payments may be delayed. Also, if you do not provide necessary information, such as copies of valid driver licenses or birth certificates, in a timely manner, then payment of your benefit will be delayed. If the Plan Becomes Top Heavy A qualified retirement plan is considered top heavy when 60 percent or more of the benefits from the Plan are payable to key employees. It is unlikely that this Plan will become top heavy, but if it does, you will be notified. Special rules apply for any period of time the Plan is top heavy. No Implied Promises Nothing in this booklet says or implies that participation in this Plan is a guarantee of continued employment with OPC or any Affiliate. Neither is it a guarantee that the Plan s current benefit formula will remain unchanged in future years. Oral representation or promises will not be binding on the Plan. Participants and beneficiaries should not rely on any oral description of the Plan because the written terms of the Plan document will always govern. CLAIMS AND APPEALS PROCEDURES General Information About Claims The Plan sponsor is OPC. OPC has designated the Pension and Retirement Plan Administrative Committee as the named fiduciary of the Plan and Plan Administrator for purposes of ERISA. In other words, the Plan Administrator administers the Plan for the Plan sponsor. 4/1/2012 22 PRA

It is the Plan Administrator s responsibility to interpret the Plan and make final decisions on such things as eligibility and payment of benefits. In exercising its fiduciary responsibilities, the Plan Administrator has discretionary authority to determine whether and to what extent participants, surviving spouses, and beneficiaries are eligible for benefits, and to construe disputed or doubtful Plan terms. The Plan Administrator shall be deemed to have exercised such authority properly unless it has abused its discretion by acting arbitrarily and capriciously. All decisions of the Plan Administrator are binding on participants, beneficiaries, alternate payees, and all other persons claiming benefits under the Plan. A claim for benefits is a formal request by you (or your spouse or beneficiary) for the payment of benefits due under the terms of the PRA. You (including your spouse or beneficiary) have a right to file a formal claim for a benefit from the PRA if you believe that you are not receiving all benefits to which you are entitled under the terms of the Plan. For example, you may believe that you are entitled to a larger benefit or different payment terms (e.g., payment form or payment starting date) than is indicated in response to your application for your benefit. Also, if in response to your application, the Plan Administrator indicates that you are due no benefit under the terms of the Plan, you may file a formal claim for benefits. All formal claims for benefits must be submitted in writing to the Plan Administrator no later than eighteen months after the date that the transaction occurred or should have occurred at the address indicated in the section entitled Additional Information. The Plan Administrator is the named fiduciary with responsibility for deciding your claim. The submission should indicate that it is a formal claim for benefits. An authorized representative may represent you when you file your initial claim or you appeal the initial denial of your claim. The Plan Administrator may require that the person you select provide evidence (such as a signed authorization) that you have authorized him or her to represent you in connection with your claim for benefits Time Period for Responding to Initial Claim Generally, the Plan Administrator will provide a response to your claim within 90 days after receiving your claim. The Plan Administrator may notify you in writing before the end of the normal 90-day review period that it needs up to an additional 90 days to review your claim because of special circumstances. That notification will indicate the special circumstances requiring the extension (such as not receiving required information) and when the Plan Administrator expects to be able to respond to your claim. If you do not receive a response within the applicable time period, please contact OxyLink. Alternatively, you may assume that the claim has been denied and submit an appeal. However, in that case you will not have as much information to help you prepare a successful appeal. If the claim is a claim that you are disabled, the following timing rules will apply instead of those stated in the preceding paragraph. The Plan Administrator will provide a response to your claim within 45 days after it receives your claim. The Plan Administrator may notify you in writing before the end of the normal 45-day review period that it needs an additional 30 days to review your claim because of special circumstances beyond the control of the Plan Administrator. If special circumstances beyond the control of the Plan Administrator justify extending the claim period up to an additional 30 days, you will be given written notice of this extension within the original 30-day period. Each extension shall set forth the special circumstances beyond the control of the Plan Administrator and the date a decision is expected. Information Provided If Initial Claim Is Denied If your claim is denied in whole or in part, you (or your spouse or beneficiary) will receive a written response from the Plan Administrator. The Plan Administrator s response will include the following information: The specific reasons for the denial; Reference to the specific Plan provisions upon which the denial was based; A description of any additional material or information that is necessary for your claim to be successful, and an explanation of why this information is necessary; An explanation that a full and fair review by the Plan Administrator of the decision denying the claim may be requested by you or your authorized representative by filing with the Plan Administrator, within 60 days 4/1/2012 23 PRA

(or, if the claim for benefits is based on your disability, 180 days) after such notice has been received, a written request for such review; A statement you or your authorized representative have a right to receive, upon request and free of charge, reasonable access to or copies of documents, records, and other information relevant to your claim for benefits, other than legally privileged documents, and to submit issues and comments in writing within the period specified above; and A statement that you have a right to bring a civil action under ERISA, following an adverse determination on any appeal you file after the initial denial of your claim. If the Plan Administrator s response does not include all of this information, please contact OxyLink and request the missing information. Appeal Procedure If Initial Claim Is Denied If your initial claim is denied, you (or your spouse or beneficiary) may appeal the denial and request that the Plan Administrator further review your claim. You must submit your appeal in writing to the Plan Administrator at the address noted in the section entitled Additional Information within 60 days (or, if the claim for benefits is based on your disability, 180 days) after you receive the notice denying your initial claim. If you do not submit your appeal by this deadline, you will lose the opportunity to make an appeal and you may lose the right to bring a lawsuit challenging the denial of benefits. In connection with your appeal, you may submit written comments, documents, records, or other information relating to your claim. Upon request, the Plan Administrator will provide you with reasonable access to and copies of documents, records, and other information relevant to your claim for benefits. However, certain documents, records, and other information may not be available to you (such as information protected by privacy laws). Generally, you will receive a response within 60 days (or, in the case of a disability claim, 45 days) after the Plan Administrator receives your appeal. The Plan Administrator may notify you in writing before the end of the normal 60-day review period that it needs an additional 60 days (or, in the case of a disability claim, 45 days) to review your claim because of special circumstances. That notification will indicate the special circumstances requiring the extension (such as not receiving required information) and when the Plan Administrator expects to be able to respond to your claim. If you do not receive a response within the applicable time period, please contact the Plan Administrator. The Plan Administrator will consider your appeal, taking into account all comments, documents, records, and other information submitted, including information not submitted or considered in the initial decision on your claim. Any decision made by the Plan Administrator on appeal will be final and conclusive. Information Provided If Appeal Is Denied If your appeal is denied in whole or in part, you will receive a written response from the Plan Administrator. The Plan Administrator s response will include the following information: The specific reasons for the denial; Reference to the specific Plan provisions upon which the denial was based; A statement that, upon request, you or your authorized representative is entitled to receive, free of charge, reasonable access to and copies of documents, records, and other information relevant to your claim for benefits. However, certain documents, records, and other information may not be available to you (such as information protected by attorney-client privilege); and A statement that you have a right to bring a civil action under ERISA following the adverse determination on your appeal. If the Plan Administrator s response does not include all of this information, please contact OxyLink and request the missing information. 4/1/2012 24 PRA

All decisions made by the Plan Administrator under this benefits claims procedure are final and there shall be no further right of appeal. Legal Proceedings You (or your spouse or beneficiary) may have a right to bring a lawsuit under ERISA, challenging the denial of an appeal of your claim for benefits. If you do not fully utilize the claims procedures outlined previously, including the right to appeal the initial denial of your claim, the Plan Administrator expects to assert that any lawsuit you file attempting to recover on your claim for benefits should be dismissed because you have not fully exhausted the available administrative remedies. A number of courts have ruled that lawsuits brought by participants or beneficiaries seeking Plan benefits will be dismissed in these circumstances. You should discuss this point with your legal advisor because there are differences in how courts address this issue under various circumstances. Also, the Plan has a special rule to promote a prompt resolution of any disagreement that you or your beneficiaries may still have about your benefit. In addition to any earlier deadlines that may apply for filing a lawsuit, the Plan document provides that no lawsuit challenging the claim denial may be filed with a court after the later of (i) 180 days after receiving the written response of the Plan Administrator to an appeal, or (ii) 365 days after an applicant's original application for benefits (bearing in mind that if you do not receive a response to your appeal by the deadline outlined above, then you may treat your appeal as having been denied). YOUR RIGHTS AS PLAN PARTICIPANT As a participant in this Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA) as follows: Receive Information About Your Plan and Benefits Examine, without charge, at the Plan Administrator s office and at other specified locations, all documents governing the Plan, including insurance contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) that is filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. Obtain, upon written request to the Plan Administrator, copies of all documents governing the operation of the Plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series), and an updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. Receive a summary of the Plan s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 60) and if so, what your benefit would be at normal retirement age if you stop working under the Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every 12 months. The Plan must provide the statement free of charge. Prudent Action by Plan Fiduciaries In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA. 4/1/2012 25 PRA

Enforce Your Rights If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or federal court. In addition, if you disagree with the Plan s decision or lack thereof concerning the qualified status of a domestic relations order or a medical child support order, you may file suit in a federal court. If it should happen that Plan fiduciaries misuse the Plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. Help With Your Questions If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance with obtaining documents from the Plan Administrator, you should contact: The nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory; or The Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 4/1/2012 26 PRA

ADDITIONAL INFORMATION Outlined below is some additional information about the PRA and the persons who have assumed responsibility for its operation. Plan Name: Plan Sponsor s Employer Identification Number: Occidental Petroleum Corporation Retirement Plan 95-4035997 Plan Number: 060 Plan Year Ends: December 31 Plan Administrative Services Provided By: Occidental Petroleum Corporation OxyLink Service Center 4500 S. 129 th East Avenue Tulsa, OK 74134-5801 (918) 610-1990 Plan Administrator: Occidental Petroleum Corporation Pension and Retirement Plan Administrative Committee 5 Greenway Plaza, Suite 110 Houston, Texas 77046-0521 (713) 215-7000 Plan Sponsor: Employers Named Fiduciary: Plan Trustee: Plan Type: Address for Legal Process: Funding: Occidental Petroleum Corporation 5 Greenway Plaza, Suite 110 Houston, Texas 77046-0521 Occidental Petroleum Corporation and participating Affiliates as listed in Appendix B The Occidental Petroleum Corporation Pension and Retirement Plan Administrative Committee (same address as above) The Bank of New York Trust Company, N.A. 700 S. Flower Street, Suite 200 Los Angeles, California 90017-4104 The PRA is intended to be a tax-qualified defined contribution, money purchase pension plan. Service for legal process related to the PRA may be made upon the Plan Trustee or the Plan Administrator at the addresses listed above. The Plan sponsor makes contributions to the PRA sufficient to fund the formula described in the section entitled Oxy's Contributions To Your PRA. Employee contributions are not required or permitted. 4/1/2012 27 PRA

LIST OF ATTACHED APPENDICES Current versions of these appendices are available online at OxyLink (oxylink.oxy.com) Appendix Description Dated A Social Security Wage Base and Government Limits January 2012 B Participating Affiliates January 2012 C Fund Descriptions January 2012 D Notice of Federal and State Tax Information for Plan Payments January 2012 4/1/2012 28 PRA

APPENDIX A PERSONAL RETIREMENT ACCOUNT (PRA) SOCIAL SECURITY WAGE BASE AND GOVERNMENT LIMITS (As of January 2012) 2012 Social Security and Government Limits Table Social Security Wage Base $110,100 Maximum Earnings Taken Into Account for PRA (annual compensation limit) Maximum Contribution Limit (to all defined contribution plans) $250,000 $50,000 SRP II Earnings Threshold $150,000 4/1/2012 A-1 PRA

APPENDIX B PERSONAL RETIREMENT ACCOUNT (PRA) PARTICIPATING AFFILIATES (As of January 2012) Glenn Springs Holdings, Inc. Occidental Energy Ventures Corp. Occidental International Corporation Occidental Petroleum Corporation Oxy, Inc. Centurion Pipeline GP, LP. Occidental of Elk Hills Inc. Occidental Energy Marketing Inc. Occidental Energy Transportation LLC Occidental Oil and Gas Corporation Occidental Midstream Strategic Development, LLC Oxy Energy Services, Inc. Oxy USA Inc. OXY Support Services LLC Phibro Services LLC Indspec Chemical Corporation Occidental Chemical Corporation 4/1/2012 B-1 PRA

APPENDIX C PERSONAL RETIREMENT ACCOUNT (PRA) Fund Description as of January 2012 Personal Retirement Account April 1, 2012 (PRA) Fund Descriptions You may direct the investment of your PRA account balances among the funds listed below. Fund Name Stable Value Fund Type of Fund and Ticker Symbol Individually Managed for the PRA Ticker Symbol: None Fund Manager Information INVESCO Website: http://www.invesco.com Balanced Strategy I Balanced Strategy II Balanced Strategy III Each fund invests in a premixed, diversified set of investments (see descriptions below) Ticker Symbol: Multiple, see page 2 The Vanguard Group Website: www.vanguard.com Pacific Investment Management Co. (PIMCO) Website: www.pimco-funds.com Making Your Personal Investment Choices It is up to you to decide how to invest your PRA account balance. All investments involve the risk of loss as well as the potential for gain. Historical performance is not indicative of future performance of any PRA investment fund. Performance depends on a number of variables, including the performance of other companies and markets in which investments are made and the actual time frame of your investment. Oxy does not guarantee the performance of any PRA fund nor does it assume any obligation to make up for any losses that you may experience. You may want to consult an independent investment advisor regarding the PRA investment options that may best help you achieve your personal investment goals. Investment Fund Performance Each investment fund has one or more identified benchmarks which are listed below. A Performance Summary comparing each PRA investment fund to its benchmark is published quarterly and sent to all participants with quarterly statements. Oxy pays Trustee fees, but does not pay investment management expenses. Fund returns are reported net of investment management expenses; expenses listed below are as of April 1, 2012. Additional Information You may review additional information about your plan balance, as well as the current and historical PRA fund rates of return, by accessing your account at oxylink.oxy.com (enter your Employee ID and password, then select Employee Self-Service > Link to PSA/PRA Information). This document is also available online at oxylink.oxy.com > Retirement and Savings > Investment Funds Information. You may request a printed copy of this document by sending an email request to OxyLink@oxy.com or by calling OxyLink at 800-699-6903 (or 918-610-1990 from outside the U.S. or Canada) during normal business hours (Monday Friday, 8:30 A.M. 5:00 P.M. Central Time). STABLE VALUE FUND This fund is designed to provide stable, predictable returns. Contributions are invested in fixed income securities and are paired with stable value investment contracts which guarantee the repayment of principal and accumulated interest. It is important to note that the stable value investment contracts are not guaranteed by the federal government or by Oxy. The guarantee is based solely on the ability of the contract providers to fulfill their obligations under these contracts. As a participant in this fund, you will earn a return that reflects the combined earnings for all investment contracts held under the fund. 4/1/2012 C-1 PRA

Asset Mix and Benchmark: 100% Fixed Income Securities, paired with stable value investment contracts (Rolling Average 5- Year Treasury Note Yield) Fund Expenses: Annual expense of 0.31% 0.08% INVESCO Management Fees 0.04% External Manager Fees 0.19% Wrap Contract Issuer Fees INVESCO of Louisville, Kentucky individually manages this fund on behalf of the PRA. An individual prospectus is not published for this fund. Manager fees are based on a graduated fee schedule and will vary based on the combined total balance in Oxy s Personal Savings Account (PSA) and & PRA Stable Value Funds. BALANCED STRATEGY FUNDS The PRA offers three Balanced Strategy Funds: Conservative, Moderate and Aggressive. A percentage of each fund s total balance is automatically invested among a number of funds that represent a variety of different asset classes. The equity portion of each fund is invested in: Large Cap Stocks: Vanguard Institutional Index Fund Institutional Plus Class (Ticker Symbol: VIIIX) Small Cap Stocks: Vanguard Small-Cap Index Fund Institutional Class (Ticker Symbol: VSCIX) International Stocks: Vanguard Developed Markets Index Fund Institutional Class (Ticker Symbol: VIDMX) The fixed income portion of each fund is invested in: Bonds: PIMCO Total Return Fund Institutional Class (Ticker Symbol: PTTRX) Short Term Bonds: PIMCO Low Duration Fund Institutional Class (Ticker Symbol: PTLDX) The Vanguard funds are managed by The Vanguard Group of Valley Forge, Pennsylvania and the PIMCO funds are managed by Pacific Investment Management Company of Newport Beach, California. You may obtain a copy of the prospectus for these funds at www.vanguard.com and www.pimco-funds.com, or contact OxyLink. Asset Class (Benchmark) Description Large Cap Stocks (S&P 500 Index) Small Cap Stocks (MSCI U.S. Small Cap 1750 Index) International Stocks (MSCI EAFE Index) Bonds (Barclays Capital U.S. Aggregate Bond Index) Short Term Bonds (Merrill Lynch 1-3 Yr. T- Bond Index) Fund Expenses (composite annual expenses) Balanced Strategy I Conservative This fund is an incomeoriented investment option that seeks to provide the potential for a modest longterm rate of return by emphasizing preservation of principal. Balanced Strategy II Moderate This fund is a growth and income-oriented investment option that seeks to provide the potential of moderate long-term returns by balancing return potential with preservation of principal. Balanced Strategy III Aggressive This fund is a growthoriented investment option that seeks to provide the potential of significant longterm returns by optimizing return potential. 30% 35% 40% 5% 10% 15% 5% 15% 15% 40% 40% 30% 20% 0% 0% 0.29% 0.22% 0.18% 4/1/2012 C-2 PRA

APPENDIX D PERSONAL RETIREMENT ACCOUNT (PRA) NOTICE OF FEDERAL AND STATE TAX INFORMATION FOR PLAN PAYMENTS (As of January 2012) NOTICE OF FEDERAL and STATE TAX INFORMATION FOR PSA OR PRA PLAN PAYMENTS YOUR ROLLOVER OPTIONS This notice explains how you can continue to defer federal income tax on your retirement savings under the Occidental Petroleum Corporation (Oxy) Savings Plan (the "PSA" or "Plan") and/or the Oxy Retirement Plan (the "PRA" or "Plan"). You are receiving this notice because all or a portion of a payment you are receiving from the Plan is eligible to be rolled over to an IRA or an employer plan. This notice is intended to help you decide whether to do such a rollover. Under the PSA and PRA, generally, you may choose to delay the commencement of your benefit until the end of the year in which you attain age 70 ½, at which time you must take a full distribution. Please see the Summary Plan Documents for additional information. If you have additional questions after reading this notice, you may call the Plan Administrator through the OxyLink Employee Service Center ( OxyLink ) at 800-699-6903 (or 918-610-1990 if you call from outside the U.S. or Canada). Rules that apply to most payments from a plan are described in the General Information About Rollovers section. Special rules that only apply in certain circumstances are described in the Special Rules and Options section. REQUIRED 30-DAY WAITING PERIOD IRS regulations require that you have at least 30 days from the date of this notice to make a decision about the payment of all or a portion of your PSA or PRA benefits. Thus, unless you waive your right to this 30-day waiting period, the Plan Administrator will not process your payment request before the 30 th day after the date of this notice. You can waive this 30-day waiting period and receive a payment from the PSA or PRA within this 30-day waiting period by signing and dating the Signature section of the payment request form and mailing your completed form to OxyLink within the 30-day period. Please note that your election to waive the 30-day waiting period does not obligate the Plan Administrator to make payment to you within 30 days. The time in which a payment is made depends not only on whether or not you waive the 30-day waiting period, but also on the form of payment that you elect and when your payment request form is received by OxyLink and approved by the Plan Administrator. You may revoke your payment election in writing until your payment is processed or until the expiration of a seven-day period that begins the day following the date of this notice, whichever is later. GENERAL INFORMATION ABOUT ROLLOVERS How can a rollover affect my taxes? You will be taxed on a payment from the Plan if you do not roll it over. If you are under age 59½ and do not do a rollover, you will also have to pay a 10% additional income tax on early distributions (unless an exception applies). However, if you do a rollover, you will not have to pay tax until you receive payments later, and the 10% additional income tax will not apply if those payments are made after you are age 59½ (or if an exception applies). Where may I roll over the payment? You may roll over the payment to either an IRA (an individual retirement account or individual retirement annuity) or an employer plan (a tax-qualified plan, section 403(b) plan, or governmental section 457(b) plan) that will accept the rollover. The rules of the IRA or employer plan that holds the rollover will determine your investment options, fees, and rights to payment from the IRA or employer plan (for example, no spousal consent rules apply to IRAs and IRAs may not provide loans). Further, the amount rolled over will become subject to the tax rules that apply to the IRA or employer plan. How do I do a rollover? There are two ways to do a rollover. You can do either a direct rollover or a 60-day rollover. 4/1/2012 D-1 PRA

If you do a direct rollover, the Plan will make the payment directly to your IRA or an employer plan. A direct payment includes a check distributed to you but made payable to the IRA or employer plan for your benefit. You should contact the IRA sponsor or the administrator of the employer plan for information on how to do a direct rollover. If you do not do a direct rollover, you may still do a rollover by making a deposit into an IRA or eligible employer plan that will accept it. You will have 60 days after you receive the payment to make the deposit. If you do not do a direct rollover, the Plan is required to withhold 20% of the payment for federal income taxes (up to the amount of cash and property received other than employer stock). This means that, in order to roll over the entire payment in a 60-day rollover, you must use other funds to make up for the 20% withheld. If you do not roll over the entire amount of the payment, the portion not rolled over will be taxed and will be subject to the 10% additional income tax on early distributions if you are under age 59½ (unless an exception applies). How much may I roll over? If you wish to do a rollover, you may roll over all or part of the amount eligible for rollover. Any payment from the Plan is eligible for rollover, except: Certain payments spread over a period of at least 10 years or over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary). Required minimum distributions after age 70½ (or after death) Dividends paid on Oxy Stock held in the Oxy Stock Fund Corrective distributions of contributions that exceed tax law limitations Loans treated as deemed distributions (for example, a PSA loan in default when your employment ends). The Plan Administrator can tell you what portion of a payment is eligible for rollover. If I don t do a rollover, will I have to pay the 10% additional income tax on early distributions? If you are under age 59½, you will have to pay the 10% additional income tax on early distributions for any payment from the Plan (including amounts withheld for income tax) that you do not roll over, unless one of the exceptions listed below applies. This tax is in addition to the regular income tax on the payment not rolled over. The 10% additional income tax does not apply to the following payments from the Plan: Payments made after you separate from service if you will be at least age 55 in the year of the separation Payments that start after you separate from service if paid at least annually in equal or close to equal amounts over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary).* Payments made due to disability Payments after your death Payments of dividends on Oxy Stock held in the Oxy Stock Fund Corrective distributions of contributions that exceed tax law limitations Payments made directly to the government to satisfy a federal tax levy Payments made under a qualified domestic relations order (QDRO) Payments up to the amount of your deductible medical expenses Certain payments made while you are on active duty if you were a member of a reserve component called to duty after September 11, 2001, for more than 179 days If I do a rollover to an IRA, will the 10% additional income tax apply to early distributions from the IRA? If you receive a payment from an IRA when you are under age 59½, you will have to pay the 10% additional income tax on early distributions from the IRA, unless an exception applies. In general, the exceptions to the 10% additional income tax for early distributions from an IRA are the same as the exceptions listed above for early distributions from a plan. However, there are a few differences for payments from an IRA, including: There is no exception for payments after separation from service that are made after age 55. The exception for qualified domestic relations orders (QDROs) does not apply (although a special rule applies under which, as part of a divorce or separation agreement, a tax-free transfer may be made directly to an IRA of a spouse or former spouse). The exception for payments made at least annually in equal or close to equal amounts over a specified period applies without regard to whether you have had a separation from service. There are additional exceptions for (1) payments for qualified higher education expenses, (2) payments up to $10,000 used in a qualified first-time home purchase, and (3) payments after you have received unemployment compensation for 12 consecutive weeks (or would have been eligible to receive unemployment compensation but for self-employed status). 4/1/2012 D-2 PRA

Will I owe State income taxes? See the NOTICE OF STATE TAX INFORMATION below regarding State income tax rules (including withholding rules). SPECIAL RULES AND OPTIONS If your payment includes after-tax contributions After-tax contributions included in a payment are not taxed. If a payment is only part of your benefit, an allocable portion of your after-tax contributions is generally included in the payment. (If you have pre-1987 after-tax contributions maintained in a separate account, a special rule may apply to determine whether the after-tax contributions are included in a payment.) You may roll over to an IRA a payment that includes after-tax contributions through either a direct rollover or a 60-day rollover. You must keep track of the aggregate amount of the after-tax contributions in all of your IRAs (in order to determine your taxable income for later payments from the IRAs). If you do a direct rollover of only a portion of the amount paid from the Plan and a portion is paid to you, each of the payments will include an allocable portion of the after-tax contributions. If you do a 60-day rollover to an IRA of only a portion of the payment made to you, the after-tax contributions are treated as rolled over last. For example, assume you are receiving a complete distribution of your benefit which totals $12,000, of which $2,000 is after-tax contributions. In this case, if you roll over $10,000 to an IRA in a 60-day rollover, no amount is taxable because the $2,000 amount not rolled over is treated as being after-tax contributions. You may roll over to an employer plan all of a payment that includes after-tax contributions, but only through a direct rollover (and only if the receiving plan separately accounts for after-tax contributions and is not a governmental section 457(b) plan). You can do a 60-day rollover to an employer plan of part of a payment that includes after-tax contributions, but only up to the amount of the payment that would be taxable if not rolled over. If you miss the 60-day rollover deadline Generally, the 60-day rollover deadline cannot be extended. However, the IRS has the limited authority to waive the deadline under certain extraordinary circumstances, such as when external events prevented you from completing the rollover by the 60- day rollover deadline. To apply for a waiver, you must file a private letter ruling request with the IRS. Private letter ruling requests require the payment of a nonrefundable user fee. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs). If your payment includes Oxy Stock that you do not roll over (May Apply to PSA only) If you do not do a rollover, you can apply a special rule to payments of employer stock (Oxy Stock) that are either attributable to after-tax contributions or paid in a lump sum after separation from service (or after age 59½, disability, or the participant s death). Under the special rule, the net unrealized appreciation on the Oxy Stock will not be taxed when distributed from the PSA and will be taxed at capital gain rates when you sell the stock. Net unrealized appreciation is generally the increase in the value of the stock after it was acquired by the Plan. If you do a rollover for a payment that includes Oxy Stock (for example, by selling the stock and rolling over the proceeds within 60 days of the payment), the special rule relating to the distributed employer stock will not apply to any subsequent payments from the IRA or employer plan. The Plan Administrator can tell you the amount of any net unrealized appreciation. If you have an outstanding loan that is being offset (May Apply to PSA only) If you have an outstanding loan from the PSA, your plan benefit may be offset by the amount of the loan, typically when your employment ends. The loan offset amount is treated as a distribution to you at the time of the offset and will be taxed (including the 10% additional income tax on early distributions, unless an exception applies) unless you do a 60-day rollover in the amount of the loan offset to an IRA or employer plan. If you were born on or before January 1, 1936 If you were born on or before January 1, 1936, and receive a lump sum distribution that you do not roll over, special rules for calculating the amount of the tax on the payment might apply to you. For more information, see IRS Publication 575, Pension and Annuity Income. If you roll over your payment to a Roth IRA If you roll over the payment to a Roth IRA, a special rule applies under which the amount of the payment rolled over (reduced by any after-tax amounts) will be taxed. However, the 10% additional income tax on early distributions will not apply (unless you take the amount rolled over out of the Roth IRA within five years, counting from January 1 of the year of the rollover). For payments from the Plan during 2010 that are rolled over to a Roth IRA, the taxable amount can be spread over a two-year period starting in 2011. If you roll over the payment to a Roth IRA, later payments from the Roth IRA that are qualified distributions will not be taxed (including earnings after the rollover). A qualified distribution from a Roth IRA is a payment made after you are age 59½ (or after your death or disability, or as a qualified first-time homebuyer distribution of up to $10,000) and after you have had a Roth IRA for at least five years. In applying this five-year rule, you count from January 1 of the year for which your first 4/1/2012 D-3 PRA

contribution was made to a Roth IRA. Payments from the Roth IRA that are not qualified distributions will be taxed to the extent of earnings after the rollover, including the 10% additional income tax on early distributions (unless an exception applies). You do not have to take required minimum distributions from a Roth IRA during your lifetime. For more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs). You cannot roll over a payment from the Plan to a designated Roth account in an employer plan. SURVIVING SPOUSES, ALTERNATE PAYEES, AND OTHER BENEFICIARIES Payments after death of the participant. If you receive a distribution after the participant s death that you do not roll over, the distribution will generally be taxed in the same manner described elsewhere in this notice. However, the 10% additional income tax on early distributions does not apply and the special rule described under the section If you were born on or before January 1, 1936 applies only if the participant was born on or before January 1, 1936. If you are a surviving spouse. If you receive a payment from the Plan as the surviving spouse of a deceased participant, you have the same rollover options that the participant would have had, as described elsewhere in this notice. In addition, if you choose to do a rollover to an IRA, you may treat the IRA as your own or as an inherited IRA. An IRA you treat as your own is treated like any other IRA of yours, so that payments made to you before you are age 59½ will be subject to the 10% additional income tax on early distributions (unless an exception applies) and required minimum distributions from your IRA do not have to start until after you are age 70½. If you treat the IRA as an inherited IRA, payments from the IRA will not be subject to the 10% additional income tax on early distributions. However, if the participant had started taking required minimum distributions, you will have to receive required minimum distributions from the inherited IRA. If the participant had not started taking required minimum distributions from the Plan, you will not have to start receiving required minimum distributions from the inherited IRA until the year the participant would have been age 70½. If you are a surviving beneficiary other than a spouse. If you receive a payment from the Plan because of the participant s death and you are a designated beneficiary other than a surviving spouse, the only rollover option you have is to do a direct rollover to an inherited IRA. Payments from the inherited IRA will not be subject to the 10% additional income tax on early distributions. You will have to receive required minimum distributions from the inherited IRA. Payments under a qualified domestic relations order. If you are the spouse or former spouse of the participant who receives a payment from the Plan under a qualified domestic relations order (QDRO), you generally have the same options the participant would have (for example, you may roll over the payment to your own IRA or an eligible employer plan that will accept it). Payments under the QDRO will not be subject to the 10% additional income tax on early distributions. If you are a nonresident alien If you are a nonresident alien and you do not do a direct rollover to a U.S. IRA or U.S. employer plan, instead of withholding 20%, the Plan is generally required to withhold 30% of the payment for federal income taxes. If the amount withheld exceeds the amount of tax you owe (as may happen if you do a 60-day rollover), you may request an income tax refund by filing Form 1040NR and attaching your Form 1042-S. See Form W-8BEN for claiming that you are entitled to a reduced rate of withholding under an income tax treaty. For more information, see also IRS Publication 519, U.S. Tax Guide for Aliens, and IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Other special rules If a payment is one in a series of payments for less than 10 years, your choice whether to make a direct rollover will apply to all later payments in the series (unless you make a different choice for later payments). If your payments for the year are less than $200, the Plan is not required to allow you to do a direct rollover and is not required to withhold for federal income taxes. However, you may do a 60-day rollover. FOR MORE INFORMATION You may wish to consult with the Plan Administrator for questions about the Plan, or with a professional tax advisor for tax advice, before taking a payment from the Plan. You may call the Plan Administrator through OxyLink at 800-699-6903 (or 918-610-1990 if you call from outside the U.S. or Canada). Also, you can find more detailed information on the federal tax treatment 4/1/2012 D-4 PRA

of payments from employer plans in: IRS Publication 575, Pension and Annuity Income; IRS Publication 590, Individual Retirement Arrangements (IRAs); and IRS Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). These publications are available from a local IRS office, on the web at www.irs.gov, or by calling 1-800-TAX-FORM. NOTICE OF STATE TAX INFORMATION The portion of a Plan payment that represents a return of nontaxable after-tax contributions is not taxable. However, the taxable portion of a PSA or PRA payment in excess of $200 may be subject to state income taxation except if you reside in AK, FL, NV, NH, SD, TN, TX, WA or WY. Consult a tax advisor or your state taxing authority for more information about the state income tax requirements where you reside. If you roll over nontaxable after-tax contributions, also determine if your state of residence permits you to defer paying state income tax on the earnings on after-tax contributions that you elect to roll over. In certain states, a taxable Plan payment in excess of $200 that is not directly rolled over to a traditional IRA or another employer's qualified plan also is subject to state income tax withholding (SITW). If you reside in AR, DC, DE, IA, KS, MD, ME, MA, NC, NE, OK, VT, or VA, applicable SITW is mandatory and automatically will be withheld from the taxable portion of a payment paid to you. If you reside in AL, AZ, CA, CO, CT, GA, HI, ID, IL, IN, KY, LA, MI, MN, MO, MS, MT, ND, NJ, NM, NY, OH, OR, PA, PR, RI, SC, UT, WV or WI, the withholding of applicable SITW is voluntary. Because state tax regulations change from time to time, consult with your tax advisor or the state taxing authority in your state of residence for information about the most current state tax regulations that may apply to a payment you receive from the PSA or PRA. 4/1/2012 D-5 PRA