Good morning, my name is Sheryl and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Occidental Petroleum's second quarter 2008 earnings conference call. (Operator instructions). Thank you. It is now my pleasure to turn the floor over to your host, Christopher Stavros. Sir, you may begin your conference.

Thanks very much, Sheryl and good morning everyone. I'd like to welcome you to Occidental second quarter 2008 earnings conference call. Joining us on the call from Los Angeles are Dr. Ray Irani, Oxy's Chairman and CEO; Steve Chazen, our President and CFO; and Casey Olson, Oxy's President of Oil and Gas in the Eastern Hemisphere. In a moment, I'll be passing the call over to Dr. Irani who will highlight some of Oxy's recent announcements and future development opportunities. Steve Chazen will then review our second quarter and six month financial results and will also provide greater detail on our plans for increased capital spending, oil and gas drilling activity and our outlook for growing our oil and gas production through the remainder of the decade. Our earnings press release investor relations supplemental schedules in the conference call presentation slides, which refer to Steve's remarks can be downloaded off of our website at www.oxy.com. And I'll now turn the call over to Dr. Irani. Dr. Irani, please go ahead.

Thank you, Chris and good morning everybody. Today, we are very pleased to announce a record second quarter with net income of $2.3 billion, a 63% increase compared to the second quarter of 2007. Net income for the first six months of 2008 was $4.1 billion, an increase of 58% over the comparable six month period last year. These results reflect, not only, the strong oil and natural gas prices which have generally benefited the industry but also the increase production across Oxy's operations. Comparing the first six months of this year to the first six months of 2007, our total worldwide production has increased by about 7% to an average daily production of 598,000 BOE per day despite the labor dispute in Argentina during May, which is now settled. Very shortly, Steve, will discuss our results in more detail. But first, I'd like to mention some recent developments that will enable us to further expand our worldwide production and create additional value for Oxy's stockholders. As most of you are aware, the majority of Oxy's production is in the United States which last year provides a 63% of our total production and 35% of our proven reserves. We are the leading oil producer in Permian Basin in South West Texas and South East New Mexico with production at a rate of about 200,000 barrels of oil equivalents per day. In California, we are the largest natural gas producers, the third largest oil producer, and in total our current net total production in California averages a 126,000 barrels of oil (inaudible) per day. And we have stated repeatedly, that our long-term strategy is to maintain the U.S production to be over 50% of worldwide production and to have reserves well over 50% of the total, and so we intend to…

Thank you, Ray. Core results for the quarter were a record $2.3 billion, or $2.79 per diluted share, compared to $943 million, or $1.12 per diluted share, in the second quarter of 2007. Second quarter core results superseded the previous records set in the first quarter by 26%. Here's the segment breakdown for the second quarter. Oil and gas second quarter of 2008 segment earnings were $3.8 billion, compared to about $1.7 billion for the second quarter of 2007. Oil and gas core results for the second quarter of 2007 were about $1.6 billion after excluding gains from sale of oil and gas interest last year. The following account for the increase in oil and gas earnings between these quarters. Higher worldwide oil and gas price realizations result in an increase of $2.2 billion of earnings, over the comparable period last year. Oxy's average realized crude oil price of 2008 second quarter was $110.12 per barrel, an increase of 86% in the comparable period in 2007. Oxy's domestic average realized gas price for the quarter was $9.99 per MCF, compared with $7.07 per MCF in the second quarter of 2007. Worldwide oil and gas production in the second quarter of 2008 averaged 588,000 barrels of oil equivalent per day. An increase of over 5% comparable to 558,000 BOE production second quarter of last year. The bulk of production proven result of 46,000 BOE a day from the Dolphin project began production in third quarter of 2007 from the recently acquired domestic assets partially offset by 15,000 barrel a day in lower volumes from Argentine operations due a the strike in the Santa Cruz province in May of this year which I will discuss later and lower production of 19,000 BOE per day caused by higher oil prices affecting our production…

(Operator instructions) Your first question is coming from Paul Sankey of Deutsche Bank. Paul Sankey – Deutsche Bank Securities: Hi, good morning Steve.

Morning.

Morning. Paul Sankey – Deutsche Bank Securities: Steve, you've said something here in terms of going a kind of detail we wanted to see on growth, and you also have an announcement on buying back. Could you just go through the processation [ph], strategic decision that you've taken there in terms of how much you want to spend on developing organic growth and how much you would spend on buying back stock, given where the stock prices now? Thanks.

On the stock buy back, organic growth – we'll spend what we need to have in organic growth as long as it works, works on a– at some reasonable oil price. I think where the difference will be, it's very difficult to – right now to do large scale acquisitions that would compete with buying back stock and so the excess cash would be used as long as the stocks is reasonable price – would be used to buy back shares. The reason we asked for additional authority from the board was we felt (inaudible) we're not on authority before the next board meeting. Paul Sankey – Deutsche Bank Securities: I got you, and so that means we can expect to see the buy back accelerating pretty much from here, I guess?

As soon as the window ends. Paul Sankey – Deutsche Bank Securities: Right. So basically, you haven't been in the market recently because you've been blanked [ph] now, obviously, and it's not rateable but basically when window closes, we would expect to see therefore more than 860 million, which is the first half number obviously of share re-purchase in the second half.

Obviously, we could compute the free cash flow of the company and for the back half of the year using whatever estimates you want to use, and we're not going to build cash. And while we would have, probably some smaller acquisitions and a large scale ones, so I would think you can get an idea of the scale.

Yeah, but the bottom line, we will accelerate the share repurchase through the second half. Paul Sankey – Deutsche Bank Securities: Okay, great. Thanks guys. I will leave you now.

Thank you. Next question is coming from Michael LaMotte of JP Morgan. Michael LaMotte – JP Morgan: Thanks guys. I do thank you for all the details. It's great. Where to start with the questions. I guess first, in California, if I look at the volume progression of – in the first half and then look at the increase in commitments to wells and – rigs and wells, how quickly do you think we'll see a production response in that region?

Well, things always go slower than you might like. As far as the production, they've always want to test and fool around. So, I think, the schedule we've shown here is a reasonably conservative schedule. We would hope for a better results earlier, but I think, given the history of it, I think, we'll stay with this conservative view. Michael LaMotte – JP Morgan: Okay.

You can see it boost in the second half and then into next year and the year after. The range that you see at the bottom, well, it has some other things in it as, the upper end of the range is probably some idea where we would hope California would wind up.

Okay. And then, I was intrigued that the 17% increase in CapEx roughly correlates with the increase in wells, so would suggest that you're not seeing much rig inflation or service cost inflation. We've seen a lot increase in tubular cost and other equipment and services cost. Are you booked up with – are the rigs secured and the – a lot of equipment procured at this point?

We wouldn't show them unless they were secured. Michael LaMotte – JP Morgan: Very good. In terms of '09, I mean –

tubular goes, there's no question that's sorry. Michael LaMotte – J.P Morgan: Yeah.

But it's a small portion than Total. Michael LaMotte – J.P Morgan: Shallow wells then?

Yeah. These we drill mostly post holes. Michael LaMotte – J.P Morgan: Okay. And then if I could get you to touch on Elk Hills specifically and to sort of what you're learning in the Monterey shale play in that particular field. Anything you want to elaborate on there?

Nothing I want to elaborate on. But we've had some pretty good success and I think as we expand the program and you see a lot of it's dedicated to that kind of activity whether it's called Monterey or Antelope. And so, we'll have more detail as the year progresses but the initial results are very encouraging. We have a huge acreage position not just around our Elk Hills but in California. So, if this works, it probably works pretty good. Michael LaMotte – J.P Morgan: That's great. I'll end it there. Thanks Steve.

Thank you.

Thank you. Our next question is coming from Eitan Bernstein of FBR Capital Markets. Eitan your line is live. Eitan Bernstein – FBR Capital Markets: Sorry about that. Still had it on mute. Congratulations on a strong quarter and thanks for the additional detail. Would you consider levering up in a – and accelerating share buybacks more meaningfully? Obviously, the balance sheet is very, very strong. Maybe a little more so than is needed.

You know, having been through a ride for the last decade, it's hard for me to say that the balance sheet could be too strong but we'll just look at the product at the stock price and take appropriate actions to ensure that the stock is – that we're getting good value for the shareholders, which we clearly are at this point. We couldn't replace any portion of the – sizable portion of the business at what the stock is trading for now implicitly. So, we got plenty of cash for now. We'll see as we go forward. Eitan Bernstein – FBR Capital Markets: Okay. Great, thank you.

Thank you. Your next question is coming from Bernard Picchi of Wall Street Access. Bernard Picchi – Wall Street Access: Yes, good morning. I would ask about something that you didn't talk about in the slides. And by the way, thanks very much for all the information, it's great. I know it's really dazed, but, Dr. Irani, you said that you are looking at Iraq. Could you give us an idea of what you are looking at in terms of target sizes whether you are looking in the North or the South and kind of what – what kind of – would that be a production sharing contract or a more traditional kind of Western contract? What – can you give us a little bit more detail, a little bit more color if you could on what you have in mind for Iraq? Because it could be very, very important for the company going forward.

Thanks. Let me say a couple of words and I turn it over to Casey Olson. There are some very large field in Iraq which are going to be available. And there are smaller ones, but which are very significant. Realistically, the huge ones are going to be run by Consortia, a consortium which would have managers in it and companies our size. So, we would be trying to be participating in those large ones. What I'm really saying is no one company is going to get a field with 20 billion barrels or more, period. So, we will be participating with some of the super majors, and looking at some of the large formations, now this could– may take time and so on. But we're also looking at some of the smaller fields where we could do them by ourselves. Now, all of this depends on the new administration, while the security situation takes place, Afghanistan, da, da, da, and so its safe to say when all this is going to happen, but it's moving in the right direction and we just wanted to share with you that we have been pre-qualified and that we are serious about the opportunities. When that's going to happen, I'm sure that all Americans would like to know. The case of a Jihad [ph], that's all right.

Sure. Just a couple of things. Bernie, one, as you probably know, going back even into the late 1980's as a company, we were very actively looking at Iraq and heavily engaged in detailed negotiations under its areas in the country, and unfortunately most of that went south with the problems between Kuwait and Iraq and then, subsequent history that's occurred since then, Dr. Irani's comments are exactly correct, I think the other thing to point out is the Iraqi's are as, as you probably know, looking at a formal process. They've identified eight or so of the giant fields in the country that they're going to work through a way a form of bidding process with the industry, probably starting later this year, and going through a good part of next year. Again, based on our previous work from the country, we actually have a pretty good handle on what those fields are, what potential they might have and etcetera, and I think we're very well positioned because of our work with the Ministries years ago, and like many countries, a lot of the key technical people in the Ministry are still the same folks that were there before, so we have an excellent relationship, a good solid understanding of what the potential is and certainly are going to be very aggressive in participating in whatever process the Iraqis decide to follow through on. Bernard Picchi – Wall Street Access: Thank you.

Thank you. Your next question is coming from Robert Kassler of Simmons & Company. Robert Kessler – Simmons & Company: Morning, guys. I appreciate as well as the others on the incremental detail you provided. I'm curious, I suppose we could say that this incremental $700 million of spending is marginal, sort of by definition, given that it came late in the year and with an eye towards higher crude prices but with that said, I imagine the returns are still quite robust. Can you characterize the average internal rate of return on these new investments relative to your based program and perhaps something with how the payback period or something like that?

I think, one of the things that you will appreciate is some of these low-laying fruit we talked about earlier, if oil price is still over $100, you're looking at paybacks of six months or less and some others are more intermediate and some are longer term. But clearly, we're going to pick-up the low-laying fruit and Steve, would you add to all that?

Well, we're sort of embarrassed to say that the rates of return on these items are well over 100%. And actually the returns are better the underlying returns of the company and we get paybacks of – the workover rig is hardly off the well before the – you get paybacks – you paybacks and a lot of these things are under 90 days. So, the rates of return are spectacular in product price environments well below current levels. Robert Kessler – Simmons & Company: Any thoughts on average production per well or average reserves added per well?

No. I mean, yeah, we have thought but we're not going to share them with you. Robert Kessler – Simmons & Company: Fair enough. Thank you.

Thank you. Your next question is coming from Erik Mielke of Merrill Lynch. Erik Mielke – Merrill Lynch: Good afternoon. I have several questions, if I may. Firstly, on the CapEx increase for 2009 and 2010, is the 2008 level, is that a good place to start. And also from what you been talking about in the enhanced oil recovery and some of the short-term – short payback period projects. What would the impact be on operating cost more from the modeling perspective?

Sorry. I guess you have two questions. What's the capital going forward, if we can estimate it? Is that right?

Correct.

Is it for going 2009 and '10, is that right?

Yes.

I would think the – some version of this year's maybe increase a little bit, so it might approach five billion. We don't know exactly. But some of these things will go away and change but we can wind up with the five billion including chemicals in midstream. The second question was operating cost?

Correct.

The – likely they have more expense workovers in the back half of the year because we're accelerating some – a backlog of those. And so, you are likely to boost your operating cost for the whole company under $1 a barrel but certainly $0.50 to a $1. (inaudible) deliberate policy in – to get – to expand the dollar a barrel to get $100 net, even if its $2 or $3 on the well or $5 the a well, Seems to us to be okay economics. Erik Mielke – Merrill Lynch: Do you have a rough idea what the impact will be on your reserved bookings for 2008 based on the program that you've announced?

No. We – the answer to your question is yes we do, but we don't forecast reserved bookings. That's not something we are capable of forecasting from year-to-year.

But, I would say we are comfortable that we have more than replaced a 100% of our production this year. Erik Mielke – Merrill Lynch: Can I ask a follow-on question. You mentioned very briefly that you – the acquisition that you made in the oil sands – Alberta oil sands in Canada. How should we think about this project strategically. I'm sure that there are other companies that would have run a rule [ph] over the project when the asset was for sale. Should we think of Oxy as sense of servicing other oil sands deals and if there need for you to integrate downstream if you are going to be doing more oil sands. There's some pretty inexpensive refining assets available?

As far as refining assets, we don't have any current plans for any refining assets. Actually, there were very few companies interested. It was a very – because people felt that the current operator would want the property, which they did. And, we paid very little more than the current operator offered for it. We expect to have a good relationship with Total and participate in marketing food [ph] with them. So, I don't see this going downstream. Erik Mielke – Merrill Lynch: (inaudible)

We would view this as not- you shouldn't – we are not capable of operating this kind of activity. So, if there were other interest available, non-operated interest will competent operators, we would be interested in that.

But as you know, we did emphasized, maybe, we should again, that not all of oil sands are oil sands. This is a very high quality oil sand area and the opportunity came along and even though it's longer term than we'd like to be working on, it's a unique opportunity and so we decided to make the investment. And it gives us an option value because we know we can flip it easily if we have to in the future. It's not our intent at the current time but it gives us some optionality to participate and understand this activity better.

Remember this oil sands affect our– ultimately, affect our production, ability to market our production in West Texas. So, I think it's important for us to understand the flows of oil in North America and plan our marketing Appropriately to keep our differential flow. Erik Mielke – Merrill Lynch: Thanks very much.

Thank you. Our next question is coming from Pavel Molchanov of Raymond James. Pavel Molchanov – Raymond James: Just a follow-up on the discussion about Canada from the prior question. Are you looking to build kind of a core position in either the oil sands or perhaps in Canada, outside of the oil sands or is this– or should we think of this as more of one-off investment?

Not building a core position.

No core – we are not building a core position in Canada, but as we said that this opportunity came along, and it's rather unique and so we took advantage of that, and we will see in the future, if there is other opportunities of this kind, we'll look at them, but this is not the beginning of an avalanche into Canada or into oil sands. It is part of our North American production. Pavel Molchanov – Raymond James: Understood. Thank you very much.

Thank you. Your next question is coming from Mike Jacobs of Tudor, Pickering, Holt. Mike Jacobs – Tudor, Pickering, Holt & Co: Hi, guys! Congrats on the quarter. Just a quick high level CAPEx question. Clearly, your rates of returning California in the Permian business were pretty economic at lower prices so, understanding what you said about the low-hanging fruit and thinking about the rationale for boosting domestic spending now, is it solely a function of higher commodity prices or have you learned something new that deserves capital?

No, I think really, it's the multiplicity of things. I mean, one of them is, well why didn't we do this earlier? This project would have been very attractive at lower oil price, much lower oil prices. In some cases, we were accumulating acreage and we didn't want to get the price of the land going up. In other cases, folks were working on the facilities in terms of getting in the best safe– safety etcetera, etcetera. And now, we are moving along to capitalize on acquisitions we made earlier and money we spent on facilities and to exploit acreage accumulated over a number of years.

These are not worst projects that are average? Mike Jacobs – Tudor, Pickering, Holt & Co: Okay, great...

These work at $50. Mike Jacobs – Tudor, Pickering, Holt & Co.: Okay. Just tell me a bit deeper in looking at the spending in Utah. Does your CapEx include any capitals for the proposed seismic shoot or is that just drilling CapEx?

The seismic would show up in the exploration program. So, it's included. Mike Jacobs – Tudor, Pickering, Holt & Co.: Great. Thanks.

Thank you. Your next question is coming from Faisel Khan of Citigroup. Faisel Khan – Citigroup: Morning. Just a question on Elk Hills. You talked about the deeper pay zones. We've had recent exploration success. Can you elaborate more in terms of what are these deeper pay zones? How deep are you drilling? And what are those well cost?

They're not expensive. These are deeper compared to post holes, that's all. Listen4 to the bowels of the earth.

This is directly below the Antelope Shale?

It's in that area. Faisel Khan – Citigroup: Okay. And then –.

So, we're talking of not expensive wells. It's not expensive compared to Elk Hills wells. But not – we're not talking about 15,000 foot wells or any like that.

Okay. And the recovery – the recovery rates, in terms of the well recovery rates, the same as what you were experiencing before? Are these larger well or larger targets?

These are more productive than the average Elk Hills wells by a significant amount. Faisel Khan – Citigroup: Okay. And you also had talked about drilling delineation wells for a deeper exploration of success in Long Beach. Can you talk a little bit about that? Like, what is, to say, the larger target or is this kind of key production, kind of flat [ph] from the Long Beach production?

This is a sizable target. It has a potential of growing the total. Faisel Khan – Citigroup: So this would grow your thumbs [ph] production, your saying, right?

Thumbs [ph] and some other things that we've been accumulating down in the Wilmington field for awhile.

But you know, we do have to discuss with the State of California to get their approval on this because they do have some ownership to some of that oil in the Long Beach vicinity. Faisel Khan – Citigroup: And how difficult is that to do?

Well, nothing is easy but we were talking. Faisel Khan – Citigroup: Okay. And–

Because it's a win-win for everybody. But, what I'm saying is, this is not as easy to exploit as Permian and Elk Hills where– it's a different atmosphere. The Long Beach is kind of vacations spot or being developed as such. No problems but that will, probably come at a slower pace than Permian where we think we can get quicker execution and in Elk Hills as we continue to exploit the success we've had on the large acreage position as we have accumulated. Faisel Khan – Citigroup: A:

A highly risk portion of them. Faisel Khan – Citigroup: Okay. Understood. And then, in terms of your Permian Basin CO2 enhancement projects with the new sandwich deal, how should we think about how those reserves get booked because I think, previously, in the past, you told us that as you find a way to get CO2 to your new flooding projects, that's when you start looking at booking some of those reserves. So, if you can just elaborate on how that works?

In order to book a reserve, it isn't just the physical barrel being there but you have to be committed to do what we have, in this case, the CO2 supplier firmly committed. So, we don't know exactly the pace but I would not – I would expect that it would come over several years rather than all in one year. Faisel Khan – Citigroup: Fair enough. Thanks for the time, gentlemen.

Sure.

Thank you. Your next question is coming from Dough Legit [ph] of Quadrom Capital [ph]. Dough Legit – Quadrom Capital: Hi, Steve. How's it going?

Hi, Doug. How are you? Dough Legit – Quadrom Capital : Good, thanks. I want to probe on a couple of things, if I may. Forgive me for going through this absolutely a little bit of detail. But, Argentina, it sounds like you're cranking up the CapEx and drilling activity a little bit. But, you haven't, as far as I know, resigned the lease there yet. Can you kind of update us as to where you are there and because also that comes as some pretty significant reserved bookings. Similarly on Libya, just maybe give us a kind of magnitude or at least some kind of feel for the lumpiness that we could see in the reserved bookings? It was like it could be a pretty big year if you are to lump.

Starting from Argentina, we're negotiating with the state problems. And, those things with governments is never easy to protect [ph]. Dough Legit – Quadrom Capital: That's why I mentioned California easier.

Dough Legit – Quadrom Capital: Okay.

You shouldn't expect to see it all at once. Dough Legit – Quadrom Capital: And the U.S., the impact of SandRidge and the impact of California, I guess that was more rateable over a number of years.

Rateable over a number of years. And so, you ought to see – if you were to think about it, you would see over the next – its time for him in 2010 time frame, pretty safe reserve replacement levels over the years. Dough Legit – Quadrom Capital: Okay. Thank you. Just two other quick ones. Libya now you've signed the deal. How do you catch up the earnings from December 1 last year. How do you go about getting that through (inaudible)

We expect to get a check. Dough Legit – Quadrom Capital: Okay, and that will come probably in the third quarter?

Well, we expected a check. Yeah, probably in the third quarter, but I mean that's – that's kind of cash and if you want timer to catch up on the profits–

Which helps as a reduction to bonus.

Yeah. Dough Legit – Quadrom Capital: Alright. Okay. And the final one is, I guess the focus of this– the call today up here is to be, you know, clearly the great success you've harbor having in the US. It seems to be taking a strain off the Middle East a little bit, and I think there are some concerns that maybe things aren't going so well there in terms of your ability to lock in your projects. Could you, maybe just spend a little bit of time updating us on where you are, particularly in, obviously, the Emirates, Oman, and Bahrain and how you see things going forward?

Well, I think the thing we tried to do in this call is to give you news. Bahrain, we continue to be optimistic that we will see success there. We continue to talk with them, and they have set a time schedule where they hope before the end of the year to choose one of three people who have made the cuts, and those three is Oxy, Exxon and Maersk. And so, we just have to wait that. Never said we're optimistic but there's nothing new I can tell you on that. We continue to negotiate in Oman and elsewhere for projects, but one thing I can tell you that it's going to happen next week or next month. These thing goes every – repeatedly say, government negotiate very slowly. Dough Legit – Quadrom Capital: Okay, I guess, just one follow-up real quick. Steve, you said if I go into all those could be the CapEx number. Would that take a count of any success in the Middle East or would there be – could that number go higher? I seem to recollect you saying that kind of level (inaudible). ephen Chazen: It could go– it could go, it might go higher. I think right now, you would have to say that's a reasonable guess. But I would call it purely in the guess area. You know, if we have more success, we're going to spent more money because that's just the deal. But, you shouldn't. If we – were spending more than that than these numbers were showing in production are too low.

Remember we demand the high returns. And the – we have enough of those to tell you that we're going to grow production over the next few years safely by over 7%. But hopefully, we will conclude projects, domestically and elsewhere, that have very good returns. We demand as of the growth that could be faster. So, increased capital should always be understood, in the case of Oxy, to mean higher growth and projects that have outstanding returns. Dough Legit – Quadrom Capital: Thanks very much, indeed.

We do still like free cash flow.

Thank you. (Operator instructions). Your next question is coming from Michael LaMotte of JP Morgan. Michael LaMotte – JP Morgan: Thanks. I just have a quick follow-up on the comments throughout the presentation on the strategic acquisitions. It really does strike me with these kind of organic growth and Steve, as you put it in the last meeting, doing more of what you got in the opportunity now in the buyback, your comments on bigger deals that by strategic, you're really, I mean, we're talking pretty small. Is that a fair interpretation in terms of what your appetite is today?

Given where the stock is, it would be challenging to find a sizable acquisition that was –

Give us better returns than dying [ph] our own –

It's just hard to– in fact, I'm not saying it's impossible, I just don't have one in my mind right now. Michael LaMotte – J.P. Morgan: Do you have – the returns on the oil side, again, doing more of what you got seemed to be great, certainly relative, to even the gas plays and acreage opportunities that are out there. Do you have any thoughts or comments on gas versus oil in terms of–-

No. We– it's just – they're just about money. I don't think six to one, as you– I'm sure know. But sort of ten to one, it's really just about money. We're very pleased with the Piceance play. T-hat's developing very nicely. The production is coming along and reserve booking is coming along. Supply being able to ship at a low differentials is coming along. A lot of acreage there that we have in– so, we really pleased with that gas play. We thinks there some nice gas play in the Permian that we haven't really worked on much. We think we will do okay with there– going to fool around with stuff. If you look at acquisitions, you say "Why you're acquiring it?". Your acquiring it because you have expertise to make it work. There are other companies that have better expertise than we do in some of these place. So, I think, where stock prices today, pretty hard to make sizable thing like that work. You do have to move a needle on these numbers to spend that kind of money. Michael LaMotte – J.P. Morgan: O: Stephen Chazen – Pres and Chief Financial Officer: It's a little good this year. Michael LaMotte – J.P. Morgan: A little gas here. Okay. Great. Thanks.

Thank you. There appear to be no more questions at this time. I would now like to turn the floor over back to Christopher Stavros for any closing remarks.

Well, thank you very much for joining us today and we do appreciate all your questions and please call us here in New York if you have any follow-up issues that you'd like to discuss. Thanks, again. And have a great day.

Thank you. This concludes today's Occidental Petroleum second quarter 2008 earnings conference call. You may now disconnect.