In all probability the company is buying up some of this undervalued stock. In a sense this is very good for the longs as the stock is being picked up at a really nice PPS. California will eventually capitulate on the issue as the state is in great need of the tax revenue OXY and others generate. Alternatives to water for fracking will be used and the issue will subside. Hopefully you have cash to reallocate to OXY at these price points. If not, sell some puts as there will be a recovery in the very near future.
This is normal action when a stock has a false breakout. I am very confident that OXY will break above 100 sometime this year, not sure of the timing. Could after this current market sell off. Oil sector is still very underowned relative to historic levels. OXY is the gem of the US oil basket, with the most valuable assets and stable and growing dividend. Buy the dip, and hang on.