Occidental Petroleum : Q2 2020 Conference Call Slides

Second Quarter Earnings Conference Call

Occidental Petroleum Corporation

August 11, 2020

Cautionary Statements

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental Petroleum Corporation's ("Occidental") expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, many of which involve factors or circumstances that are beyond Occidental's control. Actual results may differ from anticipated results, sometimes materially, and reported or expected results should not be considered an indication of future performance. Factors that could cause actual results to differ include, but are not limited to: the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the pandemic; Occidental's indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental's ability to successfully monetize select assets, repay or refinance debt and the impact of changes to Occidental's credit ratings; assumptions about energy markets and fluctuations in global and local commodity and commodity-futures prices; supply and demand considerations for, and the prices of, Occidental's products and services; actions by OPEC and non-OPEC oil producing countries; results from operations and competitive conditions; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties and liabilities associated with acquired and divested properties and businesses; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties about the estimated quantities of oil, natural gas and natural gas liquids reserves; lower-than-expected production from development projects or acquisitions; Occidental's ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental's competitiveness; exploration, drilling or other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental's oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; adverse tax consequences; governmental actions and political conditions and events; legislative or regulatory changes; environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including remedial actions); asset impairments; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of our counterparties; failure of risk management; Occidental's ability to retain and hire key personnel; reorganization or restructuring of Occidental's operations; changes in tax rates; and actions by third parties that are beyond Occidental's control. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statement, as a result of new information, future events or otherwise. Other factors that could cause actual results to differ from those described in any forward-looking statement appear in Part I, Item 1A "Risk Factors" of Occidental's Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"), and in Occidental's other filings with the U.S. Securities and Exchange Commission (the "SEC").

Use of non-GAAP Financial Information

This presentation includes non-GAAP financial measures. Where available, reconciliations to comparable GAAP financial measures can be found on the Investor Relations section of Occidental's website at www.oxy.com.

Cautionary Note to U.S. Investors

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include "potential" reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. U.S. investors are urged to consider closely the oil and gas disclosures in our 2019 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.

2

Occidental	•	Second Quarter Highlights
•	Financial Results and Guidance
	•	Closing Remarks

3

Second Quarter 2020 Highlights

1.4

MMboed

36

Mboed Midpoint Guidance Beat

Strong Operational Excellence Across

All Business Units

$1.2 B

of Additional Cost

Reductions

Achieved

Capex Reductions

Implemented

Divestiture

Program

Continues

Greater Natural Buttes

Asset Divested

Cash Collected + Improved Rockies

Margins

4

Base Management & Opex Efficiency

Base decline mitigation

$4.69 2Q20 Domestic Opex/boe Enhance margin even with limited wedge

2Q20 Uptime Records

• GoM Lucius platform - 98%
• New Mexico - 96%
• DJ Basin - 95%

From the Subsurface

• Full-fieldanalysis for sustaining reservoir integrity
• • CO2 and steam injection optimized
• Reservoir productivity and well integrity maintained with shut-in analysis
• Performance improved with lift optimization
• • Maximize drawdown with set-point adjustments
  • Improved downhole gas separation
• Lowered costs and enhanced treatment with automated chemical surveillance program

From the Surface

• Maximizing operability through improved well automation and monitoring
• Optimized TX Delaware water handling
• • 70% reduction in water hauling1
  • 42% increase in water to WES infrastructure2
• Improved operating costs with centralized gas lift
• Reduced backpressure with surface debottlenecking
• Replaced rental equipment with surplus Oxy owned
• Reduced contractor cost through route optimization

1Decrease in total water volume trucked from July 2019 to June 2020 from legacy APC TX Delaware acreage despite 15% increase in total water production	5
2Increase in water volume sent to WES infrastructure for disposal from July 2019 to June 2020

Pathway to 2021 Sustaining Capital

Sustaining

Capital

~$2.9 B

2021 Sustaining Capital

> Annual capital spend

necessary to

maintain production

2020 Capital

Budget

• 2H20 capital spend of $0.7 - $0.9 B
• Substantial activity and cost reductions
• 2020 base decline of
  25%

Building

Momentum

• Efficiently increase activity as price environment improves
• Begin crew mobilization and training
• Capitalize on shallower base decline, enhanced development plans, facility re-use, favorable service rates

• Annual capital required to sustain production in ~$40 WTI price environment
• Sustain production over the long-term in lower for longer price environment
• Industry leading efficiency and portfolio drive reduced sustaining capital

from 4Q 2020 base

> Actual 2021 capital

budget will reflect

2021 macro

environment

6

Cash Flow Priorities

Near term excess cash flow and divestiture proceeds to be allocated to debt reduction

Dividend increases and growth capital to follow substantial reduction in debt

Medium Current Term Focus

Longer Term

Maintain Production Base

Debt Reduction

Sustainable Dividend

Growth Capital

Repurchase Shares

Retire Preferred Equity

7

Occidental	•	Second Quarter Highlights
•	Financial Results and Guidance
	•	Closing Remarks

8

Second Quarter 2020 Results

	Reported
Adjusted EPS	($1.76)
Reported diluted EPS	($9.12)
2Q20 CFFO before working capital1	$0.7 B
2Q20 Capital expenditures2	$0.4 B
Dividend payments on common stock	$0.7 B
Unrestricted cash balance as of 06/30/2020	$1.0 B
Continuing operations production (Mboed)	1,406
Permian Resources production (Mboed)	465

2Q20 Reported versus Guidance Midpoint	Mboed
Reconciliation
Permian Resources: higher uptime, improved new
well performance, faster time to market, and	+28
fewer wells shut-in than expected
DJ Basin: higher uptime and fewer wells shut-in	+11
than expected
Permian EOR: optimization of injection,
production, and processing allowing fewer wells	+4
shut-in

GoM: production impact from tropical	(7)
storm, offset by better performance and uptime
	+36

1Excludes merger related costs of $0.1 B 2Excludes discontinued operations (Ghana)
Note: See the reconciliations to comparable GAAP financial measures on our website	9

Third Quarter and Full-Year 2020 Guidance Estimates

Oil & Gas

3Q20 Production1,2

• Total Company: 1,200 - 1,250 Mboed
• Permian Resources: 392 - 408 Mboed
• Additional Domestic: 541 - 565 Mboed
• International: 267 - 277 Mboed

FY 2020 Production1,2

• Total Company: 1,300 - 1,330 Mboed
• Permian Resources: 421 - 431 Mboed
• Additional Domestic: 601 - 615 Mboed
• International: 278 - 284 Mboed

FY 2020 Production Costs

• Domestic Oil & Gas: ~$6.25 / boe

OxyChem

3Q20 pre-tax income: ~$145 MM

FY20 pre-tax income: $550 - $600 MM

Midstream & Marketing3

3Q20 pre-tax income: ($230) - ($270) MM

• MID - MEH spread: $0.60 - $1.10 / Bbl. FY20 pre-tax income: ($490) - ($570) MM
• MID - MEH spread: $1.35 - $1.65 / Bbl.

Corporate

FY20 Domestic tax rate: 22%

FY20 International tax rate: 45%

3Q20 Interest expense: ~$365 MM4

3Q20 Total company capex: ~$400 MM

FY20 Total company capex: $2.4 - $2.6 B

Exploration Expense5

3Q20: ~$25 MM

FY20: ~$120 MM

FY 2020 DD&A

Oil & Gas: ~$15.75 / boe

OxyChem and Midstream: ~$700 MM

1Includes expected shut-ins of ~20 Mboed, primarily for OPEC+ production restrictions for 2H20 2Reflects sale of Greater Natural Buttes 2Q production of 33 Mboed
3Midstream excludes WES results 4Interest expense excludes interest income and premiums paid on the debt tender 5Exploration Expense includes exploration overhead	10
Notes: International production estimated at Brent 2020 calendar strip as of 07/31/2020. All guidance excludes discontinued operations (Ghana)

Debt Management

Steps taken to address near-term maturities	Expected liquidity to address near-term maturities
 July refinancing extended maturities	1.	$2+ B Asset sales
> 4.2% weighted average interest rate1	2.	Free Cash Flow generation in 2H20 at current strip price2
 Completed debt tender offer to retire $2 B	3.	~$1.1 B cash on balance sheet3
	4.	$5 B Credit facility undrawn and fully available4

5

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0

Leveling Debt Maturities ($ B)

Debt as of 1Q20

Current Outstanding Debt

20205

1H 2021

2H 2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

1OPC debt as of 07/31/2020 2As of 7/31/2020 3Cash and cash equivalents of ~$1 B and restricted cash and cash equivalents of ~$0.1 B as of 06/30/2020	11
4As of 06/30/2020 5Excludes 2036 Zero-Coupon notes putable for $992 MM in October 2020

Occidental	•	Second Quarter Highlights
•	Financial Results and Guidance
	•	Closing Remarks

12

Core Differentiators

Low Cost

Operator

• Best in class operator with top wells
• Safety performance leadership
• Unmatched reservoir characterization and subsurface ability
• Infrastructure advantage to realize lower operating costs

Diversified

Portfolio

• 14 assets across 6 different countries
• Integrated businesses
• Attractive exploration opportunities

Long-Term

Sustainability

2020+

Carbon Reduction Leadership

• Leader in carbon capture utilization and sequestration (CCUS) development
• World's largest handler of CO2 for EOR
• Leader in Permian emissions intensity
• Innovation through commercial partnerships

Decades of High

Return Inventory

• Flexibility to adjust spending and production
• Dominant positions in prolific basins
• Low decline international assets

13

	•	2020 Budget
Appendix	•	Synergy Capture Update
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance

14

2020 Capital Budget

2020 Capital Program by Asset

Protecting Asset Integrity

Key Program Highlights

• Revised 2020 capital budget demonstrates commitment to achieving cash flow neutrality
• 2020 capital budget reflects synergy capture and additional spending reduction
• 2020 capital budget represents over 50% reduction
• 2020 base decline of 25%

$5.2 - 5.4 B

$0.1 $0.2 $0.3

$0.4

$0.5

$0.7

$0.9

$2.2

Marketing & Midstream

Exploration & Corporate

OxyChem

Permian EOR

GoM

International

Rockies

Permian Resources

$2.4 - 2.6 B

$0.1	$0.1
$0.2
$0.2
$0.2
$0.4
$0.4
$0.9

Original 2020 Guidance	Current 2020 Guidance
Note: Capital spending excludes discontinued operations (Ghana)	15

Activity Update - Domestic Unconventional Assets

Permian Resources

3Q - 4Q Activity

	$0.2 B	~2 Gross	~1 Net	12 - 20		$0.1 B
100%	Capex	Rigs	Rigs	AppraisalWells Online	100%	Capex
Base Maint
			Base Maint
	OBO		OBO	New Mexico		OBO
		75%	Facilities
75%
	Facilities	Midland
50%			Midland		50%
Drill	DJ Basin			Drill
	Complete		New Mexico	TX		Complete
25%	& Equip	New Mexico		Delaware		& Equip
			25%

TX	TX
Delaware
Delaware

Rockies

3Q - 4Q Activity

35 - 45

Wells Online

PRB

Powder

River

Basin

GrowthTX

Capex Delaware

DJ Basin

~0 Gross	~0 Net
Rigs	Rigs

0%
	Net Capex by	Gross Operated	Total Net Rigs	Wells Online1
		Type	Rigs
1H 2020		$0.7 B	7 rigs	6 rigs	118 wells
TY 2020		$0.9 B	5 rigs	3 rigs	130 - 138 wells

0%
	Net Capex by	Gross Operated	Total Net Rigs	Wells Online 1
		Type	Rigs
1H 2020		$0.3 B	1 rig	1 rig	76 wells
TY 2020		$0.4 B	1 rig	1 rig	111 - 121 wells

1Gross company operated wells online

16

	•	2020 Budget
Appendix	•	Synergy Capture Update
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance

17

Overhead and Opex Cost Savings

$1.1 B Synergy Target + $1.2 B of Additional Cost Savings Achieved in 2020

3.5
3.0
2.5		$0.9 B
2.0
			$0.6 B
1.5	$3.1 B
			$2.2 B
1.0					$1.6 B
0.5

0.0

2018	Overhead	2020 Initial	Additional	2020 Current
Combined	Synergies	Budget	Savings	Outlook
Overhead	1

Overhead Savings

•	Employee/Contractor Savings	$1,100 MM
•	Asset Rationalization	$165 MM
• Real Estate and Other	$235 MM
		$1,500 MM

$200 MM	Procurement and supply chain integration
Opex Synergies	Curtailing uneconomic production
+
$600 MM of	Maintenance optimization
Additional Opex
Savings	Improved operational efficiency

1Overhead is defined as SG&A (~$1.2 B), other operating expense (~$1.8 B) and exploration overhead (~$0.1 B)

18

	•	2020 Budget
Appendix	•	Synergy Capture Update
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance

19

Third & Fourth Quarter 2020 Production Guidance

Third Quarter

3Q20 production of ~1,225 Mboed expected to be ~13% below 2Q20

• Company-widebase decline of 25%
• Wedge production declining from 1H20 activity reduction
• Divested 33 Mboed (2Q20) low margin GNB gas production
• GoM planned maintenance and anticipated weather impact
• PSC impact and full quarter of OPEC+ restrictions

Fourth Quarter

4Q20 production of ~1,160 Mboed expected to be ~5% below 3Q20

• Flattening of base and wedge decline
• Optimized 4Q20 wedge production expected within 2020 capital budget
• Capital re-allocated from deferred obligation wells and program optimizations to bring additional wells online in highest return developments
• 4Q20 activity also stabilizes decline and creates runway for
  2021 sustaining production

2020 Permian Resources Example

3Q20 ~25 Mboed

Wedge Decrease

Total Net Boe/d

	1Q20	2Q20		3Q20	4Q20
Wells Online	80	38			8 - 12	4 - 8
				Base		Wedge

Permian Resources exit to exit base decline of ~37% even with significant operating cost reductions

• ~25 Mboed 2Q20 to 3Q20 wedge decline due to activity reduction
• 4Q20 wedge roughly flat with 3Q20 from activity resumption and new wells online beginning late in 3Q20
• Short-cycleinventory allows for rapid response to capital spending level and generating production wedge

20

Midstream & Marketing Guidance Reconciliation

	$100			2Q20 Guide		2Q20 Actual		3Q20 Guide
	$50
MM)	$0
($50)
($
Income	($100)
Pre-Tax	($150)
($200)
Quarterly
($250)
	($300)
	($350)

Physical	Permian to Gulf	Crude Exports	Gas & NGL	All Other	Mark to Market6	Total Midstream &
Midstream	Coast Shipping	from Gulf Coast3	Deficiency	Marketing5		Marketing EBIT7
Business1	(MID-MEH Spread)2		Payments4

Crude Exports

• 2Q20 loss less than guidance primarily attributable to extracting value from the high volatility of crude and basis spreads

Permian to Gulf Coast

Shipping

• 3Q20 guidance below 2Q20 actuals due to ~$1 reduction of MID-MEH spread

Other Marketing

• 2Q20 loss primarily attributable to timing impacts for Middle East Marketing activities, particularly volatility in oil prices
• 3Q20 uplift primarily relates to expiration of fixed fee storage agreements

Note: All guidance shown represents midpoint 1Physical Midstream business is primarily comprised of the Dolphin Pipeline, Al Hosn, and Permian EOR gas processing plants 2Permian to Gulf Coast Shipping includes Oxy's
contracted capacity on several 3rd party pipelines. Current capacity is ~800 Mbod with primary destinations of Corpus Christi and Houston 3Crude Exports from the Gulf Coast include terminal fees of ~$50 MM per quarter.
Other earnings drivers include the delta between our realized price of exported crude compared to MEH pricing less the cost of shipping, as well as crude price volatility and timing impacts 4Gas & NGL deficiency payments	21
are with 3rd parties (excluding WES) in the Rockies 5All Other Marketing includes Gas and NGL marketing as well as the timing impacts of international crude 6Mark to market is not included in guidance 7Excludes WES

Cash Flow Sensitivities

Oil & Gas

• Annualized cash flow changes ~$210 MM per $1.00 / bbl change in oil prices
• • ~$180 MM per $1.00 / bbl change in WTI prices
  • ~$30 MM per $1.00 / bbl change in Brent prices
• Annualized cash flow changes ~$160 MM per $0.50 / Mmbtu change in natural gas prices
• Production changes ~1,200 Boed per $1.00 / bbl change in Brent prices

OxyChem

• Annualized cash flow changes ~$30 MM per $10 / ton change in realized caustic soda prices

Midstream & Marketing

• Annualized cash flow changes ~$60 MM per $0.25 / bbl change in Midland to MEH spread
  > ~35 day lag due to trade month

Note: All cash flow sensitivities relate to 2H20 production and operating levels

22

Warrant Issuance

Distribution of warrants on August 3, 2020 to common shareholders of record as of July 6, 2020

• Distribution on common stock to provide value to existing shareholders
• Granted 1/8th warrant per common share owned
• • No fractional warrants issued
• $22 per share strike price
• • Subject to certain anti-dilution adjustments including stock splits, subdivisions, reclassifications or combinations of common stock
• Warrants became exercisable on August 3, 2020
• • Seven year term
• Listed on the NYSE under the ticker symbol "OXY WS"
• • Separately traded instrument from the common share
• Once completely exercised will provide ~$2.5 billion in cash proceeds

23

2020 Oil Hedges

Three-Way Costless Collar	Enhances Monthly Cash Flow by ~$106 MM
When Brent Averages <$45 in a Calendar Month

	$80						Short Call
							$74.16
	$75
	$70		Short Put
					Long Put
	$65		$45
				$55
($/bbl)
$60
$55
Price
$50
Realized
$45
	$40
	$35
	$30	Realized Brent + $10	Realized	Realized Brent	Realized
					$55		$74.16
	$25
		$25	$35	$45	$55	$65	$74.16	$85
					Brent ($/bbl)

350 Mbod Hedge Details

Summary as of June 30, 2020

2020 Settlement
Three-way collars (Oil MMbbl)	64.4
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)	$74.16
Floor purchase price (put)	$55.00
Floor sold price (put)	$45.00

2021 Settlement
Call options sold (Oil MMbbl)	127.8
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)	$74.16

24

	•	2020 Budget
Appendix	•	Synergy Capture Update
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance

25

Leading Delaware Basin Well Performance

6 Month Cumulative Oil Top 100 Wells1

Oxy's subsurface expertise delivers Basin leading wells

for less cost:

40 Competitors use 24% more proppant: >$500 M

Basin	35
Delaware	30
25
in the	20
Wells	15
100	10
of Top
5
#
	0	Peer 1	Peer 2	Peer 3	Peer 4	Peer 5	Legacy APC	Peer 6	Peer 7	Peer 8	Peer 9
	OXY

12 Month Cumulative Oil Top 100 Wells2

Oxy has 25% of the best wells, while drilling less than

7% of total Delaware Basin wells

30

Basin

25

in the Delaware

20

15

Wells

10

Top 100

5

# of

0

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Legacy APC

Peer 6

Peer 7

Peer 8

Peer 9

Peer 10

OXY

1Source: IHS Enerdeq as of 7/20/2020, horizontals >500ft online since January 2018 with 6 month oil production available. Peers in Top 100 include: Legacy APC, BTA OIL, CVX, CXO, DVN, EOG, FANG, Kaiser-Francis, XEC, XOM	26
2Source: IHS Enerdeq as of 7/20/2020, horizontals >500ft online since January 2018 with 12 month oil production available. Peers in Top 100 include: Legacy APC, BP, BTA OIL, Colgate, CXO, DVN, EOG, FANG, RDS, XEC, XOM

	•	2020 Budget
Appendix	•	Synergy Capture Update
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance

27

Oxy's Combined Integrated Portfolio

Oil & Gas	OxyChem
Focused in world class	Leading manufacturer of
basins with a history of	basic chemicals and
maximizing recovery	significant cash generator

Oxy Midstream and WES

Integrated infrastructure and marketing provides access to global markets

Permian Unconventional

• 1.7 MM net acres including premier Delaware Basin position
• Strategic infrastructure and logistics hub in place
• EOR advancements

Gulf of Mexico

• 10 Active operated platforms
• Significant free cash flow generation
• Sizeable inventory of remaining tie-back opportunities

	Rockies			1.4 MMboed	1
•	Leading position in the DJ Basin		21%	Production
	> 0.9 MM net acres including
	34
	vast minerals position	256	Permian
	> Largest producer in Colorado		606	Rockies
	with significant free cash flow		142	Gulf of Mexico
•	Emerging Powder River Basin
		South America
	> 0.4 MM net acres		368	MENA
			79%	Domestic

International

Permian Conventional

• 1.4 MM net acres
• Significant scale, technical capability, and low-decline production
• CCUS potential for economic growth and carbon reduction strategy

12Q20 MMboed includes Algeria and excludes Ghana Note: All information on this slide is as of June 30, 2020

South America

• Premium position in Colombia
• • TECA steamflood development
  • Six new exploration blocks
  • 2 MM total gross acres
• South American deepwater exploration opportunities

		MENA
	•	High return opportunities in Oman
		> 6 MM gross acres, 17 identified horizons
	•	Developing Block ON-3 in U.A.E
		> 1.5 MM gross acres
	•	World class reservoirs in Algeria
		> 0.5 MM gross acres in the Berkine Basin
	•	Al Hosn and Dolphin provide steady cash flow with	28
		low sustaining capex

Largest U.S. Acreage Holder

~14 MM Net Total U.S. Acres

Rockies

1.3 MM Acres

Powder River Basin - 0.4 MM

DJ Basin - 0.9 MM

Excludes acreage outside of active operating

areas

Land Grant

7.0 MM Acres1

• Fee ownership of oil and gas mineral and hard rock minerals
• Some surface ownership
• Enhances economic returns for oil and gas development
• No lease expirations
• Royalty revenue from 3rd parties

Permian

3.1 MM Acres

Permian Unconventional - 1.7 MM

Permian Conventional - 1.4 MM

Gulf of Mexico

0.9 MM Acres

Other Onshore

2.3 MM Acres

Other Onshore US consists of legacy

acreage and fee minerals outside of Oxy's

core operated areas

Note: As 06/30/2020. Acreage totals only include oil and gas minerals. Oxy has ~1.7 MM net acres on federal land with ~0.8 MM onshore and ~0.9 MM offshore. Onshore federal acreage comprised of: ~0.28 MM Permian Resources, ~0.04 MM DJ Basin, and Powder River Basin, Source Fields & Other of ~0.5 MM. 1Includes ~0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the DJ acreage total above. 29

U.S. Onshore Overview

Rockies	Land Grant	Permian
1.3 MM Acres	7.0 MM Acres1	3.1 MM Acres

2Q20 Net Production

	Oil	NGLs	Gas	Total
	(MBOD)	(MBBLD)	(MMCFD)
Permian Resources	258	108	596	465
Permian EOR	105	27	51	141
DJ Basin	107	78	763	312
Other Domestic	15	7	204	56
Total	485	220	1,614	974

1Includes ~0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the Rockies acreage total	30
Note: Acreage amounts presented on this slide are net acres

Gulf of Mexico Overview

Gulf of Mexico

0.9 MM Acres

2Q20 Net Production

	Total
Oil (MBOD)	118
NGLs (MBBLD)	10
Gas (MMCFD)	83
Total	142

Note: Acreage amounts presented on this slide are net acres

31

International Overview

Algeria

0.5 MM Acres

Colombia

2.0 MM Acres

1Excludes production from discontinued operations (Ghana) as of 06/30/2020 Note: Acreage amounts presented on this slide are gross acres

U.A.E.

1.5 MM Acres

Oman

6.0 MM Acres

2Q20 Net Production1

	Oil	NGLs	Gas	Total
	(MBOD)	(MBBLD)	(MMCFD)
Latin America	33	-	7	34
Al Hosn	14	25	244	80
Dolphin	8	10	188	49
Oman	65	-	132	87
Algeria	37	3	-	40
Total	157	38	571	290

32

	•	2020 Budget
Appendix	•	Synergy Capture Update
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance

33

Highly Skilled and Diverse Board Provides Strategic Oversight

Focused on Creating Shareholder Value

• Six directors added since 2019 Annual Meeting, demonstrating the Board's commitment to refreshment
• Progressive shareholder rights:
• • Ability to call special meeting or propose an action by written consent at a 15% threshold
  • Right to proxy access (3% ownership for 3 years, up to 20% of the Board)
• Shareholder-approvedlimited duration stockholder rights plan
• Long history of returning cash to shareholders
• Annual board strategic reviews
• Actively engage with shareholders
• Track record of responsiveness
• Focused on emerging industry risks and opportunities
• Dedicated to environmental and sustainability matters
• Meaningful director stock ownership guidelines

Independence

10 of 11

Directors are Independent

Years of Service1

5
		2		2		2	Diversity
0-2	3-5	6-8		9+
	# of Years of Service		27%

Diverse

1Includes Mr. Chazen's prior years of service on the Board

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