Occidental Petroleum : Scotia Howard Weil 47th Annual Energy Conference Presentation

Scotia Howard Weil Energy ConferenceOccidental Petroleum

March 25, 2019

Cedric Burgher

Chief Financial Officer

Cautionary Statements

Forward-Looking Statements

This presentation contains forward-looking statements based onmanagement'scurrent expectations relating toOccidental'soperations, liquidity, cash flows, results of operations and business prospects. 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. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause actual results to differ include, but are not limited to: global commodity pricing fluctuations; changes in supply and demand forOccidental'sproducts; higher-than-expected costs; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions;technological developments; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from operations,development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; 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; failures in risk management; and the factors set forth in Part I, Item 1A"Risk Factors"of the 2018 Form 10-K. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise.

Use of non-GAAP Financial Information

This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures on the"Investors"section of our website.

Cautionary Note to U.S. Investors

The Securities and Exchange Commission (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, theSEC'slatest reserve reporting guidelines. U.S. investors are urged to consider closely the oil and gas disclosures in our 2018 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website,www.oxy.com

Oil & Gas

Chemical

Midstream & Marketing

Focused in world class basins with a history of maximizing recovery

Leading manufacturer ofbasic chemicals and significant cash generator

Integrated infrastructure and marketing provides access to global markets

• •1.1 MM net acres

• •2 Bboe of resource potential

• •1 Bboe of resource < $6/boe F&D

  Permian Unconventional

  • •1.4 MM net acres

  • •~11 M undeveloped locations

• •EOR advantage: scale, capability, reservoir quality and low-decline production

  • •17 year inventory with less than a $50 WTI breakeven1

• •CCUS potential for economic growth and carbon reduction strategy

• •20 of top 50 wells in Permian2

• •EOR advancements

117 years of inventory assumes a 10 rig development pace

2Data sourced from HIS Enerdeq as of 1/22/2019 for the period 12/2017-1/2018; IP 24-Hour Bopd

Note: F&D cost is a non-GAAP financial measure. See the reconciliations to comparable GAAP financial measure on our website.

Permian Conventional

• •TECA steamflood development initiated

• •Six new exploration blocks (~2 MM total gross acres)

• •Exploration success increasinginventory

Colombia

• •High return opportunities in Oman

  • > 6 MM gross acres

  • > Paybacks average < 1 year

  • > ~10 M undeveloped locations

  • > 17 identified horizons

• •Addition of Block ON-3 in Abu Dhabi

  > 1.5 MM gross acres

  > Located between highly prolific fields

• •Al Hosn and Dolphin provide steady cash flow with low sustaining capex

Focused on Returns

• Sector leading returns, achieved 14% ROCE and 27% CROCE

• 45% of CFFO returned to shareholders

• Returned $3.6 B toshareholders including $1.3 B of share repurchases in 2018

• Sector leading dividend, with consecutive growth since 2002-12% CAGR

• Sold domestic pipeline and export terminal while maintaining takeaway & export capacity

Cash Flow Generation

• CFFO before working cap. exceeded capex and dividends by ~$800 MM

• $3.8 B of Core income, Core EPS of $5.01

• International businessgenerated $1.4 B of free cash flow

• OxyChem and Midstream generated highest earnings in over 20 years

• $3.0 B cash balance

Operational Excellence

• Permian achieved lowest operating costs per barrelin this decade

• Drilled <5% of Hz wells in the Permian, but have 40% of the top 50 wells

• Improved average six-month cumulative production by 25% for Permian Resources

• Increased Al Hosn capacity by 11%

Integrated Business

• 164% all-in reserve replacement ratio, with149% from organicsources

• New blocks in Abu Dhabi,

  Oman and Colombia

• OxyChem generated over 20 consecutive years of free cash flow

• Expansion of global market access through Midstream

• Low Carbon Venturesestablished to leverage carbon capture business

Note: CFFO before working capital, Core EPS, Core income, ROCE and CROCE are non-GAAP; see the reconciliations to comparable GAAP financial measures on our website

Cash Distributions

• $2.4 B Dividends in 2018

• $1.3 B Shares Repurchased in 2018

• Consecutive Dividend Growth Since 2002 - 12% CAGR

• $33 B of Total Capital Returned Since 2002

• 48% of the $33 B Returned in the Last 5 Years

1Cash flow from operations before working capital2Production from ongoing operations

Note: See the reconciliations to comparable GAAP financial measures on our website