Item 7.01 Regulation FD Disclosure.

Occidental Petroleum Corporation ("Occidental") continued to improve the company's balance sheet in August and September 2021 by applying excess free cash flow to reduce approximately $1.3 billion of debt and settle $750 million of notional interest rate swaps.

In August, Occidental repaid $224 million of 2.600% Senior Notes due August 2021 and, in September, retired $1,052 million of Floating Interest Rate Notes due August 2022. The estimated annual interest related to these repayments is approximately $22 million.

Also, in September, Occidental cash settled $750 million of notional interest rate swaps with September 2021 mandatory termination dates for $815 million, which will result in an estimated annual improvement in cash flow from financing activities of $49 million.

Year to date, Occidental has repaid a total of $4.5 billion of debt and retired $750 million in interest rate swaps, which are estimated to result in total annual interest and financing cost savings of approximately $170 million.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K ("Current Report") 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's expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, and they include, but are not limited to: any statements regarding the benefits of swap settlements and repayment of debt; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as "estimate," "will," "may," "might," "anticipate," "expect," or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to those factors found in Occidental's filings with the U.S. Securities and Exchange Commission, including Occidental's Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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