Occidental Petroleum : 1st Quarter 2024 Conference Call Slides

05.08.24

First Quarter

Earnings

Conference Call

CAUTIONARY STATEMENTS

2

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" or "Oxy") 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 outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's filings with the U.S. Securities and Exchange Commission (the "SEC"). In addition, historical, current and forward-lookingsustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; 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 and repay or refinance debt and the impact of changes in Occidental's credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental's products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; the scope and duration of global or regional health pandemics or epidemics and actions taken by government authorities and other third parties in connection therewith; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures, including the acquisition of CrownRock, L.P.; 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 and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas liquids and natural gas 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 and 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; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions, war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental's ability to retain and hire key personnel; supply, transportation, and labor constraints; reorganization or restructuring of Occidental's operations; changes in state, federal or international 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," "commit," "advance," "guidance," "priority," "focus," "assumption," "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 an earlier date is specified. 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, 2023 ("2023 Form 10-K") and in Occidental's other filings with 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 2023 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.

ZERO IN ON VALUE	3
Key Takeaways

Operational

excellence on

display

Exemplary

appraisal

performance

Resilient,

non-upstream

• Organizational expertise leading to operational momentum
• On track to deliver 2024 plan
• Extending Delaware productivity leadership to secondary horizons
• Positive implications for financial returns and Tier 1 inventory
• >$1B incremental annual FCF by 2H 2026
• Diversified cash flow enhancements provide inherent downside protection

cash flows

4

OUTLINE

First Quarter Highlights

Cash Flow Enhancements

Financials

Closing Comments

FIRST QUARTER HIGHLIGHTS	5

STRONG EXECUTION ACROSS ALL SEGMENTS

Oil & GasMidstream

1,172	+$100 MM
Mboed Production	Adjusted Pre-Tax Income
	Outperformance

FinancialOxyChem

$2.4 B	$260 MM
Operating Cash Flow1	Adjusted Pre-Tax Income

1BEFORE WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE

SUBSURFACE EXPERTISE TURNING SECONDARY	6
HORIZONS INTO TIER 1 OPPORTUNITIES

Oxy Delaware Leading the Way -

Secondary Wells Continue Outperformance

500

…nearly matching Oxy's record-

setting 2023 program average

Mboe
Cumulative	250

…>30% more productive than industry Delaware wells

0

0	6	12
			Months
	2023 Oxy Delaware		2023 Oxy Secondary		2023 Industry Delaware

Driving Inventory Improvement

and Expansion

• Accelerating financial returns through near-terminventory high-grading
• Maximizing DSU value by optimizing well landing and frac placement
• Extending Tier 1 runway through organic inventory replacement
• Improving capital efficiency by utilizing existing infrastructure

SOURCE: ENVERUS PRISM DATA AS OF 05/01/24. 'OXY DELAWARE' AVERAGE INCLUDES ALL OXY DELAWARE WELLS WITH FIRST PRODUCTION DURING 2023. 'OXY SECONDARY' AVERAGE INCLUDES ALL OXY DELAWARE SECONDARY HORIZON WELLS WITH FIRST PRODUCTION DURING 2023. 'INDUSTRY DELAWARE' AVERAGE INCLUDES ALL DELAWARE BASIN HORIZONTAL WELLS IN ALL HORIZONS WITH FIRST PRODUCTION DURING 2023

FIRST QUARTER HIGHLIGHTS	7

OIL & GAS UPDATE

NEW WELLS IMPROVING BASIN PERFORMANCE, UNLOCKING INVENTORY

• Delaware Basin appraisal of secondary Bone Springs horizons drives improving view of development potential with >780 Mbo produced from 4 wells in first 3 months
• Accelerated ramp up of 20 well pad, the largest in Oxy DJ Basin history, supports continued production improvement in Rockies to start 2024

BEST-IN-CLASS TEAMS AND TECHNOLOGY DRIVING CAPITAL EFFICIENCY

• Well design enhancements leading to tangible cost improvements across Oxy's US
  Onshore portfolio compared to 1H23
• • $0.7 - $1.0 MM per well reduction for most common Rockies well types
  • $0.3 - $0.6 MM per well reduction across all Delaware well types

ACHIEVING LOWER-CARBON AND RESILIENT PRODUCTION

• In Permian Basin, deployed first-of-its-kindfully-electric well service rig with Axis Energy Services
• Oman North achieved record daily gross production

NOTE: WELL COST SAVINGS ABOVE DISPLAYED ON A GROSS BASIS

8

OUTLINE

First Quarter Highlights

Cash Flow Enhancements

Financials

Closing Comments

EXPANDING RESILIENT CASH FLOW,	9
ENHANCING SHAREHOLDER VALUE

>$1 B of incremental annual FCF expected by 2H 2026

from no-decline components beyond oil and gas

$1,000

Incremental FCF ($ MM)

$0

~$325 MM

~$400 MM

~$180 MM

~$240 MM

2024

2025

2026

2027

OxyChem

• Plant enhancements and Battleground modernization / expansion

Midstream

• Contract expirations expected to enable sustained savings

Debt Reduction

• Retirement of existing ~$3.7 B of 2024 - 2026 maturities

WES Equity Investment

• Incremental cash distributions from equity investment1

Excludes contributions from portfolio high-grading acquisition of CrownRock

NOTE: FCF ESTIMATES ARE BEFORE TAX

1BASED ON CURRENT DISTRIBUTION SCHEDULE

10

OUTLINE

First Quarter Highlights

Cash Flow Enhancements

Financials

Closing Comments

Ingleside