Occidental Petroleum : 2022 ANNUAL MEETING SHAREHOLDER ENGAGEMENT

APRIL 2022

2022 ANNUAL MEETING SHAREHOLDER ENGAGEMENT

OCCIDENTAL PETROLEUM CORPORATION

CAUTIONARY STATEMENTS

The following presentation materials supplement the Definitive Proxy Statement of Occidental Petroleum Corporation (Occidental or Oxy) filed with the U.S. Securities and Exchange Commission (SEC) on March 25, 2022, relating to Occidental's Annual Meeting of Shareholders to be held on Friday, May 6, 2022. These materials should be read in conjunction with the Proxy Statement.

ANNUAL MEETING SHAREHOLDER ENGAGEMENT

This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including those relating to Occidental's deployment and use of carbon capture, utilization and storage (CCUS) and direct air capture (DAC) technology as part of its net-zero strategy, which are based on Occidental's current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as "will," "may," "expect," "aim," "plan," "commitment," "pathway," "ambition," "target," "goal," 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 presentation. 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.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental's control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental's ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect Occidental's ability to deploy CCUS and DAC technology can be found in Occidental's public disclosure and its filings with the SEC, which may be accessed at Occidental's website at oxy.com or the SEC's website at sec.gov. Information included herein is not necessarily material to an investor in Occidental's securities.

DATE AND TIME Friday, May 6, 2022 at 9:00 a.m. Central TimeLOCATION Live webcast:www.virtualshareholdermeeting.com/OXY2022

RECORD DATE Each shareholder of record as of the close of business on March 11, 2022 (the record date) is entitled to receive notice of, attend and vote at the meeting.

MEETING INFORMATION

ITEMS OF BUSINESS

Proposal	Board recommendation
1. Election of directors	FOR (each director nominee)
2. Advisory vote to approve named executive officer compensation	FOR
3. Ratification of selection of KPMG as Occidental's independent auditor	FOR
4. Shareholder proposal requesting Occidental set and disclose quantitative short-, medium- and long-term greenhouse gas (GHG) emissions reduction targets consistent with the Paris Agreement	AGAINST

As always, we value your views and encourage you to share your opinions with us. This past year, Occidental proactively engaged with shareholders collectively representing a majority of shares outstanding, with independent director participation in many of these discussions. Going forward, Occidental remains committed to regular and transparent engagement with shareholders and other stakeholders, and shareholder feedback will continue to inform our viewpoints and decisions.

OUR CONCERNS WITH THE SHAREHOLDER PROPOSAL

The Board recommends that shareholders vote AGAINST this proposal because:

•  Oxy has already set quantitative short-, medium- and long-term goals for Scope 1, 2 and 3 emissions that align with the goals of the Paris Agreement.

•  Oxy's targets are the result of a disciplined and rigorous target setting process, overseen by our Board.

  •  This process integrated input from shareholders and other stakeholders, incorporated insights from scenario modeling and assessments, and capitalized on Oxy's competitive strengths.

•  Oxy is committed to public reporting that provides updates on progress toward our goals.

ANNUAL MEETING SHAREHOLDER ENGAGEMENT

ENGAGEMENT WITH THE

PROPONENT

Oxy recognizes the value of shareholder engagement and has actively engaged with Follow This, including:

• • 2021 discussions that led to the settled withdrawal of Follow This' shareholder proposal

• • Engagement with Follow This during ourrecent fall/winter off-season engagement

• • Several discussions in connection with this 2022 proposal

Follow This has questioned whether our existing emissions reduction targets are Paris-aligned.

As demonstrated on the following slides, we strongly believe that our targets are Paris-aligned and inextricably linked with our long-term strategy for a net-zero future.

PATHWAY TO NET ZERO

Oxy is one of the 3 oil & gas companies whose long-term targets were viewed by TPI as aligned with the 1.5°C pathway. Also recognized in Science as the only oil & gas company that plans to reduce its GHG intensity below the 1.5°C benchmark by 2050.3

Oxy has set the following Scope 1, 2 and 3 goals, among others, to achieve net zero across our total emissions inventory in accordance with the Paris Agreement1:

* Short- and medium-term goals announced in December 2021.

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2040

Achieve net-zero emissions in our operations and energy use (Scope 1 and 2) before 2040 with the ambition to achieve before 2035

† "CO2e" means carbon dioxide (CO2) equivalent - obtained by converting a mixture of GHG to a single number based on the global warming potential currently applied in the U.S. EPA GHG Reporting Program for each individual GHG in the mixture.

These goals are inextricably linked to the strategy adopted by our executive team and our Board of Directors. In turn, this strategy has been designed to capitalize on Oxy's competitive strengths.

TAKE-AWAY: OXY IS WORKING TO LEAD THE INDUSTRY TOWARD A LOWER-CARBON ENERGY FUTURE.

ANNUAL MEETING SHAREHOLDER ENGAGEMENT

• 1 See Appendix for a comprehensive set of Oxy's goals

• 2 Compared to 2021 emissions

• 3 How ambitious are oil and gas companies' climate goals? (2021, October 22). Science, 374 (6566).https://www.science.org/doi/10.1126/science.abh0687