Occidental Petroleum : Conference Call Slides

Second Quarter Earnings Conference Call

Occidental Petroleum Corporation

August 1, 2019

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 and that may affect Occidental's results of operations and financial position appear in Part I, Item 1A "Risk Factors" of Occidental's Annual Report on Form 10-K for the year ended December 31, 2018, and in Occidental's other filings with the U.S. Securities and Exchange Commission ("SEC"). Additional factors related to the proposed transaction between Occidental and Anadarko Petroleum Corporation ("Anadarko") appear in the definitive proxy statement/prospectus that is a part of Occidental's registration statement on Form S-4, as amended (the "Registration Statement"), which was declared effective by the SEC on July 11, 2019, in connection with the proposed transaction between Occidental and Anadarko. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements, you should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date of this presentation and, unless legally required, Occidental does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

Additional Information and Where to Find It

In connection with the proposed transaction with Anadarko, Occidental has filed with the SEC the Registration Statement, containing a prospectus of Occidental that also constitutes a proxy statement of Anadarko. Anadarko mailed a definitive proxy statement/prospectus to stockholders of Anadarko. In connection with the consent solicitation by Carl C. Icahn and certain related parties, Occidental has also filed with the SEC a consent revocation solicitation statement on Schedule 14A and mailed such consent revocation solicitation statement to stockholders of Occidental. This presentation is not a substitute for the proxy statement/prospectus or Registration Statement or other document Occidental and/or Anadarko has filed or may file with the SEC in connection with the proposed transaction between Occidental and Anadarko or a substitute for any consent revocation solicitation statement or other document that Occidental has filed or may file with the SEC in connection with any solicitation by Occidental. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, THE REGISTRATION STATEMENT, THE CONSENT REVOCATION SOLICITATION STATEMENT (INCLUDING, IN EACH CASE, ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY OCCIDENTAL AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT OCCIDENTAL, ANADARKO, THE PROPOSED TRANSACTION AND ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Occidental and Anadarko free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Occidental and Anadarko are also available free of charge by accessing their websites at www.oxy.com and www.anadarko.com, respectively.

Participants

This presentation is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or consent revocation solicitation statement or other filings that may be made with the SEC. Nonetheless, Occidental, Anadarko and their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction between Occidental and Anadarko. In addition, Occidental, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Occidental. Information about Occidental's executive officers and directors is available in Occidental's Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 21, 2019, in its proxy statement for the 2019 Annual Meeting which was filed with the SEC on March 28, 2019 and in its Form 8-K which was filed with the SEC on July 15, 2019. To the extent holdings of Occidental securities have changed since the amounts printed in the proxy statement for the 2019 Annual Meeting, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information about Anadarko's executive officers and directors is available in Anadarko's Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 14, 2019, and in its proxy statement for the 2019 Annual Meeting which was filed with the SEC on March 29, 2019. Additional information regarding the interests of such potential participants is included in the Registration Statement, proxy statement/prospectus and is or will be included in other relevant documents filed with the SEC. These documents are or will be available free of charge from the sources indicated above.

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 Occidental's website at www.oxy.com. Occidental is unable to provide a reconciliation of non-GAAP financial measures contained in this presentation that are presented on a forward-looking basis because Occidental is unable, without unreasonable efforts, to estimate and quantify the most directly comparable GAAP components, largely because predicting future operating results is subject to many factors outside of Occidental's control and not readily predictable and that are not part of Occidental's routine operating activities, including various domestic and international economic, regulatory, political and legal factors.

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 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.

2

Occidental Petroleum

• Second Quarter Highlights
• Financial Summary and Guidance
• Transaction Update & Closing Remarks

33

2Q19 Highlights

Return of Cash	Returned $600 MM (33% of CFFO before working capital) through dividend
Dividend	Increased dividend for 17th consecutive year
CROCE	Continuing to deliver top tier returns with CROCE1 of 22%
Better Wells	Delivered 26 of top 100 Delaware Basin wells while only drilling 7% of the wells2
Optimized Design	Used less proppant than peers improving returns and minimizing parent-child impact2
Oil Hedges	Hedged 300 Mbod with three-way, costless collars
Midland Basin JV	Accelerating development of Midland Basin through JV with Ecopetrol
Board Addition	Added former energy and dividend buy-side portfolio manager to board

1Year to date annualized; see the reconciliation to comparable GAAP financial measures on our website	4
2Source: IHS Enerdeq as of 7/11/2019, horizontals >500ft with 6 months oil production available since January 2018.

Midland Basin Joint Venture with Ecopetrol

Midland Basin Strategic Partnership	Deal Structure
	• Oxy and Ecopetrol entered strategic partnership to develop
	~97,000 net acres in the Midland Basin
	• JV ownership 51% Oxy / 49% Ecopetrol
	• JV excludes existing wells - Oxy retains all current production and
	cash flow
	• Ecopetrol to pay Oxy $750 MM at closing plus an additional $750
	MM in carried capital
	• Oxy to remain the operator of the acreage
	• During carry period, Oxy will receive 51% of the JV's production;
	Ecopetrol will pay 75% of Oxy's share of capital expenditures
	Benefits and Rationale
	• Incremental production and cash flow to Oxy with minimal
	investment
	• Enhances our strategic partnership with Ecopetrol
	• Brings forward net present value of assets

5

Oxy Consistently Returns Capital to Shareholders

Over $34 B of Total Capital Returned Since 2002

5,000

$3.50

• Dividend Sustainable Long-term at $40 WTI

	4,500	 Consecutive Dividend Growth Since 2002 - 11% CAGR1
		$3.00
Shareholders	4,000	 Over 90% of Market Capitalization Returned to Shareholders
3,500	 Commitment to Strong Balance Sheet	$2.50
	3,000	 11% Annualized TSR YTD since 2002	$2.00
to	2,500
		$1.50
Returned	2,000
	1,500		$1.00
MM
1,000
$			$0.50
500
	-		$0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2

Share per Dividends

12002 through 2019 annualized		Dividends $ MM		Share Repurchases $ MM	Dividends per Share $
2Assumes current shares outstanding as of 6/30/19 for 2H19			6

Note: 2013 dividend total adjusted to reflect that 1Q13 dividend was paid in 4Q12. 1H19 dividends per share reflects expected annual 2019 dividend payment.

Occidental Petroleum

• Second Quarter Highlights
• Financial Summary and Guidance
• Transaction Update & Closing Remarks

77

2Q19 Results

Core diluted EPS	$0.97
Reported diluted EPS	$0.84
2Q19 CFFO before working capital	$1.8 B
2Q19 capital expenditures	$1.2 B
Dividend payments	$0.6 B
Cash balance as of 06/30/19	$1.8 B
Total reported production (Boed)	741,000
Total Permian Resources production (Boed)	289,000

2Q19 Actual versus Guidance Midpoint Reconciliation

• Permian Resources execution and well productivity
• Permian EOR unplanned maintenance
• International:
• • Operational excellence and performance in Colombia and Al Hosn
  • PSC impact of lower prices

Boed

+11,000

-2,000

+1,000

+2,000

Note: See the reconciliations to comparable GAAP financial measures on our website	8

2019 Guidance

Oil & Gas Segment

• FY 2019E Production
• • Total production of 718 - 729 Mboed
  • Permian Resources production of 283 - 287 Mboed
  • International production of 278 - 283 Mboed
• 3Q19E Production
• • Total production of 725 - 739 Mboed
  • Permian Resources production of 289 - 297 Mboed
  • International production of 280 - 284 Mboed
• International production is estimated at Brent 2019 calendar strip as of 7/25/2019

Production Costs - FY 2019E

• Domestic Oil & Gas: ~$11.00 / boe

Exploration Expense

• ~$40 MM in 3Q19E
• ~$130 MM in FY 2019E

DD&A - FY 2019E

• Oil & Gas: ~$13.00 / boe
• OxyChem and Midstream: $700 MM

Midstream

• $150 - $200 MM pre-tax income in 3Q19E
• • Midland - MEH spread of $5.00 - $6.00 / Bbl

OxyChem

• $205 MM pre-tax income in 3Q19E
• $900 - $925 MM pre-tax income in FY 2019E

Corporate

• FY 2019E Domestic tax rate: 21%
• FY 2019E International tax rate: 45%
• Interest expense of $230 MM in 3Q19E

9

2020 Oil Hedges

				Three-Way Costless Collar
	$80							Short Call
	$75							$74.09
	$70			Short Put
						Long Put
	$65			$45
					$55
($/bbl)
$60
Price	$55
$50
Realized
$45
	$40
	$35
		Realized Brent + $10	Realized	Realized Brent		Realized
	$30
						$55			$74.09
	$25
	$25	$35	$45	$55	$65	$74.09	$85
						Brent ($/bbl)

Objectives

• Hedging Program Reduces 2020 Breakeven to Low $40 WTI range
• Hedged 300 Mbod with Three-Way Costless Collars
• Maintain Upside Exposure

Details

Summary July 2019 derivative instruments

2020 Settlement
Three-way collars (Oil MBBL/day)	300
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)	$ 74.09
Floor purchase price (put)	$ 55.00
Floor sold price (put)	$ 45.00
2021 Settlement
Call options sold (Oil MBBL/day)	300
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)	$ 74.09

Note: As of July 31, 2019

10

Occidental Petroleum

• Second Quarter Highlights
• Financial Summary and Guidance
• Transaction Update & Closing Remarks

1111

Positioned To Be The Innovative and

Sustainable Energy Leader

• Technical Leader in Shale, CO2 Enhanced Oil Recovery, and Low Carbon Business
• Low Cost Leader through Large Scale Portfolio of Complementary Assets
• Return of Capital Leader with World Class People, Assets, and Innovation

12

Amplifies and Strengthens Our

Value Proposition

Expected Metrics for Combined Company  2x FCF after dividend vs prior 2022 plan1  2021 FCF yield of 12%2

 2x cash flow upside to oil price with breakeven at $40 WTI

 Expands cash margin ~10% by lowering cost3

 +10 B Boe of resource acquired at ~$2 per Boe4

1$60 WTI/$65 Brent and $3 MID-MEH differential. 2022 prior plan represents stand-alone Oxy as presented in 4Q 2018
earnings deck with capex of $5.2 B as compared to new combined company plan at $6.6 B.
2FCF yield defined as Free Cash Flow / market capitalization. Market cap assumption based on current share price and
expected shares outstanding after APC acquisition. FCF based on $60 WTI CFFO less $6.6 B capex and preferred dividends but
before common dividend.
3Based on lower combined operating costs and G&A post synergies.	13
4Based on APC acquisition cost, value of WES and APC's African assets, and APC's total domestic resource

Premier, Complementary Global Asset Portfolio

	
 #1 Producer in the Permian	 #4 Producer in Gulf of Mexico
	
 #1 in CO2 EOR Projects	Leading Position in Colombia
	
 #1 Producer in the DJ Basin	Top 3 Producer of PVC, Chlorine,
	and Caustic Soda
 #1 Producer in the Uinta Basin	
	Leading International Midstream
Assets and MLP
 #1 Independent Producer
in Oman

14

Oxy's Combined Integrated Portfolio

Oil & Gas

Focused in world class basins with a history of maximizing recovery

OxyChem

Leading manufacturer of basic chemicals and significant cash generator

Midstream

Integrated infrastructure and marketing provides access to global markets

Permian Unconventional

• 1.6 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

						1.3 MMboed1
	Rockies					Combined
					Oxy Production
•	Leading position in the DJ Basin		22%
	259
	> 0.4 MM net acres including	31			Permian
	vast minerals position				533	Rockies
	> Largest producer in Colorado		142			Gulf of Mexico
	with significant free cash flow					South America
•	Emerging Powder River Basin			334	78%	Middle East
•	Largest producer in Uinta Basin					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

14Q18 Net MMboed excluding Africa

South America

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

		Middle East
•	High return opportunities in Oman
	>	6 MM gross acres
	>	17 identified horizons
•	Developing ON-3 in U.A.E.
	>	1.5 MM acres
	> Between Al Hosn and Oman developments
•	Al Hosn and Dolphin provide steady cash flow with	15
	low sustaining capex

Delaware Basin - Synergistic Assets

Oxy Aventine - Maintenance

and Logistics Hub

Greater Sand Dunes

Delaware

Basin

Greater Barilla Draw

Depth to Wolfcamp (tvdss) c.i. 1000'

Oxy is competitively advantaged with experience in Delaware Basin geology and regional supply logistics

• Anadarko's acreage is located in the middle of Oxy's core development areas and on trend with Delaware Basin geology
• Anadarko's acreage is well positioned to benefit from Oxy's Aventine logistics supply hub

Oxy's Delaware Basin Wells Outperform Competitors

• Oxy has 26 of the top 100 wells in the Delaware Basin, based on 6 month cumulative oil production1
• Oxy has the highest average 6 month cumulative oil production of all Delaware Basin operators1
• Oxy's subsurface and operational experience together with supply logistics will extend competitively advantaged results to the Anadarko acreage

1Source: IHS Enerdeq as of 7/11/2019, horizontals >500ft with 6 months oil production available since January 2018

16

Leading Delaware Basin Operator

6 Month Cumulative Oil Top 100 2018 Wells1

Oxy's subsurface expertise delivers Basin leading wells

for less cost:

Competitors use 28% more proppant: >$500 M

30

Basin	25
Delawarethe	20
Wells in	15
10
Top 100
5
# of
	0

OXY

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

APC

Peer 7

Peer 8

Peer 9

Peer 10

Peer 11

Peer 12

Peer 13

Peer 14

12 Month Cumulative Oil Top 100 2018 Wells2

Oxy has 20%+ of the best wells, while only drilling 7% of

total Delaware Basin wells

	20
Basin
Delawarethe	15
100 Wells in	10
5
# of Top
	0

Peer 21

Peer 20

Peer 19

Peer 18

Peer 17

Peer 16

Peer 15

Peer 14

Peer 13

Peer 12

Peer 11

Peer 10

Peer 9

Peer 8

Peer 7

Peer 6

Peer 5

Peer 4

Peer 3

Peer 2

Peer 1

OXY

1Source: IHS Enerdeq as of 7/11/2019, horizontals >500ft with 6 months oil production available since January 2018. Peers in Top 100 include: APC, COP, CXO, DVN, EOG, FANG, Mewbourne, MTDR, NBL, PDC,
RDS, WPX, XEC, XOM
2Source: IHS Enerdeq as of 7/11/2019, horizontals >500ft with 12 months oil production available since January 2018. Peers in Top 100 include: BP, BTA OIL, CPE, CRZO, CVX, CXO, DVN, EOG, FANG, Felix
Energy, HK, JAG, Mewbourne, NBL, PDC, PE, RDS, ROSE, WPX, XEC, XOM	17
Note: All of Oxy's wells that made the top 100 wells for 6 months and also had at least 12 months of public data made the list of top wells in the 12 month chart.

Basin Leading

Improvement in

Well Performance

• 4D Frac Modeling
• Seismic and Geomechanical Characterization
• Customized Section Development
• Next Generation Well Designs
• Tier 1 Investment Strategy

Cumulative Mboe

Permian Resources Hz Unconventional Well Performance

	90 Day Cum Improvement		180 Day Cum Improvement
	 +220% from 2015 to 2019		 +147% from 2015 to 2018
250	 +22% from 2018 to 2019		 +25% from 2017 to 2018
			2018
200
		2019	2017
150			2016

100

2015

50

0

0

30

60

90

120

150

180

	Days	18
Note: Data includes all horizontal Permian unconventional wells online in each year

Permian Execution Excellence

Permian Resources

Subsurface Technical

Excellence

Operational

Efficiency & Speed

Logistics & Strategic

Relationships

Infrastructure

Investment

Production Transport

& Realizations

Enhanced Oil

Recovery

Basin-leading

Wells

D&C

Outperformance

Aventine

Logistics Hub

Leader in Water

Recycling

Oil Terminal &

Secure Takeaway

Unconventional

• CCUS Leadership

• Next generation 4D frac model enhancing landing, spacing, and minimizing parent child impacts
• • Oxy has the most top 100 wells in the Delaware Basin1
  • 220% productivity improvement from 2015 to 2019 YTD
  • 22% productivity improvement from 2018 to 2019 YTD
  • Over 90% of wells online YTD have an offset producing well
  • New Oxy record IP24 of 9,495 boed - New Mexico Pure Gold MDP1 29-17 Fed Com 1H
• Improved drilling feet per day 10% in 2Q19 vs 2018
• • Record well drilled in 11.5 days - 10k lateral
• Improved completions stages per day 36% 2Q19 vs 2018

Permian EOR

• Seminole Plant turn-around completed at 35% lower cost with 50% less impact to production than prior operator's plan
• Large-scalesolar project online to supply EOR operations with emissions-free electricity while reducing costs

1Source: IHS Enerdeq as of 7/11/2019, horizontals >500ft with 6 months oil production available since January 2018

19

Scale and Expertise to Lead Energy into a Low Carbon Future

Implementing Low Carbon Business Strategy Across Oxy + Anadarko

• Advancing leading-edge, low carbon technologies and business

solutions to create value for Oxy's businesses and customers

- Leverages leadership in CO2 enhanced oil recovery

(EOR) for large scale anthropogenic (man-made) CO2

Low Carbon Business Opportunities

capture

- Match transformational technologies and business

models with Oxy's development capability

• Dual objective - to enhance profitability of our business while

meeting the challenge of reducing atmospheric GHG

concentrations

- Deploying CO2 to improve reservoir recovery while

reducing atmospheric CO2

- Entering higher growth markets through low carbon

fuels, chemical products and CO2 sequestration

services

• Creating partnerships to advance economic development while

setting the standard for a social license to operate

Low-carbon Impact

Near Term

Increase use of anthropogenic CO2 from low-cost sources

Enable Occidental Permian EOR growth

Reduce scope 1 and 2 emissions through flaring minimization and low- carbon electricity

	Long Term
Medium Term	Direct air capture (DAC)
Expand commercially	Global CO2 capture and
viable anthropogenic CO2	EOR projects
sources
	CO2 as chemical
Expansion of CO2 use in	feedstock
Permian unconventional
and Rockies	CO2 to fuel applications
Marketing low-carbon fuel

Time Horizon

20

Cash Flow Priorities for Combined Company

Deleveraging target expected to be met primarily through asset sales as well as cash flow growth

Debt reduction will be prioritized over growth capital until deleveraging target is met

Maintenance Capital

Sustainable Dividend

Debt Reduction

Growth Capital

Share Repurchase

• Maintain low cost production base
• Maintain and grow current dividend per share at a sustainable level
• Commitment to deleveraging to align with historical credit metrics
• Reduce combined capital spend to support annual production growth of 5%
• Repurchase shares once deleveraging is complete

21

Sustained Low Price Dividend Coverage at $40 WTI

Cash Flow ($ B)

2021 Cash Flow Breakeven at $40:

10		Dividend Covered with Flat Production
8

6

4							Cash Flow
					Current		Breakeven
						at $40 WTI
					Dividend
2						/ $45 Brent
				$2.4
0
1Q19 Ann. CFFO @	Midstream Spread	Asset Sales &	Sustaining	Synergy	Dividend	Pref Div. &
	$40 WTI /	Normalized	PSC Expiry	Capex	Capture		Add. Interest
	$45 Brent	to $3

Note: Cash Flow calculated as combined Oxy and APC (excluding cash flow generated by WES but including distributions) 1Q19 CFFO annualized. Price adjusted to $40 WTI / $45 Brent using cash flow sensitivity of $270 MM (pre-Africa sales) for every $1 change in the price of oil. MID-MEH Midstream spread of $9.78 normalized to $3 using gross cash flow sensitivity of $180 MM for every $1 change in the spread. PSC Expiry

and Asset Sales includes impact of expected expiry of ISND and expected asset sales. Sustaining pre-synergy capex of $4.8 B. Synergies of $2 B captured in 2021. Dividend of $2.9 B. Assumed new debt issued with 22 coupon of 4.5%. Excludes cash benefit of prior year 5% annual production growth.

Excess Cash Generation Above Breakeven

$ B

$8		2021 Excess Cash Generation After Dividend1	Production
				Growth 5%
$6				Capex $6.6 B
		Production
$4			Growth 5%
		Capex $6.6 B
		Production
$2		Growth 5%
	Capex $6.6 B
	Flat Production
$-	Capex $3.9 B
$40	$50	$60	$70
			WTI

• Breakeven maintained at $40 WTI with $3.9 B sustaining capex
• Highly leveraged to oil price to generate significant excess cash
• At greater than $50 WTI, production growth of 5% and capex of $6.6 B will be maintained
• At less than $50 WTI, production and capex will be moderated to stay within cash flow

1Expected free cash flow net of taxes and after dividend payment. Sustaining capex of $3.9 B includes synergy capture. Referring to footnote on Slide 22, free cash flow calculated as combined Oxy	23
and APC (excluding cash flow generated by WES but including distributions) using cash flow sensitivity of $255 MM pre-tax(post-Africa sale) for every $1 change in the price of oil.

Measures of Success

Milestones

Divest $10 - 15+ B

assets

Capture $2+ B annual

cost synergies

$1.5 B capital

reductions

Seamless transition

2019

• Advance close of Africa asset sale and Midland Basin JV
• Continue to execute deleveraging strategy
• Launch procurement and supply chain optimization
• Capital and operation efficiencies
• Streamlined operations
• $400 MM capital reduction from Africa asset sale
• Establish 2020 budget for reduced capital spend
• Continuous focus on safety
• Uninterrupted operations
• Strong culture that emphasizes collaboration and results

24

Measures of Success

Milestones

Divest $10 - 15+ B

assets

Capture $2+ B annual

cost synergies

$1.5 B capital

reductions

Capital discipline

Grow low carbon

business

2020+

• Complete non-core asset divestitures
• SG&A optimization
• Merge Oxy's distinctive operational expertise with differentiating APC practices for full synergy capture
• Returns-basedcapital allocation process
• Reduce activity and high-grade development program to result in 5% annual production growth
• Continue sector leading dividend growth strategy
• Commitment to deleveraging to align with historical credit metrics
• Target 20+% CROCE
• Utilize CCUS expertise to enhance Oxy's business and reduce atmospheric greenhouse gas
• Invest in technology and commercial projects to build new business opportunities within Oxy's low carbon strategic pathways

• Carbon neutral aspiration

25

Innovative and Sustainable Energy Leadership

The New Oxy has greatly enhanced cash generating capability through commodity cycles

Low Cost Portfolio

• Complementary and low risk portfolio providing stable cash flow
• Large scale positions in areas of technical leadership
• Integrated business provides low full cycle cost

Returns Focused Capital Allocation

• Decades of high return and short cycle project inventory
• Moderated growth provides high-graded capital allocation
• Value based development provides revenue and cost synergies

Increasing Return of Capital

• Cash flow growth provides increased shareholder distributions
• Low risk to shareholder return through greater upside to oil price with low breakeven
• Accelerated deleveraging through non-core divestitures

Lower Carbon Future

• Leveraging CO2 Enhanced Oil Recovery expertise
• Providing the market with innovative low carbon business solutions
• Economic and carbon impact through technology, projects, and technical services 26

Appendix Contents

• Oxy / Anadarko Transaction
• Financial Information and Governance
• Oil and Gas Updates

27

Oxy and Anadarko Integration

Integration Approach

Today

Deal Close

(Day 1)

Energy	+
Leader

Build comprehensive understanding of current operating models and plan integration

Safely integrate, stabilize, and transform to deliver synergies and value proposition

Implement and sustain organization that aligns to deal strategy

Progress

• APC shareholder vote on August 8th 2019 with closing anticipated shortly thereafter
• Issued synergy targets across asset and functional teams
• Made key real estate rationalization decisions
• Issued Oxy voluntary severance program (VSP)
• Initiated joint Oxy-Anadarko integration teams
• Initiated plans to integrate culture

28

Key Day 1 Focus Areas

Readiness to
Operate Assets	Financial	IT Readiness and	Critical Contractor
Safely	Reporting	Connectivity	Continuity

Day 1		Employee
Organizational	Retention of Key	Communication	Delegation of
Design	Talent	and Onboarding	Authority

29

Appendix Contents

• Oxy / Anadarko Transaction
• Financial Information and Governance
• Oil and Gas Updates

30

Cash Flow Sensitivities Pre APC Acquisition

Oil & Gas

• Annualized cash flow changes ~$130 MM per ~$1.00 / bbl change in oil prices
• • ~$100 MM per ~$1.00 / bbl change in WTI prices
  • ~$30 MM per ~$1.00 / bbl change in Brent prices
• Annualized cash flow changes ~$35 MM per ~$0.50 / Mmbtu change in natural gas prices
• Annualized production changes 800 - 1,000 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

• Annualized cash flow changes ~$45 MM per ~$0.25 / bbl change in Midland to MEH spread
  > ~35 day lag due to trade month

31

2019 Cash Flow and Cash Balance Reconciliation

$ B

$3.6 ($1.2)

($0.2) ($2.5)

$3.0	($0.9)

$1.8

Beginning Cash	CFFO Before	Dividends	Share Repurchases Capital Expenditures Working Capital /	Ending Cash
Balance 01/01/19	Working Capital		Other	Balance 06/30/19

32

Highly Skilled and Diverse Board Provides Strategic Oversight

Focused on Creating Shareholder Value

 Recently added Robert Shearer to the board	Independence

 Over 35 years experience in securities and leading investment management firms

 Former co-head of BlackRock's Equity Dividend team and a				9 of 10
			Directors are
member of the Fundamental Equity Platform
Years of Service	Independent
 Former portfolio manager for BlackRock Equity Dividend Fund
and Natural Resources Trust
 Long history of returning cash to shareholders
 Annual board strategic reviews	4	4
		2
 Strong corporate governance
			Diversity
 Actively engage with shareholders	0-5	6-10	11-15
Gender
		# of Years of Service
 Track record of responsiveness				30%
 Focused on emerging industry risks and opportunities				40%
				Diverse
 Dedicated to environmental and sustainability matters				10%
			Ethnicity
 Meaningful director stock ownership guidelines
				3 Women on the Board

33

Appendix Contents

• Oxy / Anadarko Transaction
• Financial Information and Governance
• Oil and Gas Updates

34

Delaware Basin - Development Expertise

Oxy's Subsurface Expertise in the Delaware Basin Provides Significant Value Opportunity

• Leading subsurface and development concepts that can be quickly applied to new acreage to increase value
• • Geomechnical and petrophysical workflows used to customize development for local subsurface characteristics
  • Application of proven strategies and technologies from our Greater Sand Dunes and Greater Barilla Draw areas
  • Acceleration of cash flow through superior well results
  • Full section development to maximize value per acre

Drilling and Completion Optimization

• Oxy expects to capture at least $900 MM annually in 2021 in capex synergies
• • Development drilling for pad and zipper frac savings
  • Use of logistics hub to utilize supply chain efficiencies
  • Customized stimulation designs based on 4D frac models
  • Improved well design to maximize pump efficiency and stage effectiveness
  • Oxy Drilling Dynamics - proprietary physics based approach to optimizing drilling performance

Barilla Draw Type Log

Greater Sand Dunes

	Brushy Canyon
	Avalon
	1st Bone Spring
6,000 ft	2nd Bone Spring
	3rd Bone Spring
	Wolfcamp X-Y
	Wolfcamp A
	Wolfcamp D
Proven Economic	Delineating

35

Oxy's Play Leading Delaware Basin Performance

	Average 6 Month Cumulative Oil by Operator	•
	160
	140			•
	120
Mbo	100
Cumulative	80
60
	40
	20			•
	0	Peer 1	Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 APC Peer 13 Peer 14
	OXY

Oxy's Subsurface Knowledge, Data Analytics and Execution Drive Basin Leading Results

Top Delaware Basin Operator

• Highest 6 month cumulative oil production in the Delaware Basin
• Peers use 26% more proppant incurring incremental cost per well and increased parent/child risk

Performance Drives Value

• 25% improvement to well productivity creates ~$2.4 MM NPV10 per well1
• Lower proppant loading results in >$500 M savings per well

Source: IHS Enerdeq as of 7/11/2019, horizontals >500ft with 6 months oil production available since January 2018.
1NPV calculations based on $55 WTI and $3.00 NYMEX, assumes 100% WI and 25% Royalty Burden, improvement calculated from average of peer data on chart.	36
Peers include: APC, COP, CXO, DVN, EOG, FANG, Mewbourne, MTDR, NBL, PDC, RDS, WPX, XEC, XOM.