Occidental Petroleum : Conference Call Slides

Fourth Quarter

Earnings Conference Call

Occidental Petroleum Corporation

February 28, 2020

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 include, but are not limited to: the extent to which Occidental is able to successfully integrate Anadarko Petroleum Corporation ("Anadarko"), manage expanded operations, and realize the anticipated benefits of the combined company; Occidental's ability to successfully complete the sale of the remaining assets, liabilities, businesses and operations of its Africa assets and other planned divestitures; global commodity pricing fluctuations; world health events; supply and demand considerations for Occidental's products; 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; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver our oil and natural gas and other processing and transportation considerations; general economic slowdowns domestically or internationally; difficult and adverse conditions in the domestic and global capital and credit markets; the impact of potential changes in Occidental's credit ratings; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; 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; failure of risk management; changes in law or regulations; reorganization or restructuring of Occidental's operations; changes in tax rates; actions by third parties that are beyond Occidental's control; and the ability to generate cash to fund operations and repay indebtedness. 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. 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. 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, 2019, and in Occidental's other filings with the U.S. Securities and Exchange Commission (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 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 2019 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

Core Differentiators

Low Cost

Operator

• Best in class operator with top wells
• Safety performance leadership
• Unmatched reservoir characterization and subsurface ability
• Infrastructure advantage to realize lower operating costs

Diversified

Portfolio

• 13 assets across 5 different countries
• Integrated businesses
• Attractive exploration opportunities

Long-Term

Sustainability

2020+

Carbon Reduction Leadership

• Leader in carbon capture utilization and sequestration (CCUS) development
• World's largest handler of CO2 for EOR
• Leader in Permian emissions intensity
• Innovation through commercial partnerships

Decades of High

Return Inventory

• All core assets FCF positive1
• Dominant positions in prolific basins
• Low decline international assets

1.With 2020 Capital plan at $40 WTI

3

Occidental	•	Fourth Quarter Highlights
•	Financial Results and Guidance
	•	Closing Remarks

4

Fourth Quarter 2019 Highlights

$1.5 B	1.4 MMBOED	$2.0 B
Closed Asset Divestitures	Continued to Demonstrate Capability as a	Debt Repayment
	Premier Operator - Exceeded 4Q Total
	Production Guidance Midpoint by 78 MBOED

5

Value Capture Progress

On track to meet or exceed targets

$1.2 B

Annualized Synergies

$7.0 B

Debt Reduction

$10.2 B1

Announced Divestitures

1.Net of expected taxes

6

Rapid Value Capture - Silvertip - TX Delaware

Demonstrated Life of Field Value Creation

Developing the best wells for lower cost

Subsurface	Drilling	Completion		Production
Expect to recover 7% more oil per		18% improvement in drill days	$1.9 MM savings per well		22% reduction in downtime from Q3
section with 14% fewer wells			2019 to January 2020

	Silvertip Gun Barrel Illustration
	3rd BSS
Previous	Wolfcamp X
layout	Wolfcamp Y
	Wolfcamp A
	3rd BSS
Oxy	Wolfcamp X
design	Wolfcamp Y
	Wolfcamp A

Optimized landings to improve productivity and limit interference

Shifted spacing to avoid over capitalization and vertical stacking of wellbores

Oxy's first five 10,000' wells drilled in Silvertip averaged 23 days, >5 days faster than APC's 2019 average

Drilled record 10,000' well in 19.7 days on 3rd well, beating previous

APC record by >3 days

Silvertip 10,000' Drilling Days

APC 2019

Oxy Post-Close

10,000' Silvertip Well	AP C Baseline	O xy Design
Proppant Loading	2,500#/ft.	2,150#/ft.
Pump rates	60-70 bpm	120 bpm
Stages pumped	3 per day	8 -	10 per day
Two-well frac duration	24 days		16 days
Clean-out duration	3 - 5 days	1	- 2 days

First two-well zipper frac using Oxy's casing design resulted in total savings of $1.9 MM per well

Higher pump rates allow better stimulation, faster stage execution

High-viscosity friction reducer improves efficiency, reduces water

Lower cost materials and services through strategic sourcing

Optimized operational practices to improve uptime and recover down production more quickly

First Silvertip well with Oxy engineered flowback 90 day cum of 253 Mbo (342 Mboe) vs. APC average of ~100 Mbo

Reduced obligation well count and 5,000' well count significantly from original 2020 plan

Total Hours of Downtime

Jul	Aug	Sep	Oct	Nov	Dec	Jan '20	7

Measures of Success

MIL ES TON ES

Divest $15 B

Assets

Capture $2+ B Annual Cost Synergies

$1.5 B Capital

Reductions

Capital Discipline

Expand Low Carbon Leadership

• Non-coreasset divestitures
• • Optimize SG&A
  • Integrate Oxy's distinctive operational expertise with differentiating legacy Anadarko practices for full synergy capture
  • • Returns-basedcapital allocation process
    • Reduce activity and high-grade development program
  • Continue sector leading dividend 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

+0202

8

Occidental	•	Fourth Quarter Highlights
•	Financial Results and Guidance
	•	Closing Remarks

9

4Q19 Results

	Reported
Adjusted EPS	($0.30)
Reported diluted EPS	($1.50)
4Q19 CFFO before working capital	$2.2 B
4Q19 Capital expenditures1	$2.0 B
Dividend payments on common stock	$0.7 B
Cash balance as of 12/31/2019	$3.6 B
Total continuing operations production (Mboed)	1,402
Total Permian Resources production (Mboed)	476

4Q19 Reported versus Guidance Midpoint	Mboed
Reconciliation
Rockies: improved uptime, higher OBO
production, and higher than expected non-op and	+35

royalty barrels
Permian Resources: improved uptime and time-to-	+22
market, strong base and new well performance
GoM: higher uptime than expected and better well	+16
productivity
International: new wells and workover	+5
outperformance, improved plant maintenance
	+78

1Excludes discontinued operations and WES	10
Note: See the reconciliations to comparable GAAP financial measures on our website

1Q and Full-Year 2020 Guidance Estimates

Oil & Gas

1Q20 Production

• Total Company: 1,375 - 1,395 Mboed
• Permian Resources: 457 - 465 Mboed
• Additional Domestic: 680 - 688 Mboed
• International: 238 - 242 Mboed

FY 2020 Production

• Total Company 1,360 - 1,390 Mboed
• Permian Resources 465 - 475 Mboed
• Additional Domestic: 653 - 665 Mboed
• International: 242 - 250 Mboed

International production is estimated at Brent 2020 calendar strip as of 02/13/2020

Production Costs - FY 2020

• Domestic Oil & Gas: ~$7.50 / boe

OxyChem

$150 MM pre-tax income in 1Q20

$650 - $700 MM pre-tax income in FY 2020

Marketing & Midstream1

($70) - ($90) MM pre-tax income in 1Q20

• Midland - MEH spread of $2.45 / Bbl.

1.Midstream excludes WES equity income

Corporate

FY 2020 Domestic tax rate: 22%

FY 2020 International tax rate: 34% Interest expense of $350 MM in 1Q202

Exploration Expense3

~$75 MM in 1Q20

~$325 MM in FY 2020

DD&A - FY 2020

Oil & Gas: ~$15.75 / boe

OxyChem and Midstream: $700 MM

2.Interest expense excludes interest income

3.Exploration expense includes exploration overhead

11

Occidental	•	Fourth Quarter Highlights
•	Financial Results and Guidance
	•	Closing Remarks

12

Core Differentiators

Low Cost

Operator

• Best in class operator with top wells
• Safety performance leadership
• Unmatched reservoir characterization and subsurface ability
• Infrastructure advantage to realize lower operating costs

Diversified

Portfolio

• 13 assets across 5 different countries
• Integrated businesses
• Attractive exploration opportunities

Long-Term

Sustainability

2020+

Carbon Reduction Leadership

• Leader in carbon capture utilization and sequestration (CCUS) development
• World's largest handler of CO2 for EOR
• Leader in Permian emissions intensity
• Innovation through commercial partnerships

Decades of High

Return Inventory

• All core assets FCF positive1
• Dominant positions in prolific basins
• Low decline international assets

1.With 2020 Capital plan at $40 WTI

13

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

14

Synergy Tracker - On Track to Meet or Exceed Targets

Annualized Synergies Identified and Capital Reduction Captured1

4.0					Target				$1.5 B		$3.5 B
3.5
				Identified
3.0					Captured
2.5							$0.9 B
2.0
1.5					$1.1 B
1.0
0.5
-

Overhead/Opex Synergies

Capital Synergies 2

Capital Reduction3

Synergies/Capital Target

Overhead $799 MM

• HQ/Corp employee & contractor separations ($441 MM)
• Asset rationalization ($164 MM)
• Aviation/Real Estate/Other ($194 MM)

Opex $83 MM

• Surface ops improvements ($31 MM)
• Well maintenance optimization ($32 MM)
• Workforce efficiencies ($20 MM)

Drill, Complete, and Equip $323 MM

• TX Delaware ($193 MM)
• NM Delaware ($90 MM)
• DJ Basin ($40 MM)

• Africa assets ($400 MM)
• Decreased corporate and exploration capital ($400 MM)
• Reduced 2020 capital budget >$1.5 B to deliver ~2% growth
• Ability to grow 5% in 2021 with $1.5 B capital reduction and capital synergies compared to 2019 budget

• On track to meet or exceed targets
• Value capture ahead of schedule

1Synergies realized as of 12/31/2019	2Synergies realized based on 5% growth cases	3Capital reduction based on the 2020 capital budget from the combined 2019 pro forma capital budgets	15
Note: Overhead synergies defined as the annual impact of realized overhead reductions; capital synergies defined as the executed cost savings initiatives at 2021 planned activity level for 5% growth

Debt Repayment Tracker

Net proceeds of $15 B from asset divestitures will be applied to debt repayment

• $8.8 B - Africa assets sold to Total1
• $650 MM - Sale of Plains Interests
• $750 MM - Midland Basin JV with
  Ecopetrol
• $200 MM - Undisclosed Non-Core Asset Sale
• $565 MM - Real Estate Sale
• Free Cash Flow used to repay debt

11

10

9

8

7

6

5

4

3

2

1

0

Applying Asset Divestiture Proceeds and

Free Cash Flow to Debt Repayment

~$10.2 B

Non-Core Asset Sale

Real Estate Sale

Plains Interests

Midland JV

~$7.0 B

Remaining

Africa

FCF Allocation and

Closed Divestitures

Mozambique and

South Africa

Estimated Net	Debt Repayment3
Asset Proceeds 2

1$8.0 B expected net of taxes
2Before closing adjustments for Economic Effective Time	16

3Since 08/01/2019

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

17

2020 Capital Efficiency Plan

2020 Capital Program by Asset

2020 Capital Program by Type

$5.2 - 5.4 B

$0.1 $0.2

$0.3 $0.4 $0.5

$0.7

$0.9

$2.2

Marketing & Midstream

Exploration & Corporate

OxyChem

Permian EOR

GoM

International

Rockies

Permian Resources

Facilities 20%

D&C 60%	Oil & Gas	Base Maintenance 9%
		OBO 7%
		Exploration 4%

2020 Production (Mboed)1

Production Detail	1,360-1,390
	1,346

• ~2% Total growth
• ~6% Permian Resources growth
• Other assets flat to low growth

2020 Budget

12019 Pro Forma and 2020 represents ongoing production

20191	2020	18

2020 Capital Budget - Domestic Unconventional Assets

Permian Resources

	$2.2 B	15 Gross	9 - 10 Net	270 - 295
100%	Capex	Rigs			Rigs	AppraisalWells Online
Base Maint
				OBO
					Midland
	OBO	Midland
			Midland
75%	Facilities
					New
		New			New	Mexico
		Mexico
		DJ Basin	Mexico
50%
	Drill				Development
	Complete
	& Equip					TX
25%		TX
				Delaware
		Delaware			TX
					Delaware
0%						Wells Online1
	Net Capex by	Gross Operated	Total Net Rigs
	Type	Rigs

1Gross company operated wells online

		Rockies
	$0.9 B	3 Gross	3 - 4 Net	225 - 250
100%	Capex	Rigs	Rigs	AppraisalWells Online
Base Maint	Powder		Powder
	OBO	River	OBO	River Basin
	Facilities	Basin
		Powder
75%
		River
			Basin
50%	Drill		Development
Complete
	DJ Basin		DJ Basin
	& Equip
			DJ Basin
25%
0%				Wells Online1
	Net Capex by	Gross Operated	Total Net Rigs
	Type	Rigs
				19

Best-in-Class Capital Intensity

~50% Improvement in Capital Intensity on Legacy Anadarko Permian Assets

Permian Resources Capital Intensity

		$47		$ MM/Mboepd
							$43
	$34
							$28
	Growth			Growth						Growth			$21
						Growth
	Annual			Annual				Annual		Annual				5-	7%
															Annual
	52%		69%				37%		39%				Growth
		2018			2019				2020
					Legacy Oxy			Legacy Anadarko		Combined Oxy

Oxy's world-class Permian Resources portfolio, unique subsurface capability, and efficient capital execution significantly improve capital intensity for 2020+

Primary Drivers of Capital Intensity Improvement

• Lower cycle times through efficient execution and section planning, including simops & zipper fracs
• Subsurface characterization results in better well performance through improved well design, well landing, and spacing
• Lower capital cost per well through synergy capture
• Reduced infrastructure capital through re-utilization of facilities
• Strengthened portfolio allows for high-grading of inventory

Note: Capital intensity defined as total net annual capex over total net annual average wedge ($ MM/Mboed). WES capex is excl uded.

20

Conventional Assets Milestones

2019

20202021

2022

• Constellation and Hadrian

GoM		North Platforms Online
	• Eastern GoM Exploration
				Discovery
EOR		• Developed and submitted
	White Energy anthropogenic
				CCUS project
Oman		• Seismic New Blocks
	• Exploration Wells
				• Seismic ON-3
Abu Dhabi	• Exploration Well
• Al Hosn Debottlenecking Pre-
				FEED
Colombia		• Seismic New Blocks
	• Initiate TECA Steam Flood
				Development
			1st Production		Seismic
			Exploration		Project Update

• Progress Subsea Debottlenecking Evaluations
• Exploration Wells
• Assess and prioritize geological candidates within EOR portfolio for additional anthropogenic CCUS projects
• Appraisal Drilling
• Block 62 Hub Expansion
• Exploration Wells
• Al Hosn Debottlenecking
  FEED
• Seismic Processing
• Exploration Wells
• TECA Execution

• Eastern GoM Tie-back Online
• Exploration Wells
• Performing PreFEED/FEED for future anthropogenic CCUS candidates
• Development Plan Execution
• New Blocks First Production
• ON-3Development
• Exploration and Appraisal Wells
• Al Hosn Debottlenecking Execution
• New Blocks Development
• TECA Ramp-Up

• Subsea Debottlenecking Project Online
• Exploration Wells
• White Energy anthropogenic CCUS Project Online
• Start Construction on first Permian Direct Air Capture Plant
• Production Ramp-Up
• ON-3Production
• First Production from Debottlenecking
• New Blocks Production Ramp-Up

21

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

22

2020 Oil Hedges

				Three-Way Costless Collar
	$80								Short Call
									$74.16
	$75
	$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				$74.16
	$25
	$25	$35	$45	$55	$65	$74.16	$85
						Brent ($/bbl)

Details

Summary December 2019 derivative instruments

2020 Settlement
Three-way collars (Oil MBBL/day)	350
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)	$74.16
Floor purchase price (put)	$55.00
Floor sold price (put)	$45.00

2021 Settlement
Call options sold (Oil MBBL/day)	350
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)	$74.16

Note: As of December 31, 2019	23

Cash Flow Sensitivities

Oil & Gas

• Annualized cash flow changes ~$260 MM per ~$1.00 / bbl change in oil prices
• • ~$240 MM per ~$1.00 / bbl change in WTI prices
  • ~$20 MM per ~$1.00 / bbl change in Brent prices
• Annualized cash flow changes ~$185 MM per ~$0.50 / Mmbtu change in natural gas prices
• Production changes 700 - 900 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

Marketing & Midstream

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

24

Oxy Consistently Returns Capital to Shareholders

Over $35 B of Total Capital Returned Since 2002

	5,000																		$3.50
	4,500	✓ Dividend Sustainable Long-term at $40 WTI
Returned to Common Shareholders	✓ Consecutive Dividend Growth Since 2002 - 12% CAGR
							$3.00
4,000	✓ Over 95% of Market Capitalization Returned to Shareholders
3,500	✓ Commitment to Strong Balance Sheet										$2.50
										Share per Dividends
3,000	✓ 10% Annualized TSR since 2002											$2.00
2,500
2,000																		$1.50
1,500																		$1.00
1,000
																		$0.50
$ MM
500
-																		$0.00
		2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

Dividends $ MM		Share Repurchases $ MM		Dividends per Share $

Note: 2013 dividend total adjusted to reflect that 1Q13 dividend was paid in 4Q12

25

WES Operating as an Independent Company

Changes at a Glance

• Effective Dec. 2019, WES's management team transferred from Oxy to WES with additional employees to transfer in 2020
• Oxy will provide limited administrative services to WES for up to two years
• Rights of WES unitholders to replace WES's general partner were significantly expanded
• New long-term oil and gas gathering acreage dedications covering ~21,000 acres in Weld County, supported by minimum volume commitments

Oxy Ownership Position at December 31, 2019

• 2% of WES Operating (non-voting)
• 54.5% of WES limited partner units
• 2% GP unit interest in WES (non-voting)

Going Forward

• Oxy will account for WES using the Equity Method of Accounting, WES will not be consolidated in Oxy's financial statements
• Oxy intends to continue an operational relationship with WES and expects to maintain a significant economic interest in WES
• Ownership to be reduced below 50% in 2020

26

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

27

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
	180 Day Cum Improvement		1st Year Cum Improvement
	✓ +199% from 2015 to 2019	✓ +164% from 2015 to 2019
400	✓	+23% from 2018 to 2019	✓ +18% from 2018 to 2019	2019
350					2018
300
					2017
250					2016
200
150					2015
100
50
0	0	90	180	270	360

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

Days	28

Leading Delaware Basin Well Performance

6 Month Cumulative Oil Top 100 Wells1

Oxy's subsurface expertise delivers Basin leading wells

for less cost:

35 Competitors use 24% more proppant: >$500 M

Basin	30
Delaware	25
20
in the
Wells	15
of Top 100	10
5
#
	0	Peer 1	Peer 2	Peer 3	Peer 4	Legacy APC	Peer 5	Peer 6	Peer 7	Peer 8
	OXY

12 Month Cumulative Oil Top 100 Wells2

Oxy has >20% of the best wells, while drilling less than

7% of total Delaware Basin wells

25

Basin

20

Delaware

15

in the

Top 100 Wells

10

5

# of

0

Peer 1

Peer 2

Peer 3

Peer 4

Legacy APC

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

OXY

Peer 10

Peer 11

Peer 12

Peer 13

1Source: IHS Enerdeq as of 2/21/2020, horizontals >500ft online since January 2018 with 6 month oil production available. Peers in Top 100 include: Legacy APC, BTA OIL, CXO, DVN, EOG, FANG, RDS, XEC, XOM
2Source: IHS Enerdeq as of 2/21/2020, horizontals >500ft online since January 2018 with 12 month oil production available. Peers in Top 100 include: Legacy APC, BP, Colgate, CXO, DVN, EOG, FANG, JAG, Mewbourne,	29
NBL, PDC, RDS, XEC, XOM

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

30

Pro Forma Production - Full Year 2019 and 2020 Guide

Net MBOED	FY 2019 Pro Forma
Total Company	1,382
Legacy Oxy	732
Legacy Anadarko	650
Permian Resources	443
Legacy Oxy	292
Legacy Anadarko	151
International	282
DJ Basin	287
Gulf of Mexico	154
Permian EOR	154
All Others	61

Net MBOED	FY 2019 Pro Forma
International ex. Qatar1	247
Total Company ex. Qatar1	1,346

Net MBOED	FY 2020 Guide
Total Company	1,360 - 1,390
Permian Resources	465 - 475
Additional Domestic	653 - 665
International	242 - 250

Note: Pro forma 2019 and 2020 guidance is based on a full year of production. Production excludes discontinued operations from Africa.	31
1Qatar production is excluded because 2020 growth plan includes ongoing production only.

Largest U.S. Acreage Holder

14.4 MM Net Total U.S. Acres

Rockies

1.5 MM Acres

Powder River Basin - 0.4 MM

DJ Basin - 0.9 MM

Excludes acreage outside of active operating

areas

Uinta Basin 0.2 MM

Land Grant

7.0 MM Acres1

• Fee ownership of oil and gas mineral and hard rock minerals
• Some surface ownership
• Enhances economic returns for oil and gas development
• No lease expirations
• Royalty revenue from 3rd parties

Permian

3.1 MM Acres

Permian Unconventional - 1.7 MM

Permian Conventional - 1.4 MM

Gulf of Mexico

1.0 MM Acres

Other Onshore

2.4 MM Acres

Other Onshore US consists of legacy

acreage and fee minerals outside of Oxy's

core operated areas.

Note: Acreage totals only include oil and gas minerals. Oxy has ~2 MM net acres on federal land with ~1 MM onshore and ~1 MM offshore. Total Permian Resources acreage on federal land is ~270 M.	32
1Includes 0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the DJ acreage total above.

U.S. Onshore Overview

Rockies	Land Grant	Permian
1.5 MM Acres	7.0 MM Acres1	3.1 MM Acres

4Q19 Net Production

	Oil	NGLs	Gas	Total
	(MBOED)	(MBBLD)	(MMCFD)
Permian Resources	273	106	580	476
Permian EOR	117	29	41	153
DJ Basin	120	73	727	314
Other Domestic	15	9	223	61
Total	525	217	1,571	1,004

1Includes 0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the Rockies acreage total

33

Gulf of Mexico Overview

Gulf of Mexico

1.0 MM Acres

4Q19 Net Production

	Total
Oil (MBOED)	117
NGLs (MBBLD)	10
Gas (MMCFD)	86
Total	141

34

International Overview

Colombia	U.A.E.	Oman
2.0 MM Acres	1.5 MM Acres	6.0 MM Acres

4Q19 Net Production

	Oil	NGLs	Gas	Total
	(MBOED)	(MBBLD)	(MMCFD)
Latin America	34	-	8	35
Al Hosn	14	26	257	83
Dolphin	7	8	166	43
Oman	67	-	152	92
Total	122	34	583	253

35

Midland Basin Joint Venture with Ecopetrol

Midland Basin Strategic Partnership	Deal Structure
	• Oxy and Ecopetrol successfully closed strategic partnership to
	develop ~97,000 net acres in the Midland Basin on November 13
	• JV ownership 51% Oxy / 49% Ecopetrol on all new wells drilled
	• JV excludes existing wells - Oxy retains production and cash flow
	• $1.5 B transaction value; 50% cash / 50% in the form of a carry
	• During carry period, Oxy will receive 51% of the JV's production;
	Ecopetrol will pay 75% of Oxy's share of capital expenditures
	• Oxy remains the operator of the acreage
	Key Operational Highlights & Guidance
	• JV had 2 rigs operating by YE 2019; ramping up to 4 rigs through
	1Q 2020
	• 4 wells placed on production by YE 2019 with approximately 50
	additional wells expected to be placed on production in 2020
	• 4Q 2020 production expected to be 15 - 20 Mboed net to Oxy
	• Recently achieved Permian Basin record drilling performance with
	7,344 ft drilled in a 24 hr period

36

New Mexico Continues to Deliver

Well Performance Continues to Improve

Industry Leading Well Performance

• Customized section development to maximize value
• Integration of subsurface, engineering, and production data
• Completion optimization in all development benches

10,000' Well Performance

	500	•
Mboe	450
400
350
300	•
Cumulative
250
200
150	•
100
50
	0
	6 Month Cum	12 Month Cum
	2018	2019

Continued improvement in well performance

Higher sectional recovery through flow-unit optimization

Lower capital intensity supporting continued growth in production

Unlocking Additional Value Through Operational Improvements

• Synergy capture ahead of schedule
• Improving drill performance
• Record pumping hours
• Scaling-upregional sand use
• Implementing high pressure gas lift

2020 Program Update

Greater Sand Dunes	•	2020 activity focused in key
		development fields
		▪ Cedar Canyon, Sand Dunes, and
		Red Tank / Lost Tank
	• Continued optimization of 2nd Bone
		Spring, 3rd Bone Spring, and
		Wolfcamp XY/A development
	• Appraisal of 1st Bone Spring, Avalon,
		and Wolfcamp D

37

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

38

Highly Skilled and Diverse Board Provides Strategic Oversight

Focused on Creating Shareholder Value

• Andrew Gould elected to the board effective March 1, 2020
• • Former Chairman and Chief Executive Officer of Schlumberger Ltd.
• Board announced its intention to recommend, at the 2020
  Annual Meeting, proposals to amend Occidental's charter to:
• • Lower the threshold ownership requirement to call a special meeting from 25% to 15% of shares outstanding
  • Lower the threshold ownership requirement to request a record date to take action by written consent from 20% to 15% of shares outstanding
• Formed two new board committees
• • Integration Committee
  • Sustainability and Shareholder Engagement Committee
• Long history of returning cash to shareholders
• Annual board strategic reviews
• Actively engage with shareholders
• Track record of responsiveness
• Focused on emerging industry risks and opportunities
• Dedicated to environmental and sustainability matters
• Meaningful director stock ownership guidelines

Independence1

			10 of 11
			Directors are
			Independent
Years of Service1
5	4
		2	Diversity1
0-5	6-10	11-15		Gender
	# of Years of Service	27%
			36%
			9%	Diverse

Ethnicity

3 Women on the Board

1As of March 1, 2020

39

Success Starts With Safety

Employee + Contractor IIR1

2017 2018 2019

.39 .39 .29

Best safety performance ever in 20192

Oxy's culture is built on safety

Safety remains top priority during integration Expanding process safety/risk programs

Enhancing systems and tools to identify and mitigate risks

Standardizing proactive and reactive risk systems

1Recordable Illnesses or Injuries (IIR) combines historical data for Oxy and Legacy Anadarko and is defined as the rate of recordable illnesses or injuries per 200,000 work hours	40
2Best IIR for Oxy and Legacy Anadarko individually and combined for 2019

New Mexico Water Recycling Program

Water infrastructure drives value and environmental benefits

• Less than 1% fresh water used in 2019
• Average $3.05 savings per barrel1
• Targeting more than 85% recycled water and less than 1% fresh water used in 2020

Expanding water recycling technology to Texas operations

New Mexico Recycled Water

2019

2018

2017

0

5

10

15

20

25

30

Million Barrels of Water

1Savings compare using recycled produced water for frac water vs trucked produced water plus trucked frac water

41

	• Synergy Capture and Debt Repayment Update
Appendix	•	2020 Budget
•	Well Performance
	•	Financial Information
	•	Asset Overview
	•	Governance and HES
	•	OxyChem

42

OxyChem: Market Leading Position

OxyChem at a Glance

• Winner of Tennessee Valley Authority (TVA) Carbon Reduction Award
• • OxyChem in New Johnsonville, Tennessee had lowest carbon emissions rates in 2018 along with largest year-over-year carbon emission improvement for 2017-2018
• Major global exporter of all core products
• Top tier global producer in every product produced
• • Largest merchant caustic soda seller in the world
  • Largest VCM exporter in the world
  • 2nd largest chlor-alkali producer in the world
  • Largest caustic potash producer in the world
• Recent growth projects delivered on time and on budget, increasing earnings base
• Only 4 time winner of the American Chemistry Councils Sustained Excellence Award

Earnings Highlights

• Positive cash flow generation throughout cycle
• Integrated assets capture benefits of favorable market conditions
• Global export portfolio leverages low domestic natural gas prices

Market Overview

• Caustic supply and demand balance is favorable long-term

		1,200	OxyChem Pre-Tax Earnings (EBIT)1			•	No major global capacity
		900										expansions
										•	Core caustic demand driven by
	MM	600
										Aluminum and Pulp and Paper
	$
Plant		300									•	PVC demand continues to
	0										improve as global population
										expands
4CPe		2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	43
1 OxyChem pre-tax earnings excluding affecting comparability