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SECOND QUARTER EARNINGS CALL AUGUST 6 , 2026 OXY
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2 2 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 or Oxy) expectations, beliefs, plans or forecasts . Forward - looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties . 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 - looking sustainability - related statements may be based on standards that are still developing, internal controls and processes that continue to evolve and definitions, assumptions, data sources and estimates or measurements that are subject to change in the future, including through rulemaking or guidance . 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 ; 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 ; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia - Ukraine war and conflicts in the Middle East) and political conditions and events (such as in Latin America) ; 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 ; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences ; uncertainties and liabilities associated with acquired and divested properties and businesses, including retained liabilities and indemnification obligations associated with the chemical business ; uncertainties about the estimated quantities of oil, natural gas liquids (NGL) 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 ; 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 ; changes in government grant or loan programs ; potential liability resulting from pending or future litigation, government investigations and other proceedings ; disruption or interruption of production or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber - attacks, terrorist acts or insurgent activity ; 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 ; 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, deductions, incentives or credits ; and actions by third parties that are beyond Occidental's control . Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “can,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “progress,” “guidance,” “priority,” “focus,” “assumption,” “likely,” “set to,” “positioned to,” “seek” 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 1 A “Risk Factors” of Occidental’s Annual Report on Form 10 - K for the year ended December 31 , 2025 ( 2025 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 2025 Form 10 - K and other reports and filings with the SEC . Copies are available from the SEC and through our website, www . oxy . com .
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3 Executing from a strong balance sheet Organically improving our resources Continuing cost efficiencies Generating differentiated cash flow STRATEGIC PRIORITIES TO DELIVER SHAREHOLDER VALUE
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4 1 Pre - tax cash flow improvements incremental to 2025; s ee the reconciliations to comparable GAAP financial measures on our website Strong operations and improved financial position delivering value Prioritizing excess cash flow to reach $10 B principal debt milestone → Reduced principal debt to ~$11.8 B → Accelerated debt paydown enabled additional 8% increase to quarterly dividend On track for cost savings while delivering more production → U.S. Unconventional well costs on track for 7% improvement vs. 2025 → Operational efficiencies support +3 Mboed FY26 total company production raise Increasing sustainable cash flow → Total improvements expected to drive +$4.0 B incremental annual sustainable cash flow by 2030 at $65 WTI 1 → On track to deliver >$1.2 B free cash flow improvement in 2026 excluding impact of higher oil prices 1
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5 5 Oxy‘s Competitive Advantage Delivering differentiated, sustainable cash flow growth by 2030 WHAT WE HAVE ADVANTAGED, RIGHT SIZED RESOURCES → Well understood resources across the global portfolio → Balanced conventional and unconventional resources to enable durable FCF through the cycle → Organic resource improvements continue to unlock value WHAT WE DO DIFFERENTLY WHY IT MATTERS ADVANCED RECOVERY + VALUE - BASED DEVELOPMENT IMPROVING SUSTAINABLE CASH FLOW AND VALUE BY 2030 AND BEYOND → Best - in - class subsurface capability → Integrated technologies in CO 2 , power, water and AI across operations → +$4.0 B in annual sustainable c ash flow expected by 2030, an increase of 95% vs. 2025 → ~85% of cash flow growth expected to be delivered even at lower prices → Enables growing value and return on and of capital through the cycle → Targeted exploration for future upside → Advanced recovery applied across conventional and unconventional assets → Combining subsurface insight, technology and field development for superior full - cycle value
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6 6 Note: All values approximate. 2025 - 2030 sustainable cash flow growth includes benefit of ~$0.5 B LCV capital reduction 2025 CFFO @ ~$65 WTI YE29 Annualized CFFO @ ~$65 WTI (Ex. growth) Sustaining Capital $5.4 B Sustainable Cash Flow Lower Sustaining Capital $4.5 B +$4.0 B Increased Sustainable Cash Flow $10.1 B $ 12.7 B + $0.8 B O&G Efficiencies + $0.1 B Midstream Savings + $0.5 B LCV Capital Reduction + $1.7 B Corporate Savings + $0.9 B Sustaining Capital Reduction ~95% INCREASE IN ANNUAL SUSTAINABLE CASH FLOW ~8 5% of cash flow growth expected to be delivered even at lower prices Measured, efficiency - led growth can add further cash flow +$4.0 B in annual sustainable cash flow expected by 2030 LCV P P Allocated through disciplined priorities LOWER SUSTAINING CAPITAL Base decline and capital efficiencies
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7 7 Note: 2025 - 2030 sustainable cash flow growth reflects operational and cost structure improvements and excludes inflation Clear milestones underpin 2030 sustainable cash flow growth → Cost savings driven by O&G efficiencies , Midstream and LCV changes and lower corporate costs → Improved decline rate and capital efficiencies reduce sustaining capital → Debt reduction reduces interest and supports increased return of capital • 12% U.S. Onshore new well cost improvement • 10% reduction in domestic lease operating expense and transportation cost • Higher - margin volume additions • Decline rate improvement from ~25% to 20% • 10% workforce efficiency improvement • Reduction to $10 B in principal debt, with $740 MM interest savings • Preferred equity redemption in 2029 CASH FLOW DELIVERY MILESTONES (vs. 2025) Value Adds and Accelerators • Progress beyond milestones • Portfolio optimization • Measured, efficiency - led growth • Improved oil and gas commodity prices
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8 INCREASING SUSTAINABLE CASH FLOW TO DRIVE RETURN ON AND OF CAPITAL Disciplined cash flow priorities will enable us to make decisions to improve value while balancing operational and market considerations Cash flow priorities to maximize value FOUNDATIONAL PRIORITIES SUBSEQUENT OPPORTUNITIES Maintain safe and responsible operations Execute from a strong balance sheet Deliver a sustainable and growing dividend Sustain base production • Ongoing principal and net debt reduction • Preferred equity redemption in August 2029 • Opportunistic share repurchases • Measured, efficiency - led growth to add value HOW WE THINK ABOUT FUTURE GROWTH → Measured, efficiency - led Considerations • Returns • Cost efficiency • FCF timing • Decline rate • Technology advancements • Portfolio optimization • Macro outlook IMPROVING VALUE
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9 9 Growing durable value and return of capital by increasing sustainable cash flow through the cycle CFFO Sustaining Capital @ $50 WTI @ $65 WTI Excess cash allocated through disciplined cash flow priorities REDUCE SUSTAINING CAPITAL Improve capital efficiency Lower decline rate IMPROVE CFFO Improve capital efficiency R educe expenses Add higher - margin production GROW VALUE Grow sustainable cash flow by increasing CFFO and reducing sustaining capital Current Dividend Dividend Growth Potential @ $50 WTI Cash Flow Priorities Our Value Proposition 2030+
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10 10 Accelerated debt reduction brings principal debt to $11.8 B $48 MM $14 MM $352 MM 2026 2027 2028 2029 Annual Debt Maturity Profile, $MM $17.1 B of debt repaid in 24 months creating a minimal near - term maturity profile Financial Highlights $28.9 B $8.5 B $8.6 B $11.8 B $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Post-CrownRock Debt 2024-2025 Repayments 2026 YTD Repayments Outstanding Debt Further Debt Reduction Debt Reduction Progress, $B Next Debt Milestone $630 MM of current run - rate interest savings vs. 2025 Note: All values approximate
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11 11 Operational and financial outperformance Second Quarter Highlights $3.0 B FINANCIAL Free Cash Flow 1 ; Highest Since 3Q22 1 From continuing operations and excludes working capital; see the reconciliations to comparable GAAP financial measures on our we bsite 1,433 Mboed OIL & GAS Total Company Production; Surpassed High End of Guidance Range $ 961 MM MIDSTREAM Adjusted Pre - Tax Income; Exceeds Previous 2018 Record $8.6 B BALANCE SHEET Debt Retired Year - To - Date; $11.8 B Principal Debt $
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12 12 Second Quarter 2026 Results Financials Reported Adjusted diluted EPS 1 $2.40 Reported diluted EPS 1 $2.75 CFFO before working capital $4.6 B Net capital expenditures 2 $1.6 B Unrestricted cash balance as of 06/30/2026 $4.2 B Worldwide production (Mboed) 1,433 Midstream adjusted pre - tax income $961 MM Note: See the reconciliations to comparable GAAP financial measures on our website 1 From continuing operations; diluted share count 1,012.2 MM shares 2 Net of noncontrolling interest contributions Reported Production versus Guidance Midpoint Reconciliation Mboed GOA Base uptime and maintenance optimization +12 PERMIAN Strong base and new well performance and non - recurring OBO volumes +11 ROCKIES Strong base performance and non - recurring OBO volumes +3 INTERNATIONAL Middle East disruptions (3) +23
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13 13 3Q26 and Full - Year 2026 Guidance OIL & GAS 3Q26 FY26 Total Company Production (Mboed) 1,400 - 1,440 1,423 - 1,453 Permian Production (Mboed) 795 - 815 801 - 817 Rockies & Other Production (Mboed) 265 – 271 270 - 276 Gulf of America Production (Mboed) 115 – 123 132 – 136 International Production (Mboed) 225 - 231 220 - 224 Domestic Operating Cost $ / boe $8.75 $8.10 Domestic Transportation Cost $ / boe $3.30 $3.35 Total Company Production Oil % 50.1% 50.3% Total Company Production Gas % 27.1% 27.0% Exploration Expense 1 ~$75 MM ~$290 MM MIDSTREAM 2 3Q26 FY26 Pre - tax Income $(100) - $100 MM $1,300 - $1,500 MM Midland - MEH Spread $ / bbl $0.25 - $0.35 $0.50 - $0.60 DD&A 3Q26 FY26 Oil & Gas $ / boe $13.30 $13.30 Midstream & Corporate ~$115 MM ~$450 MM CORPORATE 3Q26 FY26 Adjusted Effective Tax Rate 3 25% - 27% 24% - 26% Overhead Expense 4 ~$600 MM ~$2.4 B Interest Expense 5 ~$160 MM ~$680 MM Net Capital Expenditures 6 --- $5.5 - $5.9 B 1 Includes exploration overhead 2 Includes Oxy’s portion of WES adjusted income based on last four publicly available quarters, adjusted for Oxy’s current ownership; quarterly guidance averages the quarters 3 For continuing operations 4 Defined as G&A and other operating and non - operating expenses, adjusted for items affecting comparability 5 Excludes interest income and assumes current debt maturity schedule, adjusted for items affecting comparability 6 Net of noncontrolling interest contributions Financials
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14 14 A Portfolio Designed for Opportunity. A Team Driven to Deliver. • Competitive, Agile Portfolio with ~16.5 BBOE • Exceptional Unconventional Well Performance and Cost Efficiency • World Leading EOR and Advanced Recovery Position • Resilient GOA and International Conventional Assets with Opportunistic Exploration • Strong Cash Generation with Enhanced Return of Capital • Integrated Technologies in CO 2 and Power for Differentiated Products • Uncompromising Safety and Relentless Innovation 14
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15 15 APPENDIX
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16 16 10 - Year Transformation Built the foundation. Ready to execute. 2x • >100% organic RRR every year since 2020, with 3 - yr. avg. organic F&D $10.28/ boe • 30+ year resource runway • Avg. Breakeven ~$38/ bbl 88% • Balanced unconventional + conventional resource mix supports high - return, lower - decline future > 10% • Customized approach to subsurface and operations that is leading to top - tier productivity in every operated U.S. onshore basin $2 B • Plan targets $500 MM cost savings in 2026 vs. 2025 28% • Blueprint process to optimize design, operations and supply chain • Plan targets 7% U.S. Unconventional well cost savings in 2026 vs. 2025 16.5 BBOE • Well performance leader • Global EOR leader • GOA waterfloods expected to reduce production decline to <10% by 2030 • Exploration focused on capital efficiency and resource/value uplift TRANSFORMED THE BUSINESS EXECUTING WITH EXCELLENCE DELIVERING VALUE Total resources, production and reserves since 2015 Domestic Resource Better than industry avg. unconventional well performance 1 Annualized Oil & Gas cost savings 2023 - 2025 Reduction in well costs across U.S. onshore basins 2023 - 2025 With additional upside from advanced recovery, inventory expansion and exploration >$1.2 B • Executing from a stronger balance sheet, ahead on lowering interest payments FCF improvement targeted for 2026 2029 Aiming toward meaningful value inflection • Positioned to deliver further FCF improvement beyond 2026 $10 B • Prioritizing balance sheet strength through additional deleveraging • Focused on lower costs, lower declines, lower sustaining capital and higher FCF Deleveraging milestone Note: Breakeven defined as positive NPV 10 and assumes $3.25/MMBtu domestic Henry Hub gas price; well costs based on 2025 cos ts and include drilling, completion, hook - up and first lift 1 For horizontal wells >500 ft online since January 2025, Oxy’s average 6 - month oil production per foot exceeded the industry aver age by at least 10% in each U.S. onshore basin where Oxy operates. Source: Enverus as of 04/21/26
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17 2026 well costs on track for 7% improvement vs. 2025 U.S. Unconventional Cost Progress OPTIMIZING LATERAL LENGTH ~10 % Increase in U.S. Unconventional lateral length SCALING SIMULTANEOUS COMPLETIONS of U.S. Unconventional completions using simultaneous completions (up from 10%) >45 % INCREASING WELLS/PAD Increase in average wells per pad in the Permian 25 % DELIVERING TOP TIER CAPITAL EFFICIENCY (DC&E) <$750/ft Barnett Well Cost ~$ 715 - $865/ft Delaware Well Cost 2 OXY DELAWARE BAKU SIMULFRAC PAD ~$515/ft Midland Well Cost 1 Note: Well costs represent expected FY26 Oxy drilling, completion and equip (hook - up and first lift) costs per lateral foot 1 Midland well cost per lateral foot for all Spraberry, WCA/Dean, and WCB wells 2 Delaware range reflects lateral length groupings of >12,500 ft and ~10,000 ft; D&C - only costs $620/ft and $730/ft, respectively 17
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18 18 → Capital efficiency → Operating cost reduction → Technology integration → Midstream optimization Aiming to deliver an additional ~$0.5 B in sustainable cost savings in 2026 2026 Plan 2025 (vs. 2023) 2026 (vs. 2025) > $2.0 B 1 + ~ $0 .5 B WE EXPECT TO ACHIEVE THIS THROUGH: 1 Estimated annual cost savings include 2023 drilling, completions and facilities capital and operating expenses adjusted to 2025 activity and production Well Cost F&C Operating & Transportation Costs
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19 19 $6.23 B ($400 MM) ($100 MM) $200 MM ($250 MM) $5.7 B $0.0 $2.0 $4.0 $6.0 2025 Ex. Chemical U.S. Unconventional Exploration GOA + Int'l + EOR LCV 2026 Capital Expenditure Guidance Oil & Gas Midstream & Corporate Annual Capital Allocation Changes, $B Note: LCV capital is net of noncontrolling interest contributions $550 MM CAPITAL REDUCTION ~ 1% PRODUCTION GROWTH 2026 Plan ~70% cost savings ~30% well performance and operations efficiency enabled activity reduction $300 MM oil & gas capital savings and program allocation $5.5 - $5.9 B Capital Range Continued efficiency and program allocation enable 8% lower capital 2025 vs. 2026
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20 20 Operational efficiencies underpin expected >$1.2 B free cash flow improvement in 2026 • Oil & Gas +$300 MM from capital savings and program allocation, +$200 MM operating cost savings and lower transportation costs • Midstream +$400 MM from crude contract benefits 1 and lower LCV capital • Corporate +$365 MM from interest savings tied to accelerated debt repayments 2 Note: Savings estimates are incremental to 2025 results and exclude commodity price impacts 1 Net of expected distribution impact from reduced WES ownership in connection with 1Q26 gas gathering contract update 2 Pro forma for expected remaining 2026 debt repayments Corporate Midstream Oil & Gas Annual FCF Improvement 2026 Plan >$1.2 B 2026 Improvement
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21 21 1 Similar formula used for Berkshire Hathaway warrants diluted share impact Diluted Share Count Example 2Q26 OXY average share price 2Q26 average June 2020 warrants outstanding 2Q26 OXY average share price Example: treasury method calculation of June 2020 warrant dilutive share impact 1 2Q26 DILUTION SUMMARY MM 2Q26 basic average shares outstanding 997.1 June 2020 warrants + 13.7 Berkshire Hathaway warrants + 0.0 Performance awards + 1.4 2Q26 diluted average shares outstanding = 1,012.2 Incremental diluted shares ( ) June 2020 warrants strike price ( ) VARIABLES FOR WARRANT DILUTION CALCULATION OXY 2Q26 average share price $56.78 June 2020 average outstanding warrants (MM) 22.4 June 2020 warrants strike price $22.00 Berkshire Hathaway outstanding warrants (MM) 83.9 Berkshire Hathaway warrants strike price $59.59 Financial Information Basic Shares Outstanding + Incremental Diluted Shares = Total Diluted Outstanding Shares → Incremental diluted shares include June 2020 warrants, Berkshire Hathaway warrants, and performance awards → Treasury method assumes proceeds from exercised securities used to repurchase common stock X =
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22 22 Note: Cash flow sensitivities are pre - tax and relate to expected 2026 production and operating levels and exclude hedge impacts 1 Based on change from $80 Brent 22 Cash Flow Sensitivities OIL & GAS MIDSTREAM & MARKETING Financial Information → Annualized cash flow changes ~$265 MM per $1.00 / bbl change in oil prices • ~$240 MM per $1.00 / bbl change in WTI price • ~$25 MM per $1.00 / bbl change in Brent price → Annualized cash flow changes ~$105 MM per $0.50 / MMBtu change in natural gas prices → Production changes ~400 boed per $1.00 / bbl change in Brent prices 1 → Annualized cash flow changes ~$55 MM per $0.25 / bbl change in Midland - to - MEH spread • ~35 - day lag due to trade month CRUDE HEDGING → Executed two - way collars on 100 Mbbld from March through December 2026 • Price floor: $55.00 / bbl WTI • Price ceiling ( wtd . avg.): $75.89 / bbl WTI
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23 23 Reducing corporate base decline improves base production and lowers future sustaining capital 875 900 1 STARTING POINT: ENTRY RATE 1,000 Mboed 2 ENTRY - TO - EXIT DECLINE @ 25% decline @ 20% decline Entry 1,000 1,000 Exit 750 800 Base Uplift (20% vs. 25%): 25 Illustrative Entry Rate Entry - to - Exit A verage Note: Linear declines shown for simplicity Mboed Future sustaining capital to be a function of base production level, base decline rate, and capital intensity Production (Mboed) Time 20% Base Decline 25% Base Decline FY Avg. @ 20% Base Decline FY Avg. @ 25% Base Decline Entry Rate Exit Rate ~5% reduction in base decline Illustrative Base Decline Methodology Financial Information
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24 24 Domestic Onshore Activity Plan Update Operations Update 1 Appraisal capital included above; will be included in exploration capital in reported financials 2 Net rigs shown by working interest (Permian Basin includes JV carry impact) 3 Gross company operated wells online 0% 25% 50% 75% 100% Net Capex by Type Gross Operated Rigs Total Net Rigs Wells Online Facilities DJ Basin ~$0.8 B Capex ~3 Gross Rigs 15 0 - 170 Wells Online ~3 Net Rigs Drilling and Completion New Mexico TX Delaware Development Growth Capex Base Maint DJ Basin DJ Basin Drilling and Completion Facilities New Mexico TX Delaware Development ~$ 3 .1 B Capex ~ 19 Gross Rigs 485 - 515 Wells Online ~14 Net Rigs Sustaining Capex 0% 25% 50% 75% 100% Net Capex by Type Gross Operated Rigs Total Net Rigs Wells Online Drill Complete & Equip Facilities OBO Base Maint Delaware Delaware OBO Delaware 3 3 Drill Complete & Equip Midland Midland PR Basin PR Basin PR Basin Midland 2 2 Rockies 2026 activity Permian 2026 activity EOR EOR 1 1 OBO EOR 1H 2026 $1.6 B 20 rigs 15 rigs 256 wells 1H 2026 $0.4 B 3 rigs 2 rigs 84 wells
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25 25 Midstream & Marketing Guidance Reconciliation Physical midstream & LCV businesses → 2Q26 income above guidance due to higher sulfur pricing at Al Hosn Crude exports from U.S. Gulf Coast → 2Q26 income above guidance due to timing impacts of cargo sales; 3Q26 guidance decrease due to expected timing impacts of cargo sales All other marketing → 2Q26 income above guidance due to natural gas transportation optimization and crude pricing volatility; 3Q26 guidance reflects narrowing of natural gas transportation differentials and reduced crude pricing volatility Note: All guidance shown represents midpoint; mark - to - market treated as an item affecting comparability and is excluded from midstream guidance and adjusted actuals 1 Physical midstream business is primarily comprised of the Dolphin Pipeline, Al Hosn, and Permian EOR gas processing plants 2 Permian to Gulf Coast shipping includes Oxy’s contracted capacity on several third - party pipelines. Current capacity is ~700 Mbod with primary destinations of Corpus Christi and Houston 3 Crude exports from the Gulf Coast include terminal fees of ~$50 MM per quarter. Other earnings drivers include the delta between our realized price of exported crude compared to MEH pricing less the cost of shipping, as well as crude price volatility and timing impacts 4 All other marketing includes gas and NGL marketing, the timing impacts of domestic and international crude, and gas and NGL defic ien cy payments with third parties (excluding WES) in the Rockies 5 WES EBIT guidance is not a forward projection by Oxy or based on WES’s corporate guidance but is an average of the last four publicly available quarters, adjusted for Oxy’s current ownership $(200) $0 $200 $400 $600 $800 $1,000 2Q26 Guide 2Q26 Actuals 3Q26 Guide Quarterly Pre - Tax Income ($ MM) All Other Marketing 4 Oxy’s Share of WES EBIT 5 Total Midstream & Marketing EBIT Permian to Gulf Coast Shipping (MID – MEH Spread) 2 Physical Midstream & LCV Businesses 1 Crude Exports from U.S. Gulf Coast 3 Operations Update
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26 26 Progressing start - up activities at STRATOS → Completed construction for Trains 1 & 2 and Central Processing facilities → Completed wet commissioning with water circulation → Received Class VI permits to sequester CO 2 → Ran CO 2 compression system at design pressure → Added potassium hydroxide (KOH) to capture CO 2 from atmosphere → Built pellet inventory and ran calciner → Completed construction and started commissioning of Trains 3 & 4 01 Remaining Milestones: 02 Achievements: → Non - process component repairs unrelated to the technology are ongoing → Full plant commissioning expected to begin around year - end → Commence CO 2 injection STRATOS DIRECT AIR CAPTURE FACILITY Applied R&D and construction learnings to air contactor Trains 3 & 4, shortening construction from 29 to 14 months compared to Trains 1 & 2 Operations Update
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27 27 0 2 4 6 8 10 12 14 16 18 DJ Midland Powder River Delaware Industry Average Oxy Well performance leadership in U.S. Onshore Operations Update Average 6 - Month Cumulative Oil (Bo/ft) +16% +10% + 36 % +27% > 10% better than industry across all Oxy Operated U.S. Onshore basins + 32% better average 6 - month cumulative production (Boe/ft) Note: Basin data sourced from Enverus Prism as of 04/21/26; Industry average represents all horizontals >500ft online since January 2025 with 6 - month oil production available
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28 28 Horn Mountain Waterflood Operations Update Injected water Increased pressure enables production uplift Water Injection Manifold Production Manifolds Horn Mountain Spar 28 28 Additional GOA Opportunities • Two projects in study phase for 2030+ • Assists operating cost reduction by >$2/BOE by 2030; able to improve GOA base decline to <7% by 2035 Facilities • Minimal equipment adds: pumps, filtration and injection line Reservoir • Two injection wells • Doubles recovery factor; adds over two decades to total field life • 40 - 50% IRR • Initial injection expected 2H27 • Expected peak production uplift ~20 Mboed • Improves decline to <10% by 2030 PROJECT HIGHLIGHT S Low F&D, high cash margin driving strong returns Note: Economic results shown after - tax and assume $60 WTI flat
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29 29 • Offshore exploration opportunities • High - return opportunities in Oman ◦ 6 MM gross acres , 17 identified horizons • Exploring Blocks ON - 3 and ON - 5 in UAE ◦ 2.5 MM gross acres • World - class reservoirs in Algeria ◦ 0.5 MM gross acres in the Berkine Basin • Al Hosn and Dolphin provide steady cash flow with low sustaining capex • 1.2 MM net acres • Significant scale, technical capability and low - decline production • CCUS potential for economic growth and carbon reduction strategy Latin America Middle East / North Africa • A leading position in the DJ Basin ◦ 0.5 MM net acres including vast minerals position ◦ Among the largest producers in Colorado with significant free cash flow generation • Emerging Powder River Basin ◦ 0.2 MM net acres Rockies • 8 active operated platforms • Significant free cash flow generation • Sizeable inventory of remaining tie - back opportunities Gulf of America • 1.2 MM net acres including premier Delaware and Midland Basin positions • Strategic infrastructure and logistics hub in place • EOR advancements Permian Unconventional Oxy’s Integrated Portfolio Permian Conventional 86% 14% Domestic International 804280 144 178 Permian Rockies & Other Dmstc. Gulf of America Middle East Algeria & Other Int'l. 27 1,433 Mboed Production MIDSTREAM Integrated infrastructure and marketing provide access to global markets OIL & GAS Diversified assets with a focus on advanced recovery Note: As of 06/30/26
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30 30 Note: As of 06/30/26; acreage totals only include oil and gas minerals; Oxy has 0.4 MM onshore and 0.9 MM offshore net acres on federal land; onshore federal acreage comprised of 0.18 MM Permian Resources, 0.002 MM DJ Basin, 0.08 MM Powder River Basin, and CO 2 source fields and other of 0.18 MM One of the Largest U.S. Acreage Holders 8. 5 MM Net Total U.S. Acres Powder River DJ Basin Permian Gulf of America Rockies 0.7 MM Acres 0.2 MM Powder River 0.5 MM DJ Basin Excludes acreage outside of active operating areas Other Onshore 4.5 MM Total Acreage Other Onshore U.S. consists of acreage and fee minerals outside of Oxy's core operated areas Permian 2.4 MM Acres 1.2 MM Unconventional 1.2 MM Conventional Gulf of America 0.9 MM Total Acreage Resources & Portfolio
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31 31 Note: As of 06/30/26; acreage amounts represent net acres Rockies 0.7 MM Acres 2Q26 Net Production Oil ( Mbod ) NGLs ( Mbbld ) Gas ( MMcfd ) Total ( Mboed ) Permian 407 213 1,106 804 Rockies & Other Domestic 86 79 687 280 Total 493 292 1,793 1,084 Deploy Powerful Technology Strategic Infrastructure Advanced Subsurface Characterization Optimized Development Strategy + + U.S. Onshore Overview Permian 2.4 MM Acres Resources & Portfolio
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32 32 ALABAMA TEXAS LOUISIANA MISSISSIPPI Boomvang Constitution Lucius Heidelberg Holstein Marco Polo Horn Mountain Marlin Gulf of America Overview 2Q26 Net Production Oil ( Mbod ) 121 NGLs ( Mbbld ) 11 Gas ( MMcfd ) 74 Total ( Mboed ) 144 Gulf of America 0.9 MM Total Acreage Resources & Portfolio Note: As of 06/30/26; acreage amounts represent net acres
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33 33 Note: As of 06/30/26; a creage amounts represent gross acres; 0.6 MM acres exist in other international locations 1 Onshore Block 3 and Block 5 2Q26 Net Production Oil ( Mbod ) NGLs ( Mbbld ) Gas ( MMcfd ) Total ( Mboed ) Algeria & Other Int’l. 21 3 14 27 Al Hosn 13 22 235 74 Dolphin 6 5 153 36 Oman 59 - 54 68 Total 99 30 456 205 Oman 6.0 MM Acres UAE 1 2.5 MM Acres Algeria 0.5 MM Acres MENA International Overview Resources & Portfolio
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34 34 CFFO P , Sustaining Capital and Sustainable Cash Flow Reconciliation to Generally Accepted Accounting Principles (GAAP) All Values in $MM Twelve Months Ended December 31, 2025 Cash Flow from Operations after Preferred (Non - GAAP) Operating cash flow from continuing operations (GAAP) $ 9,606 Plus: Working capital and other, net - continuing operations 1,067 Plus: Domestic Current Tax Expense 307 Less: Capitalized Interest (179) Less: Preferred Dividends Paid (679) Cash Flow from Operations after Preferred (Non - GAAP) $ 10,122 Sustaining Capital (Non - GAAP) Total Capital Expenditures - Continuing Operations (GAAP) $ (6,427) Plus: Contributions from NCI 200 Plus: Exploration, Multi - Year and Growth Investments, net of NCI (Non - GAAP) 840 Sustaining Capital (Non - GAAP) $ (5,387) Sustainable Cash Flow (Non - GAAP) Cash Flow from Operations after Preferred (Non - GAAP) $ 10,122 Less: Sustaining Capital (non - GAAP) (5,387) Less: LCV Capital Expenditures, net of NCI (Non - GAAP) (450) Sustainable Cash Flow (Non - GAAP) $ 4,285 DEFINITIONS Cash Flow From Operations After Preferred o Operating cash flow before working capital including capitalized interest, before current tax, and after preferred dividend payments Sustaining Capital o Net capital expenditures less exploration, multi - year and growth investments Sustainable Cash Flow o Cash flow from operations after preferred less sustaining capital
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35 35 Abbreviations and Definitions Cash Flow From Operations Operating Cash Flow Before Working Capital Free Cash Flow Operating Cash Flow Before Working Capital – Net Capital Expenditures Net Capital Expenditures Oxy Capital Expenditures – Noncontrolling Interest Contributions Resources 3P+3C: Proved plus Probable plus Possible (3P) Reserves + High estimate of Contingent Resources (3C), as defined in the Socie ty of Petroleum Engineers’ PRMS (Petroleum Resources Management System), reported on an Oxy net entitlement basis ABBREVIATIONS DEFINITIONS AI Artificial Intelligence B Billion BBL Barrel BBOE Billion Barrels of Oil Equivalent BO Barrel of Oil BOE Barrel of Oil Equivalent CCUS Carbon Capture, Utilization and Sequestration CFFO Cash Flow From Operations CFFO P Cash Flow From Operations After Preferred CO 2 Carbon Dioxide D&C Drill and Complete DC&E Drill, Complete, and Equip EBIT Earnings Before Interest and Taxes EOR Enhanced Oil Recovery F&C Facilities and Construction F&D Finding and Development FCF Free Cash Flow FT Foot FY Full Year GAAP U.S. Generally Accepted Accounting Principles GOA Gulf of America INT’L International JV Joint Venture LCV Oxy Low Carbon Ventures MBBLD Thousand Barrels per Day MBOD Thousand Barrels of Oil per Day MBOED Thousand Barrels of Oil Equivalent per Day MENA Middle East and North Africa MM Million MMBTU Million British Thermal Units MMCFD Million Cubic Feet per Day NCI Noncontrolling Interest OBO Operated by Others RRR Reserves Replacement Ratio WTI West Texas Intermediate YTD Year to Date