Earnings release
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OXY PRESS RELEASE • • Occidental Announces 2nd Quarter 2026 Results Increased quarterly dividend by an additional 8 % this year to $ 0.28 per share , payable October 15 , 2026 , to stockholders of record as of September 10 , 2026 Reduced principal debt by $ 1.9 billion to $ 11.8 billion , advancing toward the $ 10.0 billion milestone Generated $ 5.1 billion of operating cash flow from continuing operations and $ 4.6 billion of operating cash flow before working capital Delivered $ 3.0 billion of free cash flow before working capital from continuing operations , the highest level since the third quarter of 2022 , with capital expenditures of $ 1.6 billion • Produced 1,433 Mboed globally , exceeding the high end of guidance • Midstream and marketing pre - tax adjusted income exceeded the high end of guidance • Reported EPS of $ 2.75 ; adjusted EPS from continuing operations of $ 2.40 _ HOUSTON - August 5 , 2026 — Occidental ( NYSE : OXY ) today announced results for the second quarter of 2026 , including net income attributable to common stockholders of $ 2.8 billion , or earnings per diluted share ( EPS ) of $ 2.75 , and adjusted income attributable to common stockholders of $ 2.4 billion , or adjusted EPS from continuing operations of $ 2.40 . " Our second quarter results demonstrate the strength of Oxy's resources and the competitive advantages that position us for continued value creation , " said Richard Jackson , President and Chief Executive Officer . " We are unlocking more from our assets through our industry - leading advanced recovery capabilities and differentiated value - based development approach . At the same time , we remain focused on executing from a strong balance sheet , organically improving our resources and continuing to deliver cost efficiencies . Through consistent execution on these priorities , we expect to generate significant free cash flow growth by 2030 and sustainable long - term value for our shareholders . " QUARTERLY RESULTS Oil and Gas Pre - tax income from oil and gas totaled $ 2.8 billion for the second quarter of 2026 , compared to $ 1.0 billion for the first quarter of 2026. Excluding items affecting comparability , the increase was primarily driven by higher realized crude oil prices , partially offset by lower domestic natural gas prices . Second quarter average WTI and Brent marker prices were $ 92.79 per barrel and $ 97.06 per barrel , respectively . Average worldwide realized crude oil prices increased 38 % from the previous quarter to $ 96.78 per barrel . Average worldwide realized natural gas liquids prices increased 30 % to $ 24.64 per barrel . Average domestic realized gas prices were negative $ 1.48 per thousand cubic feet ( Mcf ) . Total global production averaged 1,433 thousand barrels of oil equivalent per day ( Mboed ) for the second quarter of 2026 , exceeding the high end of guidance , with the Permian and Gulf of America business units outperforming .
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Midstream and Marketing Midstream and marketing reported pre-tax income of $1.3 billion for the second quarter of 2026, compared to a pre-tax loss of $87 million in the previous quarter. Excluding items affecting comparability, midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvement was driven by higher crude margins related to the timing of crude sales and higher gas margins from transportation capacity optimizations. WES equity method investment income for the second quarter was $149 million. Supplemental Non-GAAP Measures This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted general and administrative (G&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income - continuing operations and a reconciliation to net income (loss), along with operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted G&A, other operating and non-operating expenses and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental's definition of adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted G&A, other operating and non-operating expenses may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable. About Occidental Occidental is an international energy company that produces, markets and transports oil and natural gas to maximize valueand provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com. Forward-Looking Statements This press release 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's expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "commit," "advance," "guidance," "priority," "focus," "assumption," "likely" or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release 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.
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Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: generaleconomic 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 integratingbusinesses, 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, 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 and 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 facilitydamage 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. Additional information concerning these and other factors that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental's other filings with the U.S. Securities and Exchange Commission, including Occidental's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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Contacts Media Investors Eric Moses Babatunde A. Cole 713-497-2017 713-552-8811 eric_moses@oxy.com investors@oxy.com
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Occidental Petroleum Corporation Second Quarter 2026 Earnings Release Schedules Index Schedule # and Description 1. Summary Highlights 2. Items Affecting Comparability Detail • Before Tax Allocations • After Tax Allocations 3. Segment Results a. Reported and Adjusted Segment Results b. Reconciliation of EPS and Summary of Income Taxes for Adjusted Segment Results 4. Consolidated Condensed Statements of Operations 5. Consolidated Condensed Balance Sheets 6. Consolidated Condensed Statements of Cash Flows a. Consolidated Condensed Statements of Cash Flows b. Detail of Free Cash Flow (non-GAAP), Capital Expenditures, Net of Noncontrolling Interest (non-GAAP) and Depreciation, Depletion and Amortization 7. Oil & Gas Net Production Volumes Per Day by Geographic Locations • MBOE/D • By Commodity 8. Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations • MBOE/D • Realized Prices and Related Index Prices 9. Oil and Gas Metrics
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SCHEDULE 1 Occidental Petroleum Corporation Summary Highlights 2025 2026 Quarterly Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Net Income ($ millions) Reported income attributable to common stockholders$ 766 $ 288 $ 661 $ (68) $ 1,647 $ 3,175 $ 2,807 $ — $ $ 5,982 Reported EPS - Diluted ($/share) $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61 $ 3.13 $ 2.75 $ — $ — $ 5.89 Effective tax rate - Reported income - Continuing Operations (%)29 % 40 % 28 % 43 % 33 % 39 % 23 % — % — % 25 % Adjusted income attributable to common stockholders (Non-GAAP)$ 722 $ 266 $ 513 $ 174 $ 1,675 $ 1,070 $ 2,443 $ — $ $ 3,513 Adjusted EPS - Diluted (Non-GAAP) ($/share) $ 0.73 $ 0.26 $ 0.51 $ 0.17 $ 1.67 $ 1.06 $ 2.40 $ — $ — $ 3.46 Effective tax rate - Adjusted income - Continuing Operations (%)29 % 36 % 29 % 35 % 31 % 26 % 23 % — % — % 24 % Average Shares Outstanding - Reported Income and AdjustedIncome Basic (millions) 941.3 985.1 986.4 988.0 975.5 989.8 997.1 993.7 Diluted (millions) 982.9 1,010.4 1,003.1 1,002.9 1,000.1 1,006.9 1,012.2 1,009.8 Daily Production Volumes Total US (MBOE/D) 1,167 1,167 1,227 1,246 1,202 1,206 1,228 1,217 US Oil (MBBL/D) 601 604 634 636 620 612 614 613 Worldwide Production (MBOE/D) 1,391 1,400 1,465 1,481 1,434 1,426 1,433 1,429 Worldwide Sales (MBOE/D) 1,391 1,397 1,468 1,480 1,434 1,428 1,433 1,430 Commodity Price Realizations Worldwide Oil ($/BBL) $ 71.07 $ 63.76 $ 64.78 $ 59.22 $ 64.60 $ 69.91 $ 96.78 $ $ $ 83.37 Worldwide NGL ($/BBL) $ 25.94 $ 20.71 $ 19.60 $ 16.68 $ 20.60 $ 18.99 $ 24.64 $ $ $ 21.86 Domestic Gas ($/MCF) $ 2.42 $ 1.33 $ 1.48 $ 1.12 $ 1.58 $ 1.01 $ (1.48) $ $ $ (0.26) Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) Operating cash flow before working capital (Non-GAAP)$ 2,771 $ 2,408 $ 2,949 $ 2,545 10,673 $ 3,251 $ 4,610 $ — $ — $ 7,861 Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (1,619) (1,654) (1,473) (1,481) (6,227) (1,504) (1,589) — — (3,093) Free Cash Flow Before Working Capital (Non-GAAP) $ 1,152 $ 754 $ 1,476 $ 1,064 $ 4,446 $ 1,747 $ 3,021 $ — $ — $ 4,768 2025 2026 Year-to-date Mar Jun Sep Dec Mar Jun Sep Dec Net Income ($ millions) Reported income attributable to common stockholders$ 766 $ 1,054 $ 1,715 $ 1,647 $ 3,175 $ 5,982 Reported EPS - Diluted ($/share) $ 0.77 $ 1.03 $ 1.68 $ 1.61 $ 3.13 $ 5.89 Effective tax rate - Reported income - Continuing Operations (%)29 % 33 % 31 % 33 % 39 % 25 % Adjusted income attributable to common stockholders (Non-GAAP)$ 722 $ 988 $ 1,501 $ 1,675 $ 1,070 $ 3,513 Adjusted EPS - Diluted (Non-GAAP) ($/share) $ 0.73 $ 0.98 $ 1.50 $ 1.67 $ 1.06 $ 3.46 Effective tax rate - Adjusted income - Continuing Operations (%)29 % 31 % 31 % 31 % 26 % 24 % Average Shares Outstanding - Reported Income and AdjustedIncome Basic (millions) 941.3 963.5 971.2 975.5 989.8 993.7 Diluted (millions) 982.9 997.0 999.1 1,000.1 1,006.9 1,009.8 Daily Production Volumes Total US (MBOE/D) 1,167 1,167 1,187 1,202 1,206 1,217 US Oil (MBBL/D) 601 603 614 620 612 613 Worldwide Production (MBOE/D) 1,391 1,395 1,419 1,434 1,426 1,429 Worldwide Sales (MBOE/D) 1,391 1,394 1,416 1,434 1,428 1,430 Commodity Price Realizations Worldwide Oil ($/BBL) $ 71.07 $ 67.37 $ 66.46 $ 64.60 $ 69.91 $ 83.37 Worldwide NGL ($/BBL) $ 25.94 $ 23.29 $ 21.99 $ 20.60 $ 18.99 $ 21.86 Domestic Gas ($/MCF) $ 2.42 $ 1.88 $ 1.74 $ 1.58 $ 1.01 $ (0.26) Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) Operating cash flow before working capital (Non-GAAP)$ 2,771 $ 5,179 $ 8,128 $ 10,673 $ 3,251 $ 7,861 $ 7,861 $ 7,861 Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (1,619) (3,273) (4,746) (6,227) (1,504) (3,093) (3,093) (3,093) Free Cash Flow Before Working Capital (Non-GAAP) $ 1,152 $ 1,906 $ 3,382 $ 4,446 $ 1,747 $ 4,768 $ 4,768 $ 4,768 Percentage impacted by reported net loss. See schedule 3a for non-GAAP reconciliation. See schedule 3b for non-GAAP reconciliation. See schedule 6b for non-GAAP reconciliation. (a) (b) (c) (d) (b) (c) (d) (a) (b) (c) (d)
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SCHEDULE 2 Occidental Petroleum Corporation Items Affecting Comparability Detail (amounts in millions) 2025 2026 Before Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Oil & Gas Domestic Crude oil derivative gains (losses) $ — $ — $ — $ — $ — $ (339) $ 105 $ (234) Losses on sales of assets and other, net — — (52) (47) (99) (30) (15) (45) Legal reserves and other — (65) — (40) (105) — — — Asset impairments and other charges, net — — — (6) (6) — — — Total Domestic — (65) (52) (93) (210) (369) 90 — — (279) International Gains on sale of assets and other, net — — 30 — 30 — — — Total International — — 30 — 30 — — — — — Total Oil and Gas — (65) (22) (93) (180) (369) 90 — — (279) Midstream & Marketing Derivative gains (losses), net (84) 95 (31) (9) (29) (409) 178 (231) Gains (losses) on sales of assets and other, net — — — 301 301 (164) 199 35 Asset impairments and other charges — (162) — (325) (487) (105) — (105) Equity method investments fair value gains — — 61 — 61 — — — Total Midstream & Marketing (84) (67) 30 (33) (154) (678) 377 — — (301) Corporate Early debt extinguishment — — — 20 20 (237) 47 (190) Early retirement costs — — — (39) (39) (15) (39) (54) Acquisition-related costs (6) (6) (1) — (13) — — — Total Corporate (6) (6) (1) (19) (32) (252) 8 — — (244) State tax rate revaluation — — — (10) (10) — — — Income tax impact on items affecting comparability 19 30 5 32 86 281 (107) 174 Income (loss) from continuing operations (71) (108) 12 (123) (290) (1,018) 368 — — (650) Discontinued operations, net of taxes 115 130 136 (119) 262 3,123 (4) 3,119 Total $ 44 $ 22 $ 148 $ (242) $ (28) $ 2,105 $ 364 $ — $ — $ 2,469 2025 2026 After Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Oil & Gas Domestic Crude oil derivative gains (losses) $ — $ — $ — $ — $ — $ (266) $ 82 $ (184) Losses on sales of assets and other, net — — (41) (37) (78) (24) (11) (35) Legal reserves and other — (51) — (31) (82) — — — Asset impairments and other charges, net — — — (5) (5) — — — Total Domestic — (51) (41) (73) (165) (290) 71 — — (219) International Gains on sale of assets and other, net — — 30 — 30 — — — Total International — — 30 — 30 — — — — — Total Oil and Gas — (51) (11) (73) (135) (290) 71 — — (219) Midstream & Marketing Derivative gains (losses), net (66) 74 (24) (7) (23) (320) 139 (181) Gains (losses) on sales of assets and other, net — — — 236 236 (128) 157 29 Asset impairments and other charges — (127) — (254) (381) (82) — (82) Equity method investments fair value gains — — 48 — 48 — — — Total Midstream & Marketing (66) (53) 24 (25) (120) (530) 296 — — (234) Corporate Early debt extinguishment — — — 16 16 (186) 37 (149) Early retirement costs — — — (31) (31) (12) (36) (48) Acquisition-related costs (5) (4) (1) — (10) — — — Total Corporate (5) (4) (1) (15) (25) (198) 1 — — (197) State tax rate revaluation — — — (10) (10) — — — Income (loss) from continuing operations (71) (108) 12 (123) (290) (1,018) 368 — — (650) Discontinued operations, net of taxes 115 130 136 (119) 262 3,123 (4) 3,119 Total $ 44 $ 22 $ 148 $ (242) $ (28) $ 2,105 $ 364 $ — $ — $ 2,469 2025 included charges and derivative gains (losses) from income from equity investments and other. (a) (a) (a) (a) (a)
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SCHEDULE 3a Occidental Petroleum Corporation Reported and Adjusted Segment Results (amounts in millions, except per share and effective tax rate amounts) 2025 2026 Reported Income Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Domestic $ 1,332 $ 518 $ 881 $ 324 $ 3,055 $ 703 $ 2,255 $ 2,958 International 365 416 419 331 1,531 314 594 908 Total Oil & Gas 1,697 934 1,300 655 4,586 1,017 2,849 — — 3,866 Midstream & Marketing (72) 39 81 204 252 (87) 1,338 1,251 Segment income 1,625 973 1,381 859 4,838 930 4,187 — — 5,117 Corporate Interest (310) (271) (266) (232) (1,079) (432) (108) (540) Other (138) (142) (130) (221) (631) (108) (164) (272) Income from continuing operations before taxes 1,177 560 985 406 3,128 390 3,915 — — 4,305 Taxes Federal and state (200) (23) (120) (94) (437) (19) (663) (682) International (147) (199) (159) (79) (584) (135) (252) (387) Income from continuing operations 830 338 706 233 2,107 236 3,000 — — 3,236 Less: Net income attributable to noncontrolling interest(9) (10) (12) (12) (43) (14) (19) (33) Less: Preferred stock dividends and redemption premiums(170) (170) (169) (170) (679) (170) (170) (340) Net income from continuing operations attributable to commonstockholders 651 158 525 51 1,385 52 2,811 — — 2,863 Discontinued operations, net of taxes 115 130 136 (119) 262 3,123 (4) 3,119 Net income attributable to common stockholders$ 766 $ 288 $ 661 $ (68) $ 1,647 $ 3,175 $ 2,807 $ — $ — $ 5,982 Reported diluted income per share $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61 $ 3.13 $ 2.75 $ — $ — $ 5.89 Effective Tax Rate - Continuing Operations 29 % 40 % 28 % 43 % 33 % 39 % 23 % 25 % Items Affecting Comparability Domestic $ — $ (65) $ (52) $ (93) $ (210) $ (369) $ 90 $ — $ — $ (279) International — — 30 — 30 — — — — — Total Oil & Gas — (65) (22) (93) (180) (369) 90 — — (279) Midstream & Marketing (84) (67) 30 (33) (154) (678) 377 — — (301) Segment income (loss) (84) (132) 8 (126) (334) (1,047) 467 — — (580) Corporate Interest — — — 20 20 (237) 47 — (190) Other (6) (6) (1) (39) (52) (15) (39) — (54) Income (loss) from continuing operations before taxes(90) (138) 7 (145) (366) (1,299) 475 — — (824) Taxes Federal and state 19 30 5 22 76 281 (107) — — 174 International — — — — — — — — — — Income (loss) from continuing operations (71) (108) 12 (123) (290) (1,018) 368 — — (650) Less: Net income attributable to noncontrolling interest— — — — — — — — — — Less: Preferred stock redemption premiums — — — — — — — — — — Net Income (loss) from continuing operations attributable tocommon stockholders (71) (108) 12 (123) (290) (1,018) 368 — — (650) Discontinued operations, net of taxes 115 130 136 (119) 262 3,123 (4) — — 3,119 Net income (loss) attributable to common stockholders$ 44 $ 22 $ 148 $ (242) $ (28) $ 2,105 $ 364 $ — $ — $ 2,469 Adjusted Income (Non-GAAP) Domestic $ 1,332 $ 583 $ 933 $ 417 $ 3,265 $ 1,072 $ 2,165 $ — $ — $ 3,237 International 365 416 389 331 1,501 314 594 — — 908 Total Oil & Gas 1,697 999 1,322 748 4,766 1,386 2,759 — — 4,145 Midstream & Marketing 12 106 51 237 406 591 961 — — 1,552 Adjusted segment income 1,709 1,105 1,373 985 5,172 1,977 3,720 — — 5,697 Corporate Interest (310) (271) (266) (252) (1,099) (195) (155) — — (350) Other (132) (136) (129) (182) (579) (93) (125) — — (218) Adjusted income from continuing operations before taxes1,267 698 978 551 3,494 1,689 3,440 — — 5,129 Taxes Federal and state (219) (53) (125) (116) (513) (300) (556) — — (856) International (147) (199) (159) (79) (584) (135) (252) — — (387) Adjusted income from continuing operations 901 446 694 356 2,397 1,254 2,632 — — 3,886 Less: Net income attributable to noncontrolling interest(9) (10) (12) (12) (43) (14) (19) — — (33) Less: Preferred stock dividends (170) (170) (169) (170) (679) (170) (170) — — (340) Adjusted income attributable to common stockholders$ 722 $ 266 $ 513 $ 174 $ 1,675 $ 1,070 $ 2,443 $ — $ — $ 3,513 Adjusted diluted earnings per share (Non-GAAP)$ 0.73 $ 0.26 $ 0.51 $ 0.17 $ 1.67 $ 1.06 $ 2.40 $ 3.46 Effective Tax Rate - Continuing Operations 29 % 36 % 29 % 35 % 31 % 26 % 23 % 24 % Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measure. Occidental defines adjusted income - continuing operations as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported net income is considered representative of management's performance over the long term, and adjusted income - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP. (a) (a)
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SCHEDULE 3b Occidental Petroleum Corporation Reconciliation of EPS and Summary of Income Taxes for Adjusted Results (amounts in millions, except per share and effective tax rate amounts) 2025 2026 RECONCILIATION OF EARNINGS PER SHARE Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Reported Diluted Earnings Per Share (GAAP) $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61 $ 3.13 $ 2.75 $ 5.89 After-Tax Adjustments for Items Affecting Comparability Oil & Gas Domestic $ — $ (0.05) $ (0.05) $ (0.07) $ (0.16) $ (0.37) $ 0.09 $ (0.27) International — — 0.03 — 0.03 — — — Midstream & Marketing (0.07) (0.06) 0.02 (0.02) (0.13) (0.67) 0.37 (0.30) Corporate Interest — — — 0.02 0.02 (0.24) 0.05 (0.19) Other (0.01) — — (0.03) (0.04) (0.01) (0.04) (0.05) Taxes — — — (0.01) (0.01) 0.28 (0.11) 0.17 Adjustment to diluted average shares for adjusted income &Warrant Inducements — (0.02) — (0.01) (0.03) — — — Discontinued operations, net of taxes 0.12 0.13 0.14 (0.12) 0.26 3.08 (0.01) 3.07 Total After-Tax Adjustments for Items Affecting Comparability $ 0.04 $ — $ 0.14 $ (0.24) $ (0.06) $ 2.07 $ 0.35 $ — $ — $ 2.43 Adjusted diluted earnings per share (Non-GAAP)$ 0.73 $ 0.26 $ 0.51 $ 0.17 $ 1.67 $ 1.06 $ 2.40 $ — $ — $ 3.46 Average Diluted Shares Outstanding - Reported (millions)982.9 1,010.4 1,003.1 1,002.9 1,000.1 1,006.9 1,012.2 0.0 0.0 1,009.8 Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP) 982.9 1,010.4 1,003.1 1,002.9 1,000.1 1,006.9 1,012.2 0.0 0.0 1,009.8 ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUINGOPERATIONS Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Current $ (286) $ (183) $ 31 $ (159) $ (597) $ (318) $ (600) $ (918) Deferred (80) (69) (315) (36) (500) (117) (215) (332) TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE) -CONTINUING OPERATIONS $ (366) $ (252) $ (284) $ (195) $ (1,097) $ (435) $ (815) $ — $ — $ (1,250) Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measure. Occidental defines adjusted income - continuing operations as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management's performance, but rather is meant to provide useful information to investors interested in comparing Occidental's earnings performance between periods. Reported net income is considered representative of management's performance over the long term, and adjusted income - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP.
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SCHEDULE 4 Occidental Petroleum Corporation Consolidated Condensed Statements of Operations
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(amounts in millions, except per-share amounts) 2025 2026 Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD REVENUES AND OTHER INCOME Net sales Oil & Gas $ 5,683 $ 5,009 $ 5,404 $ 4,806 $ 20,902 $ 4,975 $ 6,882 $ 11,857 Midstream & Marketing 173 390 265 451 1,279 397 1,326 1,723 Eliminations (152) (141) (150) (145) (588) (142) (143) (285) Total 5,704 5,258 5,519 5,112 21,593 5,230 8,065 — — 13,295 Interest, dividends and other income 53 48 60 58 219 81 82 163 Gains (losses) on sale of assets and other, net (19) (5) 34 253 263 (202) 180 (22) Total 5,738 5,301 5,613 5,423 22,075 5,109 8,327 — — 13,436 COSTS AND OTHER DEDUCTIONS Oil and gas lease operating expense 1,217 1,135 1,174 1,155 4,681 1,118 1,117 2,235 Transportation and gathering expense 452 448 476 460 1,836 421 463 884 General and administrative expense 241 257 238 250 986 245 262 507 Other operating and non-operating expense 326 445 357 428 1,556 356 332 688 Taxes other than on income 264 269 248 249 1,030 259 342 601 Depreciation, depletion and amortization 1,804 1,823 1,947 1,959 7,533 1,794 1,847 3,641 Asset impairments and other charges — — — 60 60 120 38 158 Acquisition-related costs 6 6 1 — 13 — — — Exploration expense 55 83 66 45 249 110 37 147 Interest and debt expense, net 310 271 266 232 1,079 432 108 540 Total 4,675 4,737 4,773 4,838 19,023 4,855 4,546 — — 9,401 INCOME BEFORE INCOME TAXES AND OTHER ITEMS 1,063 564 840 585 3,052 254 3,781 — — 4,035 OTHER ITEMS Income (loss) from equity investments and other 114 (4) 145 (179) 76 136 134 270 INCOME FROM CONTINUING OPERATIONS BEFOREINCOME TAXES 1,177 560 985 406 3,128 390 3,915 — — 4,305 Income tax expense (347) (222) (279) (173) (1,021) (154) (915) (1,069) INCOME FROM CONTINUING OPERATIONS 830 338 706 233 2,107 236 3,000 — — 3,236 Income (loss) from discontinued operations, net of tax 115 130 136 (119) 262 3,123 (4) 3,119 NET INCOME 945 468 842 114 2,369 3,359 2,996 — — 6,355 Less: Net income attributable to noncontrolling interest (9) (10) (12) (12) (43) (14) (19) (33) Less: Preferred stock dividend (170) (170) (169) (170) (679) (170) (170) (340) NET INCOME (LOSS) ATTRIBUTABLE TO COMMONSTOCKHOLDERS $ 766 $ 288 $ 661 $ (68) $ 1,647 $ 3,175 $ 2,807 $ — $ — $ 5,982 EARNINGS PER SHARE Income from continuing operations $ 0.69 $ 0.14 $ 0.53 $ 0.05 $ 1.38 $ 0.05 $ 2.80 $ 2.86 Discontinued operations, net 0.12 0.13 0.14 (0.12) 0.27 3.14 — 3.12 BASIC EARNINGS PER COMMON SHARE $ 0.81 $ 0.27 $ 0.67 $ (0.07) $ 1.65 $ 3.19 $ 2.80 $ — $ — $ 5.98 Income from continuing operations $ 0.65 $ 0.13 $ 0.51 $ 0.05 $ 1.35 $ 0.05 $ 2.76 $ 2.82 Discontinued operations, net 0.12 0.13 0.14 (0.12) 0.26 3.08 (0.01) 3.07 DILUTED EARNINGS PER COMMON SHARE $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61 $ 3.13 $ 2.75 $ — $ — $ 5.89 DIVIDENDS PER COMMON SHARE $ 0.24 $ 0.24 $ 0.24 $ 0.24 $ 0.96 $ 0.26 $ 0.26 $ 0.52 AVERAGE COMMON SHARES OUTSTANDING BASIC 941.3 985.1 986.4 988.0 975.5 989.8 997.1 993.7 DILUTED 982.9 1,010.4 1,003.1 1,002.9 1,000.1 1,006.9 1,012.2 1,009.8 INCOME TAX BENEFIT (EXPENSE) - CONTINUINGOPERATIONS Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD CURRENT Federal $ (330) $ (57) $ 20 $ 60 $ (307) $ 10 $ 19 $ 29 State and local (13) (4) 6 11 — 2 (5) (3) International (129) (173) (153) (132) (587) (116) (222) (338) Total (472) (234) (127) (61) (894) (104) (208) — — (312) DEFERRED Federal 139 39 (142) (135) $ (99) (28) (650) $ (678) State and local 4 (1) (4) (30) (31) (3) (27) (30) International (18) (26) (6) 53 3 (19) (30) (49) Total 125 12 (152) (112) (127) (50) (707) — — (757) TOTAL INCOME TAX EXPENSE - CONTINUINGOPERATIONS $ (347) $ (222) $ (279) $ (173) $ (1,021) $ (154) $ (915) $ — $ — $ (1,069) ADJUSTED G&A, OTHER OPERATING AND NON-OPERATING EXPENSES (NON-GAAP) General and administrative expense $ 241 $ 257 $ 238 $ 250 $ 986 $ 245 $ 262 $ — $ — $ 507 Other operating and non-operating expense 326 445 357 428 1,556 356 332 — — 688 Total G&A, Other Operating and Non-OperatingExpenses (GAAP) 567 702 595 678 2,542 601 594 — — 1,195 Less: Items Affecting Comparability — (65) — — (65) — — — — — Adjusted G&A, Other Operating and Non-OperatingExpenses (NON-GAAP) $ 567 $ 637 $ 595 $ 678 $ 2,477 $ 601 $ 594 $ — $ — $ 1,195 Non-GAAP Measures. Adjusted G&A, other operating and non-operating expenses is a non-GAAP measure. Occidental defines adjusted G&A, other operating and non-operating expenses as the sum ofgeneral and administrative expense and other operating and non-operating expense less items affecting comparability. (a) (a)
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SCHEDULE 5 Occidental Petroleum Corporation Consolidated Condensed Balance Sheets (amounts in millions) 2025 2026 MAR JUN SEP DEC MAR JUN SEP DEC CURRENT ASSETS Cash and cash equivalents $ 2,604 $ 2,314 $ 2,141 $ 1,968 $ 3,811 $ 4,150 Trade receivables, net 2,858 2,718 2,489 2,575 3,677 3,142 Joint interest receivables 657 638 667 684 791 902 Inventories 1,751 1,493 1,720 1,823 1,862 2,185 Other current assets 541 561 589 601 933 753 Assets held for sale 1,305 1,253 1,206 1,176 — — Total current assets 9,716 8,977 8,812 8,827 11,074 11,132 — — PROPERTY, PLANT AND EQUIPMENT Gross property, plant and equipment 132,792 134,215 135,670 137,753 138,123 134,409 Accumulated depreciation, depletion and amortization (68,239) (69,835) (72,337) (74,110) (75,007) (71,809) Net property, plant and equipment 64,553 64,380 63,333 63,643 63,116 62,600 — — OPERATING LEASE ASSETS 733 962 952 908 890 829 INVESTMENTS IN UNCONSOLIDATED ENTITIES 2,616 2,450 2,505 2,475 2,341 2,569 NON-CURRENT ASSETS HELD FOR SALE 4,587 4,829 5,005 5,344 — — OTHER LONG-TERM ASSETS 2,762 2,762 2,865 2,989 3,043 3,228 TOTAL ASSETS $ 84,967 $ 84,360 $ 83,472 $ 84,186 $ 80,464 $ 80,358 $ — $ — CURRENT LIABILITIES Current maturities of long-term debt $ 1,557 $ 433 $ 1,613 $ 1,773 $ 424 $ 203 Accounts payable 3,432 3,474 3,200 3,285 3,776 3,572 Accrued liabilities 3,921 3,961 3,896 3,592 4,953 4,117 Liabilities held for sale 713 696 712 778 — — Total current liabilities 9,623 8,564 9,421 9,428 9,153 7,892 — — LONG-TERM DEBT, NET 24,038 23,343 20,825 20,623 15,247 13,540 DEFERRED CREDITS AND OTHER LIABILITIES Deferred income taxes, net 5,263 5,245 5,402 5,636 5,033 5,671 Asset retirement obligations 3,733 3,703 3,732 4,172 4,128 3,656 Non-current liabilities held for sale 351 382 397 418 — — Other deferred credits and liabilities 6,854 6,947 6,929 7,311 7,343 7,218 Total deferred credits and other liabilities 16,201 16,277 16,460 17,537 16,504 16,545 — — EQUITY Preferred stock, $1.00 per share par value 8,287 8,287 8,287 8,287 8,287 8,287 Common stock, $0.20 per share par value 234 243 243 243 244 246 Treasury stock (15,597) (15,597) (15,597) (15,597) (15,676) (15,714) Additional paid-in capital 19,892 20,849 20,926 21,008 21,077 21,386 Retained earnings 21,726 21,776 22,198 21,891 24,806 27,350 Accumulated other comprehensive income 170 164 204 202 194 191 Total stockholders' equity 34,712 35,722 36,261 36,034 38,932 41,746 — — Noncontrolling interest 393 454 505 564 628 635 Total equity 35,105 36,176 36,766 36,598 39,560 42,381 — — TOTAL LIABILITIES AND EQUITY $ 84,967 $ 84,360 $ 83,472 $ 84,186 $ 80,464 $ 80,358 $ — $ —
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SCHEDULE 6a Occidental Petroleum Corporation Consolidated Condensed Statements of Cash Flows (amounts in millions) 2025 2026 Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD CASH FLOW FROM OPERATING ACTIVITIES Net income $ 945 $ 468 $ 842 $ 114 $ 2,369 $ 3,359 $ 2,996 $ — $ — $ 6,355 Adjustments to reconcile net income to net cash from operatingactivities: Discontinued operations, net (115) (130) (136) 119 (262) (3,123) 4 (3,119) Depreciation, depletion and amortization 1,804 1,823 1,947 1,959 7,533 1,794 1,847 3,641 Deferred income tax provision (benefit) (125) (12) 152 112 127 50 707 757 Asset impairments and other charges — — — 21 21 105 — 105 Losses (gains) on sales of assets and other, net 19 5 (34) (253) (263) 202 (180) 22 Undistributed losses from equity investments 46 183 33 357 619 31 31 62 Dry hole expense 17 46 36 10 109 77 (2) 75 Other noncash charges to income, net 180 25 109 106 420 756 (793) (37) Changes in operating assets and liabilities: (Increase) decrease in trade receivables (19) 140 226 (95) 252 (1,101) 535 (566) (Increase) decrease in inventories — 286 (211) (63) 12 (26) (308) (334) (Increase) decrease in joint interest receivables and othercurrent assets (3) 29 (100) 12 (62) (285) 113 (172) Increase (decrease) in accounts payable and accrued liabilities (766) 108 (439) 133 (964) (482) 168 (314) Increase (decrease) in current domestic and foreign income taxes 49 (242) 22 (134) (305) 35 (32) 3 Operating cash flow from continuing operations 2,032 2,729 2,447 2,398 9,606 1,392 5,086 — — 6,478 Operating cash flow from discontinued operations 116 231 343 236 926 (111) (815) (926) Net cash provided by operating activities 2,148 2,960 2,790 2,634 10,532 1,281 4,271 — — 5,552 CASH FLOW FROM INVESTING ACTIVITIES Capital expenditures (1,682) (1,705) (1,512) (1,528) (6,427) (1,554) (1,589) (3,143) Change in capital accrual 50 (24) (68) 74 32 (25) (40) (65) Purchases of assets, businesses and equity investments, net (52) (56) (123) (49) (280) (25) (69) (94) Proceeds from sale of assets and equity investments, net 1,306 144 780 48 2,278 57 14 71 Equity investments and other, net (75) (74) (60) (77) (286) (66) (98) (164) Investing cash flow from continuing operations (453) (1,715) (983) (1,532) (4,683) (1,613) (1,782) — — (3,395) Investing cash flow from discontinued operations (278) (284) (276) (278) (1,116) 9,461 — 9,461 Net cash provided (used) by investing activities (731) (1,999) (1,259) (1,810) (5,799) 7,848 (1,782) — — 6,066 FINANCING CASH FLOW Payments of debt (518) (1,762) (1,304) (170) (3,754) (6,903) (1,792) (8,695) Cash dividends paid on common and preferred stock (380) (398) (408) (408) (1,594) (409) (430) (839) Proceeds from issuance of common stock 25 906 17 18 966 95 200 295 Purchases of treasury stock — — — — — (56) (61) (117) Contributions from (distributions to) noncontrolling interests, net 63 51 39 47 200 50 (12) 38 Deferred payments for purchases of assets and businesses — — — (417) (417) — — — Other financing, net (118) (40) (37) (41) (236) (105) (53) (158) Financing cash flow from continuing operations (928) (1,243) (1,693) (971) (4,835) (7,328) (2,148) — — (9,476) Financing cash flow from discontinued operations (4) — (2) (3) (9) — — — Net cash used by financing activities (932) (1,243) (1,695) (974) (4,844) (7,328) (2,148) — — (9,476) Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 485 (282) (164) (150) (111) 1,801 341 — — 2,142 Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 2,157 2,642 2,360 2,196 2,157 2,046 3,847 4,188 4,188 2,046 Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 2,642 $ 2,360 $ 2,196 $ 2,046 $ 2,046 $ 3,847 $ 4,188 $ 4,188 $ 4,188 $ 4,188
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SCHEDULE 6b Occidental Petroleum Corporation Detail of Free Cash Flow, Capital Expenditures and Depreciation, Depletion and Amortization (amounts in millions) 2025 2026 Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP) Operating cash flow from continuing operations (GAAP) $ 2,032 $ 2,729 $ 2,447 $ 2,398 $ 9,606 $ 1,392 $ 5,086 $ — $ — $ 6,478 Plus: Working capital and other, net - continuing operations 739 (321) 502 147 1,067 1,859 (476) — — 1,383 Operating cash flow from continuing operations beforeworking capital (Non-GAAP) 2,771 2,408 2,949 2,545 10,673 3,251 4,610 — — 7,861 Less: Capital expenditures, net of noncontrolling interest -continuing operations (Non-GAAP) (1,619) (1,654) (1,473) (1,481) (6,227) (1,504) (1,589) — — (3,093) Free Cash Flow Before Working Capital - ContinuingOperations (Non-GAAP) $ 1,152 $ 754 $ 1,476 $ 1,064 $ 4,446 $ 1,747 $ 3,021 $ — $ — $ 4,768 Capital Expenditures, Net of Noncontrolling Interest -Continuing Operations (Non-GAAP) Oil & Gas $ (1,546) $ (1,517) $ (1,299) $ (1,253) $ (5,615) $ (1,380) $ (1,458) $ — $ — $ (2,838) Midstream & Marketing (129) (168) (187) (236) (720) (165) (115) — — (280) Corporate (7) (20) (26) (39) (92) (9) (16) — — (25) Total Capital Expenditures - Continuing Operations (GAAP) (1,682) (1,705) (1,512) (1,528) (6,427) (1,554) (1,589) — — (3,143) Contributions from noncontrolling interests 63 51 39 47 200 50 — — — 50 Capital Contributions, Net of Noncontrolling Interest -Continuing Operations (Non-GAAP) $ (1,619) $ (1,654) $ (1,473) $ (1,481) $ (6,227) $ (1,504) $ (1,589) $ — $ — $ (3,093) Depreciation, Depletion and Amortization - ContinuingOperations Oil & Gas United States $ 1,582 $ 1,590 $ 1,703 $ 1,725 $ 6,600 $ 1,560 $ 1,619 $ — $ — $ 3,179 International 120 128 139 128 515 130 126 — — 256 Midstream & Marketing 73 74 74 73 294 71 68 — — 139 Corporate 29 31 31 33 124 33 34 — — 67 Depreciation, Depletion and Amortization - Continuing Operations $ 1,804 $ 1,823 $ 1,947 $ 1,959 $ 7,533 $ 1,794 $ 1,847 $ — $ — $ 3,641 Non-GAAP Measures. Operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital- continuing operations are non-GAAP measures. Occidental defines operating cash flow before working capital - continuing operations as operating cash flow less working capital from continuingoperations. Capital expenditures, net of noncontrolling interest - continuing operations is defined as capital expenditures from continuing operations less contributions from noncontrolling interest. Free cashflow before working capital - continuing operations is defined as operating cash flow before working capital - continuing operations less capital expenditures, net of noncontrolling interest - continuingoperations. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparingOccidental's performance between periods. Reported operating cash flow and capital expenditures are considered representative of management's performance over the long term, and operating cash flowbefore working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are not consideredto be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.
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SCHEDULE 7 Occidental Petroleum Corporation Oil & Gas Net Production Volumes Per Day by Geographic Locations TOTAL REPORTED PRODUCTION 2025 2026 REPORTED NET MBOE VOLUMES PER DAY: Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD United States Permian 754 770 800 818 786 787 804 796 Rockies & Other Domestic 292 272 288 284 284 281 280 280 Gulf of America 121 125 139 144 132 138 144 141 Total 1,167 1,167 1,227 1,246 1,202 1,206 1,228 — — 1,217 International Algeria and Other International 33 31 30 31 31 28 27 28 Al Hosn 90 84 93 91 89 86 74 80 Dolphin 36 42 41 41 40 35 36 35 Oman 65 76 74 72 72 71 68 69 Total 224 233 238 235 232 220 205 — — 212 TOTAL REPORTED PRODUCTION 1,391 1,400 1,465 1,481 1,434 1,426 1,433 — — 1,429 REPORTED NET PRODUCTION VOLUMES PER DAY BY COMMODITY: United States Oil (MBBL) Permian 404 410 422 427 416 408 407 407 Rockies & Other Domestic 95 88 95 88 92 88 86 88 Gulf of America 102 106 117 121 112 116 121 118 Total 601 604 634 636 620 612 614 — — 613 NGL (MBBL) Permian 188 196 208 213 201 204 213 209 Rockies & Other Domestic 77 74 80 79 78 78 79 79 Gulf of America 8 9 10 10 9 10 11 10 Total 273 279 298 302 288 292 303 — — 298 Natural Gas (MMCF) Permian 974 982 1,019 1,069 1,011 1,052 1,106 1,081 Rockies & Other Domestic 718 659 678 700 686 687 687 680 Gulf of America 64 60 73 78 68 74 74 75 Total 1,756 1,701 1,770 1,847 1,765 1,813 1,867 — — 1,836 International Oil (MBBL) Algeria and Other International 27 26 25 26 26 23 21 23 Al Hosn 15 14 16 16 15 14 13 13 Dolphin 6 7 6 6 6 6 6 6 Oman 55 66 65 63 62 62 59 60 Total 103 113 112 111 109 105 99 — — 102 NGL (MBBL) Algeria and Other International 3 3 2 2 3 2 3 2 Al Hosn 28 26 29 28 27 27 22 24 Dolphin 8 8 8 8 8 7 5 6 Total 39 37 39 38 38 36 30 — — 32 Natural Gas (MMCF) Algeria and Other International 17 14 16 15 15 14 14 14 Al Hosn 284 263 296 285 283 268 235 255 Dolphin 134 162 159 159 154 137 153 143 Oman 58 60 57 55 56 55 54 55 Total 493 499 528 514 508 474 456 — — 467
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SCHEDULE 8 Occidental Petroleum Corporation Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations 2025 2026 NET SALES MBOE VOLUMES PER DAY: Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD United States 1,167 1,167 1,227 1,246 1,202 1,206 1,228 1,217 International Algeria and Other International 34 31 30 30 31 30 27 28 Al Hosn 90 84 93 91 90 86 74 80 Dolphin 36 42 41 41 40 35 35 35 Oman 64 73 77 72 71 71 69 70 Total 224 230 241 234 232 222 205 — — 213 TOTAL REPORTED SALES 1,391 1,397 1,468 1,480 1,434 1,428 1,433 — — 1,430 REALIZED PRICES United States Oil ($/BBL) $ 70.80 $ 62.83 $ 64.55 $ 58.28 $ 64.01 $ 70.31 $ 96.93 $ 83.72 NGL ($/BBL) $ 25.67 $ 20.05 $ 18.98 $ 15.79 $ 19.96 $ 18.45 $ 23.79 $ 21.19 Natural Gas ($/MCF) $ 2.42 $ 1.33 $ 1.48 $ 1.12 $ 1.58 $ 1.01 $ (1.48) $ (0.26) International Oil ($/BBL) $ 72.59 $ 68.88 $ 66.03 $ 64.68 $ 67.93 $ 67.59 $ 95.83 $ 81.32 NGL ($/BBL) $ 27.85 $ 25.72 $ 24.40 $ 23.78 $ 25.43 $ 23.52 $ 33.49 $ 28.08 Natural Gas ($/MCF) $ 1.90 $ 1.90 $ 1.89 $ 1.87 $ 1.89 $ 1.93 $ 1.95 $ 1.94 Total Worldwide Oil ($/BBL) $ 71.07 $ 63.76 $ 64.78 $ 59.22 $ 64.60 $ 69.91 $ 96.78 $ 83.37 NGL ($/BBL) $ 25.94 $ 20.71 $ 19.60 $ 16.68 $ 20.60 $ 18.99 $ 24.64 $ 21.86 Natural Gas ($/MCF) $ 2.30 $ 1.46 $ 1.57 $ 1.29 $ 1.65 $ 1.20 $ (0.80) $ 0.19 Index Prices WTI Oil ($/BBL) $ 71.42 $ 63.74 $ 64.93 $ 59.14 $ 64.81 $ 71.93 $ 92.79 $ 82.36 Brent Oil ($/BBL) $ 74.89 $ 66.59 $ 68.14 $ 63.09 $ 68.18 $ 77.93 $ 97.06 $ 87.49 NYMEX Natural Gas ($/MCF) $ 3.62 $ 3.68 $ 3.28 $ 3.61 $ 3.55 $ 3.93 $ 2.89 $ 3.41 Percentage of Index Prices Worldwide Oil as a percentage of WTI 100 % 100 % 100 % 100 % 100 % 97 % 104 % #DIV/0! #DIV/0! 101 % Worldwide Oil as a percentage of Brent 95 % 96 % 95 % 94 % 95 % 90 % 100 % #DIV/0! #DIV/0! 95 % Worldwide NGL as a percentage of WTI 36 % 32 % 30 % 28 % 32 % 26 % 27 % #DIV/0! #DIV/0! 27 % Worldwide NGL as a percentage of Brent 35 % 31 % 29 % 26 % 30 % 24 % 25 % #DIV/0! #DIV/0! 25 % Domestic Natural Gas as a percentage of NYMEX 67 % 36 % 45 % 31 % 45 % 26 % -51 % #DIV/0! #DIV/0! -8 %
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SCHEDULE 9 Occidental Petroleum Corporation Oil & Gas Metrics 2025 2026 Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Lease operating expenses ($/BOE) United States $ 9.05 $ 8.55 $ 8.11 $ 7.77 $ 8.35 $ 7.85 $ 7.80 $ 7.82 International $ 13.20 $ 10.82 $ 11.65 $ 12.26 $ 11.97 $ 13.30 $ 13.20 $ 13.25 Total Oil and Gas $ 9.72 $ 8.93 $ 8.69 $ 8.48 $ 8.94 $ 8.70 $ 8.57 $ 8.63 Transportation costs ($/BOE) United States $ 3.73 $ 3.65 $ 3.49 $ 3.44 $ 3.58 $ 3.46 $ 3.41 $ 3.44 Total Oil and Gas $ 3.25 $ 3.17 $ 3.03 $ 3.01 $ 3.11 $ 3.04 $ 3.03 $ 3.04 Taxes other than on income ($/BOE) United States $ 2.42 $ 2.43 $ 2.12 $ 2.09 $ 2.26 $ 2.27 $ 2.99 $ 2.64 Total Oil and Gas $ 2.07 $ 2.07 $ 1.80 $ 1.79 $ 1.93 $ 1.96 $ 2.59 $ 2.28 DD&A expense ($/BOE) United States $ 15.06 $ 14.98 $ 15.08 $ 15.05 $ 15.05 $ 14.37 $ 14.49 $ 14.43 International $ 5.93 $ 6.10 $ 6.27 $ 5.98 $ 6.07 $ 6.51 $ 6.75 $ 6.62 Total Oil and Gas $ 13.59 $ 13.52 $ 13.63 $ 13.62 $ 13.59 $ 13.15 $ 13.38 $ 13.27 G&A and other operating expenses ($/BOE) $ 2.61 $ 3.58 $ 2.56 $ 2.80 $ 2.88 $ 2.79 $ 2.77 $ 2.78 Exploration Expense ($ millions) United States $ 18 $ 62 $ 39 $ 18 $ 137 $ 78 $ 20 $ 98 International 37 21 27 27 112 32 17 49 Total Exploration Expense $ 55 $ 83 $ 66 $ 45 $ 249 $ 110 $ 37 $ — $ — $ 147 Capital Expenditures ($ millions) Permian $ (900) $ (907) $ (812) $ (748) $ (3,367) $ (721) $ (731) $ (1,452) Rockies & Other Domestic (236) (206) (169) (207) (818) (195) (231) (426) Gulf of America (220) (189) (89) (18) (516) (147) (271) (418) International (111) (125) (125) (144) (505) (141) (144) (285) Exploration Drilling (79) (90) (104) (136) (409) (176) (81) (257) Total Oil and Gas $ (1,546) $ (1,517) $ (1,299) $ (1,253) $ (5,615) $ (1,380) $ (1,458) $ — $ — $ (2,838)