Occidental Petroleum : 3rd Quarter 2023 Conference Call Slides

11.08.23

Third Quarter

Earnings

Conference Call

CAUTIONARY STATEMENTS

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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, many of which involve factors or circumstances that are beyond Occidental's control. 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-lookingsustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. 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; the scope and duration of global or regional health pandemics or epidemics and actions taken by governmental authorities and other third parties in connection therewith; 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; 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 governmental 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 dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas liquids 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; governmental actions, war (including the Russia- Ukraine war and the Israel-Hamas war) and political conditions and events; 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; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; 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; and actions by third parties that are beyond Occidental's control. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "commit," "advance," "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 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 1A "Risk Factors" of Occidental's Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 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 2022 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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OUTLINE

Third Quarter Highlights

DAC Development and Market Update

Financials

Closing Comments

Marco Polo

NOTE: DAC (DIRECT AIR CAPTURE)

HIGHLIGHTS	4

THIRD QUARTER 2023 PERFORMANCE

$1.7 B	OIL & GAS
Free Cash Flow	1,220 Mboed;
Generation	Full Year Guidance
	Increased 11 Mboed

$600 MM	$342 MM
Common Shares	Preferred Equity
Repurchased	Redemption Triggered
(~60% of Program Complete)	(~15% of Total Now Redeemed)

OXYCHEM

Pre-Tax Income

of $373 MM

DAC

PARTNERSHIPS

Secured STRATOS

JV Partner

NOTE: FREE CASH FLOW EXCLUDES WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE; JV (JOINT VENTURE)

HIGHLIGHTS	5
OIL & GAS UPDATE

MULTI-BASIN LEADING WELL PERFORMANCE

• TX Delaware well (Meridian State) delivered a 30-day IP of 8,250 boed and 90-day cumulative production of 553 Mboe, an industry record for the Wolfcamp B
• DJ Basin 2023 wells performing 36% better than record 2022 program

INNOVATIVE WELL DESIGN AND TECHNOLOGY-DRIVEN EXECUTION

• Delaware Completions team achieved a continuous pumping time record of >88 hours, surpassing previous record by 116%
• Drilled 3-mile lateral DJ Basin well in 5.3 days surpassing Oxy record by 8%
• Rockies industry-leading emissions reduction execution with natural gas engines, battery storage on all rigs, and the deployment of new, innovative natural gas hybrid frac pump with Liberty Energy

RESILIENCE IN PRODUCTION OPERABILITY

• Delaware Basin achieved 96% Oxy operability YTD (+1% better than 2022) obtained through gas storage, infrastructure, and take-away optimizations
• Commissioned next-generation tankless facility design in Permian Basin to support lower emissions footprint and sustain high operability

NOTE: INITIAL PRODUCTION (IP)

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OUTLINE

Third Quarter Highlights

DAC Development and Market Update

Financials

Closing Comments

Artist Rendering of DAC

DAC DEVELOPMENT AND MARKET UPDATE	7

DAC DEVELOPMENT DRIVERS

	• Carbon Engineering (CE) DAC technology offers revolutionary scalability
Technology	• CE Innovation Centre identifying improvements for DAC 1+
	• Synergies across Carbon Engineering, Oxy Major Projects, and OxyChem
	• U.S. passed Bipartisan Infrastructure Law enabling Department of Energy DAC grant
Partnerships	• Voluntary market leaders purchased CDRs supporting early development
• BlackRock investment in STRATOS through joint venture
	• DAC global development partnerships advancing

• DAC CDRs offer economic addition to SAF and other heavy duty low carbon fuel portfolios

Market	•	Inflation Reduction Act (IRA) 45Q enhancements and recognition for DAC carbon removals
	•	Compliance markets advancing; U.N. ICAO CORSIA to reduce emissions in aviation

NOTE: CDR (CARBON DIOXIDE REMOVAL); SAF (SUSTAINABLE AVIATION FUEL); ICAO (INTERNATIONAL CIVIL AVIATION ORGANIZATION); CORSIA (CARBON OFFSETTING AND REDUCTION SCHEME FOR INTERNATIONAL AVIATION)

DAC DEVELOPMENT AND MARKET UPDATE

ADVANCEMENT OF DAC+S	8
TECHNOLOGY, PARTNERSHIPS, AND MARKET

Identified technology potential

Early engineering showed	Scalability and cost down potential
promise	recognized

Market demand and policy supports DAC development

• Identified as strategic fit
• Invested in Carbon Engineering (CE) for scaling potential and technology fit (16.5%)

• Formed LCV + CE Joint Technical Advisory team
• Commenced STRATOS pre-FEED
• Additional investment in CE (up to 17.5%)

• Began CE Innovation Centre construction
• LCV + CE agree to exclusive U.S. development license
• LCV made additional investment in CE (up to 28.5%)
• Creation of Value Engineering Team focused on STRATOS cost reduction and plant innovation
• LCV formed 1PointFive to commercialize DAC CDRs

• Selected Worley for FEED on STRATOS, FEED commenced
• BMO agreed to purchase 1,000 Carbon Dioxide Removal credits (CDRs)
• BIL signed into law enabling DOE funding for DAC
• Airbus agreed to purchase 400,000 CDRs
• DAC global deployment agreement with CE
• Additional investment in CE (up to 34%)

	Market demand continues to		Positioned to accelerate cost down
Policy support, demand	increase, South Texas DAC Hub	International expansion,	and catalyze global development
signals CDR market growth	preparation underway	STRATOS JV partner secured	to meet growing market demand

• STRATOS zero-emission power generation agreement in place
• IRA signed into law, enhancing 45Q
• Submitted STRATOS Class VI sequestration well permit
• Began STRATOS construction
• Began implementation of methane measurement platform
• Began implementation of methane measurement platform

• Secured lease with King Ranch enabling South Texas DAC Hub
• Houston Texans agreed to purchase CDRs equivalent to three seasons of away-game air travel emissions
• Houston Astros agreed to purchase CDRs
• Amazon agreed to purchase 250,000 CDRs
• ANA agreed to purchase 30,000 CDRs
• South Texas DAC Hub selected for U.S. DOE grant

• ADNOC and Oxy agree to commence engineering study on DAC in UAE
• Oxy announcement agreement to acquire 100% of CE
• BlackRock joins Oxy as JV partner for
  STRATOS
• TD Group agreed to purchase 27,500 CDRs

• Acquired remaining equity of CE
• STRATOS project ~30% complete

NOTE: DAC+S (DIRECT AIR CAPTURE AND SEQUESTRATION); FEED (FRONT END ENGINEERING DESIGN);		Offtake Agreement		Partnerships		Policy
BIL (BIPARTISAN INFRASTRUCTURE LAW)

DAC DEVELOPMENT AND MARKET UPDATE

INNOVATION AND PARTNERSHIPS9

EXPECTED TO REDUCE COST OF CAPTURE

Key technology innovations, manufacturing and supply

Cost of Capture1 $500

Illustrative DAC Cost Reduction ($/t)

Cost down innovation examples

chain efficiencies to reduce cost of capture

• Increase capture efficiency
• Reduce power consumption
• Shared infrastructure across plants
• Optimize operations and maintenance
• Utilize next generation chemical processes

$450

$400

$350

$300

$250

$200

$150

• Improved air contactor geometry resulting in fewer air contactors
• • New sorbent additives, capture efficiency
  • Improved filtration technology

• Process and heat optimization
• Economies-of-scalein supply chain and manufacturing
• Improved zero-emissions power supply

• Calciner loop advancement
• Construction efficiency through batch building
• Operations and Maintenance synergies

$100

DAC 1

Accelerated Innovation and Operational Learnings

Nth DAC

1COST OF CAPTURE INCLUDES CAPITAL, OPERATING EXPENSES, TRANSPORT AND STORAGE COSTS AND EXCLUDES COST OF FINANCING; SEE ADDITIONAL ASSUMPTIONS ON THE ILLUSTRATIVE DAC ECONOMIC MODELING SLIDE

DAC DEVELOPMENT AND MARKET UPDATE	10
DAC CDR VOLUNTARY MARKET DEMAND SCENARIOS

As DAC costs reduce, CDR market demand and partnership opportunities expected to increase

DAC CDR demand (Mtpa)

50

40

• Aviation Compliance Market (CORSIA) mandatory beginning in 2027

30

20

10

2023

2024

2025

2026

2027

2028

2029

2030

DAC CDR: $300/t

50 Mtpa ± 10

DAC: ~6-8% of corporate carbon credit portfolio

DAC CDR: $400/t

30 Mtpa

DAC: ~4-6% of corporate carbon credit portfolio

DAC CDR: $450/t+

10 Mtpa

DAC:<2% of corporate carbon credit portfolio

OXYOXY OWNERSHIP % RETURNS

• Accelerated cost reduction expected to drive CDR market expansion
• Market demand and economics to drive development pace
• Strategic partnerships to catalyze development
• Capital structure flexibility maximizes Oxy value
• DAC 2+ to meet return threshold for FID

Scenario Assumptions

• Total decarbonization: 9Gt based on published corporate commitments by 2030
• Carbon credit share of corporate decarbonization: 8-10%
• DAC carbon credit share is a function of DAC price to stay within estimated avg corporate carbon credit portfolio avg price in 2030: ~ $80/t1

NOTE: FID (FINAL INVESTMENT DECISION) 1BCG, COMPANY DATA