#111.09.22 Third Quarter Earnings Conference Call TM OXY ZERO IN™M#2CAUTIONARY STATEMENTS Forward-looking statements 2 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. Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. In addition, historical, current and forward-looking sustainability-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. 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; the scope and duration of the COVID-19 pandemic and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; 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; 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, 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; governmental actions, war (including the Russia-Ukraine war) and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deep-water and onshore drilling and permitting regulations and environmental regulations (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); 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; 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 attacks 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 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, 2021 ("2021 Form 10-K") and in Occidental's other filings with the U.S. Securities and Exchange Commission (the "SEC"). Use of Non-GAAP Financial Information This presentation includes non-GAAP financial measures. Where available, reconciliations to comparable GAAP financial measures can be found on 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 2021 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com. OXY#3OUTLINE Third Quarter Highlights Financials Closing Remarks OXY 3#4THIRD QUARTER 2022 M Strong Operational Execution Driving Free Cash Flow Generation { Shareholder Return Framework Rapidly Advancing Low-Carbon Strategy Progressing with Enhanced Policy Support OXY Zero In On Value 4 OXY#5COMPLETE Increased quarterly common dividend to $0.13 per share 2022 - IN PROGRESS Repurchase $3 B of shares in 2022 2023+ Allocate ECF to share repurchases with potential outcome of partial preferred equity redemption Repaid $9.6 B of principal and reduced gross debt <$19 B1 Continue to reduce debt with the goal of regaining investment grade credit ratings Dividend growth sustainable at $40 WTI 5 SHAREHOLDER RETURN FRAMEWORK Near-term debt targets achieved Completed >85% of $3 B share repurchase program1 2023+ excess cash flow shifts from debt reduction to shareholder returns NOTE: EXCESS CASH FLOW (ECF) = OPERATING CASH FLOW 1AS OF 11/07/2022 - CAPEX - DEBT MATURITIES COMMON & PREFERRED DIVIDENDS OXY#6HIGHLIGHTS THIRD QUARTER 2022 PERFORMANCE $3.6 B Free Cash Flow Generation $1.5 B1 Balance Sheet Improvement $1.8 B1 Shares Repurchased OIL & GAS Production of 1,180 Mboed OXYCHEM Pre-Tax Income of $580 MM LCV Construction of World's Largest DAC Plant Underway NOTE: FREE CASH FLOW EXCLUDES WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE 1DURING 3Q22 6 OXY#7HIGHLIGHTS OIL & GAS UPDATE . Oxy record quarterly productivity for Delaware Basin; average 30-day IP -3,600 boed for the 46 wells online in 3Q22 • Record Permian production from Python development in Loving County, TX о Python 13H delivered 30-day IP over 11,000 boed and 60-day cumulative production of 444 Mboe 8 well development with average 30-day IP of ~5,700 boed per well • Successful appraisal of Barnett formation in Midland Basin; accelerating development of low breakeven inventory · ⚫ DJ Basin artificial lift analytics and base production operations contributing to improved +6 Mboed 3Q22 • · Bronco Comprehensive Area Plan approved in DJ Basin; first CAP approved for any operator in Colorado under new permitting rules Caesar-Tonga milestone of 150 MMboe cumulative production • Record monthly production achieved at Al Hosn and Oman Block 9 7 OXY#8CCUS TECHNOLOGY AND MARKET ADVANCEMENT ROADMAP TO COMMERCIAL DEVELOPMENTS VOLUNTARY & COMPLIANCE POLICY DIRECT AIR CAPTURE & SEQUESTRATION IRA 45Q Enhancements DAC to EOR: $35/t $130/t 2021-2024 2025-2030 DE-RISK & INNOVATE MANUFACTURING MODE MAR 2022 CURRENT REVENUE $250-450/t $400 - 630/t $400-630/t COST DAC to Sequestration: $50/t → $180/t $400-500/t CURRENT MAR 2022 REVENUE POINT-SOURCE CAPTURE & SEQUESTRATION IRA 45Q Enhancements Point Source to EOR: $35/t → $60/t COST Point Source to Sequestration: $50/t → $85/t NOTE: IRA (INFLATION REDUCTION ACT) $50/t $200-250/t $85/t $100-150/t $50 - 85/t ~$35 - 100/t 8 OXY#9A HISTORIC AND MOMENTOUS CARBON CAPTURE PROJECT UP TO 30 DAC MEGA HUB DEVELOPMENT SECURED EST. 1853 Wis KING RANCH Finalized agreement with King Ranch to secure acreage that enables potential 30 MTPA DAC mega-hub • 106,000 acres / 166 sq. miles ⚫ ~3 billion tonnes available sequestration volume . Up to 30 DACs Pre-FEED for second DAC commencing 4Q22 • Class VI permit filed in Permian for DAC 1 dedicated sequestration well; construction started on DAC 1 ADDITIONAL DAC HUB UPDATES 6 Kleberg County, Texas OXY • Additional 65,000 acres / 102 square miles secured in southeast Texas with up to 1.3 billion tonnes CO2 storage capacity • Total non-O&G acreage position, including King Ranch, supports 50 DACs#10OUTLINE Third Quarter Highlights Financials Closing Remarks 10 OXY#11FINANCIALS THIRD QUARTER 2022 RESULTS 11 Reported Production versus Reported Mboed Guidance Midpoint Reconciliation Adjusted diluted EPS1 $2.44 GULF OF MEXICO Reported diluted EPS1 $2.52 Less weather downtime than expected and better performance from Horn Mountain West ROCKIES +21 CFFO before working capital $4.7 B Improved base performance and higher NGL recoveries +6 Capital expenditures $1.1 B INTERNATIONAL +3 Higher uptime and throughput from Al Hosn Unrestricted cash balance as of 09/30/2022 $1.2 B PERMIAN Continuing operations production (Mboed) 1,180 Third party downtime and lower OBO volumes (5) OxyChem EBIT $580 MM +25 Midstream Adjusted EBIT $126 MM NOTE: SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE; CFFO (CASH FLOW FROM OPERATIONS) 1ADJUSTED AND REPORTED DILUTED SHARE COUNT 1,002.5 MM SHARES OXY#12FINANCIALS FOURTH QUARTER GUIDANCE 12 112 OIL & GAS 4Q22 Production Total Company: 1,200 - 1,260 Mboed Oil/Gas %: ~54.0/~24.0 Permian: 556 - 590 Mboed Rockies & Other: 266 - 276 Mboed GOM: 144-152 Mboed International: 234 - 242 Mboed Domestic Operating Costs - 4Q22 Oil & Gas Production: ~$8.30 / boe Transportation: ~$3.70 / boe OXYCHEM 4Q22 pre-tax income: ~$425 MM MIDSTREAM & MARKETING1 4Q22 Pre-tax income: $(40) - $60 MM Midland - MEH spread of $0.30 - $0.40/bbl CORPORATE - 4Q22 FY Domestic tax rate: 22% FY International tax rate: 45% Overhead expense: ~$575 MM² Interest expense: ~$250 MM³ EXPLORATION EXPENSE4 4Q22: ~$115 MM DD&A - 4Q22 Oil & Gas: ~$14.25/boe OxyChem and Midstream: ~$175 MM ¹GUIDANCE INCLUDES OXY'S PORTION OF WES INCOME BASED ON LAST FOUR PUBLICLY AVAILABLE QUARTERS; QUARTERLY GUIDANCE AVERAGES THE QUARTERS; ANNUAL GUIDANCE IS THE SUM OF THE QUARTERS 2OVERHEAD EXPENSE IS DEFINED AS SG&A AND OTHER OPERATING AND NON-OPERATING EXPENSES 3INTEREST EXPENSE EXCLUDES INTEREST INCOME AND ASSUMES CURRENT DEBT MATURITY SCHEDULE 4EXPLORATION EXPENSE INCLUDES EXPLORATION OVERHEAD OXY#13OUTLINE Third Quarter Highlights Financials Closing Remarks 13 OXY#14COMPLEMENTARY BUSINESSES Oil & Gas OxyChem Midstream OXY ZERO IN ON VALUE SHAREHOLDER RETURNS . Sustainable Common Dividend Share Repurchase Program STRENGTHENING FINANCIAL PROFILE Prioritizing Debt Reduction • Investment Grade Ambition Improving Breakeven • Low Carbon Ventures Equity Appreciation Through Balance Sheet Improvement IG 14 PATHWAY TO NET ZERO • · • Direct Air Capture Carbon Sequestration Core Business Enhancement Cash flow generative core businesses drive a favorable shareholder return framework, combined with a bold vision and strategy to thrive in a lower-carbon world CO₂ OXY#15Appendix 15#16APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Update 16 OXY#172022 CASH FLOW PRIORITIES Excess cash flow continues to be allocated to balance sheet improvement + Shareholder return framework advances as debt targets are achieved OXY FUTURE PRIORITIES CURRENT FOCUS CONTINUED FOCUS for 1999 E Maintain Production Base Preserve asset base integrity and longevity Debt Reduction Lower expenses and enhance balance sheet flexibility Sustainable & Growing Dividend Through-the-cycle sustainability with long-term growth potential Repurchase Shares Support capital appreciation and per share dividend growth Cash Flow Growth Capital Investment to support cash flow growth Capability to grow production if market-driven Retire Preferred Equity With superior shareholder returns or at predetermined time 17 17#18INITIAL CAPITAL ALLOCATION - FEB 2022 2022 CAPITAL BUDGET $3.9 B $4.3 B CAPITAL PROGRAM BY ASSET - $0.2 $0.3-$0.5 Exploration & Corporate Midstream & Marketing (includes LCV) CAPITAL PROGRAM BY TYPE $0.3 $0.5 OxyChem $0.5 GoM $0.4 International Rockies & Other $1.7 - $1.9 Permian Facilities 20% D,C&E 58% Oil & Gas Base Maintenance 7% Exploration 4% OBO & Other 11% 18 CAPITAL PROGRAM HIGHLIGHTS • • Production sustained with budget of $3.9 B -$4.3 B Net-Zero transition capital for LCV projects and to lower GHG emissions о ° -$80 MM for GHG reduction projects including retrofitting pneumatic devices, eliminating tank venting, and consolidating facilities Projects are throughout the portfolio with a majority in domestic oil & gas • Value-based development with best-in-class capital intensity • Increased investment for mid-cycle projects in GoM and EOR • Includes $500 MM to support future year projects о DAC and CCUS funding, Exploration, Al Hosn expansion, etc. OXY 2022 Budget NOTE: APPRAISAL CAPITAL INCLUDED WITHIN EACH BUSINESS ABOVE, WILL BE INCLUDED WITH EXPLORATION IN REPORTED FINANCIALS#1919 19 PRIORITIZING DEBT REDUCTION • Market capitalization becomes a larger percentage of Enterprise Value as debt is reduced Equity benefits from rising commodity price environment • Debt reduction lowers interest expense and cash flow breakeven Debt reduction to remain a long-term cash flow priority $100 FINANCIAL INFORMATION BALANCE SHEET IMPROVEMENT DRIVES SHAREHOLDER VALUE Enterprise Value ($ B) $90 $80 38% 38% 39% $70 18% 20% 17% $60 13% 7% 16% 27% 36% 41% 42% 43% 62% 66% 68% $50 20% 18% 21% 25% 30% 24% 28% 29% $40 $30 67% 57% 50% 45% 44% 42% 27% $20 23% 22% $10 17% 16% 14% 14% 14% 15% 11% 11% 10% $0 9/30/20 12/31/20 3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 6/30/22 9/30/22 Equity Value Appreciation Static Enterprise Value Equity Value Transfer¹ Net Debt² Preferred Equity 1CALCULATED USING A CONSTANT ENTERPRISE VALUE FROM 09/30/20 2FACTSET DEFINED NET DEBT = LONG-TERM DEBT + OPERATING LEASE LIABILITIES + CURRENT PORTION OF LONG-TERM DEBT AND OPERATING LEASE LIABILITIES RESTRICTED CASH AND CASH EQUIVALENTS - OXY UNRESTRICTED AND#20FINANCIAL INFORMATION CASH FLOW SENSITIVITIES OIL & GAS Annualized cash flow changes $225 MM per $1.00 / bbl change in oil prices о о ~$205 MM per $1.00 bbl change in WTI price ~$20 MM per $1.00 bbl change in Brent price Annualized cash flow changes ~$205 MM per $0.50 / MMBtu change in natural gas prices • Production changes ~300 boed per $1.00 bbl change in Brent prices¹ MIDSTREAM & MARKETING ● Annualized cash flow changes ~$65 MM per $0.25/bbl change in Midland to MEH spread о 。 ~35-day lag due to trade month OXYCHEM • Annualized cash flow changes ~$30 MM per $10 / ton change in realized caustic soda prices • Annualized cash flow changes ~$10 MM per $10 / ton change in chlorine prices² • Annualized cash flow changes ~$30 MM per $0.01 / lb. change in PVC prices² 20 NOTE: ALL CASH FLOW SENSITIVITIES ARE PRE-TAX AND RELATE TO EXPECTED 2022 PRODUCTION AND OPERATING LEVELS 1BASED ON CHANGE FROM $95 TO $85 BRENT 2REFLECTS COMMODITY PRICE MOVEMENTS ONLY, NOT ACCOUNTING FOR CHANGES IN RAW MATERIAL INPUT COSTS OXY#2121 24 APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Update OXY#22OIL & GAS UPDATE DOMESTIC ONSHORE ASSETS PERMIAN 2022 ACTIVITY 22 22 ROCKIES 2022 ACTIVITY $1.9 B $2.1 B - Capex 100% OBO ~18 Gross Rigs EOR ~11 Net Rigs 310-330 Wells Online $0.4 B Capex ~2 Gross Rigs ~2 Net 100% OBO EOR EOR OBO Base Maint Midland Base Maint Facilities Midland 75% Midland 75% Facilities Powder River Basin Rigs OBO Powder River Basin 70-75 Wells Online Powder River Basin New Mexico New Mexico 50% Drill New Mexico 50% Complete & Equip Drill Complete & Equip DJ Basin DJ Basin DJ Basin 25% TX Delaware TX Delaware TX Delaware 25% OXY 0% 0% 1 2 1 Net Capex by Type Gross Operated Rigs Total Net Rigs' Wells Online² 2 Net Capex by Type Gross Operated Rigs Total Net Rigs Wells Online YTD 2022 $1.5 B 17 rigs 10 rigs 207 wells YTD 2022 $0.3 B 2 rigs 2 rigs 62 wells ¹NET RIGS SHOWN BY WORKING INTEREST (MIDLAND BASIN INCLUDES JV CARRY IMPACT) 2GROSS COMPANY OPERATED WELLS ONLINE#23DELAWARE BASIN WELL PRODUCTIVITY Superior-quality inventory combined with subsurface expertise drives continuous improvement and value 270 Day Cumulative Improvement TOP TIER WELL PERFORMANCE CONTINUES TO IMPROVE Cumulative Mboe 400 350 300 250 200 150 2015 to 2022: +220% 100 2018 to 2022: +29% 50 2021 to 2022: +13% 0 0 30 60 90 120 150 180 210 240 270 300 330 360 Days -2015 2016 2017 -2018 -2019 -2020 -2021 2022 OXY NOTE: DATA INCLUDES ALL HORIZONTAL UNCONVENTIONAL DELAWARE BASIN HORIZONTAL WELLS ONLINE IN EACH YEAR#24Average 6-month cum oil, Mbbl 30 60 60 90 96 120 150 0 OXY Peer 1 Peer 2 Peer 3 Peer 4 OIL & GAS UPDATE LEADING DELAWARE BASIN WELL PERFORMANCE AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR¹ AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR² Oxy is 32% above the 6-month basin average Oxy is 25% above the 12-month basin average 180 250 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Basin Average 200 Average 12-month cum oil, Mbbl 50 100 150 1SOURCE: IHS ENERDEQ AS OF 07/20/2022, HORIZONTALS >500FT ONLINE SINCE JANUARY 2020 WITH 6-MONTH OIL PRODUCTION AVAILABLE. MINIMUM 50 WELLS. PEERS INCLUDE BTA, CDEV, COP, CPE, CTRA, CVX, DVN, EOG, FANG, MEWBOURNE, TAP ROCK, XOM 2SOURCE: IHS ENERDEQ AS OF 07/20/2022, HORIZONTALS >500FT ONLINE SINCE JANUARY 2020 WITH 12-MONTH OIL PRODUCTION AVAILABLE. MINIMUM 50 WELLS. PEERS INCLUDE BTA, COP, CPE, CTRA, CVX, DVN, EOG, FANG, MEWBOURNE, TAP ROCK, XOM OXY OXY Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Basin Average 24 14#25DOMESTIC INVENTORY AND WELL COSTS Depth of low-breakeven inventory demonstrates quality and quantity of Oxy's domestic portfolio Superior execution and Total Gross Operated Locations Domestic Onshore Operated Inventory 7,000 25 6,079 6,000 5,000 4,000 3,000 2,000 1,599 1,000 4,399 Breakeven <$30 Breakeven <$40 Permian Resources Rockies Domestic Onshore 10,000' Well Costs innovative designs $11.2 Delaware Basin increase capital $8.8 efficiency while lowering well costs 2019 2021 Midland Basin $9.6 20191 $5.9 2021 Breakeven <$50 DJ Basin $3.7 $2.7 2019 2021 ■Drilling Completion Hookup & Lift NOTE: BREAKEVEN DEFINED AS POSITIVE NPV 10, WELL COSTS USED IN ANALYSIS INCLUDE DRILLING, COMPLETION, HOOK-UP AND FIRST LIFT MIDLAND DATA IS COMBINED 2018 AND 2019 DUE TO SMALL SAMPLE SIZE (3) IN 2019 OXY#26APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Update 26 OXY#27• OXY'S COMBINED INTEGRATED PORTFOLIO Oil & Gas Focused in world class basins with a history of maximizing recovery Permian Unconventional 1.4 MM net acres including premier Delaware Basin position Strategic infrastructure and logistics hub in place EOR advancements • • OxyChem Leading manufacturer of basic chemicals and significant cash generator Oxy Midstream Integrated infrastructure and marketing provide access to global markets 52 27 22 1.18 MMboed Production Permian Rockies & Other Dmstc. Rockies • A leading position in the DJ Basin 20% о 0.8 MM net acres including vast minerals position 184 Gulf of Mexico 10 active operated platforms Significant free cash flow generation Among the largest producers in Colorado with significant free 523 ■ Gulf of Mexico cash flow generation 151 Emerging Powder River Basin Sizeable inventory of remaining tie-back opportunities 0.4 MM net acres Middle East Algeria & Other Intl. 270 ■ Domestic 80% ■ International Permian Conventional 1.4 MM net acres Significant scale, technical capability, and low-decline production • CCUS potential for economic growth and carbon reduction strategy NOTE: MAP INFORMATION AS OF 09/30/2022 • Latin America Deepwater exploration opportunities • • • Middle East / North Africa High-return opportunities in Oman о 6 MM gross acres, 17 identified horizons Developing Blocks ON-3 and ON-5 in U.A.E. о 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 OXY#28OXYCHEM MARKET LEADING POSITION • 23 owned facilities worldwide Integrated assets capture benefits of favorable market conditions о о о Top tier global producer in every product produced о о Largest merchant caustic soda seller in the world Largest VCM exporter in the world 2nd largest caustic potash producer in the world 3rd largest chlor-alkali producer in the world with 17 unique outlets for chlorine 3rd largest domestic supplier of PVC Full-cycle positive cash flow generation 31 awards from the American Chemistry Council for 2021 safety and environmental performance $ MM 28 2,500 Pre-Tax Earnings (EBIT)1 2,000 1,500 1,000 500 0 2,000 1,600 1,200 800 400 0 Caustic and PVC $/ton 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Full-Year Guidance Profitability Drivers 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -Caustic Soda Price² 10XYCHEM PRE-TAX EARNINGS EXCLUDE ITEMS AFFECTING COMPARABILITY 2US EXPORT SPOT GULF PRICE 3NEXANT US PRICE -PVC Price³ OXY#29OXYCHEM BATTLEGROUND MEMBRANE CONVERSION . · Modernization and expansion of the Battleground plant expected to increase cash flow through improved margins and higher product volumes, while enhancing operational flexibility: Conversion from diaphragm to membrane technology expected to improve margins, while lowering maintenance capital and GHG emissions intensity • Expand chlor-alkali capacity to cover strategic commercial and supply chain initiatives Improve plant logistics to create additional operating flexibility Battleground project expected to generate a strong return while improving OxyChem's market position Construction expected to commence in 2023, with completion expected in early 2026: . Existing operations to continue as normal during construction Membrane Electrolyzer Project Spending 2023 - 2025: Incremental Projected Annual EBITDA: Incremental Plant Capacity: 29 ~$1.1 B (~20% in 2023) $250 $350 MM -80% - OXY#30Quarterly Pre-Tax Income ($ MM) MIDSTREAM & MARKETING GUIDANCE RECONCILIATION $200 $150 $100 $50 $0 $(50) $(100) $(150) 3Q22 Guide 3Q22 Actuals 4Q22 Guide 30 Total Midstream & Marketing EBIT PHYSICAL MIDSTREAM BUSINESS 3Q22 income slightly below guidance primarily driven by lower sulfur prices at Al Hosn. 4Q22 guidance lower than 3Q22 due to seasonal impact of power business and lower sulfur prices. CRUDE EXPORTS FROM GULF COAST • 3Q22 income above guidance due to timing of cargo sales (offset in MTM). 4Q22 guidance increase due to expected timing impacts of cargo sales. ALL OTHER MARKETING • 3Q22 income above guidance due to significant fluctuations in crude prices during the quarter impacting the domestic pipeline sales (offset in MTM). 4Q22 guidance lower due to projected lower volatility in crude prices, offset by improved natural gas transportation spreads. Physical Midstream Business¹ Permian to Gulf Coast Shipping (MID-MEH Spread)² Crude Exports from Gulf Coast³ All Other Marketing4 Oxy's Share of WES EBIT5 NOTE: ALL GUIDANCE SHOWN REPRESENTS MIDPOINT. MARK-TO-MARKET TREATED AS AN ITEM AFFECTING COMPARABILITY AND IS EXCLUDED FROM MIDSTREAM GUIDANCE AND ADJUSTED ACTUALS 1PHYSICAL MIDSTREAM BUSINESS IS PRIMARILY COMPRISED OF THE DOLPHIN PIPELINE, AL HOSN, AND PERMIAN EOR GAS PROCESSING PLANTS 2PERMIAN TO GULF COAST SHIPPING INCLUDES OXY'S CONTRACTED CAPACITY ON SEVERAL 3RD PARTY PIPELINES. CURRENT CAPACITY IS ~850 MBOD WITH PRIMARY DESTINATIONS OF CORPUS CHRISTI AND HOUSTON 3CRUDE 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 4ALL OTHER MARKETING INCLUDES GAS AND NGL MARKETING, THE TIMING IMPACTS OF DOMESTIC AND INTERNATIONAL CRUDE, AND GAS & NGL DEFICIENCY PAYMENTS WITH 3RD PARTIES (EXCLUDING WES) IN THE ROCKIES 5WES 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 OXY#31ONE OF THE LARGEST U.S. ACREAGE HOLDERS Rockies 1.2 MM Acres Powder River Basin - 0.4 MM DJ Basin 0.8 MM - Excludes acreage outside of active operating areas Other Onshore 4.6 MM Acres Other Onshore U.S. consists of acreage and fee minerals outside of Oxy's core operated areas 9.4 MM Net Total U.S. Acres 31 Permian 2.8 MM Acres Permian Unconventional - 1.4 MM Permian Conventional - 1.4 MM Gulf of Mexico 0.8 MM Acres NOTE: AS OF 09/30/2022; ACREAGE TOTALS ONLY INCLUDE OIL AND GAS MINERALS; OXY HAS 0.7 MM ONSHORE AND 0.8 MM OFFSHORE NET ACRES ON FEDERAL LAND; ONSHORE FEDERAL ACREAGE COMPRISED OF 0.23 MM PERMIAN RESOURCES, 0.004 MM DJ BASIN, AND POWDER RIVER BASIN, CO2 SOURCE FIELDS, AND OTHER OF 0.49 MM OXY#32U.S. ONSHORE OVERVIEW NOTE: AS OF 09/30/2022; ACREAGE AMOUNTS REPRESENT NET ACRES Rockies 1.2 MM Acres Permian 2.8 MM Acres 3Q22 Net Production 32 22 Oil (Mbod) NGLS (Mbbld) Gas (MMcfd) (Mboed) Total Permian 303 126 561 523 Rockies & Other Dmstc. 79 96 572 270 Total 382 222 1,133 793 OXY#33GULF OF MEXICO OVERVIEW TEXAS NANSEN BOOMVANG LOUISIANA MISSISSIPPI ALABAMA GEORGIA MARLIN HORN MOUNTAIN HOLSTEIN CONSTITUTION CAESAR/TONGA MARCO POLO GUNNISON HEIDELBERG LUCIUS NOTE: AS OF 09/30/2022; ACREAGE AMOUNTS REPRESENT NET ACRES Gulf of Mexico 0.8 MM Acres 3Q22 Net Production Oil (Mbod) 126 NGLS (Mbbld) 11 Gas (MMcfd) 84 Total (Mboed) 151 33 OXY#34INTERNATIONAL OVERVIEW 3Q22 Net Production Oil (Mbod) NGLS Gas Total (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 44 5 15 52 Al Hosn 14 26 265 84 Dolphin Oman 6 8 146 38 50 70 62 Algeria Total 114 39 496 236 0.5 MM Acres NOTE: AS OF 09/30/2022; ACREAGE AMOUNTS REPRESENT GROSS ACRES U.A.E. 2.5 MM Acres Oman 6.0 MM Acres 34 OXY#35APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Update 35 OXY#36PATHWAY TO NET ZERO Oxy has set the following goals, among others, to achieve net zero across our total emissions inventory in accordance with the Paris Agreement 1: 36 2024 Reduce total operational GHG emissions² from Oil & Gas and OxyChem by 3.68 MTPA CO₂е 2032 Facilitate geologic storage or use of 25 MTPA of captured CO2 2040 Achieve net-zero emissions in our operations and energy use (Scope 1 and 2) before 2040 with the ambition to achieve before 2035 2050 Achieve net zero for our total emissions inventory including product use (Scope 1, 2, and 3) with an ambition to achieve before 2050 BEYOND Capture and remove global emissions beyond our Scope 1, 2 and 3 1PointFive and future OLCV technology development help accelerate Oxy's emissions reduction to net zero 1SEE APPENDIX III OF OXY 2021 CLIMATE REPORT FOR A COMPREHENSIVE SET OF OXY'S GOALS 2COMPARED TO 2021 EMISSIONS OXY#37BUILDING ACCUS PLATFORM ACROSS THE CARBON CAPTURE VALUE CHAIN STRATEGIC INVESTMENT APPROACH Oxy is leveraging its carbon management expertise, experience and infrastructure to accelerate the global development and commercialization of CCUS technologies, scale carbon markets and develop innovative uses of CO2 and CO2 products. We're investing across the carbon capture value chain to create a durable, integrated CCUS platform: CO2 Zero-Emission Power CO2 Capture & Removal Pipelines & Gas Processing CO2 Sequestration Carbon Utilization & Products Carbon Tracking Methodologies & Tools TECHNOLOGY Combine investment in nascent technologies across the carbon capture value chain with our existing platform to add value and provide synergistic opportunities with legacy skills and operations COMMERCIALIZATION Focus on commercializing technologies, galvanizing policy and markets, de-risking commercial scale, deploying globally and accelerating product sales CAPITALIZATION Significant policy, public and private funding options available and continuing to develop for quality CCUS solutions 37 OXY#38OLCV INVESTMENT OXY EXISTING BUILDING A CCUS PLATFORM ACROSS THE CARBON CAPTURE VALUE CHAIN OLCV TECHNOLOGY, PROJECTS, AND PLATFORMS ZERO-EMISSION POWER CO₂ CAPTURE & REMOVAL PIPELINES & GAS PROCESSING CO₂ SEQUESTRATION CARBON UTILIZATION & PRODUCTS GOLDSMITH SOLAR OXYCHEM KOH & PVC PERMIAN CO, PIPELINES & SEPARATION FACILITIES PERMIAN EOR OPERATIONS CARBON TRACKING METHODOLOGIES AND TOOLS ENERGY MARKETING & TRADING GROUP THREE U.S. EPA APPROVED MONITORING, REPORTING AND VERIFICATION PLANS NETPOWER Zero-emission natural gas power plant TERRALITHIUM Environmentally friendly lithium production 1POINTFIVE Direct Air Capture & point-source capture development C Carbon Engineering Direct Air Capture technology Building new CO2 pipelines to connect to sequestration hubs Dedicated sequestration hub development Carbon removal credits and low-carbon fuels Carbon Finance Labs Developing carbon tracking methodologies and tools C Carbon Engineering AIR TO FUELS TM Xpansiv Global carbon trading platform 000 Supporting point-source capture and EOR sequestration projects Separation membrane innovation CEMVITA FACTORY Bio-ethylene produced from CO2 OXY 38#39HIGHLIGHTS DIRECT AIR CAPTURE DEPLOYING CARBON ENGINEERING TECHNOLOGY TO REMOVE CO₂ FROM THE ATMOSPHERE AT SCALE FIRST FACILITY EXPECTED TO REMOVE UP TO 500,000 TONNES OF CO₂ ANNUALLY FIRST COMMERCIAL DAC FACILITY TO BE BUILT IN THE PERMIAN BASIN FIRST COMMERCIAL DAC EXPECTED OPERATIONAL IN LATE 2024 ARTIST RENDERING#40DIRECT AIR CAPTURE PROGRESS TOWARD DAC 1 LICENSE TO BUILD Exclusive DAC and AIR TO FUELS TM license for U.S. deployment. OLCV has a worldwide agreement as the execution partner for all DAC and AIR TO FUELSTM deployments INNOVATION CENTRE Carbon Engineering Innovation Centre was built to develop and test technology advancements so improvements can be incorporated into commercial facilities worldwide FRONT END ENGINEERING AND DESIGN COMPLETE FEED was successfully completed this summer with a definitive agreement for the EPC contract expected by the end of 2022 46 40 CONSTRUCTION UNDERWAY FOR DAC 1 Site preparation and roadwork at the DAC 1 site in Ector County, Texas began in Q3 2022 ARTIST RENDERING NOTE: AIR TO FUELSTM IS A REGISTERED TRADEMARK OF CARBON ENGINEERING LTD. OXY#411 POINTFIVE DAC DEVELOPMENT IRA enables an updated DAC development base case of 100 plants by 2035 Global net-zero support scenario - potential for 135 DAC plants with increase in global policy incentives and demand led by net-zero business targets DE-RISKING & INNOVATION Market acceleration and growing demand for high- quality removals (CDRs) Estimated # of plants online PRE-IRA SCENARIO IRA-ENABLED ACCELERATION • Continued process innovation to drive down costs 2021 2024 - 2025 2030 2031 2035 41 11 100 70 OXY#42IRA IMPACT ON POINT-SOURCE CAPTURE MARKET EXPANSION FOR CAPTURE PROJECTS The increase in 45Q enables a greater volume of CO2 to be economically captured through point-source projects Existing CO2 Pipelines CO2 Sources Best CO2 Storage Geology MAP DATA SOURCE: DOE'S PUBLIC NATCARB DATABASE $/MT Current 45Q Previous 45Q @ $50/t @ $85/t <$50 >$70 $60-$70 $50-$60 22 42 5.0 10.0 20.0 40.0+ MTPA CO2 OXY#43DAC & SEQUESTRATION HUB DEVELOPMENT KEY UPDATES ● Multiple land/pore space access agreements executed giving us access to >265,000 acres / >400 square miles • Available sequestration volume for planned sequestration hubs: up to ~6 billion tonnes of CO2 • Total acreage position, including King Ranch, supports up to 50 DACS • Class VI permits filed or being prepared for all locations, including DAC 1 in the Permian ACREAGE POSITION BEYOND THE PERMIAN 43 Location Acres/ Square Miles Sequestration Capacity (Tonnes) King Ranch, TX 106,000 / 166 2.8 B Polk County, TX 65,000 / 102 1.3 B Chambers County, TX (Bluebonnet) 37,000/58 777 MM Allen Parish, LA (Magnolia) 26,800/42 575 MM Livingston Parish, LA 30,900/48 533 MM (Pelican) OXY#44DIRECT AIR CAPTURE ILLUSTRATIVE DAC ECONOMIC MODELING TAM MODEL Total Addressable Market (TAM) • • $250/t LCOC: 5,000 million tonnes of carbon abatement equating to 5,000 MTPA DAC plants о 1,200 DAC Plants for aviation TAM alone $125/t LCOC: 15,000 million tonnes of carbon abatement equating to 15,000 MTPA DAC plants Updated development scenario of 100 plants equates to ~2% of TAM at $250/t LCOC and less than 1% of TAM at $125/t LCOC REVENUE MODEL Carbon removal credit volumes Net carbon removal credit sales approximates 900k tonne per annum per DAC plant Carbon removal credit pricing/incentives • Government policy support includes 45Q tax credits at current rates of $130 / $180 per tonne for Use/Dedicated Sequestration Other $/tonne revenue sourced from voluntary / compliance market purchase agreements CO2 generated in DAC process will also be captured and sequestered, generating point-source 45Q credits COST MODEL DAC 1 LCOC expected to be in the range of $400 to $500/t 44 44 Capital costs plus cost of capital charge and operating costs approximates 45% / 55% of DAC 1 LCOC Falling per unit LCOC consistent with similar historical technology learning curves • Nth DAC expected in the 30 - 50 plant range Capital costs plus cost of capital charge and operating costs approximates 30% / 70% of Nth plant LCOC Capital costs percentage of total: • Air Contactors: 40% . Centralized Processing: 40% Government Policy Support . Utilities & Infrastructure: 20% CASH FLOW PROFILE MODEL DAC 1 plant capital cost estimated at ~$1.1 B for first 500k tonne per annum train, scaling capital by 1.6x for a 1 MTPA DAC plant. Construction build-time less than 3 years Current support scenario with 45Q includes 12 years of tax credit generation Other revenue sources for the entire operating life of plant expected to be 25 years Voluntary/Compliance $/t CURRENT SUPPORT SCENARIO $400 - 630/t Operating costs percentage of total of Nth Plant Materials/Chemicals Storage Energy SG&A/Property Tax/Other#45OXY TO UTILIZE CLEAN ENERGY GENERATED BY NET POWER'S FIRST UTILITY SCALE PLANT Oxy expected to be the primary offtaker of clean energy generated by NET Power using a transformational technology that inherently captures nearly all emissions. ~860K TONNES/YEAR CO₂ FOR SALINE OR EOR SEQUESTRATION PLANT TO GENERATE ~300 MW OF CLEAN 24/7 DISPATCHABLE POWER FEED STARTING EARLY 2023 COMPLETION EXPECTED LATE 2026 TO BE LOCATED NEAR OXY PERMIAN OPERATIONS EXPECTED TO SIGNIFICANTLY DECARBONIZE PERMIAN OIL & GAS OPERATIONS ☑ NETPOWER NET POWER DEMONSTRATION FACILITY LA PORTE, TX#46OXY ZERO INT