#1Fourth Quarter Earnings Conference Call Occidental Petroleum Corporation February 23, 2021 OXY Occidental#2Cautionary Statements Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental Petroleum Corporation's ("Occidental") expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, many of which involve factors or circumstances that are beyond Occidental's control. Actual results may differ from anticipated results, sometimes materially, and reported or expected results should not be considered an indication of future performance. Factors that could cause actual results to differ include, but are not limited to: the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the pandemic; 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, repay or refinance debt and the impact of changes in Occidental's credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations, such as the sharp decline in crude oil prices that occurred in the first half of 2020; supply and demand considerations for, and the prices of, Occidental's products and services; actions by members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil and gas properties or equity investments, or write- downs of productive assets, causing charges to earnings; unexpected changes in costs; 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 and natural gas liquids 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; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; governmental actions 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, deepwater and onshore drilling and permitting regulations and environmental regulation (including regulations related to climate change); environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including remedial actions); 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, natural disasters, cyber-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; reorganization or restructuring of Occidental's operations; changes in state, federal or foreign 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," "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, 2020 ("2020 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 2020 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 2#3Occidental Fourth Quarter Highlights Financial Results and Guidance OXY 3#4Fourth Quarter 2020 Highlights $0.8 B Free Cash Flow Generation $2.4 B Divestitures Closed $2.0 B Refinancing Completed Strong Operational Excellence and Efficiency Land Grant Colombia Onshore Non-Core Acreage Near-Term Maturities Moved to Later Years OXY Note: See the reconciliations to comparable GAAP financial measures on our website 4#5Transitioned into 2021 with Improved Financial Position 2020 Success Supports 2021 Financial Position $2.4 B $7.0 B $ ระบ $ Debt reduced in 2020 Near-term debt extended W Dn $1.8 B¹ Reduced overhead budget continues into 2021 OXY 【$ $== $2.9 B 2021 Capital budget prioritizes FCF 12021 overhead is defined as SG&A and other operating and non-operating expenses 2. Net of expected taxes, post Colombia which includes ~$350 MM of divested non-core acreage ☑ through 2025+ 22% 2021 Base declined lowered 2 $2-3 B² Remaining divestitures LO 5#6Best-in-Class Sustaining Capital $2.9 B of Capital Stabilizes Full Year Production at ~1,140 Mboed W Πε Leading Capital Intensity: Capital intensity continues to improve World-class assets with low breakevens and subsurface expertise to maximize value Efficient execution accelerates time to market and lowers cost per well Innovative design optimizations drive intensity lower > Permian Resources capital intensity improves to $15 MM / 1,000 boed in 2021 Re-use of existing facilities lowers development costs and improves returns FI Shallower Base Decline: Operability improvements enhance base production with lower operating costs • Mitigating base decline and maximizing existing production reduces wedge required to sustain production 2021 Corporate base decline improved from 25% to 22% > Onshore unconventional base decline improved from 37% to 33% Relentless focus on operability to minimize downtime and maximize cash flow > Total opex reduction over $900 MM in 2020 > DJ Basin average monthly downtime reduced from 41 Mboed in 2019 to 17 Mboed in 2020 OXY Note: Capital intensity defined as total net annual capex over total net annual average wedge ($ MM/Mboed). 6#7OXY Divestiture Progress Continues 12 11 10 9 $8.2 B Divestitures Cumulative Asset Sales ($ B) $2-3 B $350 MM $700 MM 00 $1.3 B 7 $2.4 B $260 MM 00 $565 MM $90 MM $70 MM $200 MM 5 LO $750 MM $3.3 B 4 3 2 1 $650 MM Remaining Divestiture Target $5.5 B 2020 Divestitures 2019 Divestitures 0 Plains Mozambique Interests Midland Basin JV Non-Core Asset Houston Real South Africa Estate Greater Natural Buttes WES Units Land Grant Colombia Non-Core Acreage Total Divestitures Note: Net of taxes before economic adjustments due to timing and excludes $19 MM Greater Natural Buttes, $125 MM Colombia, and $45 MM Non-Core Acreage potential earn-out proceeds 7#8Fourth Quarter Oil & Gas Highlights Ina • Record-Setting Efficiency: Continued to lower drilling and completion times improving time to market GOM Record cycle time of 68 days from spud to first production on Lucius platform - Permian - Record 296 stages pumped in one month by one completion crew in New Mexico Rockies - 4.3 days average drill duration during 4Q20, 23% below previous best quarter Capital Synergies Achieved: Exceeded capital synergy target with over $900 $MM of annual savings realized¹ • • • Permian - Exceeded 2021 capital synergy targets in Tx Delaware with ~$3.5 MM savings per well Rockies - Exceeded 2021 capital synergy targets with ~$700 M savings per well International Success: Strong exploration and operational achievements U.A.E. - Multi-reservoir discovery in Onshore Block 3, new concession for Onshore Block 5 with ~1 MM gross acres adjacent to prolific fields Oman Piloting extended reach dual laterals up to 20,000', new completion methods increasing initial production OXY 1.Based on activity level associated with original synergy target announced prior to acquisition close 8 00#9Cash Flow Priorities Near-term, excess cash flow and divestiture proceeds to be allocated to debt reduction Dividend increases and growth capital to follow substantial reduction in debt OXY Longer Medium Term Term Current Focus $ Maintain Production Base Debt Reduction Sustainable Dividend Growth Capital Repurchase Shares Retire Preferred Equity 9#10• Occidental Fourth Quarter Highlights Financial Results and Guidance OXY 10#11Fourth Quarter 2020 Results Reported Adjusted EPS ($0.78) 4Q20 Reported versus Guidance Midpoint Reconciliation Mboed Reported diluted EPS ($1.41) Permian Resources: improved new well performance, better uptime and ethane recovery rates, and high OBO volumes +12 4Q20 CFFO before working capital $1.4 B Rockies: improved ethane recovery rates and high OBO and royalty volumes +6 4Q20 Capital expenditures¹1 $0.6 B Unrestricted cash balance as of 12/31/2020 $2.0 B International: unplanned downtime and PSC impacts (5) Continuing operations production (Mboed)² 1,170 Colombia: not included in guidance due to sale +27 Permian Resources production (Mboed) 382 +40 Excludes discontinued operations (Ghana) OXY 2Includes Colombia, excludes discontinued operations (Ghana) Note: See the reconciliations to comparable GAAP financial measures on our website 11#121Q and Full-Year 2021 Guidance Estimates Oil & Gas 1Q21 Production 图 • Total Company: 1,085 - 1,115 Mboed • Permian: 450 - 460 Mboed¹ • . Rockies & Other: 285 - 291 Mboed GOM: 136-144 Mboed International: 214 - 220 Mboed FY 2021 Production • Total Company ~1,140 Mboed > Oil/Gas %: ~53.4 / ~26.0 Permian: ~485 Mboed Rockies & Other: ~278 Mboed GOM: ~141 Mboed International: ~236 Mboed Domestic Operating Costs - FY 2021 • Oil & Gas Production: ~$6.70 / boe • Transportation: ~$3.80 / boe . • • • OxyChem Д 1Q21 Pre-tax income: ~$225 MM FY 2021 pre-tax income: $775 - $825 MM Midstream & Marketing² • . • 1Q21 . Pre-tax income: $(135) - $(185) MM Midland - MEH spread of $0.45 - $0.55 / bbl FY 2021 Pre-tax income: $(650) - $(750) MM Midland - MEH spread of $0.45 - $0.55 / bbl Corporate FY 2021 Domestic tax rate: 22% FY 2021 International tax rate: 45% FY 2021 Overhead expense: ~$1.8 B³ FY 2021 Interest expense: ~$1.6 B4 Exploration Expense5 ~$35 MM in 1Q21 ~$210 MM in FY 2021 DD&A - FY 2021 Oil & Gas: ~$19.85 / boe OxyChem and Midstream: ~$700 MM Includes 25 Mboed of downtime related to Winter Storm Uri 2Midstream excludes WES results 4Interest expense excludes interest income 5Exploration Expense includes exploration overhead Notes: All guidance excludes discontinued operations (Ghana) 3Overhead is defined as SG&A and other operating and non-operating expenses 12#132021 Capital Plan $2.9 B Capital Program by Asset Capital Program by Type Facilities 23% $0.1 Midstream & Marketing $0.2 D,C&E 56% $0.3 Exploration & Corporate Oil & Gas $0.3 Base Maintenance 10% OxyChem $0.4 GoM Exploration 6% OBO & Other 5% International $0.4 Rockies & Other Capital Program Highlights • 4Q20 production sustained with budget of $2.9 B Permian $1.2 . Maintain capital allocation flexibility • Value-based development • Best-in-class capital intensity • Includes $250 MM to support future year projects 2021 Budget > Exploration, Al Hosn expansion, etc. OXY Note: Capital program based on a $40 WTI price environment. Capital spending excludes discontinued operations (Ghana) 13#14Appendix • 2021 Activity . Financial Information • • • OXY Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 14#152021 Activity – Domestic Onshore Assets - Permian Rockies $1.2 B Capex ~11 Gross Rigs ~5 Net Rigs 175-205 Wells Online $0.4 B Capex ~2 Gross Rigs ~2 Net Rigs 100% 100% OBO Base Maint Base Maint OBO OBO OBO Midland Midland Midland Powder River Basin Powder 75% 75% Facilities River Basin Facilities New Mexico New Mexico 145-175 Wells Online Powder River Basin New Mexico 50% 50% Drill Complete TX Delaware TX Delaware TX Delaware Drill Complete DJ Basin DJ Basin DJ Basin & Equip & Equip 25% 25% 0% 0% 1 2 Net Capex by Type Gross Operated Total Net Rigs Wells Online Rigs Net Capex by Type Gross Operated Total Net Rigs Wells Online 2 Rigs OXY ¹Net rigs shown by working interest (Midland Basin includes JV carry impact) 2Gross company operated wells online 15#16Int'l + GOM Milestones - 2021 GOM Oman Abu Dhabi 2020 . Holstein, Blind Faith (OBO) Lucius OBN Horn Mountain West (HMW) flowlines installed Exploration success • • • 2021 Lucius, N Hadrian, Holstein Yellowfin, Fiesta, Cactus HMW umbilical, riser, platform mods pering for CTE Engineering for CTE, Subsea (SS) pumping, Lucius expansion Exploration wells Block 30 exploration seismic • Seismic processing completion • Block 62 FDP approval • Block 53 optimization • Seismic ON-5 • . Seismic ON-3 Exploration well Al Hosn debottlenecking FEED • • • • Algeria Asset Integration · • New organization rollout OXY Exploration and appraisal wells ON-3 Al Hosn debottlenecking final investment decision New contract Resumption of development drilling and workover program 2022 2023 • • HMW (3 wells), Lucius Exploration wells Sanction CTE, SS pumping • Lucius expansion . Exploration development • Caesar-Tonga (CTE), Lucius SS pumping online Exploration wells ⚫ Lucius expansion . Exploration development • Development plan execution New blocks first production • Seismic ON-5 • ON-3 development • ON-3 • • • • Exploration and appraisal wells Al Hosn debottlenecking execution Seismic permitting • Additional facilities FEED/concept Continued development drilling • ON-3 development • • Exploration and appraisal wells ON-3 and ON-5 Al Hosn debottlenecking on-line Seismic acquisition • Additional facilities EPC/award • Continued development drilling 1st Production Seismic Exploration Project Update 16#17Appendix • • • • OXY 2021 Activity Financial Information Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 17#18Quarterly Pre-Tax Income ($ MM) Midstream & Marketing Guidance Reconciliation $100 $50 $0 ($50) ($100) ($150) ($200) 4Q20 Guide 4Q20 Actual 1Q21 Guide ($250) Physical Midstream Business1 Permian to Gulf Coast Shipping (MID-MEH Spread)2 Crude Exports from Gulf Coast³ Gas & NGL Deficiency Payments4 All Other Marketing5 Mark to Market6 Total Midstream & Marketing EBIT7 OXY • Physical Midstream Business 4Q20 above guidance due to improved commodity pricing and lower operating costs. 1Q21 guidance reflects Dolphin turn-around Crude Exports from Gulf Coast • 4Q20 income higher than guidance due to improvements in Asian refiner demand. 1Q21 guidance includes demand reduction from Covid impacts in Europe and China All Other Marketing • 4Q20 income higher due to improved Natural Gas spreads. 1Q21 guidance reflects lower transportation spreads related to Permian Highway Pipeline and lower NGL transport volumes Mark to Market MTM loss relates to price hedging on crude cargoes. At 12/31/20 Oxy had ~16MM bbls on the water with price delta of $10/bbl from when cargoes were hedged in October/November Note: All guidance shown represents midpoint 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 ~800 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 4Gas & NGL deficiency payments are with 3rd parties (excluding WES) in the Rockies 5 All Other Marketing includes Gas and NGL marketing as well as the timing impacts of international crude 6Mark to market is not included in guidance 7Excludes WES 18#19Cash Flow Sensitivities . . • Oil & Gas Annualized cash flow changes ~$215 MM per $1.00 /bbl change in oil prices ~$185 MM per $1.00 / bbl change in WTI prices ~$30 MM per $1.00 /bbl change in Brent prices. Annualized cash flow changes ~$175 MM per $0.50 / MMBtu change in natural gas prices Production changes ~550 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 ~35 day lag due to trade month OxyChem Annualized cash flow changes ~$30 MM per $10 / ton change in realized caustic soda prices OXY Note: All cash flow sensitivities relate expected 2021 production and operating levels 1Based on $43 Brent 19#20Realized Price ($/Mcf) 2021 Natural Gas Hedges $4.00 Two-Way Costless Collar $3.50 $3.00 Long Put $2.50 $2.50 $2.00 $1.50 Realized $2.50 $1.00 $1.00 $1.50 $2.00 OXY Short Call $3.64 Realized NYMEX HH Realized $3.64 $2.50 $3.00 $3.50 $4.00 $4.50 NYMEX HH Natural Gas ($/Mcf) $5.00 Secures Natural Gas Price Floor of $2.50 For 530 MMcfd 530 MMcfd Hedge Details Summary 2021 2021 Settlement Natural Gas collar (millions of MMBtu) Average price per MMBtu (NYMEX) Ceiling sold price (call) Floor purchase price (put) Note: As of 12/31/2020; contracts written in MMBtu and assumes a 1 MMBtu = 1 Mcf conversion; settlement price based on VWAP of contracts 177.0 $3.64 $2.50 20#21Appendix • 2021 Activity . Financial Information • • • OXY Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 21#22# of Top 100 Wells in the Delaware Basin 0 OXY Peer 1 LO 5 Peer 2 45 40 35 30 25 20 15 10 422212 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Leading Delaware Basin Well Performance 6 Month Cumulative Oil Top 100 Wells 1 Oxy's subsurface expertise delivers Basin leading wells for less cost: Competitors use 18% more proppant: ~$500 M 12 Month Cumulative Oil Top 100 Wells² Oxy has 39% of the best wells, while completing less than 9% of total Delaware Basin wells # of Top 100 Wells in the Delaware Basin 40 35 30 122525 20 10 OXY 1Source: IHS Enerded as of 02/02/2021, horizontals >500ft online since January 2019 with 6 month oil production available. Peers in Top 100 include: Ameredev, COP, CVX, DVN, EOG, FANG, MRO, RDS, XEC, XOM 2Source: IHS Enerded as of 02/02/2021, horizontals >500ft online since January 2019 with 12 month oil production available. Peers in Top 100 include: Ameredev, APA, BP, CVX, DVN, EOG, FANG, Mewbourne, MTDR, PXD, XEC, XOM OXY Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 22 Peer 12 45#23Appendix • 2021 Activity . Financial Information • • • OXY Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 23#24Oxy's Combined Integrated Portfolio Oil & Gas Focused in world class basins with a history of maximizing recovery OxyChem Leading manufacturer of basic chemicals and significant cash generator Rockies Oxy Midstream and WES Integrated infrastructure and marketing provides access to global markets 28 Permian Unconventional • 1.6 MM net acres including premier Delaware Basin position • Strategic infrastructure and logistics hub in place • EOR advancements • Gulf of Mexico Leading position in the DJ Basin > 0.7 MM net acres including vast minerals position 23% 242 • 10 Active operated platforms • Significant free cash flow generation > Largest producer in Colorado with significant free cash flow Emerging Powder River Basin 517 1.2 MMboed Production1 Permian Rockies & Other Gulf of Mexico 105 □ MENA • Sizeable inventory of remaining > 0.4 MM net acres tie-back opportunities 278 77% Latin America Domestic International MENA • Permian Conventional 1.4 MM net acres • Significant scale, technical capability, and low-decline production • OCCUS potential for economic growth and carbon reduction strategy Latin America • Deepwater exploration opportunities 14Q20 Production excludes discontinued operations (Ghana), includes Colombia Note: Map information as of 12/31/2020 High return opportunities in Oman > 6 MM gross acres, 17 identified horizons Developing Blocks ON-3 and ON-5 in U.A.E > 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 24#25One of the Largest U.S. Acreage Holders Rockies 1.1 MM Acres Powder River Basin - 0.4 MM DJ Basin 0.7 MM - Excludes acreage outside of active operating areas Other Onshore 4.6 MM Acres Other Onshore US consists of acreage and fee minerals outside of Oxy's core operated areas OXY 9.5 MM Net Total U.S. Acres Permian 3.0 MM Acres Permian Unconventional - 1.6 MM Permian Conventional - 1.4 MM Gulf of Mexico 0.8 MM Acres Note: As 12/31/2020. Acreage totals only include oil and gas minerals. Oxy has 0.8 MM onshore and 0.8 MM offshore net acres on federal land. Onshore federal acreage comprised of 0.27 MM Permian Resources, 0.004 MM DJ Basin, and Powder River Basin, CO2 Source Fields, and Other of 0.49 MM. 25#26U.S. Onshore Overview OXY Note: Acreage amounts presented on this slide are net acres Rockies 1.1 MM Acres Permian 3.0 MM Acres 4Q20 Net Production Oil (Mbod) NGLS (Mbbld) Gas (MMcfd) Total (Mboed) Permian Resources 201 89 550 382 Permian EOR 102 28 29 135 DJ Basin 75 82 618 260 Other Domestic 10 2 38 18 Total 388 201 1,235 795 26#27Gulf of Mexico Overview OXY TEXAS NANSEN BOOMVANG LOUISIANA MISSISSIPPI ALABAMA GEORGIA MARLIN HORN MOUNTAIN HOLSTEIN CONSTITUTION CAESAR/TONGA MARCO POLO GUNNISON HEIDELBERG LUCIUS Note: Acreage amounts presented on this slide are net acres Gulf of Mexico 0.8 MM Acres 4Q20 Net Production Total Oil (Mbod) 89 NGLS (Mbbld) 7 Gas (MMcfd) 54 Total (Mboed) 105 27#28International Overview 4Q20 Net Production1 Oil NGLS Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Latin America 27 7 28 Algeria 37 1 38 Al Hosn 14 25 240 79 Dolphin 7 8 167 43 Oman 66 98 82 Total 151 34 512 270 OXY 1Excludes production from discontinued operations (Ghana) Note: Acreage amounts presented on this slide are gross acres U.A.E. 2.5 MM Acres Algeria 0.5 MM Acres Oman 6.0 MM Acres 28#29Abu Dhabi Block ON-3 & ON-5 AL HOSN . . • • United Arab Emirates 2.5 million gross acres Multi-reservoir discovery in Block ON-3 High potential location > Prolific fields nearby ON-5 ON-3 BLOCK 9 BLOCK 27 BLOCK 65 BLOCK 62 BLOCK 30 > ON-3 adjacent to Oxy's Al Hosn Field > Leverage Oxy's regional technical knowledge and operational excellence Low initial exploration expenditures Sultanate of Oman > Seismic acquisition and interpretation > Exploration work ongoing OXY BLOCK 72 Duqm BLOCK 53 BLOCK 51 29 29#304CPe Plant OxyChem: Market Leading Position OxyChem at a Glance Major global exporter of all core products Top tier global producer in every product produced > Largest VCM exporter in the world > Largest merchant caustic soda seller in the world > 2nd largest chlor-alkali producer in the world > 2nd largest caustic potash producer in the world • Recent growth projects delivered on time and on budget, increasing earnings base Only 4-time winner of the American Chemistry Council (ACC) Sustained Excellence Award Winner of 2020 ACC Sustainability Leadership - External Collaboration Award > Recognized OxyChem's innovative partnership with Water Mission to address global water crisis OxyChem Pre-Tax Earnings (EBIT)1 1,200 900 600 SA 300 0 باس 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1 OxyChem pre-tax earnings excluding affecting comparability • Earnings Highlights • Positive cash flow generation throughout cycle Integrated assets capture . • . benefits of favorable market conditions Global export portfolio leverages low domestic natural gas prices Market Overview Strong PVC demand as global population expands and standard of living improves • Caustic supply and demand balance is favorable long-term No major global capacity expansions • Core caustic demand driven by Aluminum and Pulp and Paper 30#31Appendix • 2021 Activity . Financial Information • • • OXY Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 31#32Size by Gross Permian Production (Mboed) Leader in Lower Permian Emissions Intensity 60 60 Strategically Focused on Greenhouse Gas Emissions Reduction Low Emission Intensity with Leading Basin Production 800 60 60 Low Emission Intensity with More Producing Wells 60 40 40 30 60 Emissions are combined for all M&A transactions announced and closed as of 02/02/2021 1Producing wells reported to the EPA, excluding "Out of Production" or "Divested" OXY 20 20 10 10 OXY Peer 1 Peer 2 Peer 3 Peer 4 Note: Includes emissions from Permian production and gathering & boosting, excludes plant emissions Source: Gross Production sourced from Enverus, accessed 02/02/2021, Well Counts and Emissions sourced from EPA Flight tool, last updated 09/26/2020 Operators include APA, COP, CVX, DVN, EOG, FANG, MRO, OXY, PXD, RDS, XOM Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 0 100 200 300 400 Gross Permian Production (Mboed) 500 600 700 Permian Greenhouse Gas Intensity (mt CO2e per MBOE) 10 10 20 20 30 30 40 40 50 4,000 8,000 Permian Producing Well Count¹ 12,000 16,000 Permian Greenhouse Gas Intensity (mt CO2e per Mboe) 32#33New Mexico Water Recycling Program Water infrastructure drives value and New Mexico Recycled Water Usage 1 environmental benefits 100% Continue to increase the percentage of recycled water used in operations Demonstrating water environmental stewardship 90% 80% 70% 60% Partnership support with New Mexico 50% Produced Water Research Consortium 40% Independently pursuing desalination 30% technologies targeting socially beneficial applications 20% 10% Expanding water recycling technology to Texas operations 0% 2017 2018 2019 2020 OXY 1Percentage of total water used in Oxy New Mexico Drilling and Completion operations 33#34Continued Focus on Employee Safety Employee + Contractor IIR1 2017 .39 | 2018 | | 2019 20202 .39 | .29 | .193 | Safety remains top priority during the pandemic Safety improved in 2020 despite historically active GoM storm season and the pandemic. Best safety performance ever in 20204✓ Expanding process safety/risk programs Enhancing systems and tools to identify and mitigate risks 1 Recordable Illnesses or Injuries (IIR) combines historical data for Oxy and Legacy Anadarko and is defined as the rate of IIR per 200,000 work hours 2 As of 12/31/2020 OXY 3 Does not include COVID-19 cases 4 Record low IIR for Oxy and Legacy Anadarko individually and combined 34#35TCFD-Aligned Climate Report Highlights STRATEGY OUR PATHWAY TO ACHIEVE NET-ZERO METRICS AND TARGETS TRACKING PERFORMANCE AND PROGRESS GOVERNANCE BOARD AND EXECUTIVE OVERSIGHT ON CLIMATE-RELATED RISKS AND OPPORTUNITIES RISK MANAGEMENT INTEGRATION OF CLIMATE RISKS WITHIN OCCIDENTAL'S ERM Competitive advantage as low-cost producer, EOR capabilities and industry-leading CCUS; Net-zero for our operational and energy use emission (Scope 1 and 2) before 2040 with the ambition to accomplish before 2035; ⚫ Net-zero for our total emissions inventory, including product use (Scope 1, 2 and 3) before 2050; and Total carbon impact through carbon removal and storage technology and development beyond 2050 " Progress on our commitments on reducing GHG and methane emissions Introduce new time-bound GHG and methane targets ⚫ New approach to account for net-zero Commitment to resource OLCV and to link executive compensation to OLCV performance Routine reporting of corporate GHG and ESG data Board and Executive level governance structure New Board-level Sustainability and Shareholder Engagement Committee Management alignment on climate- related goals Active engagement with stakeholders and industry Expansive approach, grounded in Occidental's ERM system Stress testing business and asset resiliency against climate scenarios and carbon price burden Agility to respond to emergent climate- and emissions-related regulations OXY 35#36Decarbonizing Operations and Reducing GHG Emissions COMMITMENT Monitor and disclose Scope 1+2 GHG emissions Monitor and disclose Scope 1 CO₂e emissions intensity Monitor and disclose methane emissions intensity, produced oil and gas Disclose Occidental's 2030 goals for oil and gas operations CO₂e emissions intensity (tonnes/BOE) Disclose Occidental's 2030 goals for oil and gas operations methane emissions intensity (tonnes/BOE) Limit the upstream CO₂e emissions intensity for new U.S. oil and gas field production activities starting in 2020 to a level that is 10% below the 2018 value ** ACTION Occidental reports emissions and other climate-related data at oxy.com/sustainability/performance Aligned with OGCI, Occidental has set a mid-term target to reduce upstream oil and gas emissions intensity from 0.0392 in 2017 to 0.02 MTCO₂e/BOE, by 2025. Aligned with OGCI, Occidental has set a mid-term target to reduce methane emissions intensity from 0.39% in 2017 to below 0.25% (based on marketed gas), by 2025. Occidental's upstream CO2 emissions intensity value for 2018 is 0.0352 MT/ BOE. For new U.S. oil and gas field production, we have set an average upstream target limit of <0.0317 MTCO₂e/BOE starting from 2020 and progress to 0.02 MTCO₂e/BOE by 2025. COMMITMENT Reduce GHG emissions (Scope 1+2) associated with chemicals production ACTION Beginning in 2020, OxyChem has set a target to reduce total GHG emissions (CO₂e) 2.33% by 2025. Reduce GHG emissions intensity (Scope 1+2) of chemicals production OxyChem has a target to reduce GHG intensity of its products (CO₂e/ton of product) 2.7% by 2025. Develop and disclose a metric to account for net-zero End routine gas flaring by 2030 Fulfill API Environmental Partnership commitments for leak detection surveys and high-bleed pneumatics replacement Community investment supporting Sustainable Development Goals (SDG) ** In this report, we announced our net-zero aspiration for reported Scope 1, 2 and 3 emissions, and Total Carbon Impact. In 2020, Occidental endorsed and committed to the World Bank's "Zero Routine Flaring by 2030" initiative. Occidental will eliminate all (100%) routine flaring by 2030. In 2019, Occidental completed more than 900 surveys, exceeding our annual commitment to the API Environmental Partnership. Beginning with 2020, social investments data will attribute the amount supporting SDG. OXY ONGOING NEW COMMITMENT 36#37Reducing Operational Emissions SCOPE 1 REDUCING GAS FLARING IN THE PERMIAN In Occidental's New Mexico operations, a new gas gathering system has dramatically reduced volumes of flared gas. This gathering system reduces our reliance on third-party takeaway capacity and avoids unscheduled flaring events by facilitating the transfer of sales gas to multiple third- party midstream companies. SCOPE 3 FUEL SWITCHING IN UPSTREAM DRILLING OPERATIONS RIG FUEL SWITCHING: EMISSIONS REDUCED OXY Our Tier 4 rigs, in direct comparison to the typical 2017 2018 2019 8 Tier 2 diesel fuel-powered -10 rig, have the advantage of: -20 -27% -26% -27% -30 96% -40 (APPROX.) -50 REPLACEMENT OF DIESEL USAGE WITH -60 COMPRESSED NATURAL GAS (CNG) -70 -80 +15% ESTIMATED GHG EMISSION DECREASE BY 2019 -91% -90 -97% -96% -100 PERCENT REDUCTION Decrease in diesel fuel utilization SCOPE 2 REDUCING INDIRECT EMISSIONS: GOLDSMITH SOLAR PLANT CREATION CO₂e emissions reduced with CNG fuel replacement "OCCIDENTAL IS TAKING AN IMPORTANT STEP TOWARD REALIZING OUR ASPIRATION TO BECOME CARBON NEUTRAL THROUGH THE USE OF EMISSIONS-FREE SOLAR ELECTRICITY. USING SOLAR ENERGY IN OUR OPERATIONS IS ANOTHER WAY OXY LOW CARBON VENTURES IS ENHANCING THE PROFITABILITY AND SUSTAINABILITY OF OUR BUSINESS WHILE MEETING THE CHALLENGE OF REDUCING ATMOSPHERIC GREENHOUSE GASES." VICKI HOLLUB PRESIDENT AND CEO 37#38Pathway to Achieve Net-Zero LOW-CARBON OIL PRODUCTION CYCLE Low-carbon oil is created by using CO₂ emissions that are injected and stored permanently underground. The emissions injected and stored are greater than those generated through the production and use of oil. SCOPE 2 SCOPE 1 SCOPE 3 CAPTURED CO₂ ATMOSPHERIC CO, EMITTED CO₂ / CH+ CAPTURED CAPTURED CO2 CO2 EMISSIONS-FREE POWER (NET POWER) OXY DIRECT AIR CAPTURE CO₂ INJECTION AND STORAGE OIL CO2 EMITTED CO₂ FUELS OIL PRODUCTION OIL REFINING TRANSPORTATION 38#39Oxy Low Carbon Ventures Oxy is using our long-standing, industry-leading expertise in carbon management to lower our own emissions and accelerate a global low-carbon economy through: • Commercializing carbon capture, utilization and storage technologies to accelerate our own organization and others toward achieving net-zero emissions Producing net-zero products, including net-zero oil and gas Partnering with other like-minded organizations to accelerate the reduction of global emissions and low-carbon product development MAJOR INITATIVES 01 CCUS Project Development Commercializing new capture and use technologies, providing CCUS advisory services, utilizing CO2 to create low-carbon products 02 Reducing Direct Emissions Creating operational efficiencies, upgrading equipment 03 Energy Efficiency Apply technology to reduce energy consumption, investing and deploying renewable energy OXY 39#40Occidental Carbon Management Timeline OXY 1972 CO2-EOR initiated in Crane/Upton Counties, TX 1983 Denver Unit begins CO2- EOR operations 2000 Acquired Altura Energy, a leading CO2-EOR operator in the Permian 2008 Original 45Q tax credit for carbon storage and use established 2010 CO2 Century Plant came online with the capacity to capture 8+ Mtpa 2015 Denver Unit CO2 field MRV approved, the first by the US EPA 2017 Hobbs CO2 field MRV approved, the second by US EPA 2018 2019 O 2020 • Expanded 45Q (Future Act) changes • Invested in Carbon Engineering approved by Congress, incentivizing carbon capture • Invested in XCHG to create global • marketplace for carbon credits • Established Low Carbon Ventures group • Board created Sustainability and • Shareholder Engagement Committee • Joined Oil and Gas Climate Initiative • Goldsmith Solar Facility successful startup • White Energy capture project feasibility study announced Goldsmith Solar and Oman projects announced • • Invested in Cemvita, a biotech startup focused on bioengineered pathways for CO2 utilization • • Formed Terra Lithium JV • Invested in NET Power • Published first climate report • OLCV forms Technical Advisory Services to support CCUS projects around the world CARB applications for fuel pathways and permanence submitted • • Carbon Finance Labs formed 1PointFive development company created to deploy Carbon Engineering's DAC technology Sequestration business formed to finance, develop, operate, and maintain CO2 sequestration hubs in the US 45Q extended by 2-years to 2026; USE-IT act approved Announced 2050 net-zero ambition and strategy for Scope 1, 2, 3 in climate report • OLCV awarded Project Tundra carbon storage consulting services contract First US Oil & Gas Company to endorse the World Bank's zero-flaring by 2030 initiative 2021 • Obtained third MRV with West Seminole San Andres Unit First ever Carbon-Neutral Oil shipment 40#41OXY LOW CARBON 1POINTFIVE VENTURES Carbon Engineering Producing a Lower Carbon Barrel of Oil First look at the world's largest Direct Air Capture plant Oxy Low Carbon Ventures and the management team from Rusheen Capital formed development company 1PointFive 1PointFive licensed technology from Carbon Engineering to develop the DAC facilities Announced first project to build the world's largest DAC facility • • • • ● Expects to capture up to 1,000,000 metric tons of atmospheric CO2 annually Front-End Engineering Design to begin 1Q21 Construction expected to begin in 2022 Supply low-cost CO2 to Permian EOR and expand margins Captured CO2 to be permanently, safely, and securely stored in Oxy's geological formations under CARB CCS Protocol and US EPA greenhouse gas reporting program subpart RR OXY *Rendering of DAC facility 41#42Climate-Related Commitments and Targets Net-zero for our operational and energy use emissions (Scope 1 and 2) before 2040, with ambition to achieve before 2035 + Net-zero for our total emissions inventory including product use (Scope 1, 2, and 3), with ambition to achieve before 2050 + Total carbon impact through carbon removal and storage technology and development past 2050 2025 EMISSIONS REDUCTION TARGETS OCCIDENTAL OIL AND GAS* TOTAL DIRECT AND INDIRECT GHG EMISSIONS INTENSITY 0.02 MTCO₂e/BOE OXYCHEM TOTAL SCOPE 1+2 GHG EMISSIONS BY +187,990 MTCO₂e Occidental has set the following 2025 GHG emissions-reduction targets for operations: METHANE EMISSIONS INTENSITY <0.25% OF MARKETED GAS TOTAL DIRECT AND INDIRECT GHG EMISSIONS +2.33% BY 2025 ROUTINE FLARING ELIMINATION +100% BY 2030 TOTAL DIRECT AND INDIRECT GHG EMISSIONS INTENSITY +2.7% BY 2025 BY 2025 OXY *Total GHG (Scope 1+ Scope 2) and Methane Emission Intensity targets are aligned with Oil and Gas Climate Initiative (OGCI) targets. Methane emissions intensity refers to the amount of methane emissions from Occidental's operated oil and gas assets as a percentage of the total gas produced and marketed. 42#43Diversity, Inclusion, and Belonging Occidental's culture of Diversity, Inclusion, and Belonging creates an environment where differences are appreciated, all employees are included and everyone feels that they belong. As part of our commitment to support this culture, we conducted a robust survey across our organization. The results were reviewed with our Board of Directors and are a basis for our company's core values. OXY Occidental 43#44Appendix • 2021 Activity . Financial Information • • OXY Oil and Gas Update Asset Overview Environmental, Social, and Governance WES 44#45WES Operating as an Independent Company • Relationship at a Glance Effective Dec. 2019, WES's management team transferred from Oxy to WES; the remaining WES employees transferred in 2020 • Rights of WES unitholders to replace WES's general partner were significantly expanded in 2020 . Oxy accounts for WES using the Equity Method of Accounting, WES is not consolidated in Oxy's financial statements Oxy intends to continue an operational relationship with WES and expects to maintain a significant economic interest in WES • Ownership to be reduced below 50% Oxy Ownership Position at December 31, 2020 • 2% of WES Operating (non-voting) . 51.5% of WES limited partner units OXY 2% GP unit interest in WES (non-voting) 45#46OXY Occidental