#108.03.23 Second 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. Actual outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's filings with the U.S. Securities and Exchange Commission (the "SEC"). In addition, historical, current and forward-looking sustainability-related statements may be based on standards 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 the global or regional health pandemics or epidemics, including COVID-19, and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; 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 political conditions and events; health, safety and environmental (HSE) risks, costs and liability under federal, regional, state, provincial, tribal, local and international HSE laws and regulations (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 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 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. OXY#3OUTLINE Differentiated Portfolio Second Quarter Highlights Value Creation Financials 3 OXY#4DIFFERENTIATED PORTFOLIO Oxy's premier diversified assets and distinguished operational capabilities create a runway for sustainable shareholder value accretion OIL & GAS . Diversified portfolio with deep, improving inventory • Operational excellence with top-tier capital intensity • OXYCHEM Sector earnings leader with resilient free cash flow Strong margin improvement from expansion projects MIDSTREAM Field to global market flow assurance Leading Permian CO2 infrastructure and processing LOW CARBON VENTURES Practical decarbonization solutions at scale Sustainability in lower carbon world FAR BIL 4 OXY Artist Rendering of Stratos#5OUTLINE Differentiated Portfolio Second Quarter Highlights Value Creation Financials OXY 5#6HIGHLIGHTS OIL & GAS UPDATE • New Mexico seven-well Wolfcamp development (Top Spot) delivered an average 30-day IP of -4,600 boed per well • TX Delaware three-well Wolfcamp development (Chicane) delivered an average 30-day IP of ~4,270 boed per well • Rockies drilling 32% faster (ft/d) than 1Q23, setting several records including the company-wide record for drilling 10,468 ft in 24 hours . Delaware Completions team achieved a continuous pumping time record of >40 hours, surpassing previous record by 43% • Al Hosn expansion completed ahead of schedule and on budget; project acceleration driving record production volumes • 9 Delivered highest well IP in Oman in nearly a decade at ~6,000 boed following successful exploration; more opportunities expected 25-year Algeria contract extension finalized under single PSC NOTE: PRODUCTION SHARING CONTRACT (PSC); INITIAL PRODUCTION (IP) OXY#7OUTLINE Differentiated Portfolio Second Quarter Highlights Value Creation Financials 7 OXY#8DELAWARE BASIN WELL PRODUCTIVITY Superior-quality inventory combined with subsurface expertise drives continuous improvement and value 1 Year Cumulative Improvement 2015 to 2022: +205% TOP-TIER WELL PERFORMANCE CONTINUES TO IMPROVE Cumulative Mboe 450 400 350 300 250 200 150 100 8 2018 to 2022: +25% 50 2021 to 2022: +12% 0 2022 to 2023: +11% 0 30 60 90 120 150 180 210 240 270 300 330 360 Days -2015 2016 2017 2018 -2019-2020 -2021 2022 -2023 OXY NOTE: DATA INCLUDES ALL UNCONVENTIONAL DELAWARE BASIN HORIZONTAL WELLS ONLINE IN EACH YEAR#9DJ BASIN WELL PRODUCTIVITY Data-driven well design and operational expertise drive continuous improvement and value 1 Year Cumulative Improvement 2015-2016 to 2022: +56% WELL DESIGN DRIVING MAJOR PRODUCTIVITY GAINS Cumulative Mboe 200 180 160 140 120 100 288 2023 Wedge Wells • Achieved new 30-day operated IP record on Gaddis 36-4HZ ~1,900 bod/~2,800 boed 6 80 60 2017-2021 to 2022: +25% 40 2022 to 2023: +79% 20 0 0 30 60 90 120 150 180 210 240 270 300 330 360 Days -2015-2016 -2017-2021 2022 -2023 12023 WEDGE CONSISTS OF 25 WELLS WITH SOME UNBOUNDED WELLS OXY#10TECHNICAL AND OPERATIONAL EXCELLENCE CREATING VALUE THROUGH OPERATING INGENUITY WORLD-CLASS RESERVOIR CHARACTERIZATION AND DATA APPLICATION • • Oxy-developed proprietary workflows and models combined with data-intensive techniques Technical leadership in industry Immense subsurface data library supports characterization volume and velocity **** 10 INNOVATIVE WELL DESIGNS AND TECHNOLOGY-DRIVEN EXECUTION Long laterals, complex trajectories, and accurate drilling placement reduce development costs and unlock opportunities Custom well designs improve margins Maximize well productivity and reduce full- cycle well costs INVENTORY IMPROVEMENT AND EXPANSION MULTI-BASIN PORTFOLIO ELEVATES PERFORMANCE • • . Multi-basin presence accelerates innovation and best practices Best-in-class technical applications honed across multiple basins Field development plan optionality enhances economics in real-time • Track record of improving well performance and profitability over time Inventory expansion through leveraging stacked-pay resources and economics Continually optimizing acreage position to lengthen laterals and centralize infrastructure OXY#11OUTLINE Differentiated Portfolio Second Quarter Highlights Value Creation Financials 11 OXY#12FINANCIALS SECOND QUARTER 2023 PERFORMANCE $1.0 B Free Cash Flow Generation OIL & GAS 1,218 Mboed; Full Year Guidance Increased 15 Mboed OXYCHEM Pre-Tax Income of $436 MM $425 MM Shares Repurchased $522 MM Preferred Equity Redemption Triggered INVESTMENT GRADE Fitch Rating Upgrade NOTE: FREE CASH FLOW EXCLUDES WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE 12 OXY#13FINANCIALS SECOND QUARTER 2023 RESULTS Reported Production versus Guidance Midpoint Reconciliation 13 Mboed Reported Adjusted diluted EPS1 ROCKIES $0.68 Reported diluted EPS1 $0.63 Strong base and new well performance, higher OBO volumes, nonrecurring royalty receipt +28 PERMIAN CFFO before working capital $2.7 B Strong base and new well performance in the Delaware, interest adjustments +14 Capital expenditures $1.6 B GULF OF MEXICO +6 Unrestricted cash balance as of 06/30/2023 $0.5 B Higher base performance INTERNATIONAL Continuing operations production (Mboed) 1,218 PSC driven impacts (6) OxyChem EBIT $436 MM +42 Midstream Adjusted EBIT $(78) MM NOTE: SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE; CASH FLOW FROM OPERATIONS (CFFO); OPERATED BY OTHERS (OBO); PRODUCTION SHARING CONTRACT (PSC) 1ADJUSTED AND REPORTED DILUTED SHARE COUNT 958.8 MM SHARES OXY#14FINANCIALS THIRD QUARTER AND FULL-YEAR 2023 GUIDANCE OIL & GAS A MIDSTREAM² 14 3Q23 FY 2023 Total Company Production (Mboed) Permian Production (Mboed) 1,166 - 1,206 1,185 - 1,235 Pre-tax Income 3Q23 $(170) - $(70) MM $(325) - $(175) MM FY 2023 568-588 571 - 589 Midland - MEH Spread $ / bbl. $0.15 - $0.25 $0.15 - $0.25 Rockies & Other Production (Mboed) 239-251 252 - 264 DD&A 3Q23 FY 2023 Gulf of Mexico Production (Mboed) 125-141 142-154 Oil & Gas $/ bbl. ~$13.90 ~$13.80 International Production (Mboed) 226-234 220-228 OxyChem, Midstream, & Corporate ~$800 MM Domestic Operating Cost $ / boe ~$10.50 -$9.70 Domestic Transportation Cost $ / boe ~$3.85 CORPORATE 3Q23 FY 2023 Total Company Production Oil % ~51.5 ~52.5 Domestic Tax Rate 22% Total Company Production Gas % ~25.3 ~24.7 International Tax Rate 40% Exploration Expense¹ $150 MM $460 MM Adjusted Effective Tax Rate ≥ 31% ≥ 30% Overhead Expense³ OXYCHEM Pre-tax Income 3Q23 FY 2023 ~$325 MM $1.4 - $1.6 B Total Company Capital Budget Interest Expense4 ~$2.4 B ~$0.9 B $5.4 - $6.2 B 1EXPLORATION EXPENSE INCLUDES EXPLORATION OVERHEAD 2GUIDANCE INCLUDES OXY'S PORTION OF WES ADJUSTED INCOME BASED ON LAST FOUR PUBLICLY AVAILABLE QUARTERS; QUARTERLY GUIDANCE AVERAGES THE QUARTERS; ANNUAL GUIDANCE IS THE SUM OF THE QUARTERS 3OVERHEAD EXPENSE IS DEFINED AS SG&A AND OTHER OPERATING AND NON-OPERATING EXPENSES, AND ADJUSTED FOR ITEMS AFFECTING COMPARABILITY 4INTEREST EXPENSE EXCLUDES INTEREST INCOME AND ASSUMES CURRENT DEBT MATURITY SCHEDULE OXY#15FINANCIALS PREFERRED EQUITY REDEMPTION 1Q23 $0.95 2Q23 4Q22 $0.68 $0.81 $4.081 3Q22 3Q23 through 08/02/23 Total from 08/03/22 $1.46 $0.18 3Q22 before 15 Year-To-Date >$4/Share Shareholder Distributions and Preferred Equity Redemption¹ 08/03/22 $0.72 Commodity prices key driver of future redemption pace Trailing 12-Month Shareholder Distributions $0.00 Dividends $1,286 MM excess distributions to common shareholders² + Mandatory $1,286 MM match to Berkshire Hathaway³ $2,572 MM total cash outlay - $0.13 Dividends $0.59 Repurchases $1.46 Repurchases $0.13 Dividends $0.68 Repurchases $0.13 Dividends $0.82 Repurchases $0.18 Dividends $0.50 Repurchases $0.18 Dividends $0.00 Repurchases Distribution added to rolling 12-month calculation $1,169 MM of preferred principal redeemed $117 MM of premium paid (10%) Mandatory redemption continues while trailing 12-month common distributions remain above $4/share NOTE: REPURCHASES = COMMON SHARE REPURCHASES; PER SHARE DISTRIBUTIONS CALCULATED DAILY BASED ON BASIC SHARE COUNT ON THE DAY OF EACH DISTRIBUTION 1AS OF 08/02/23 2EXCESS DISTRIBUTIONS DEFINED AS OVER $4 PER SHARE 3INCLUDES SHARES TO BE REDEEMED PER REQUISITE NOTICE GIVEN OXY#16Appendix 16#17APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview 17 OXY#18SHAREHOLDER RETURN FRAMEWORK ($) Sustainable & Growing Dividend Increased quarterly dividend to $0.18 per share in 2023 Dividend sustainable at $40 WTI Share Repurchases Enterprise Value Rebalancing х • • $3 B of share repurchases completed in 2022 Refreshed $3 B share repurchase authorization; ~40% complete Supports capital appreciation and per share dividend growth Preferred equity redemption underway Retire debt opportunistically and as maturities come due Continue EV rebalancing with appreciation to common shareholders 18 OXY#19FINANCIAL 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 ~$170 MM per $0.50/ MMBtu change in natural gas prices • Production changes ~400 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 Annualized cash flow changes $35 MM per $0.10/ MMbtu change in Waha to HSC spread 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 NOTE: ALL CASH FLOW SENSITIVITIES ARE PRE-TAX AND RELATE TO EXPECTED 2023 PRODUCTION AND OPERATING LEVELS; HOUSTON SHIP CHANNEL (HSC) 1BASED ON CHANGE FROM $79 BRENT 2REFLECTS COMMODITY PRICE MOVEMENTS ONLY, NOT ACCOUNTING FOR CHANGES IN RAW MATERIAL INPUT COSTS 19 OXY#20Capital $ B 2022 Actuals 2023 Plan 20 20 Oil & Gas $3.8 $4.3-4.7 Chemicals $0.3 $0.6 Midstream & Corporate $0.3 $0.3 Subtotal $4.4 $5.2 - $5.6 Net-Zero Pathway² $0.1 $0.2 - $0.6 Total Oxy Capital $4.5 $5.4 - $6.2 CAPITAL BUDGET - FEB 2023 2023 CAPITAL PLAN Sustaining Capital¹ • ~$300 MM change from 2022: Sustaining capital increased to ~$3.5 B for 2023+ related to higher production levels 2023 Capital • Program updates relative to 2022 spending: EOR to reach sustaining capital levels & timing of GoM projects . OxyChem spending for Battleground expansion and plant enhancement project $5.4 B- $6.2 B CAPITAL PROGRAM BY ASSET3 $0.3 $0.4 - $0.8 $0.6 $0.6 $0.5 $0.7 - $0.8 Exploration & Corporate Midstream & Marketing OxyChem • • Permitting success allows for additional DJ Basin drilling activity, partially offset by JV impact on working interest in Delaware Basin ~15% domestic inflation partially offset by expected capital efficiencies $200 MM - $600 MM for Emerging Low-Carbon and Net-Zero Pathway projects Capex range for oil & gas business relates to inflation, OBO, and working interest variability GoM International $2.3 - $2.6 Rockies & Other Permian 2023 Budget ($ B) NOTE: GULF OF MEXICO (GOM) 1MULTI-YEAR FLAT PRODUCTION ON AN ANNUAL BASIS IN A $40 WTI PRICE ENVIRONMENT 2NET-ZERO PATHWAY INCLUDES CAPITAL FROM ALL SEGMENTS BUT IS PRIMARILY DRIVEN BY LCV CAPITAL SPENDING WHICH IS INCLUDED IN THE MIDSTREAM SEGMENT 3APPRAISAL CAPITAL INCLUDED WITHIN EACH BUSINESS ABOVE, WILL BE INCLUDED WITH EXPLORATION IN REPORTED FINANCIALS OXY#21FINANCIAL INFORMATION DILUTED SHARE COUNT EXAMPLE Basic Shares Outstanding + Incremental Diluted Shares = Total Diluted Outstanding Shares • Incremental diluted shares include June 2020 warrants, Berkshire Hathaway warrants, and performance awards • Treasury method assumes proceeds from exercised securities used to repurchase common stock Variables for warrant dilution calculation 2Q23 dilution summary MM OXY 2Q23 average share price $59.99 2Q23 basic average shares outstanding 889.3 June 2020 average outstanding warrants (MM) 103.8 June 2020 warrants + 65.8 June 2020 warrants strike price $22.00 Berkshire Hathaway warrants + 0.5 Berkshire Hathaway outstanding warrants (MM) 83.9 Performance awards + 3.2 Berkshire Hathaway warrants strike price $59.62 2Q23 diluted average shares outstanding = 958.8 Example: treasury method calculation of June 2020 warrant dilutive share impact¹ 2Q23 OXY average share price June 2020 warrants strike price 2Q23 OXY average share price 1SIMILAR FORMULA USED FOR BERKSHIRE HATHAWAY WARRANTS DILUTED SHARE IMPACT ✓ 2Q23 average June 2020 warrants outstanding Incremental diluted shares 21 21 OXY#2222 22 APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview OXY#23OIL & GAS UPDATE DOMESTIC ONSHORE ASSETS ROCKIES 2023 ACTIVITY 23 Powder River Basin ~2 Net Rigs Powder River Basin 90-105 Wells Online Powder River Basin PERMIAN 2023 ACTIVITY $2.3 B-$2.6 B ~24 Gross Capex Rigs ~11 Net Rigs 380-410 Wells Online $0.7 - $0.8 B Capex ~3 Gross Rigs 100% 100% OBO OBO EOR OBO Base Maint Base Maint EOR EOR Midland Midland Facilities Facilities Midland 75% 75% New Mexico New Mexico New Mexico Drill Complete & Equip 50% Drill Complete 50% DJ Basin & Equip 25% TX Delaware TX Delaware TX Delaware 25% DJ Basin DJ Basin 0% 0% Net Capex by Type Gross Operated Rigs Total Net Rigs 1 Wells Online² 2 Net Capex by Type Gross Operated Rigs Total Net Rigs' 1 Wells Online² 2 YTD $1.5 B 25 rigs 13 rigs 157 wells YTD $0.4 B 3 rigs 2 rigs 35 wells ¹NET RIGS SHOWN BY WORKING INTEREST (PERMIAN BASIN INCLUDES JV CARRY IMPACT) 2GROSS COMPANY OPERATED WELLS ONLINE OXY#24DJ BASIN - WELL DESIGN CHANGES DRIVING CAPITAL EFFICIENCY 24 Subsurface Design Niobrara Benches Codell Niobrara Benches Codell Previous 18 WPS Niobrara: 27 bpf/800 ppf Codell: 18 bpf/550 ppf Enhanced 8-12 WPS Execution Driving Innovation and Efficiency • • Oxy's ingenuity in well design and execution enabling the development of unique locations in a cost-effective manner Set new drilling cycle time records in all lateral length categories 2Q23 including 32% improvement in ft/d Highest pumping hours in June for two major frac providers' fleets across all basins Production uptime increase of 10% relative to 2019 due to: о Optimized artificial-lift timing Niobrara: 40 bpf/1,500 ppf Codell: 35 bpf/1,100 ppf о Gas lift utilization о о Full bulk-and-test facility design • Optimized spacing, landings, and right-sized completions to improve productivity and limit interference Development designs optimized with machine learning and Oxy's proprietary workflows Al-driven plunger lift optimization Electric, CNG, and battery (BESS) powered rig utilization and capability driving down emissions intensity Performance Development Optimization • • Cumulative bo/ft Smaller surface impacts and accelerated time-to-market Resilient economics at lower commodity prices Developing the same reserves for 20% less capital 20 15 10 5 Enhanced Design Previous Design 0 0 4 8 12 Months 16 20 24 OXY NOTE: WELLS PER SECTION (WPS); BARRELS PER FOOT (BPF); POUNDS PER FOOT (PPF); COMPRESSED NATURAL GAS (CNG); BATTERY ENERGY STORAGE SYSTEM (BESS)#25Average 6-month cum. oil, Mbbl 30 60 60 90 00 120 150 0 OXY OIL & GAS UPDATE LEADING DELAWARE BASIN WELL PERFORMANCE AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR¹ AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR² Oxy is 31% above the 6-month basin average Oxy is 21% above the 12-month basin average 180 250 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 Basin Average 150 200 Average 12-month cum. oil, Mbbl 0 50 50 100 NOTE: AS OF 4022 EARNINGS PRESENTATION 1SOURCE: ENVERUS PRISM DATA AS OF 02/01/23, HORIZONTALS >500FT ONLINE SINCE JANUARY 2020 WITH 6-MONTH OIL PRODUCTION AVAILABLE. MINIMUM 50 WELLS. PEERS INCLUDE ADVANCE, APA, BPX, BTA, CONTINENTAL, COP, CPE, CTRA, CVX, DVN, EOG, ESTE, FANG, MEWBOURNE, MTDR, MISC OTHER PRIVATES, PDCE, PR, TAP ROCK, XOM 2SOURCE: ENVERUS PRISM DATA AS OF 02/01/23, HORIZONTALS >500FT ONLINE SINCE JANUARY 2020 WITH 12-MONTH OIL PRODUCTION AVAILABLE. MINIMUM 50 WELLS. PEERS INCLUDE BPX, BTA, COP, CPE, CTRA, CVX, DVN, EOG, FANG, MEWBOURNE, MTDR, MISC OTHER PRIVATES, PR, TAP ROCK, XOM OXY Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 OXY Basin Average 25#26DOMESTIC INVENTORY & INNOVATION Depth of low-breakeven inventory demonstrates quality and quantity of Oxy's domestic unconventional portfolio Superior execution and innovative designs enable more efficient access to hydrocarbons Continuous improvement of acreage position enhances future development opportunity Increased lateral length 4% from 2021 inventory to an average of 10,000' Total Gross Operated Locations Domestic Onshore Operated Inventory 8,000 26 6,885 6,000 4,000 2,000 1,321 3,812 5,592 Breakeven <$30 Breakeven <$40 Permian Unconventional Breakeven <$50 Rockies Breakeven <$60 Reeves Co. Acreage Trades Oxy Tie-To-Production (TTP) Oxy-developed proprietary workflow to optimize subsurface design driving higher oil productivity and lower water-cuts Oxy TTP used to customize frac designs, well spacing, and landing points while also mitigating parent/child interference Workflow has resulted in maturation of appraisal inventory and contributed to record well results TAP RR CO BLK ST OLKST T TEP RR CO BLX 57 T2 OLK TSPR CO BLK SETI T&P RR CO BLK 5013 Continually optimizing acreage position to lengthen laterals, centralize infrastructure, and increase value LEGEND POST-TRADE 1 DSU POST-TRADE 2 DSU OXY OPERATED COUNTERPARTY OPERATED NOTE: BREAKEVEN DEFINED AS POSITIVE NPV 10, WELL COSTS USED IN ANALYSIS BASED ON 2022 BUDGET AND INCLUDE DRILLING, COMPLETION, HOOK-UP AND FIRST LIFT; INVENTORY DATA AS OF 4Q22 EARNINGS PRESENTATION OXY#27Al Hosn Gas - Project Execution and Operational Excellence • World-class, state-of-the-art sour-gas project . . Plant capacity increased twice between 2016 and 2018 with minimal capital investment • 2021: Expansion project commenced; Saipem awarded EPC, long lead items procured . . 2022: Full plant 1Q shutdown to substantially complete plant expansion tie-ins, record production levels achieved in 2H22 • 2023: Al Hosn Gas expansion from 1.28 Bcfd to 1.45 Bcfd (Oxy net ~94 Mboed) Al Hosn Gas Plant 22 27 OXY#28APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview 28 OXY#29• 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 • • Gulf of Mexico 10 active operated platforms Significant free cash flow generation Sizeable inventory of remaining tie-back opportunities OxyChem Leading manufacturer of basic chemicals and significant cash generator Rockies • A leading position in the DJ Basin 19% о 0.8 MM net acres including vast minerals position 194 Among the largest producers in Colorado with significant free 135 cash flow generation Emerging Powder River Basin 0.3 MM net acres Oxy Midstream Integrated infrastructure and marketing provide access to global markets 34 29 29 1,218 Mboed Production Permian Rockies & Other Dmstc. 582 ■ Gulf of Mexico Middle East Algeria & Other Intl. 273 ■ Domestic 81% ■ 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 06/30/2023 • 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#30OXYCHEM 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 37 awards from the American Chemistry Council for 2022 safety and environmental performance Caustic and PVC $/ton $ MM 30 2,500 Pre-Tax Earnings (EBIT)1 2,000 1,500 1,000 500 0 2,000 1,600 1,200 800 400 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E Full-Year Guidance Profitability Drivers 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Caustic Soda Price² 2 -PVC Price ³ 3 10XYCHEM PRE-TAX EARNINGS EXCLUDE ITEMS AFFECTING COMPARABILITY 2US EXPORT SPOT GULF PRICE 3NEXANT US PRICE OXY#31Quarterly Pre-Tax Income ($ MM) MIDSTREAM & MARKETING GUIDANCE RECONCILIATION $200 $150 $100 $50 $0 $(50) $(100) $(150) $(200) ■ 2Q23 Guide 2Q23 Actuals 3Q23 Guide 31 PHYSICAL MIDSTREAM BUSINESS 2Q23 income exceeded guidance due to lower gas processing costs and gains on investments. 3Q23 guidance lower due to lower margin expectations PERMIAN TO GULF COAST SHIPPING 3Q23 guidance lower due to annual FERC transportation rate escalations and outlook for MID-MEH spread CRUDE EXPORTS FROM GULF COAST 2Q23 income below guidance due to timing of cargo sales (offset in MTM). 3Q23 guidance increase due to expected timing impacts of cargo sales ALL OTHER MARKETING 2Q23 income below guidance with 3Q23 guidance expected to reduce further due to narrowing 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 Total Midstream & Marketing EBIT . 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, PERMIAN EOR GAS PROCESSING PLANTS, AND OLCV 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#32MIDSTREAM AND MARKETING NARROWING WAHA-HOUSTON SHIP CHANNEL SPREAD . Narrowing natural gas spreads and moderating market volatility lessen Oxy's gas marketing income potential 1.0 Permian to Gulf Coast gas spread has contracted as basin supply/demand balance has stabilized due to: о • Third party pipeline maintenance 0.0 о Higher ethane recovery $/MMbtu (1.0) (2.0) о Increased pipeline flows to the Southwest, California and Mexico о ⚫ Hotter temperatures driving intra-basin gas demand (3.0) (4.0) • Midstream & Marketing's annualized cash flow changes $35 MM per $0.10/ MMbtu change in Waha to HSC spread Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Waha and HSC Spread Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 ...... HSC Actual HSC Forecast Jan-24 Apr-24 Jul-24 Oct-24 Waha Actual Waha Forecast OXY 32#33ONE OF THE LARGEST U.S. ACREAGE HOLDERS ROCKIES 1.1 MM ACRES POWDER RIVER 0.3 MM DJ BASIN 0.8 MM Excludes acreage outside of active operating areas 9.5 MM Net Total U.S. Acres POWDER RIVER DJ BASIN PERMIAN 2.8 MM ACRES UNCONVENTIONAL 1.4 MM CONVENTIONAL 1.4 MM OTHER ONSHORE TOTAL ACREAGE 4.6 MM Other Onshore U.S. consists of acreage and fee minerals outside of Oxy's core operated areas PERMIAN GULF OF MEXICO GULF OF MEXICO TOTAL ACREAGE 1.0 MM 33 NOTE: AS OF 06/30/2023; ACREAGE TOTALS ONLY INCLUDE OIL AND GAS MINERALS; OXY HAS 0.7 MM ONSHORE AND 1.0 MM OFFSHORE NET ACRES ON FEDERAL LAND; ONSHORE FEDERAL ACREAGE COMPRISED OF 0.24 MM PERMIAN RESOURCES, 0.004 MM DJ BASIN, AND POWDER RIVER BASIN, CO2 SOURCE FIELDS, AND OTHER OF 0.43 MM OXY#34U.S. ONSHORE OVERVIEW ROCKIES 1.1 MM ACRES 2Q23 NET PRODUCTION Oil (Mbod) NGLS (Mbbld) Gas (MMcfd) Total (Mboed) Permian 333 141 646 582 Rockies & Other Dmstc. 76 100 586 273 Total 409 241 1,232 855 PERMIAN 2.8 MM ACRES OPTIMIZED DEVELOPMENT STRATEGY ADVANCED SUBSURFACE CHARACTERIZATION DEPLOY POWERFUL TECHNOLOGY STRATEGIC INFRASTRUCTURE NOTE: AS OF 06/30/2023; ACREAGE AMOUNTS REPRESENT NET ACRES 34 OXY#35GULF OF MEXICO OVERVIEW TEXAS LOUISIANA BOOMVANG NANSEN 日 甲 BE GUNNISON CONSTITUTION CAESAR/TONGA LUCIUS 日 ☐ ALABAMA MISSISSIPPI HOLSTEIN ㅁ ☐ HEIDELBERG NOTE: AS OF 06/30/2023; ACREAGE AMOUNTS REPRESENT NET ACRES H Q D GULF OF MEXICO TOTAL ACREAGE 1.0 MM 2Q23 NET PRODUCTION MARLIN Oil (Mbod) 112 HORN MOUNTAIN NGLS (Mbbld) 10 □ ㅁ Gas (MMcfd) 78 ㅁ Total (Mboed) 135 MARCO POLO 35 OXY#36INTERNATIONAL OVERVIEW 2Q23 NET PRODUCTION Gas Oil NGLS Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 28 3 15 34 Al Hosn 15 25 289 88 Dolphin 6 8 152 39 Oman 58 I 53 67 Total 107 36 36 509 228 NOTE: AS OF 06/30/2023; ACREAGE AMOUNTS REPRESENT GROSS ACRES MENA U.A.E. 2.5 MM ACRES ALGERIA 0.5 MM ACRES OMAN 6.0 MM ACRES 36 OXY#37APPENDIX Financial Information Oil & Gas Update Asset Overview LCV Overview 37 OXY#38CCUS 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: INFLATION REDUCTION ACT (IRA) $50/t $200-250/t $85/t $100-150/t $50 - 85/t ~$35 - 100/t 38 OXY#39DIRECT AIR CAPTURE PROGRESS TOWARD DAC 1 - STRATOS LICENSE TO BUILD Exclusive DAC and AIR TO FUELS TM license for U.S. deployment. OLCV has a worldwide agreement with Carbon Engineering 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 last summer with a definitive agreement for the EPC contract completed in 1Q23; first facility expected to remove up to 500,000 tonnes of CO2 annually CONSTRUCTION UNDERWAY FOR STRATOS Site preparation and roadwork at Stratos in Ector County, Texas began in 3Q22; Stratos expected operational in mid-2025 NOTE: AIR TO FUELSTM IS A REGISTERED TRADEMARK OF CARBON ENGINEERING LTD. Site preparation for Stratos 39 OXY#40OXY ZERO INT