Investor Presentaiton

Best-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

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