OXYCHEM Market Analysis and Guidance

SHAREHOLDER 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

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