Domestic Inventory and Well Costs

19 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

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