Domestic Inventory and Well Costs

COMPLETE Increased quarterly common dividend to $0.13 per share 2022 - IN PROGRESS Repurchase $3 B of shares in 2022 2023+ Allocate ECF to share repurchases with potential outcome of partial preferred equity redemption Repaid $9.6 B of principal and reduced gross debt <$19 B1 Continue to reduce debt with the goal of regaining investment grade credit ratings Dividend growth sustainable at $40 WTI 5 SHAREHOLDER RETURN FRAMEWORK Near-term debt targets achieved Completed >85% of $3 B share repurchase program1 2023+ excess cash flow shifts from debt reduction to shareholder returns NOTE: EXCESS CASH FLOW (ECF) = OPERATING CASH FLOW 1AS OF 11/07/2022 - CAPEX - DEBT MATURITIES COMMON & PREFERRED DIVIDENDS OXY

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