Occidental Petroleum Corporation · NYSE:OXY
Occidental Petroleum — Q3 2025 Earnings Presentation
35 slides from Occidental Petroleum's earnings presentation, Nov 11, 2025
Slide 1: Third Quarter 2025 Earnings
HIRD QUARTER
Slide 2: Cautionary statements
Cautionary statements Forward-Looking Statements This presentation contains "forward-looking statements” within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1998, including but not limited to statements about Occidental Petroleum Corporation's (Occid
Slide 3: Key Takeaways
Key Takeaways Zero In on Value OPERATIONS G == a =) = s = a RESOURCES Operational excellence driving financial results ~$3.2 B CFFO! powered by strong operations across multiple segments Strong operating cost performance across Oil & Gas, with segment achieving its lowest quarterly LOE $ / boe since
Slide 4: Outline
Outline O71 OXYCHEM TRANSACTION 02 03 O04 O05 THIRD QUARTER HIGHLIGHTS PERMIAN OPPORTUNITIES FINANCIALS CLOSING COMMENTS fe?)
Slide 5: Strategic move to accelerate opportunities in core business and integrated technologies
Strategic move to accelerate opportunities in core business and integrated technologies Unlocks resource potential and business value Reallocate capital to high-return oil and gas projects Enables acceleration and significant organic expansion of low-cost resource development Progresses advanced rec
Slide 6: Accelerate U.S. Onshore Unconventional Value
ACCELERATE U.S. ONSHORE UNCONVENTIONAL VALUE Expanding and adding low-cost resources Delaware Basin: New bench development With existing infrastructure Midland Basin: New Barnett expansion with leading well performance and ultra-low development cost dle to existing position Powder River Basin and Ce
Slide 7: Outline
Outline O1 — OXYCHEM TRANSACTION O2 THIRD QUARTER HIGHLIGHTS OS PERMIAN OPPORTUNITIES O4 FINANCIALS OS CLOSING COMMENTS fe?)
Slide 8: Third quarter highlights
Third quarter highlights Outperforming with focused execution in 3Q25 7 OIL & GAS Eo 1,465 Mboed Total Company Production; Outperformed High End of Guidance Range MIDSTREAM +$153 mm Adjusted Pre-Tax Income Outper formance FINANCIAL NN $1.38 Debt Repayments $20.8 B Principal Debt Balance? G)
Slide 9: Delivering continued efficiency gains in U.S. operations
Delivering continued efficiency gains in U.S. operations 3025 Domestic | Production +34 Mboed Above 3Q guidance | Sustained Reduction in FY25 Capital $300 mm Sustained from 20 update J Further Reduction in FY25 Domestic Operating Costs S170 mm* $20 MM lower than 1Q update *FY outlook vs 2025 origina
Slide 10: Outline
Outline O1 OXYCHEM TRANSACTION O2 THIRD QUARTER HIGHLIGHTS 03 PERMIAN OPPORTUNITIES O4 FINANCIALS OS CLOSING COMMENTS 10 fe?)
Slide 11: Focused on FCF and value
Focused on FCF and value VALUE DRIVERS: menting projects that maximize resource al with existing assets and infrastructure g to improve cost efficiencies ‘ogressing advanced recovery and integrated chnologies LS Oxy wa
Slide 12: Leveraging subsurface expertise and advanced recovery to develop low-cost Permian resources
Leveraging subsurface expertise and advanced recovery to develop low-cost Permian resources DEVELOPING SECONDARY BENCHES EXPANDING DEVELOPMENT IN THE DELAWARE BASIN IN THE MIDLAND BASIN EXPANDING EOR AND ADVANCED RECOVERY TECHNOLOGIES Secondary bench development with e infrastructure > Leading well
Slide 13: Oxy Secondary Bench vs Peer Delaware
• • 25 20 15 10 5 0 1 2 3 4 5 6 7 8 9 10 11 12 2022 2024-2025 Oxy Secondary Bench Peer Delaware
Slide 14: Midland Basin
Midland Basin Transforming our position and delivering best-in-class results Executed a multi-year seas ae . : Harnessed the scale and Increased well performance; initiative to identify and synergies of combined Oxy outpacing peers improve Midland Basin and CrownRock teams to resource potential appl
Slide 15: Peer Average vs Oxy 2025 YTD
Peer Average Oxy 2023 2025 YTD
Slide 16: Enhanced Oil Recovery
Enhanced Oil Recovery Expanding EOR into Unconventionals; >2 billion BOE resource opportunity Unconventional EOR demonstration projects successful; generate 45%+ oil uplift * Multiple demonstrations across Midland and Delaware basins with consistent recovery results Midland Basin CO, UEOR Demonstrat
Slide 17: Outline
Outline 17 O01 OXYCHEM TRANSACTION O2 THIRD QUARTER HIGHLIGHTS OS PERMIAN OPPORTUNITIES O4 FINANCIALS OS CLOSING COMMENTS fe?)
Slide 18: Third quarter 2025 results
Third quarter 2025 results 18 Adjusted diluted EPS! Reported diluted EPS! CFFO before working capital Net capital expenditures? Unrestricted cash balance as of 09/30/2025 Worldwide production (Mboed) OxyChem pre-tax income Midstream adjusted pre-tax income Reported $0.64 $0.65 $3.2 B $1.7B $2.2B 1,4
Slide 19: Fourth quarter 2025 guidance
Financials Fourth quarter 2025 guidance Total Company Production (Mboed) 1,440 - 1,480 Pre-tax Income $15 - $115 MM Permian Production (Mboed) 795 - 815 Midland - MEH Spread $ / bbl $0.25 - $0.35 Rockies & Other Production (Mboed) 271-277 Gulf of America Production (Mboed) 144-152 International Prod
Slide 20: Enhanced return of capital program
Enhanced return of capital program OxyChem transaction enables enhanced shareholder returns and enterprise value rebalancing 20 01 02 03 04 O05 Sustainable and growing dividend Immediate debt repayment of ~$6.5 B > Achieves post-CrownRock debt target of <$15 B Opportunistic multi-year share repurcha
Slide 21: Post-CrownRock Debt Repayments
$30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 Post-CrownRock 2024 2025 Expected Post-Transaction Expected Post-Transaction Debt Repayments Repayments Debt Repayments Debt Balance
Slide 22: Outline
Outline O01 OXYCHEM TRANSACTION O2 THIRD QUARTER HIGHLIGHTS OS PERMIAN OPPORTUNITIES O4 FINANCIALS OS CLOSING COMMENTS 22 fe?)
Slide 23: Diversified oil and gas assets with focus on advanced recovery
Diversified oil and gas assets with focus on advanced recovery Core oil & gas integrated techno Premier U.S. Onshore low- resource position with uniq EOR opportunity . Steady cash flow from convent GoA and international assets wi ex. a strong track record Integrated technologies in CO5 © capture, us
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Slide 25: Financial Information: Cash Flow Sensitivities
Financial Information Cash Flow Sensitivities OIL&GAS = MIDSTREAM & MARKETING [1-1 > Annualized cash flow changes ~$265 MM per > Annualized cash flow changes ~$60 MM per $1.00 / bbl change in oil prices $0.25 / bbl change in Midland to MEH spread + ~$240 MM per $1.00 / bbl change in WTI + ~35-day la
Slide 26: Financial Information: Diluted Share Count Example
Financial 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 se
Slide 27: Facilities and Growth Capex
100% Facilities 100% TX Delaware Growth TX Capex Delaware 75% 75% Drilling Development Sustaining 50% 50% and Capex New Completion Drilling Development Sustaining Mexico and New Capex Completion Mexico 25% 25% 0% 0% Net Capex Gross Total Wells Net Capex Gross Total Wells by Type Operated Rigs Net Ri
Slide 28: Peer comparison
100 150 200 0 50 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 15 100 150 250 300 0 200 50 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
Slide 29: 3Q25 Guide, 3Q25 Actuals, 4Q25 Guide
3Q25 Guide 3Q25 Actuals 4Q25 Guide $200 $150 $100 $50 $0 $(50) $(100) $(150) $(200)
Slide 30: Stratos Direct Air Capture Facility
30 RATOS DIRECT AIR CAPTURE FACILITY Progressing start-up activities Ke Todi ae at STR ATOS fi < (250 KTPA Capacity) 01 Achievements: > Completed construction for Trains 1 & 2 and Central Processing facilities > Commenced wet commissioning with water circulation 2 @ 2 2 x 2 3 ot ° > Received Class V
Slide 31: Powder River and DJ Basin
Powder River DJ Basin Unconventional Conventional Total Acreage Total Acreage
Slide 32: Production by product: Oil, NGLs, Gas
Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) + +
Slide 33: Alabama, Mississippi, Texas, Louisiana acreage
ALABAMA MISSISSIPPI TEXAS Total Acreage LOUISIANA
Slide 34: Production by product: MENA
Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) MENA
Slide 35: Abbreviations and Definitions
Abbreviations and Definitions Abbreviations FY GAAP GOA Defini: Cash Flow Free Cash Net Capital Resources 35 Billion Barrel Billion Barrels of Oil Equivalent Barrel of Oil Equivalent Carbon Engineering Innovation Centre Cash Flow From Operations Carbon Dioxide Earnings Before Interest and Taxes Enha