Occidental Petroleum Corporation · NYSE:OXY
Occidental Petroleum — Q2 2026 Earnings Presentation
35 slides from Occidental Petroleum's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter Earnings Call
SECOND QUARTER EARNINGS CALL AUGUST 6, 2026
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 1995 , including but not limited to statements about Occidental Petroleum Corporation’s (Oc
Slide 3: Strategic Priorities to Deliver Shareholder Value
STRATEGIC PRIORITIES TO DELIVER SHAREHOLDER VALUE Executing from a strong Organically improving balance sheet our resources Continuing cost Generating differentiated efficiencies cash flow 3
Slide 4: Strong operations and improved financial position delivering value
Strong operations and improved financial position delivering value Prioritizing excess On track for cost Increasing cash flow to reach savings while sustainable $10 B principal debt delivering more cash flow milestone production → Reduced principal debt to → U.S. Unconventional well costs → Total im
Slide 5: Delivering differentiated, sustainable cash flow growth by 2030
Oxy‘s Competitive Advantage Delivering differentiated, sustainable cash flow growth by 2030 WHAT WE HAVE WHAT WE DO DIFFERENTLY WHY IT MATTERS ADVANTAGED, RIGHT SIZED ADVANCED RECOVERY + IMPROVING SUSTAINABLE CASH FLOW RESOURCES VALUE - BASED DEVELOPMENT AND VALUE BY 2030 AND BEYOND → Well understoo
Slide 6: +$4.0 B in annual sustainable cash flow expected by 2030
+$4.0 B in annual sustainable cash flow expected by 2030 Measured, efficiency -led growth can add further cash flow $ 12.7 B ~95% INCREASE IN ANNUAL $10.1 B SUSTAINABLE CASH FLOW Increased Allocated through disciplined priorities Sustainable Cash Flow +$4.0 B Sustainable Cash Flow + $0.8 B O&G Effic
Slide 7: Clear milestones underpin 2030 sustainable cash flow growth
Clear milestones underpin 2030 sustainable cash flow growth → Cost savings driven by O&G efficiencies , CASH FLOW DELIVERY MILESTONES (vs. 2025) Midstream and LCV changes and lower corporate costs • 12% U.S. Onshore new well cost improvement → Improved decline rate and capital efficiencies reduce su
Slide 8: Cash flow priorities to maximize value
Cash flow priorities to maximize value INCREASING SUSTAINABLE Disciplined cash flow priorities will enable us to IMPROVING VALUE CASH FLOW TO DRIVE make decisions to improve value while balancing RETURN ON AND OF CAPITAL operational and market considerations FOUNDATIONAL PRIORITIES HOW WE THINK ABOU
Slide 9: Our Value Proposition
Our Value Proposition 2030+ Growing durable value and return of capital by increasing sustainable cash flow through the cycle IMPROVE CFFO REDUCE GROW VALUE Improve capital efficiency SUSTAINING CAPITAL Grow sustainable cash flow by increasing CFFO and reducing R educe expenses Improve capital effic
Slide 10: Accelerated debt reduction brings principal debt to $11.8 B
Financial Highlights Accelerated debt reduction brings principal debt to $11.8 B $630 MM of current run -rate interest savings vs. 2025 Debt Reduction Progress, $B $30.0 $17.1 B of debt repaid in 24 months creating a minimal near -term maturity profile $28.9 B $8.5 B $25.0 $20.0 Annual Debt Maturity
Slide 11: Second Quarter Highlights
Second Quarter Highlights Operational and financial outperformance OIL & GAS MIDSTREAM 1,433 Mboed Total Company Production; $ 961 MM Adjusted Pre - Tax Income; Surpassed High End of Guidance Range Exceeds Previous 2018 Record FINANCIAL BALANCE SHEET $ $3.0 Free Cash Flow B 1; $8.6 Debt Retired Year
Slide 12: Second Quarter 2026 Results
Financials Reported Production versus Guidance Midpoint Second Quarter 2026 Results Reconciliation Mboed Reported GOA Base uptime and maintenance +12 optimization Adjusted diluted EPS 1 $2.40 PERMIAN Reported diluted EPS 1 $2.75 Strong base and new well performance and +11 non - recurring OBO volume
Slide 13: 3Q26 and Full-Year 2026 Guidance
Financials 3Q26 and Full - Year 2026 Guidance OIL & GAS 3Q26 FY26 2 MIDSTREAM 3Q26 FY26 Total Company Production (Mboed) 1,400 - 1,440 1,423 - 1,453 Pre -tax Income $(100) - $100 MM $1,300 - $1,500 MM Permian Production (Mboed) 795 - 815 801 - 817 Midland - MEH Spread $ / bbl $0.25 - $0.35 $0.50 - $
Slide 14: A Portfolio Designed for Opportunity. A Team Driven to Deliver.
• Competitive, Agile Portfolio with ~16.5 BBOE A Portfolio Designed for Opportunity. A Team Driven to Deliver. • Exceptional Unconventional Well Performance and Cost Efficiency • World Leading EOR and Advanced Recovery Position • Resilient GOA and International Conventional Assetswith Opportunistic
Slide 15: Appendix
APPENDIX 15
Slide 16: Built the foundation. Ready to execute.
10 - Year Transformation Built the foundation. Ready to execute. TRANSFORMED THE BUSINESS EXECUTING WITH EXCELLENCE DELIVERING VALUE • >100% organic RRR every • Prioritizing balance sheet 2x year since 2020, with 3 -yr. $2 B • Plan targets $500 MM cost $10 B strength through additional Total resourc
Slide 17: 2026 well costs on track for 7% improvement vs. 2025
U.S. Unconventional Cost Progress 2026 well costs on track for 7% improvement vs. 2025 DELIVERING TOP TIER INCREASING OPTIMIZING SCALING SIMULTANEOUS CAPITAL EFFICIENCY (DC&E) WELLS/PAD LATERAL LENGTH COMPLETIONS ~$515/ft Midland Well Cost 1 25 % ~10 % >45 % Increase in average Increase in U.S. of U
Slide 18: Aiming to deliver an additional ~$0.5 B in sustainable cost savings in 2026
2026 Plan Aiming to deliver an additional ~$0.5 B in sustainable cost savings in 2026 2025 (vs. 2023) 2026 (vs. 2025) WE EXPECT TO ACHIEVE THIS THROUGH: → Capital efficiency Well Cost → Operating cost reduction → Technology integration F&C Operating & → Midstream optimization Transportation Costs >
Slide 19: Continued efficiency and program allocation enable 8% lower capital
2026 Plan Continued efficiency and program 2025 vs. 2026 allocation enable 8% lower capital $550 MM CAPITAL REDUCTION ~ 1% PRODUCTION GROWTH Annual Capital Allocation Changes, $B $5.5 - $5.9 B $6.23 B Capital Range $200 MM $6.0 $5.7 B ($400 MM) ($100 MM) ($250 MM) $4.0 ~70% cost $300 MM oil & gas sa
Slide 20: Operational efficiencies underpin expected >$1.2 B free cash flow improvement in 2026
2026 Plan Operational efficiencies underpin expected >$1.2 B free >$1.2 B cash flow improvement in 2026 2026 Improvement • Oil & Gas +$300 MM from capital savings and Oil & Gas program allocation, +$200 MM operating cost savings and lower transportation costs • Midstream +$400 MM from crude contract
Slide 21: 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 22: Cash Flow Sensitivities
22 Financial Information Cash Flow Sensitivities OIL & GAS MIDSTREAM & MARKETING → Annualized cash flow changes ~$265 MM per → Annualized cash flow changes ~$55 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 price • ~35
Slide 23: Reducing corporate base decline improves base production
Financial Information Reducing corporate base decline improves base production and lowers future sustaining capital 1 STARTING POINT: ENTRY RATE Illustrative Base Decline Methodology Illustrative Entry Entry Rate 1,000 Mboed Rate 20% Base Decline 2 ENTRY-TO-EXIT DECLINE FY Avg. @ 20% @ 25% decline @
Slide 24: Domestic Onshore Activity Plan Update
Operations Update Domestic Onshore Activity Plan Update Permian 2026 activity Rockies 2026 activity ~$3.1 B Capex ~ 19Gross Rigs ~14 Net Rigs 485- 515 ~$0.8 B Capex ~3 Gross Rigs ~3 Net Rigs 150 - 170 Wells Online Wells Online OBO Facilities OBO 100% OBO 100% EOR Base Maint Base Maint TX EOR EOR Fac
Slide 25: Midstream & Marketing Guidance Reconciliation
Operations Update Midstream & Marketing Physical midstream & LCV businesses Guidance Reconciliation → 2Q26 income above guidance due to higher sulfur pricing at Al Hosn 2Q26 Guide 2Q26 Actuals 3Q26 Guide $1,000 Crude exports from U.S. Gulf Coast $800 → 2Q26 income above guidance due to timing -Tax I
Slide 26: Progressing start-up activities at STRATOS
Operations Update Progressing start - up STRATOS DIRECT AIR CAPTURE FACILITY activities at STRATOS 01 Achievements: → Completed construction for Trains 1 & 2 and Central Processing facilities → Completed wet commissioning with water circulation → Received Class VI permits to sequester CO 2 → Ran CO
Slide 27: Well performance leadership in U.S. Onshore
Operations Update Well performance leadership in U.S. Onshore Average 6 -Month Cumulative Oil (Bo/ft) >10% better than industry across all Oxy Operated U.S. Onshore basins 18 16 + 32% better average +27% 6 -month cumulative + 36 % 14 production (Boe/ft) 12 +10% 10 +16% 8 6 4 2 0 DJ Midland Powder Ri
Slide 28: Horn Mountain Waterflood
Operations Update Horn Mountain Waterflood Low F&D, high cash margin driving strong returns Horn Mountain Spar PROJECT HIGHLIGHT S Reservoir • Two injection wells • 40 -50% IRR • Doubles recovery factor; • Initial injection expected 2H27 adds over two decades to • Expected peak production uplift tot
Slide 29: Oxy's Integrated Portfolio
OIL & GAS MIDSTREAM Oxy’s Integrated Portfolio Diversified assets with a Integrated infrastructure and marketing focus on advanced recovery provide access to global markets Permian Unconventional Permian Conventional 27 • 1.2 MM net acres including premier Delaware and Midland • 1.2 MM net acres 1,4
Slide 30: One of the Largest U.S. Acreage Holders
Resources & Portfolio One of the Largest U.S. Acreage Holders 8. 5 MM Net Total U.S. Acres Rockies 0.7 MM Acres Permian 2.4 MM Acres Powder River 0.2 MM 0.5 MM 1.2MM Powder River DJ Basin Unconventional Excludes acreage outside of active operating areas DJ Basin 1.2MM Conventional Other Onshore Gulf
Slide 31: U.S. Onshore Overview
Resources & Portfolio U.S. Onshore Overview 2Q26 Net Production Rockies 0.7 MM Acres Oil NGLs Gas Total (Mbod ) (Mbbld ) (MMcfd ) (Mboed ) Permian 407 213 1,106 804 Rockies & Other Domestic 86 79 687 280 Total 493 292 1,793 1,084 Optimized Advanced Deploy Strategic Permian Development Subsurface + P
Slide 32: Gulf of America Overview
Resources & Portfolio Gulf of America Overview Gulf of America ALABAMA TEXAS MISSISSIPPI 0.9 MM Total Acreage LOUISIANA 2Q26 Net Production Horn Mountain Oil ( Mbod ) 121 Marlin NGLs ( Mbbld ) 11 Holstein Gas ( MMcfd ) 74 Constitution Boomvang Total ( Mboed ) 144 Marco Polo Heidelberg Lucius 32 Note
Slide 33: International Overview
Resources & Portfolio International Overview 2Q26 Net Production UAE 1 Oil NGLs Gas Total 2.5 MM Acres (Mbod ) (Mbbld ) (MMcfd ) (Mboed ) Algeria & Other Int’l. 21 3 14 27 Al Hosn 13 22 235 74 Dolphin 6 5 153 36 Oman 59 - 54 68 Algeria Oman Total 99 30 456 205 0.5 MM Acres 6.0 MM Acres MENA Note: As
Slide 34: CFFOP, Sustaining Capital and Sustainable Cash Flow
Reconciliation to Generally Accepted Accounting Principles (GAAP) CFFO P , Sustaining Capital and Sustainable Cash Flow Twelve Months DEFINITIONS Ended December All Values in $MM 31, 2025 Cash Flow From Operations After Preferred Cash Flow from Operations after Preferred (Non -GAAP) o Operating cash
Slide 35: Abbreviations and Definitions
Abbreviations and Definitions ABBREVIATIONS AI Artificial Intelligence EOR Enhanced Oil Recovery MBOED Thousand Barrels of Oil Equivalent per Day B Billion F&C Facilities and Construction MENA Middle East and North Africa BBL Barrel F&D Finding and Development MM Million BBOE Billion Barrels of Oil