Barclays CEO Energy-Power Conference 2018 Occidental Petroleum - PowerPoint PPT Presentation

Barclays CEO Energy-Power Conference 2018 Occidental Petroleum September 5, 2018 Vicki Hollub Chief Executive Officer

Cautionary Statements Forwar ard-Looki king Stateme ments This presentation contains forward-looking statements based on management’s current expectations relating to Occidental’s operations, liquidity, cash flows, results of operations and business prospects. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause actual results to differ include, but are not limited to: global commodity pricing fluctuations; changes in supply and demand for Occidental’s products; higher-than-expected costs; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; technological developments; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from operations, development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-attacks or insurgent activity; failures in risk management; and the factors set forth in Part I, Item 1A “Risk Factors” of the 2017 Form 10-K. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future eventsor otherwise. Use of non-GAAP Financi cial al Informat mation This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures on the “Investors” section of our website. Cautionar ary Note to U.S. . Investors The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include "potential" reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. U.S. investors are urged to consider closely the oil and gas disclosures in our 2017 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com. 2

CROCE E Leadersh rship Oxy’s Unique Value Proposition Returns Fo Focused Consis istent ent Dividend idend Gro rowt wth Growth > Growing dividend with an attractive yield > Value protection in down cycle Growth within in Cash > Promotes capital allocation discipline Flow Returns urns Focused ed Gro rowt wth > 5% – 8+% average production growth in oil & gas Robust, Low-Cost > Above cost-of-capital returns Inventory > Return Targets: U.S. – 15+% International – 20+% Stro rong ng Balanc nce e Sheet et Industry-lead ading ing Decline Rate > Maintain ample cash balance and sources of liquidity > Low debt-to-capital ratio Executiv ive Comp mpensatio ion > Income-producing assets Aligned 3

Occidental l Petrole leum m Corpo poration (Oxy) is a returns High Quality Assets Provide a focused energy company with operations in the Sustainable Value Proposition United States, Middle East and Latin America Oil & Gas  Focused in world leading O&G basins Oil and Gas (O&G) Core Areas as 1  Large scale and long history Total Company Production ~639 Mboed  Low base production decline 64% Oil │ 15% NGL │ 21% Gas  Recognized low cost operator of choice 62% Gas Production from International United d States s Midstrea eam  Access to integrated infrastructure • Leading position in the world-class Permian Basin: acreage, production, asset diversity & Marketi ting ng and marketing maximizes O&G • Resources Unconventional capability: high-margin growth price realizations • EOR advantage: scale, reservoir quality and low-decline production  Extensive gathering and transportation pipelines, processing, and export system Chemicals  Leading manufacturer of basic MiddleEast st chemicals used for various • Focus areas – Oman, Qatar, and UAE products including plastics, • Opportunities for growth with partners Latin America ca pharmaceuticals, and water • Low-decline, long term contracts • Highest margin operations treatment • Colombia Opportunities: growth in  Assets with strong focus on exploration, primary development and EOR development with partners stable returns Low-Co Cost st Operator with Scale le 4 1 Production as of 2Q18

Permian Resources Value-Based Production Growth Permia Pe mian n Resour urces es Pro roduc duction ion (Mboed) oed) 54% Production Growth +7% From m 1Q18 Guidan ance 235 235 - 255 255 June 2018: : 213 Mboed 215 - 225 21 225 201 01 ieved Breakeven Plan Achieved 177 77 Breakeven Plan Achie 159 159 4Q17 1Q18 2Q18 3Q18E 4Q18E 11% 14% 10% 11% QoQ Growth: Wells Online: 45 35 64 54 - 60 53 - 59 5

2018 YTD Key Takeaways $5 Bn 2018E cash improvement allocated to increase shareholder return Business Outperforman mance ce Portfolio Optimi mizati ation Alloca cati tion of Exce cess Cash  Completed low oil  $2.6 Bn sale of non-  $2+ Bn opportunistic price breakeven plan core, domestic share repurchase target ahead of schedule midstream assets over next 12 – 18 months expected to close in  All segments  $1.1 Bn capital increase 3Q18 outperforming:  Balance sheet  21,000 net Permian $2.5+ Bn additional improvement 2018 cash flow Resources acres expected over original traded YTD plan 1 6 1 Plan refers to initial 2018 guidance. Refer to our 2Q18 earnings slides for update to guidance including oil price assumptions

Valuable Growth and Share Buybacks Will Reduce Dividend Payout Ratio Dividend Security and Growth Focus on CROCE Historical Dividend Payout Ratio 1 less than 25% driving down wn pay ayout t ratio DPR % 17 17 13 13 10 10 8 9 10 10 9 15 15 13 13 12 12 17 17 13 13 22 22 46 46 55 55 50 50 30 30 12% CAGR GR 16 Consecutive r Share re Years of Dividend Dividend Per Growth 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 7 1 Dividend Payments / Net Operating Cash Flow Before Working Capital Changes

Capital Allocation Driven by Advantaged Permian Position Oxy Uniquely y Checks ks All the Boxes Strateg egic ic Ration ionale le for Inves estmen ent  Best Wells ls: Oxy delivered 25 of top 50 wells in the Basin over the last year 1 Improving our key metric: CROCE  High h Retur urns ns: Development areas generating Acceler eleratin ing highes est-ret etur urn n projec ojects greater than 75% returns 2 from mult lti-yea ear inv nven entor ories ies  Deep Inv nvent entor ory: 17 years of inventory at a 10 rig pace with less than a $50 WTI breakeven 3 Full reali lization ion of growth due e to integ egrated ed market eting ing approa oach  Low ow Cost: Only E&P with a supply & logistics hub leading to low costs and execution assurance Disciplined spending within cash flow  Max Pric ice: Oil takeaway capacity >2x equity production Flexibility in capital spend due to short-cycle investments  Global l Access: More US oil export capacity than any other E&P Dividend security and growth 1 Refer to slide 41 of our 2Q18 earnings deck for more information on the top 50 wells. 2 Business Unit full cycle 8 economics including shared facilities and overhead at WTI strip pricing. 3 Breakeven defined as positive NPV 10.

Investing in Highest-returning Options to Improve CROCE Cash Retur urn n on Capit ital l Employ loyed ed Strateg egic ic Ration ionale le for Inves estmen ent 10% Improvement from Incremental Capi pital 24% Improvi ving our key key metric: : CROCE 22% 22% Accelerating highest-return projects from multi-year inventories Full realization of growth due to 16% integrated marketing approach Disciplined spending within cash flow 1 1 Breakeven Plan 2019E 2019E Flexibility in capital spend due to Completion $50 Capital at $60 Capital at $50 WTI $60 WTI $60 WTI short-cycle investments Annual Capital $5.0 – 5.3 Bn $3.3 Bn Production Growth 11+% 5-8% Dividend security and growth 9 1 Chemicals assumes current market conditions, Midstream assumes MID-MEH differential of $10/Bbl