PRESS RELEASE

Occidental Announces 3rd Quarter 2024 Results

•Strong operational performance drove operating cash flow of $3.8 billion and operating cash flow before working capital of $3.1 billion

•Capital spending of $1.7 billion and contributions from noncontrolling interest of $47 million resulted in quarterly free cash flow before working capital of $1.5 billion

•Total company production of 1,412 Mboed exceeded the mid-point of guidance by 22 Mboed

•Midstream and marketing exceeded the mid-point of guidance for pre-tax adjusted income by $145 million

•OxyChem exceeded guidance with pre-tax income of $304 million

•Earnings per diluted share of $0.98 and adjusted earnings per diluted share of $1.00

•Repaid $4.0 billion of debt, achieving nearly 90% of Occidental's short-term debt reduction target

HOUSTON— November 12, 2024 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders of $964 million, or $0.98 per diluted share and adjusted income attributable to common stockholders of $977 million, or $1.00 perdiluted share for the third quarter of 2024.

"Strong operational performance across all segments has resulted in our highest quarterly operating cash flow this year," said President and Chief Executive Officer Vicki Hollub. "The integration of CrownRock is off to a great start in terms of personnel and operations, and we have made significant progress in our deleveraging efforts, achieving nearly 90% of our short-term debt reduction target."

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income for the third quarter of 2024 was $1.2 billion, compared to pre-tax income of $1.6 billion for the second quarter of 2024. Included in third quarter pre-tax income were losses on sales of assets and other, net of $572 million, primarily related to the sale of non-core U.S. onshore assets. Excluding items affecting comparability, third quarter adjusted oil and gas income increased from the prior quarter due to higher sales volumes, partially offset by lower realized commodity prices. For the third quarter of 2024, average WTI and Brent marker prices were $75.09 per barrel and $78.41 per barrel, respectively. Average worldwide realized crude oil prices decreased by 6% from the prior quarter to $75.33 per barrel. Average worldwide realized natural gas liquids prices decreased by 4% from the prior quarter to $20.47 per barrel. Average domestic realized gas prices decreased by 26% from the prior quarter to $0.40 per thousand cubic feet (Mcf).

Total average global production of 1,412 thousand barrels of oil equivalent per day (Mboed) for the third quarter of 2024 exceeded the mid-point of guidance by 22 Mboed, led by Permian, which exceeded the mid-point of production guidance by 30 Mboed with average production of 729 Mboed. Rockies & Other Domestic and International average daily production volumes were 321 Mboed and 226 Mboed, respectively. Gulf of Mexico average daily production volumes of 136 Mboed were slightly below the lower end of guidance, primarily due to the weather impacts.

OxyChem

OxyChem earned pre-tax income of $304 million for the third quarter of 2024, which was modestly above guidance. Third quarter OxyChem income, compared to second quarter of 2024 income, remained essentially flat as market conditions remained relatively unchanged.

Midstream and Marketing

Midstream and marketing pre-tax results for the third quarter of 2024 reflected income of $631 million, which included gains on the sale of common units representing limited partner interests in Western Midstream Partners, LP (WES) of $490 million and net derivative gains of $142 million, partially offset by an impairment charge of $21 million. Excluding items affecting comparability, the third quarter adjusted midstream and marketing results exceeded mid-point guidance by $145 million. WES equity method investment income, excluding items affecting comparability, for the third quarter was $136 million.

Supplemental Non-GAAP Measures

This press release refers to adjusted income (loss), operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Forward-Looking Statements

This press release 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’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future

economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions (including our recently completed acquisition of CrownRock, L.P.), mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions, war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low-carbon ventures businesses or announced greenhouse gas

emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental's control.

Additional information concerning these and other factors that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts

Media	Investors
Eric Moses	R. Jordan Tanner
713-497-2017	713-552-8811
eric_moses@oxy.com	investors@oxy.com

Occidental Petroleum Corporation

Third Quarter 2024

Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights

2.Items Affecting Comparability Detail

•Before Tax Allocations

•After Tax Allocations    

3.Segment Results Before Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Results (non-GAAP)

4.Segment Results After Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Results (non-GAAP)

•Reconciliation - Diluted EPS

5.Consolidated Condensed Statements of Operations

6.Consolidated Condensed Balance Sheets

7.Consolidated Condensed Statements of Cash Flows

•Detail of Capital Expenditures and Depreciation, Depletion and Amortization

•Free Cash Flow (non-GAAP)

8.Oil & Gas Net Production Volumes Per Day

•MBOE/D

•By Commodity

9.Oil & Gas Net Sales Volumes Per Day and Realized Prices

•MBOE/D

•Realized Prices and Related Index Prices

10.Oil and Gas Metrics

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

		2023															2024
Quarterly		Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Net Income ($ millions)
Reported income attributable to common stockholders		$	983		$	605		$	1,156		$	1,029		$	3,773		$	718		$	992		$	964			$	2,674
Reported EPS - Diluted ($/share)		$	1.00		$	0.63		$	1.20		$	1.08		$	3.90		$	0.75		$	1.03		$	0.98			$	2.77
Effective tax rate on reported income (loss) (%)		27		%	35		%	24		%	23		%	27		%	30		%	28		%	28		%		29		%
Adjusted income attributable to common stockholders (Non-GAAP)	(a)	$	1,069		$	661		$	1,134		$	710		$	3,574		$	604		$	993		$	977			$	2,574
Adjusted EPS - Diluted (Non-GAAP) ($/share)	(b)	$	1.09		$	0.68		$	1.18		$	0.74		$	3.70		$	0.63		$	1.03		$	1.00			$	2.66
Effective tax rate on adjusted income (loss) (%)		27		%	31		%	24		%	30		%	28		%	29		%	27		%	28		%		28		%
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions)		901.2			889.3			884.0			881.0			889.2			884.1			893.8			927.5				902.1
Diluted (millions)		975.3			958.8			958.2			950.1			960.9			948.6			958.9			975.7				961.4
Daily Production Volumes
Total US (MBOE/D)		1,014			990			997			1,000			1,000			943			1,031			1,186				1,054
US Oil (MBBL/D)		551			521			534			530			534			487			553			611				551
Worldwide Production (MBOE/D)		1,220			1,218			1,220			1,234			1,223			1,172			1,258			1,412				1,281
Worldwide Sales (MBOE/D)		1,214			1,222			1,222			1,230			1,222			1,175			1,260			1,411				1,282
Commodity Price Realizations
Worldwide oil ($/BBL)		$	74.22		$	73.59		$	80.70		$	78.85		$	76.85		$	76.04		$	79.89		$	75.33			$	77.06
Worldwide NGL ($/BBL)		$	24.41		$	19.08		$	21.04		$	20.93		$	21.32		$	22.14		$	21.23		$	20.47			$	21.22
Domestic gas ($/MCF)		$	3.01		$	1.36		$	1.92		$	1.88		$	2.04		$	1.61		$	0.54		$	0.40			$	0.81
Cash Flows ($ millions)
Operating cash flow before working capital (Non-GAAP)	(c)	$	3,153		$	2,651		$	3,339		$	2,505		$	11,648		$	2,446		$	3,044		$	3,150			$	8,640
Working capital changes		$	(283)		$	419		$	(210)		$	734		$	660		$	(439)		$	(650)		$	632			$	(457)
Operating cash flow		$	2,870		$	3,070		$	3,129		$	3,239		$	12,308		$	2,007		$	2,394		$	3,782			$	8,183
Capital expenditures, net of noncontrolling interest (Non-GAAP)	(c)	$	(1,461)		$	(1,646)		$	(1,619)		$	(1,446)		$	(6,172)		$	(1,726)		$	(1,729)		$	(1,636)			$	(5,091)
		2023															2024
Year-to-date		Mar			Jun			Sep			Dec						Mar			Jun			Sep			Dec
Net Income ($ millions)
Reported income attributable to common stockholders		$	983		$	1,588		$	2,744		$	3,773					$	718		$	1,710		$	2,674
Reported EPS - Diluted ($/share)		$	1.00		$	1.63		$	2.83		$	3.90					$	0.75		$	1.78		$	2.77
Effective tax rate on reported income (loss) (%)		27		%	31		%	27		%	27		%				30		%	29		%	29		%
Adjusted income attributable to common stockholders (Non-GAAP)	(a)	$	1,069		$	1,730		$	2,864		$	3,574					$	604		$	1,597		$	2,574
Adjusted EPS - Diluted (Non-GAAP) ($/share)	(b)	$	1.09		$	1.78		$	2.95		$	3.70					$	0.63		$	1.66		$	2.66
Effective tax rate on adjusted income (loss) (%)		27		%	29		%	28		%	28		%				29		%	28		%	28		%
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions)		901.2			895.6			891.9			889.2						884.1			889.2			901.9
Diluted (millions)		975.3			967.4			964.4			960.9						948.6			954.1			962.2
Daily Production Volumes
Total US (MBOE/D)		1,014			1,002			1,000			1,000						943			987			1,054
US Oil (MBBL/D)		551			535			535			534						487			520			551
Worldwide Production (MBOE/D)		1,220			1,219			1,219			1,223						1,172			1,215			1,281
Worldwide Sales (MBOE/D)		1,214			1,220			1,220			1,222						1,175			1,218			1,282
Commodity Price Realizations
Worldwide Oil ($/BBL)		$	74.22		$	73.91		$	76.19		$	76.85					$	76.04		$	78.06		$	77.06
Worldwide NGL ($/BBL)		$	24.41		$	21.67		$	21.45		$	21.32					$	22.14		$	21.68		$	21.22
Domestic Gas ($/MCF)		$	3.01		$	2.18		$	2.09		$	2.04					$	1.61		$	1.06		$	0.81
Cash Flows ($ millions)
Operating cash flows before working capital (Non-GAAP)	(c)	$	3,153		$	5,804		$	9,143		$	11,648					$	2,446		$	5,490		$	8,640
Working capital changes		$	(283)		$	136		$	(74)		$	660					$	(439)		$	(1,089)		$	(457)
Operating cash flow		$	2,870		$	5,940		$	9,069		$	12,308					$	2,007		$	4,401		$	8,183
Capital expenditures, net of noncontrolling interest (Non-GAAP)	(c)	$	(1,461)		$	(3,107)		$	(4,726)		$	(6,172)					$	(1,726)		$	(3,455)		$	(5,091)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.

SCHEDULE 2

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(amounts in millions)

	2023										2024
Before Tax Allocations	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
Oil & Gas
Domestic
Gains (losses) on sales of assets and other, net	$	—	$	—	$	142	$	—	$	142	$	—	$	—	$	(572)			$	(572)
Legal settlement gain	26		—		—		—		26		—		—		—				—
Asset impairments	—		(209)		—		—		(209)		—		—		—				—
Total Domestic	26		(209)		142		—		(41)		—		—		(572)				(572)
International
Legal reserves	—		—		—		—		—		(44)		(10)		—				(54)
Asset sales gains, net	—		—		—		25		25		—		—		—				—
Total International	—		—		—		25		25		(44)		(10)		—				(54)
Total Oil and Gas	26		(209)		142		25		(16)		(44)		(10)		(572)				(626)
Chemical
Legal reserves	—		—		—		—		—		(6)		—		—				(6)
Total Chemical	—		—		—		—		—		(6)		—		—				(6)
Midstream & Marketing
Gains on sales of assets and other, net (a)	—		—		51		—		51		122		35		490				647
Asset impairments and other charges (a)	(26)		—		(34)		—		(60)		—		—		(21)				(21)
TerraLithium fair value gain	—		—		—		—		—		—		27		—				27
Carbon Engineering fair value gain	—		—		—		283		283		—		—		—				—
Acquisition-related costs	—		—		—		(20)		(20)		—		—		—				—
Derivative gains (losses), net (a)	(8)		48		(81)		27		(14)		(91)		5		142				56
Total Midstream & Marketing	(34)		48		(64)		290		240		31		67		611				709
Corporate
Acquisition-related costs (b)	—		—		—		(6)		(6)		(56)		(29)		(56)				(141)
Maxus receivable valuation allowance adjustment	—		260		—		—		260		—		—		—				—
Total Corporate	—		260		—		(6)		254		(56)		(29)		(56)				(141)
State tax rate revaluation	—		—		—		10		10		—		—		—				—
Income tax impact on Algeria contract renewal	—		(68)		3		—		(65)		—		(20)		—				(20)
Income tax impact on items affecting comparability	2		(22)		(17)				(37)		7		(9)		4				2
Preferred stock redemption premium	(80)		(65)		(42)		—		(187)		—		—		—				—
Discontinued operations, net of taxes	—		—		—		—		—		182		—		—				182
Total	$	(86)	$	(56)	$	22	$	319	$	199	$	114	$	(1)	$	(13)	$	—	$	100
	2023										2024
After Tax Allocations	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
Oil & Gas
Domestic
Gains (losses) on sales of assets and other, net	$	—	$	—	$	111	$	—	$	111	$	—	$	—	$	(448)			$	(448)
Legal settlement gain	20		—		—		—		20		—		—		—				—
Asset impairments	—		(164)		—		—		(164)		—		—		—				—
Total Domestic	20		(164)		111		—		(33)		—		—		(448)				(448)
International
Legal reserves	—		—		—		—		—		(44)		(10)		—				(54)
Asset sales gains, net	—		—		—		25		25		—		—		—				—
Total International	—		—		—		25		25		(44)		(10)		—				(54)
Total Oil and Gas	20		(164)		111		25		(8)		(44)		(10)		(448)				(502)
Chemical
Legal reserves	—		—		—		—		—		(5)		—		—				(5)
Total Chemical	—		—		—		—		—		(5)		—		—				(5)
Midstream & Marketing
Gains on sale of assets and other, net (a)	—		—		40		—		40		95		28		384				507
Asset impairments and other charges (a)	(20)		—		(27)		—		(47)		—		—		(16)				(16)
TerraLithium fair value gain	—		—		—		—		—		—		21		—				21
Carbon Engineering fair value gain	—		—		—		283		283		—		—		—				—
Acquisition-related costs	—		—		—		(16)		(16)		—		—		—				—
Derivative gains (losses), net (a)	(6)		37		(63)		21		(11)		(71)		3		112				44
Total Midstream & Marketing	(26)		37		(50)		288		249		24		52		480				556
Corporate
Acquisition-related costs (b)	—		—		—		(4)		(4)		(43)		(23)		(45)				(111)
Maxus receivable valuation allowance adjustment	—		204		—		—		204		—		—		—				—
Total Corporate	—		204		—		(4)		200		(43)		(23)		(45)				(111)
State tax rate revaluation	—		—		—		10		10		—		—		—				—
Income tax impact on Algeria contract renewal	—		(68)		3		—		(65)		—		(20)		—				(20)
Preferred stock redemption premium	(80)		(65)		(42)		—		(187)		—		—		—				—
Discontinued operations, net of taxes	—		—		—		—		—		182		—		—				182
Total	$	(86)	$	(56)	$	22	$	319	$	199	$	114	$	(1)	$	(13)	$	—	$	100
(a) Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) Included debt issuance costs from interest and debt expense, net.

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

(amounts in millions, except per share and effective tax rate amounts)

	2023															2024
Reported Income	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Domestic	$	1,371		$	699		$	1,627		$	1,125		$	4,822		$	863		$	1,231		$	763			$	2,857
International	371			462			467			559			1,859			441			491			459				1,391
Exploration	(102)			(102)			(125)			(112)			(441)			(66)			(83)			(57)				(206)
Total Oil & Gas	1,640			1,059			1,969			1,572			6,240			1,238			1,639			1,165				4,042
Chemical	472			436			373			250			1,531			254			296			304				854
Midstream & Marketing	2			(30)			(130)			182			24			(33)			116			631				714
Segment income	2,114			1,465			2,212			2,004			7,795			1,459			2,051			2,100				5,610
Corporate
Interest	(238)			(230)			(230)			(247)			(945)			(284)			(252)			(312)				(848)
Other	(142)			92			(173)			(198)			(421)			(165)			(164)			(194)				(523)
Income from continuing operations before taxes	1,734			1,327			1,809			1,559			6,429			1,010			1,635			1,594				4,239
Taxes
Federal and state	(300)			(203)			(322)			(150)			(975)			(172)			(274)			(254)				(700)
International	(171)			(264)			(112)			(211)			(758)			(132)			(191)			(200)				(523)
Income from continuing operations	1,263			860			1,375			1,198			4,696			706			1,170			1,140				3,016
Discontinued operations, net of taxes	—			—			—			—			—			182			—			—				182
Net income	1,263			860			1,375			1,198			4,696			888			1,170			1,140				3,198
Less: Net income attributable to noncontrolling interest	—			—			—			—			—			—			(8)			(7)				(15)
Less: Preferred stock dividends and redemption premiums	(280)			(255)			(219)			(169)			(923)			(170)			(170)			(169)				(509)
Net income attributable to common stockholders	$	983		$	605		$	1,156		$	1,029		$	3,773		$	718		$	992		$	964			$	2,674
Reported diluted income per share	$	1.00		$	0.63		$	1.20		$	1.08		$	3.90		$	0.75		$	1.03		$	0.98			$	2.77
Effective Tax Rate	27		%	35		%	24		%	23		%	27		%	30		%	28		%	28		%		29		%
Items Affecting Comparability	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Domestic	$	26		$	(209)		$	142		$	—		$	(41)		$	—		$	—		$	(572)			$	(572)
International	—			—			—			25			25			(44)			(10)			—				(54)
Exploration	—			—			—			—			—			—			—			—				—
Total Oil & Gas	26			(209)			142			25			(16)			(44)			(10)			(572)				(626)
Chemical	—			—			—			—			—			(6)			—			—				(6)
Midstream & Marketing	(34)			48			(64)			290			240			31			67			611				709
Segment income (loss)	(8)			(161)			78			315			224			(19)			57			39				77
Corporate
Interest	—			—			—			—			—			(44)			(16)			(6)				(66)
Other	—			260			—			(6)			254			(12)			(13)			(50)				(75)
Income (loss) from continuing operations before taxes	(8)			99			78			309			478			(75)			28			(17)				(64)
Taxes
Federal and state	2			(22)			(17)			10			(27)			7			(9)			4				2
International	—			(68)			3			—			(65)			—			(20)			—				(20)
Income (loss) from continuing operations	(6)			9			64			319			386			(68)			(1)			(13)				(82)
Discontinued operations, net of taxes	—			—			—			—						182			—			—				182
Net income (loss)	(6)			9			64			319			386			114			(1)			(13)			—	100
Less: Net income attributable to noncontrolling interest	—			—			—			—			—			—			—			—				—
Less: Preferred stock redemption premiums	(80)			(65)			(42)			—			(187)			—			—			—				—
Net income (loss) attributable to common stockholders	$	(86)		$	(56)		$	22		$	319		$	199		$	114		$	(1)		$	(13)			$	100
Adjusted Income (Non-GAAP) (a)	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
Oil & Gas
Domestic	$	1,345		$	908		$	1,485		$	1,125		$	4,863		$	863		$	1,231		$	1,335			$	3,429
International	371			462			467			534			1,834			485			501			459				1,445
Exploration	(102)			(102)			(125)			(112)			(441)			(66)			(83)			(57)				(206)
Total Oil & Gas	1,614			1,268			1,827			1,547			6,256			1,282			1,649			1,737				4,668
Chemical	472			436			373			250			1,531			260			296			304				860
Midstream & Marketing	36			(78)			(66)			(108)			(216)			(64)			49			20				5
Adjusted segment income	2,122			1,626			2,134			1,689			7,571			1,478			1,994			2,061				5,533
Corporate
Interest	(238)			(230)			(230)			(247)			(945)			(240)			(236)			(306)				(782)
Other	(142)			(168)			(173)			(192)			(675)			(153)			(151)			(144)				(448)
Adjusted income from continuing operations before taxes	1,742			1,228			1,731			1,250			5,951			1,085			1,607			1,611				4,303
Taxes
Federal and state	(302)			(181)			(305)			(160)			(948)			(179)			(265)			(258)				(702)
International	(171)			(196)			(115)			(211)			(693)			(132)			(171)			(200)				(503)
Adjusted income	1,269			851			1,311			879			4,310			774			1,171			1,153				3,098
Less: Net income attributable to noncontrolling interest	—			—			—			—			—			—			(8)			(7)				(15)
Less: Preferred stock dividends	(200)			(190)			(177)			(169)			(736)			(170)			(170)			(169)				(509)
Adjusted income attributable to common stockholders	$	1,069		$	661		$	1,134		$	710		$	3,574		$	604		$	993		$	977			$	2,574
Adjusted diluted earnings per share (Non-GAAP)	$	1.09		$	0.68		$	1.18		$	0.74		$	3.70		$	0.63		$	1.03		$	1.00			$	2.66
Effective Tax Rate	27		%	31		%	24		%	30		%	28		%	29		%	27		%	28		%		28		%
ADJUSTED INCOME TAX BENEFIT (EXPENSE)	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
CURRENT	$	(454)		$	(355)		$	(320)		$	(442)		$	(1,571)		$	(356)		$	(555)		$	(257)			$	(1,168)
DEFERRED	(19)			(22)			(100)			71			(70)			45			119			(201)				(37)
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE)	$	(473)		$	(377)		$	(420)		$	(371)		$	(1,641)		$	(311)		$	(436)		$	(458)			$	(1,205)

(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 4

Occidental Petroleum Corporation

Segment Results After Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)

	2023										2024
Reported Income (Loss)	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Oil & Gas
Domestic	$	1,069	$	545	$	1,269	$	877	$	3,760	$	673	$	960	$	595		$	2,228
International	216		274		310		363		1,163		296		313		302			911
Exploration	(82)		(92)		(103)		(92)		(369)		(58)		(75)		(53)			(186)
Total Oil & Gas	1,203		727		1,476		1,148		4,554		911		1,198		844			2,953
Chemical	364		337		288		189		1,178		196		227		234			657
Midstream & Marketing	3		(13)		(94)		211		107		(30)		102		500			572
Segment income	1,570		1,051		1,670		1,548		5,839		1,077		1,527		1,578			4,182
Corporate
Interest	(238)		(230)		(230)		(247)		(945)		(284)		(252)		(312)			(848)
Other	(142)		92		(173)		(198)		(421)		(165)		(164)		(194)			(523)
Taxes	73		(53)		108		95		223		78		59		68			205
Income from continuing operations	1,263		860		1,375		1,198		4,696		706		1,170		1,140			3,016
Discontinued operations, net of taxes	—		—		—		—		—		182		—		—			182
Net income	1,263		860		1,375		1,198		4,696		888		1,170		1,140			3,198
Less: Net income attributable to noncontrolling interest	—		—		—		—		—		—		(8)		(7)			(15)
Less: Preferred stock dividends and redemption premiums	(280)		(255)		(219)		(169)		(923)		(170)		(170)		(169)			(509)
Net income attributable to common stockholders	$	983	$	605	$	1,156	$	1,029	$	3,773	$	718	$	992	$	964		$	2,674
Reported diluted income per share	$	1.00	$	0.63	$	1.20	$	1.08	$	3.90	$	0.75	$	1.03	$	0.98		$	2.77
Items Affecting Comparability	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Oil & Gas
Domestic	$	20	$	(164)	$	111	$	—	$	(33)	$	—	$	—	$	(448)		$	(448)
International	—		—		—		25		25		(44)		(10)		—			(54)
Exploration	—		—		—		—		—		—		—		—			—
Total Oil & Gas	20		(164)		111		25		(8)		(44)		(10)		(448)			(502)
Chemical	—		—		—		—		—		(5)		—		—			(5)
Midstream & Marketing	(26)		37		(50)		288		249		24		52		480			556
Segment income (loss)	(6)		(127)		61		313		241		(25)		42		32			49
Corporate
Interest	—		—		—		—		—		(34)		(12)		(6)			(52)
Other	—		204		—		(4)		200		(9)		(11)		(39)			(59)
Taxes	—		(68)		3		10		(55)		—		(20)		—			(20)
Income (loss) from continuing operations	(6)		9		64		319		386		(68)		(1)		(13)			(82)
Discontinued operations, net of taxes	—		—		—		—		—		182		—		—			182
Net income (loss)	(6)		9		64		319		386		114		(1)		(13)			100
Less: Net income attributable to noncontrolling interest	—		—		—		—		—		—		—		—			—
Less: Preferred stock redemption premiums	(80)		(65)		(42)		—		(187)		—		—		—			—
Net income (loss) attributable to common stockholders	$	(86)	$	(56)	$	22	$	319	$	199	$	114	$	(1)	$	(13)		$	100
Adjusted Income (Loss) (Non-GAAP) (a)	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Oil & Gas
Domestic	$	1,049	$	709	$	1,158	$	877	$	3,793	$	673	$	960	$	1,043		$	2,676
International	216		274		310		338		1,138		340		323		302			965
Exploration	(82)		(92)		(103)		(92)		(369)		(58)		(75)		(53)			(186)
Total Oil & Gas	1,183		891		1,365		1,123		4,562		955		1,208		1,292			3,455
Chemical	364		337		288		189		1,178		201		227		234			662
Midstream & Marketing	29		(50)		(44)		(77)		(142)		(54)		50		20			16
Adjusted segment income	1,576		1,178		1,609		1,235		5,598		1,102		1,485		1,546			4,133
Corporate
Interest	(238)		(230)		(230)		(247)		(945)		(250)		(240)		(306)			(796)
Other	(142)		(112)		(173)		(194)		(621)		(156)		(153)		(155)			(464)
Taxes	73		15		105		85		278		78		79		68			225
Adjusted income from continuing operations	1,269		851		1,311		879		4,310		774		1,171		1,153			3,098
Less: Net income attributable to noncontrolling interest	—		—		—		—		—		—		(8)		(7)			(15)
Less: Preferred stock dividends	(200)		(190)		(177)		(169)		(736)		(170)		(170)		(169)			(509)
Adjusted income attributable to common stockholders	$	1,069	$	661	$	1,134	$	710	$	3,574	$	604	$	993	$	977		$	2,574
Adjusted diluted earnings per share (Non-GAAP)	$	1.09	$	0.68	$	1.18	$	0.74	$	3.70	$	0.63	$	1.03	$	1.00		$	2.66
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)	$	1.00	$	0.63	$	1.20	$	1.08	$	3.90	$	0.75	$	1.03	$	0.98		$	2.77
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic	$	0.02	$	(0.17)	$	0.11	$	—	$	(0.03)	$	—	$	—	$	(0.46)		$	(0.46)
International	—		—		—		0.03		0.03		(0.05)		(0.01)		—			(0.06)
Chemical	—		—		—		—		—		(0.01)		—		—			(0.01)
Midstream & Marketing	(0.03)		0.04		(0.05)		0.30		0.25		0.03		0.05		0.49			0.58
Corporate
Interest	—		—		—		—		—		(0.04)		(0.01)		(0.01)			(0.05)
Other	—		0.22		—		—		0.21		(0.01)		(0.01)		(0.04)			(0.06)
Taxes	—		(0.07)		—		0.01		(0.06)		—		(0.02)		—			(0.02)
Discontinued operations, net of taxes	—		—		—		—		—		0.20		—		—			0.19
Preferred stock redemption premiums	(0.08)		(0.07)		(0.04)		—		(0.19)		—		—		—			—
Total After-Tax Adjustments for Items Affecting Comparability	$	(0.09)	$	(0.05)	$	0.02	$	0.34	$	0.21	$	0.12	$	—	$	(0.02)		$	0.11
Adjusted Diluted Earnings Per Share (Non-GAAP)	$	1.09	$	0.68	$	1.18	$	0.74	$	3.69	$	0.63	$	1.03	$	1.00		$	2.66
Average Diluted Shares Outstanding - Reported (millions)	975.3		958.8		958.2		950.1		960.9		948.6		958.9		975.7			961.4
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(amounts in millions, except per-share amounts)

	2023										2024
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas	$	5,325	$	4,941	$	5,594	$	5,424	$	21,284	$	4,915	$	5,469	$	5,697			$	16,081
Chemical	1,405		1,375		1,309		1,232		5,321		1,186		1,274		1,246				3,706
Midstream & Marketing	751		616		552		632		2,551		99		282		440				821
Eliminations	(256)		(230)		(297)		(116)		(899)		(225)		(208)		(210)				(643)
Total	7,225		6,702		7,158		7,172		28,257		5,975		6,817		7,173				19,965
Interest, dividends and other income	29		28		50		32		139		36		34		60				130
Gains (losses) on sale of assets and other, net	4		1		192		325		522		(1)		28		(79)				(52)
Total	7,258		6,731		7,400		7,529		28,918		6,010		6,879		7,154				20,043
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense	1,081		1,130		1,189		1,277		4,677		1,161		1,179		1,207				3,547
Transportation and gathering expense	384		375		363		359		1,481		353		405		407				1,165
Chemical and midstream costs of sales	745		791		682		898		3,116		742		821		806				2,369
Purchased commodities	498		490		520		501		2,009		86		89		83				258
Selling, general and administrative	241		277		258		307		1,083		259		259		268				786
Other operating and non-operating expense	308		10		328		438		1,084		410		344		334				1,088
Taxes other than on income	306		266		290		225		1,087		235		265		256				756
Depreciation, depletion and amortization	1,721		1,709		1,712		1,723		6,865		1,693		1,775		1,926				5,394
Asset impairments and other charges	—		209		—		—		209		—		—		21				21
Acquisition-related costs	—		—		—		26		26		12		14		49				75
Exploration expense	102		102		125		112		441		66		83		57				206
Interest and debt expense, net	238		230		230		247		945		284		252		312				848
Total	5,624		5,589		5,697		6,113		23,023		5,301		5,486		5,726				16,513
INCOME BEFORE INCOME TAXES AND OTHER ITEMS	1,634		1,142		1,703		1,416		5,895		709		1,393		1,428				3,530
OTHER ITEMS
Income from equity investments and other	100		185		106		143		534		301		242		166				709
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	1,734		1,327		1,809		1,559		6,429		1,010		1,635		1,594				4,239
Income tax expense	(471)		(467)		(434)		(361)		(1,733)		(304)		(465)		(454)				(1,223)
INCOME FROM CONTINUING OPERATIONS	1,263		860		1,375		1,198		4,696		706		1,170		1,140				3,016
Discontinued operations, net of taxes	—		—		—		—		—		182		—		—				182
NET INCOME	1,263		860		1,375		1,198		4,696		888		1,170		1,140				3,198
Less: Net income attributable to noncontrolling interest	—		—		—		—		—		—		(8)		(7)				(15)
Less: Preferred stock dividend and redemption premiums	(280)		(255)		(219)		(169)		(923)		(170)		(170)		(169)				(509)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	983	$	605	$	1,156	$	1,029	$	3,773	$	718	$	992	$	964	$	—	$	2,674
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.08	$	0.68	$	1.30	$	1.16	$	4.22	$	0.60	$	1.10	$	1.03			$	2.75
Discontinued operations, net	—		—		—		—		—		0.21		—		—				0.20
BASIC EARNINGS PER COMMON SHARE	$	1.08	$	0.68	$	1.30	$	1.16	$	4.22	$	0.81	$	1.10	$	1.03			$	2.95
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations	$	1.00	$	0.63	$	1.20	$	1.08	$	3.90	$	0.56	$	1.03	$	0.98			$	2.58
Discontinued operations, net	—		—		—		—		—		0.19		—		—				0.19
DILUTED EARNINGS PER COMMON SHARE	$	1.00	$	0.63	$	1.20	$	1.08	$	3.90	$	0.75	$	1.03	$	0.98			$	2.77
DIVIDENDS PER COMMON SHARE	$	0.18	$	0.18	$	0.18	$	0.18	$	0.72	$	0.22	$	0.22	$	0.22			$	0.66
AVERAGE COMMON SHARES OUTSTANDING
BASIC	901.2		889.3		884.0		881.0		889.2		884.1		893.8		927.5				902.1
DILUTED	975.3		958.8		958.2		950.1		960.9		948.6		958.9		975.7				961.4
INCOME TAX BENEFIT (EXPENSE)	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
CURRENT
Federal	$	(265)	$	(181)	$	(243)	$	(182)	$	(871)	$	(243)	$	(303)	$	(286)			$	(832)
State and local	(18)		(14)		(21)		(39)		(92)		(12)		(12)		(19)				(43)
International	(171)		(191)		(120)		(231)		(713)		(140)		(194)		(196)				(530)
Total	(454)		(386)		(384)		(452)		(1,676)		(395)		(509)		(501)				(1,405)
DEFERRED
Federal	(14)		(5)		(56)		38		(37)		81		42		54				177
State and local	(3)		(3)		(2)		33		25		2		(1)		(3)				(2)
International	—		(73)		8		20		(45)		8		3		(4)				7
Total	(17)		(81)		(50)		91		(57)		91		44		47				182
TOTAL INCOME TAX EXPENSE	$	(471)	$	(467)	$	(434)	$	(361)	$	(1,733)	$	(304)	$	(465)	$	(454)			$	(1,223)

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(amounts in millions)

	2023								2024
	MAR		JUN		SEP		DEC		MAR		JUN		SEP		DEC
CURRENT ASSETS
Cash and cash equivalents	$	1,165	$	486	$	611	$	1,426	$	1,272	$	1,845	$	1,759
Trade receivables, net	3,272		2,850		3,674		3,195		3,271		3,896		3,924
Inventories	2,311		2,021		1,975		2,022		2,131		2,813		2,275
Other current assets	1,394		2,097		2,006		1,732		1,671		1,538		1,596
Total current assets	8,142		7,454		8,266		8,375		8,345		10,092		9,554		—
INVESTMENTS IN UNCONSOLIDATED ENTITIES	3,161		3,431		3,320		3,224		3,400		3,460		3,195
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	122,126		123,891		124,941		126,811		128,542		130,222		138,889
Accumulated depreciation, depletion and amortization	(63,957)		(65,550)		(66,671)		(68,282)		(69,779)		(71,352)		(69,547)
Net property, plant and equipment	58,169		58,341		58,270		58,529		58,763		58,870		69,342		—
OPERATING LEASE ASSETS	852		827		854		1,130		1,038		1,022		961
OTHER LONG-TERM ASSETS	1,276		1,146		1,117		2,750		2,731		2,772		2,751
TOTAL ASSETS	$	71,600	$	71,199	$	71,827	$	74,008	$	74,277	$	76,216	$	85,803	$	—
CURRENT LIABILITIES
Current maturities of long-term debt	$	139	$	158	$	1,224	$	1,202	$	1,203	$	1,347	$	1,179
Preferred stock redemption payable	712		304		—		—		—		—		—
Current operating lease liabilities	287		284		312		446		424		410		376
Accounts payable	3,514		3,557		3,908		3,646		3,827		4,282		3,935
Accrued liabilities	2,788		3,153		3,497		3,854		3,358		3,660		4,051
Total current liabilities	7,440		7,456		8,941		9,148		8,812		9,699		9,541		—
LONG-TERM DEBT, NET	19,645		19,669		18,597		18,536		18,545		18,390		25,456
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,527		5,605		5,666		5,764		5,728		5,680		5,630
Asset retirement obligations	3,618		3,667		3,636		3,882		3,867		3,848		3,888
Pension and postretirement obligations	977		978		910		931		933		935		933
Environmental remediation liabilities	890		867		860		889		870		857		847
Operating lease liabilities	595		576		577		727		664		668		638
Other	3,349		3,270		3,328		3,782		3,891		3,880		3,936
Total deferred credits and other liabilities	14,956		14,963		14,977		15,975		15,953		15,868		15,872		—
EQUITY
Preferred stock, $1.00 per share par value	9,130		8,621		8,287		8,287		8,287		8,287		8,287
Common stock, $0.20 per share par value	221		221		221		222		223		227		233
Treasury stock	(14,524)		(14,958)		(15,573)		(15,582)		(15,582)		(15,591)		(15,591)
Additional paid-in capital	17,159		17,218		17,326		17,422		17,456		17,928		19,802
Retained earnings	17,318		17,762		18,758		19,626		20,147		20,938		21,694
Accumulated other comprehensive income (loss)	255		247		293		275		280		264		249
Total stockholder's equity	29,559		29,111		29,312		30,250		30,811		32,053		34,674		—
Noncontrolling interest	—		—		—		99		156		206		260
Total equity	29,559		29,111		29,312		30,349		30,967		32,259		34,934		—
TOTAL LIABILITIES AND EQUITY	$	71,600	$	71,199	$	71,827	$	74,008	$	74,277	$	76,216	$	85,803	$	—

SCHEDULE 7

Occidental Petroleum Corporation

Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A

(amounts in millions)

	2023										2024
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
OPERATING CASH FLOW
Net income	$	1,263	$	860	$	1,375	$	1,198	$	4,696	$	888	$	1,170	$	1,140		$	3,198
Depreciation, depletion and amortization (see detail below)	1,721		1,709		1,712		1,723		6,865		1,693		1,775		1,926			5,394
Deferred income tax provision (benefit)	17		81		50		(91)		57		(91)		(44)		(47)			(182)
Asset impairments and other non-cash charges, net	152		1		202		(325)		30		(44)		143		131			230
Operating cash flow before working capital (Non-GAAP)   (see below) (a)	3,153		2,651		3,339		2,505		11,648		2,446		3,044		3,150			8,640
Working capital changes	(283)		419		(210)		734		660		(439)		(650)		632			(457)
Operating cash flow (GAAP)	2,870		3,070		3,129		3,239		12,308		2,007		2,394		3,782			8,183
INVESTING CASH FLOW
Capital expenditures (see detail below)	(1,461)		(1,646)		(1,619)		(1,544)		(6,270)		(1,783)		(1,771)		(1,683)			(5,237)
Purchases of assets, businesses and equity investments, net	(151)		11		(80)		(493)		(713)		(142)		(45)		(8,850)			(9,037)
Proceeds from sales of assets and equity investments, net	54		26		325		43		448		98		50		1,514			1,662
Changes in capital accrual	(20)		25		(53)		73		25		51		(75)		(15)			(39)
Other investing activities	(20)		(355)		(47)		(48)		(470)		(34)		(30)		(85)			(149)
Investing cash flow	(1,598)		(1,939)		(1,474)		(1,969)		(6,980)		(1,810)		(1,871)		(9,119)			(12,800)
FINANCING CASH FLOW
Cash dividends paid	(320)		(368)		(347)		(330)		(1,365)		(332)		(366)		(371)			(1,069)
Preferred stock redemption	—		(982)		(679)		—		(1,661)		—		—		—			—
Purchases of treasury stock	(732)		(445)		(434)		(187)		(1,798)		—		(9)		—			(9)
Proceeds from debt issuance	—		—		—		—		—		—		—		9,612			9,612
Payments of debt	(22)		—		—		—		(22)		—		—		(4,007)			(4,007)
Proceeds from issuance of common stock	30		7		55		43		135		88		416		67			571
Other financing activities	(36)		(28)		(134)		19		(179)		(84)		(2)		34			(52)
Financing cash flow	(1,080)		(1,816)		(1,539)		(455)		(4,890)		(328)		39		5,335			5,046
Cash Flow From Discontinued Operations	—		—		—		—		—		—		—		(100)			(100)
Increase (decrease) in cash and cash equivalents and      restricted cash and restricted cash equivalents	192		(685)		116		815		438		(131)		562		(102)			329
Cash and cash equivalents and restricted cash and      restricted cash equivalents - beginning of period	1,026		1,218		533		649		1,026		1,464		1,333		1,895			1,464
Cash and cash equivalents and restricted cash and      cash equivalents - end of period	$	1,218	$	533	$	649	$	1,464	$	1,464	$	1,333	$	1,895	$	1,793		$	1,793
Capital Expenditures	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Oil & Gas	$	(1,256)	$	(1,360)	$	(1,321)	$	(1,023)	$	(4,960)	$	(1,472)	$	(1,349)	$	(1,268)		$	(4,089)
Chemical	(56)		(123)		(111)		(245)		(535)		(80)		(166)		(164)			(410)
Midstream & Marketing	(136)		(141)		(151)		(228)		(656)		(205)		(221)		(216)			(642)
Corporate	(13)		(22)		(36)		(48)		(119)		(26)		(35)		(35)			(96)
Total Capital Expenditures (GAAP)	$	(1,461)	$	(1,646)	$	(1,619)	$	(1,544)	$	(6,270)	$	(1,783)	$	(1,771)	$	(1,683)		$	(5,237)
Contributions from noncontrolling interest	—		—		—		98		98		57		42		47			146
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP)	$	(1,461)	$	(1,646)	$	(1,619)	$	(1,446)	$	(6,172)	$	(1,726)	$	(1,729)	$	(1,636)		$	(5,091)
Depreciation, Depletion and Amortization	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Oil & Gas
United States	$	1,390	$	1,371	$	1,393	$	1,405	$	5,559	$	1,365	$	1,447	$	1,597		$	4,409
International	140		152		132		129		553		132		126		125			383
Chemical	88		89		89		90		356		87		91		92			270
Midstream & Marketing	83		81		81		81		326		84		82		83			249
Corporate	20		16		17		18		71		25		29		29			83
Total Depreciation, Depletion and Amortization	$	1,721	$	1,709	$	1,712	$	1,723	$	6,865	$	1,693	$	1,775	$	1,926		$	5,394
Free Cash Flow Before Working Capital (Non-GAAP) (a)	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Operating cash flow (GAAP)	$	2,870	$	3,070	$	3,129	$	3,239	$	12,308	$	2,007	$	2,394	$	3,782		$	8,183
Plus: Working capital and other, net	283		(419)		210		(734)		(660)		439		650		(632)			457
Operating cash flow before working capital (Non-GAAP)	3,153		2,651		3,339		2,505		11,648		2,446		3,044		3,150			8,640
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)	(1,461)		(1,646)		(1,619)		(1,446)		(6,172)		(1,726)		(1,729)		(1,636)			(5,091)
Free Cash Flow Before Working Capital (Non-GAAP)	$	1,692	$	1,005	$	1,720	$	1,059	$	5,476	$	720	$	1,315	$	1,514		$	3,549
(a) Non-GAAP Measures. Operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash flow less working capital. Capital expenditures, net of noncontrolling interest is defined as capital expenditures less contributions from noncontrolling interest. Free cash flow before working capital is defined as operating cash flow before working capital less capital expenditures, net of noncontrolling interest. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow and capital expenditures are considered representative of management's performance over the long term, and operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital are not considered to be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

	2023					2024
REPORTED NET MBOE VOLUMES PER DAY:	Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD
United States
Permian	579	582	588	588	584	567	587	729		628
Rockies & Other Domestic	264	273	263	285	271	286	306	321		305
Gulf of Mexico	171	135	146	127	145	90	138	136		121
Total	1,014	990	997	1,000	1,000	943	1,031	1,186		1,054
International
Algeria & Other International	41	34	30	38	35	31	33	31		32
Al Hosn	61	88	88	92	83	92	91	91		91
Dolphin	36	39	39	40	39	36	39	39		38
Oman	68	67	66	64	66	70	64	65		66
Total	206	228	223	234	223	229	227	226		227
TOTAL REPORTED PRODUCTION	1,220	1,218	1,220	1,234	1,223	1,172	1,258	1,412		1,281
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian	337	333	339	338	337	323	339	402		355
Rockies & Other Domestic	73	76	72	87	77	89	98	94		94
Gulf of Mexico	141	112	123	105	120	75	116	115		102
Total	551	521	534	530	534	487	553	611		551
NGL (MBBL)
Permian	136	141	145	138	140	136	136	186		153
Rockies & Other Domestic	94	100	97	98	97	100	103	112		105
Gulf of Mexico	13	10	10	10	11	6	10	9		8
Total	243	251	252	246	248	242	249	307		266
Natural Gas (MMCF)
Permian	637	646	625	674	644	645	671	848		722
Rockies & Other Domestic	583	586	565	600	584	584	630	691		636
Gulf of Mexico	99	78	77	72	81	55	70	69		65
Total	1,319	1,310	1,267	1,346	1,309	1,284	1,371	1,608		1,423
International
Oil (MBBL)
Algeria and Other International	34	28	25	32	29	25	27	26		26
Al Hosn	10	15	15	16	14	16	15	15		15
Dolphin	6	6	6	6	6	6	6	6		6
Oman	58	58	57	54	57	59	54	55		56
Total	108	107	103	108	106	106	102	102		103
NGL (MBBL)
Algeria and Other International	4	3	2	3	3	4	3	2		3
Al Hosn	18	25	26	27	24	27	27	27		27
Dolphin	7	8	8	8	8	7	8	8		8
Total	29	36	36	38	35	38	38	37		38
Natural Gas (MMCF)
Algeria and Other International	15	15	15	15	15	14	19	20		16
Al Hosn	196	289	284	295	267	295	291	292		293
Dolphin	140	152	149	156	151	140	152	152		146
Oman	62	53	53	60	56	63	59	57		60
Total	413	509	501	526	489	512	521	521		515

SCHEDULE 9

Occidental Petroleum Corporation

Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations

	2023															2024
NET SALES MBOE VOLUMES PER DAY:	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4	YTD
United States	1,014			990			997			1,000			1,000			943			1,031			1,186				1,054
International
Algeria and Other International	36			36			30			36			35			33			33			29				32
Al Hosn	61			88			88			92			82			93			91			91				91
Dolphin	35			39			40			40			39			36			39			40				38
Oman	68			69			67			62			66			70			66			65				67
Total	200			232			225			230			222			232			229			225				228
TOTAL REPORTED SALES	1,214			1,222			1,222			1,230			1,222			1,175			1,260			1,411				1,282
REALIZED PRICES
United States
Oil ($/BBL)	$	73.63		$	72.70		$	81.36		$	77.91		$	76.42		$	75.54		$	79.79		$	74.81			$	76.68
NGL ($/BBL)	$	23.39		$	17.80		$	20.22		$	19.50		$	20.19		$	21.17		$	20.19		$	19.50			$	20.22
Natural Gas ($/MCF)	$	3.01		$	1.36		$	1.92		$	1.88		$	2.04		$	1.61		$	0.54		$	0.40			$	0.81
International
Oil ($/BBL)	$	77.42		$	77.76		$	77.32		$	83.64		$	79.03		$	78.29		$	80.40		$	78.54			$	79.07
NGL ($/BBL)	$	32.98		$	28.45		$	26.59		$	30.18		$	29.35		$	28.33		$	28.11		$	28.48			$	28.31
Natural Gas ($/MCF)	$	1.95		$	1.88		$	1.87		$	1.85		$	1.88		$	1.87		$	1.91		$	1.90			$	1.89
Total Worldwide
Oil ($/BBL)	$	74.22		$	73.59		$	80.70		$	78.85		$	76.85		$	76.04		$	79.89		$	75.33			$	77.06
NGL ($/BBL)	$	24.41		$	19.08		$	21.04		$	20.93		$	21.32		$	22.14		$	21.23		$	20.47			$	21.22
Natural Gas ($/MCF)	$	2.76		$	1.50		$	1.90		$	1.88		$	2.00		$	1.68		$	0.92		$	0.76			$	1.10
Index Prices
WTI Oil ($/BBL)	$	76.13		$	73.83		$	82.26		$	78.32		$	77.64		$	76.96		$	80.56		$	75.09			$	77.54
Brent Oil ($/BBL)	$	82.20		$	78.02		$	86.08		$	82.69		$	82.25		$	81.83		$	84.95		$	78.41			$	81.73
NYMEX Natural Gas ($/MCF)	$	3.88		$	2.30		$	2.59		$	2.97		$	2.94		$	2.35		$	1.99		$	2.37			$	2.24
Percentage of Index Prices
Worldwide Oil as a percentage of WTI	97		%	100		%	98		%	101		%	99		%	99		%	99		%	100		%		99		%
Worldwide Oil as a percentage of Brent	90		%	94		%	94		%	95		%	93		%	93		%	94		%	96		%		94		%
Worldwide NGL as a percentage of WTI	32		%	26		%	26		%	27		%	27		%	29		%	26		%	27		%		27		%
Worldwide NGL as a percentage of Brent	30		%	24		%	24		%	25		%	26		%	27		%	25		%	26		%		26		%
Domestic Natural Gas as a percentage of NYMEX	78		%	59		%	74		%	63		%	69		%	68		%	27		%	17		%		36		%

SCHEDULE 10

Occidental Petroleum Corporation

Oil & Gas Metrics

	2023										2024
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4	YTD
Lease operating expenses ($/BOE)
United States	$	9.23	$	9.79	$	10.20	$	10.96	$	10.05	$	10.31	$	9.85	$	8.68		$	9.54
International	$	13.24	$	11.72	$	12.21	$	12.73	$	12.45	$	13.10	$	12.23	$	12.55		$	12.63
Total Oil and Gas	$	9.89	$	10.16	$	10.57	$	11.29	$	10.48	$	10.86	$	10.28	$	9.30		$	10.09
Transportation costs ($/BOE)
United States	$	3.81	$	3.75	$	3.74	$	3.68	$	3.74	$	3.89	$	4.12	$	3.54		$	3.83
Total Oil and Gas	$	3.33	$	3.18	$	3.19	$	3.10	$	3.20	$	3.25	$	3.49	$	3.09		$	3.27
Taxes other than on income ($/BOE)
United States	$	2.63	$	2.59	$	2.97	$	2.32	$	2.63	$	2.64	$	2.74	$	2.26		$	2.53
Total Oil and Gas	$	2.71	$	2.53	$	2.47	$	1.94	$	2.41	$	2.17	$	2.30	$	1.95		$	2.13
DD&A expense ($/BOE)
United States	$	15.24	$	15.21	$	15.18	$	15.26	$	15.22	$	15.91	$	15.42	$	14.63		$	15.27
International	$	7.77	$	7.18	$	6.38	$	6.13	$	6.83	$	6.23	$	6.04	$	6.05		$	6.11
Total Oil and Gas	$	14.00	$	13.69	$	13.56	$	13.56	$	13.70	$	14.00	$	13.72	$	13.27		$	13.64
G&A and other operating expenses ($/BOE)	$	2.80	$	2.48	$	2.58	$	3.35	$	2.81	$	3.34	$	2.86	$	2.43		$	2.85
Exploration Expense ($ millions)
United States	$	90	$	45	$	99	$	89	$	323	$	36	$	36	$	19		$	91
International	12		57		26		23		118		30		47		38			115
Total Exploration Expense	$	102	$	102	$	125	$	112	$	441	$	66	$	83	$	57		$	206
Capital Expenditures ($ millions)
Permian	$	(665)	$	(778)	$	(678)	$	(450)	$	(2,571)	$	(725)	$	(621)	$	(660)		$	(2,006)
Rockies & Other Domestic	(138)		(199)		(209)		(198)		(744)		(210)		(205)		(217)			(632)
Gulf of Mexico	(110)		(89)		(110)		(91)		(400)		(249)		(175)		(148)			(572)
International	(138)		(128)		(109)		(120)		(495)		(142)		(124)		(125)			(391)
Exploration Drilling	(205)		(166)		(215)		(164)		(750)		(146)		(224)		(118)			(488)
Total Oil and Gas	$	(1,256)	$	(1,360)	$	(1,321)	$	(1,023)	$	(4,960)	$	(1,472)	$	(1,349)	$	(1,268)		$	(4,089)