Exhibit 99.1

Fourth Quarter 2023 Earnings Considerations

Occidental Petroleum Corporation ("Occidental") is providing the following summary of earnings considerations that management believes will impact results for the fourth quarter of 2023. The summary is intended only to provide information regarding current estimates of these factors. It is not comprehensive of all results for and changes that have occurred in the fourth quarter of 2023 and is not an estimate of the fourth quarter of 2023 earnings for Occidental. Further, this summary may not account for all adjustments and charges required to fully reflect changes in industry conditions, is preliminary and is subject to finalization of Occidental's financial reporting process for the fourth quarter of 2023.

Notable Items

Factors expected to impact fourth quarter of 2023 results include:

•Due to Occidental’s outstanding operational performance during the fourth quarter of 2023, the company overcame a third party outage in the eastern Gulf of Mexico and total company production is expected to remain within the guidance range.

•On November 16, 2023, at the request of the Main Pass Oil Gathering (“MPOG”) system operator, Occidental temporarily halted certain operations in the eastern Gulf of Mexico. Guidance to restart production is expected in the coming weeks.

•Occidental is providing the following estimates of fourth quarter of 2023 results impacted by the unplanned downtime referenced above:

	Three months ended December 31, 2023
Gulf of Mexico Oil and Gas Sales Volumes (Mboed)	127
Domestic Operating Cost ($/boe)	$	10.96
Total Company Production Oil (%)	51.7%
Total Company Production Gas (%)	25.3%
Adjusted Effective Tax Rate (%)	32-33%

Average Diluted Shares Outstanding

Average diluted shares outstanding for the fourth quarter of 2023 were 950.1 million shares.

Realizations

The following table presents information about Occidental's average realized prices and index prices:

	Three months ended December 31, 2023
Average Realized Prices
Oil ($/Bbl)
United States	$	77.91
International	$	83.64
Total Worldwide	$	78.85
NGL ($/Bbl)
United States	$	19.50
International	$	30.18
Total Worldwide	$	20.93
Natural Gas ($/Mcf)
United States	$	1.88
International	$	1.85
Total Worldwide	$	1.88
Average Index Prices
WTI oil ($/Bbl)	$	78.32
Brent oil ($/Bbl)	$	82.69
NYMEX gas ($/Mcf)	$	2.97
Average Realized Prices as Percentage of Average Index Prices
Worldwide oil as a percentage of average WTI	101		%
Worldwide oil as a percentage of average Brent	95		%
Worldwide NGL as a percentage of average WTI	27		%
Domestic natural gas as a percentage of average NYMEX	63		%

Forward-Looking Statements

The Fourth Quarter 2023 Earnings Considerations ("Earnings Considerations") contain 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,” “will,” “may,” “intend,” “believe,” “subject to,” “expect,” “could” 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 the Earnings Considerations 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.

Actual outcomes or results, including the impact of the aforementioned factors for fourth quarter 2023, may differ from anticipated results or estimates, 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; the scope and duration of global or regional health pandemics or epidemics and actions taken by governmental authorities and other third parties in connection therewith; 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 governmental 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 dispositions; risks associated with acquisitions, 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; governmental actions, war (including the Russia-Ukraine war and Israel-Hamas war) 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 and 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 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 2022 Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.