Chief Financial Officer

Cedric Burgher

Scotia Howard Weil Energy ConferenceOccidental PetroleumMarch 25, 2019

2

Cautionary Statements

Forward-Looking StatementsThis 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 2018 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 events or otherwise.

Use of non-GAAP Financial InformationThis presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures on the “Investors”

section of our website.

Cautionary Note to U.S. InvestorsThe 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 2018 Form 10-K and other reports and filings with the SEC. Copies

are available from the SEC and through our website, www.oxy.com

3

Oil & Gas Chemical Midstream & Marketing

Permian Unconventional

• 1.4 MM net acres

• ~11 M undeveloped locations

• 17 year inventory with less

than a $50 WTI breakeven1

• 20 of top 50 wells in Permian2

• EOR advancements Colombia

• TECA steamflood development

initiated

• Six new exploration blocks (~2 MM

total gross acres)

• Exploration success increasing

inventory

Middle East

• High return opportunities in Oman

> 6 MM gross acres

> Paybacks average < 1 year

> ~10 M undeveloped locations

> 17 identified horizons

• Addition of Block ON-3 in Abu

Dhabi

> 1.5 MM gross acres

> Located between highly prolific

fields

• Al Hosn and Dolphin provide steady

cash flow with low sustaining capex

Integrated Portfolio with High Value Investment Options

Permian Conventional

• 1.1 MM net acres

• 2 Bboe of resource potential

• 1 Bboe of resource < $6/boe F&D

• EOR advantage: scale, capability,

reservoir quality and low-decline

production

• CCUS potential for economic growth and

carbon reduction strategy

Focused in world class

basins with a history of

maximizing recovery

Leading manufacturer of

basic chemicals and

significant cash generator

Integrated infrastructure and

marketing provides access to

global markets

117 years of inventory assumes a 10 rig development pace2Data sourced from HIS Enerdeq as of 1/22/2019 for the period 12/2017-1/2018; IP 24-Hour Bopd

Note: F&D cost is a non-GAAP financial measure. See the reconciliations to comparable GAAP financial measure on our website.

4

2018 Highlights – Delivering on Our Value Proposition

Focused on Returns Operational ExcellenceCash Flow Generation Integrated Business

Sector leading returns,

achieved 14% ROCE and

27% CROCE

45% of CFFO returned to

shareholders

Returned $3.6 B to

shareholders including

$1.3 B of share

repurchases in 2018

Sector leading dividend,

with consecutive growth

since 2002 – 12% CAGR

Sold domestic pipeline and

export terminal while

maintaining takeaway &

export capacity

164% all-in reserve

replacement ratio, with

149% from organic

sources

New blocks in Abu Dhabi,

Oman and Colombia

OxyChem generated over

20 consecutive years of

free cash flow

Expansion of global market

access through Midstream

Low Carbon Ventures

established to leverage

carbon capture business

CFFO before working cap.

exceeded capex and

dividends by ~$800 MM

$3.8 B of Core income,

Core EPS of $5.01

International business

generated $1.4 B of free

cash flow

OxyChem and Midstream

generated highest

earnings in over 20 years

$3.0 B cash balance

Permian achieved lowest

operating costs per barrel

in this decade

Drilled <5% of Hz wells in

the Permian, but have 40%

of the top 50 wells

Improved average six-

month cumulative

production by 25% for

Permian Resources

Increased Al Hosn capacity

by 11%

Note: CFFO before working capital, Core EPS, Core income, ROCE and CROCE are non-GAAP; see the reconciliations to comparable GAAP financial measures on our website

5

Value Based Cash Flow Growth

1Cash flow from operations before working capital2Production from ongoing operations

Note: See the reconciliations to comparable GAAP financial measures on our website

ROCE

Generation

Cash Flow

Growth

Return of

Capital

Sustainable

Returns

Value Based Returns2002 - 2016 2017 2018

ROCE: 11% Avg 5% 14%

CROCE: 21% Avg 18% 27%

2017 to 2018 Growth

CFFO1: 74%

EPS: 463%

Production2: 11%

Credit Ratings

A/A3/A Stable

Cash Distributions $2.4 B Dividends in 2018

$1.3 B Shares Repurchased

in 2018

Consecutive Dividend Growth

Since 2002 - 12% CAGR

$33 B of Total Capital

Returned Since 2002

48% of the $33 B Returned in

the Last 5 Years

6

2019 Capital Flexibility with Short-cycle Investments

<2 Years 2-3 Years >3 Years

D&C

61%

Facilities

24%

Base

Maintenance

12%

Exploration

3%

25%20%

55%

2019 Capital Program by Type

1Sustaining capital based on a 2019E production base decline rate of 20%2Payback based on $50 WTI

Sustaining1

55%

Growth

42%

Exploration

3%

Total

CompanyOil & Gas

$2.6

$0.5

$0.8

$0.2 $0.1 $0.3

2019 Capital Program

Chemicals

Midstream

Exploration & Other

International

Permian EOR

Permian Resources

$4.5 B Capital Program

9 - 11% Production Growth

2019 Capital Program

Payback for 2019 Development Capital2

7

Permian

Harvest Existing High-Return Unconventional Inventory and Lower Full-Cycle Costs

• Unconventional EOR

Commercial Success

• Scalable Unconventional

EOR Implementation

• New Anthropogenic

CCUS Project Online

• Expand Unconventional

& Anthropogenic EOR

Footprint

Replenish High-Return Unconventional Inventory and Delineate Additional Acreage

Oman

• Seismic New Blocks

• Exploration Wells

• Appraisal Drilling

• Block 62 Hub Expansion

• Development Plan

Execution

• New Blocks First

Production

• Production Ramp-Up

Abu Dhabi

• Seismic ON-3

• Exploration Well

• Al Hosn Debottlenecking

Pre-FEED

• Exploration Wells

• Al Hosn Debottlenecking

FEED

• ON-3 Development

• Exploration and

Appraisal Wells

• Al Hosn Debottlenecking

Execution

• ON-3 Production

• 1st Production from

Debottlenecking

Colombia

• Seismic New Blocks

• Initiate TECA Steam

Flood Development

• Seismic Processing

• Exploration Wells

• TECA Execution

• New Blocks

Development

• TECA Ramp-Up

• New Blocks

Production Ramp-Up

Road Map to 2022 Cash Flow Growth

1Cash flow from operations before working capital

Note: Production Growth CAGR from 2018 to 2022: Permian Resources 24%, International 6% excluding Qatar

Note: 2020 - 2022 assumes $60 WTI/$70 Brent, $3.00 MID-MEH differential, Capital of $5.0 - $5.3 B

$9.0 B

2019 2020 2021 2022

20

22

Ca

sh

Flo

w F

rom

Op

era

tion

s1

Permian$6.0 B

OxyChem

Midstream$1.7 B

International

$2.1 B

Corporate,

Interest & Other

($0.8 B)

8

2018 Return ON Capital vs. Return OF Capital

OXY

-5%

0%

5%

10%

15%

20%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

RO

CE

(%

)

Total Yield1 (%)

1Total Yield = (Dividend + Repurchase) / Market Capitalization on December 31, 2018

Note: Bubble Size represents Distribution = (Dividend + Repurchase) / OCF

Note: Peers Include: APA, APC, CNQ, COP, CVX, EOG, HES, MRO, TOT, XOM

9

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Dividends $ MM Share Repurchases $ MM Dividends per Share $

Oxy Consistently Returns Capital to Shareholders

Note: 2013 dividend total adjusted to reflect that 1Q13 dividend was paid in 4Q12

$ M

M R

etu

rne

d t

o S

ha

reh

old

ers

Dividend Sustainable at $40 WTI

Consecutive Dividend Growth Since 2002 - 12% CAGR

$33 B of Total Capital Returned Since 2002

Over 70% of Market Capitalization Returned to Shareholders

Strong Balance Sheet - A/A3/A Credit Ratings

13% Annualized TSR since 2002

Div

ide

nd

s p

er S

ha

re

10

De-carbonize

electricity

CO2 capture and

separation

innovation

CO2 to Product

CreationCCUS projects

Oxy Low Carbon

Ventures

Delivering sustainable energy through our

leadership and unique position in the lowcarbon economy

Direct emissions

reduction

Energy

efficiency

Low-carbon

emission

electricity sources

Capture emitted

CO2 and utilize or

store in subsurface

(EOR focused)

CO2 as a feedstock to

create products

Systematic direct emission

reductions from operationsAdapt equipment to

lower energy use per

produced volume

Innovative technologies

to grow the CO2 market

and reduces separation

costs

Leveraging our unique

positon and leadership in

the CO2 market to provide a

sustainable energy future

• Oxy is dedicated to being a leader

in providing the market with

impactful low carbon solutions

• Commitment to reduce

greenhouse gas emissions across

Scopes 1, 2 and 31

• Dedicated business unit to work

across all segments to reduce

carbon footprint

Occidental Low Carbon Ventures

1 Scopes 1, 2, and 3 includes direct, indirect and production emissions

11

Established “Low

Carbon Ventures”

group

Joined Oil and

Gas Climate

Initiative (OGCI)

Second Annual

Climate Report

Commence

FEED studies

on Additional

Carbon

Capture

Projects

20192018

White Energy

capture project

feasibility study

announced

White Energy capture

project FEED study

complete

45Q (Future Act)

approved by Congress

incentivizing carbon

capture

Investments in

Net Power and

Carbon

Engineering

Announced

Goldsmith solar

and Glasspoint

Oman solar

Communication of

direct emissions

reduction plan

Low Carbon Milestones and Investments

ExpectedRealized

12

How Does Carbon Capture and Sequestration Work?• Over multiple injection cycles,

100% of CO2 is stored in EOR

reservoir

• Oxy has the first two EPA

approved Monitoring,

Reporting and Verification

Plans with storage capacities

over 300 million tonnes of

CO2 with substantially more

potential

• Oxy stores the equivalent

CO2 emissions of over 4

million cars every year

Sequestered CO2 (Yellow)Produced Oil (Red)

13

0

40

80

120

160

2017 2018 2019E

Ne

w M

exi

co

Wa

ter

Re

cyc

le

Ca

pa

cit

y (

MB

WP

D)

$3.50

$2.10

$0.75 $0.45

$-

$1

$2

$3

$4

Original Improved 2017 CurrentC

ost

/ b

bl o

f w

ate

rTruck Produced

Water

+ Truck Frac Water

Pipe Produced

Water

+ Truck Frac Water

2017 Recycle

Produced Water

for Frac Water

2018 Recycle

Produced Water

for Frac Water

Investment in New Mexico Water Infrastructure

New Mexico Water Recycle Cost Savings Per Barrel

4X Increase

Water Infrastructure Drives Value & Environmental Benefits

• New water recycling technology

implemented in New Mexico

> Greater than 80% of water used in

2019 will be recycled

> Targeting to use less than 1% fresh

water in 2019

• Expanding recycled water

technology to TX Delaware in

2019

Improve Water

Handling

Implement

Recycling

Improve Water

Recycling Technology

14

Growth within Cash Flow

Oxy’s Sustainable Value Proposition

CROCE

Leadership

Returns Focused Growth

Environmental, Social and Governance

Integrated Business Model

Robust, Low-Cost Inventory

Long-Term Production Growth of 5 - 8+% while Targeting a Return

of Over $3.1 B in Cash to Shareholders in 2019

Permian Resources is Driving High-Return Growth with the Best Wells in the

Permian Basin and Benefits from an Advantaged Cost Position

Industry Leading Base Decline Rate in Oil and Gas, Sustainable Cash Generation

from OxyChem, Expanded Global Market Access Through Midstream Business

Decades of Global Inventory: Conventional, Unconventional,

EOR (CO2, Water, Steam, & Gas Injection)Diverse Inventory and Recovery Techniques

Enhance Sustainable Cash Flow

Executive Compensation Aligned with Shareholder Value CreationUniquely Positioned to Advance CCUS

Proactive Social Responsibility Programs WorldwideIndustry Leading Human Capital