Equibles

8-K

OCCIDENTAL PETROLEUM CORP /DE/ (OXY)

8-K 2023-02-27 For: 2023-02-27
View Original
Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 27, 2023

OCCIDENTAL PETROLEUM CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware 1-9210 95-4035997
(State or Other Jurisdiction <br>of Incorporation) (Commission <br>File Number) (IRS Employer <br>Identification No.) 5 Greenway Plaza, Suite 110<br><br>Houston, Texas 77046
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(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 215-7000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol(s) Name of Each Exchange on Which <br>Registered
Common Stock, $0.20 par value OXY New York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value OXY WS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 27, 2023, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter and full-year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this report and the exhibits hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit No. Description
99.1 Press Release dated February 27, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OCCIDENTAL PETROLEUM CORPORATION
By: /s/ Christopher O. Champion
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Christopher O. Champion
Vice President, Chief Accounting Officer and Controller

Date: February 27, 2023

Document

PRESS RELEASE

Occidental Announces 4th Quarter 2022 Results

•Announced enhanced shareholder return framework including a new $3.0 billion share repurchase authorization and 38% increase to common dividend

•Completed $3.0 billion share repurchase program with $562 million of repurchases in the fourth quarter, bringing total year repurchases to 47.7 million shares

•Repaid $1.1 billion of debt and retired $450 million of interest rate swaps during the fourth quarter, with total year debt repayments of over $10.5 billion, representing 37% of total outstanding principal

•OxyChem exceeded guidance with pre-tax earnings of $457 million, establishing record year pre-tax earnings of $2.5 billion

•Cash flow from continuing operations of $4.0 billion and cash flow from continuing operations before working capital of $4.1 billion

•Capital spending of $1.5 billion, resulting in quarterly free cash flow before working capital of $2.6 billion

•Earnings per diluted share of $1.74 and adjusted earnings per diluted share of $1.61

•Worldwide year-end proved reserves of 3.8 billion BOE, with reserves replacement of 172% and finding and development costs of $6.60 per BOE

HOUSTON — February 27, 2023 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the fourth quarter of 2022 of $1.7 billion, or $1.74 per diluted share, and adjusted income attributable to common stockholders of $1.6 billion, or $1.61 per diluted share. Fourth quarter after-tax items affecting comparability of $127 million included a non-cash tax benefit adjustment of $123 million related to a post-Anadarko acquisition reorganization of legal entities.

"Our fourth quarter of 2022 performance capped a year of strong results, in which we set operational records across our U.S. Onshore, Gulf of Mexico and International oil and gas businesses, while OxyChem delivered record earnings,” said President and Chief Executive Officer Vicki Hollub. "Our operational success drove the financial achievements that enabled us to complete our $3.0 billion share repurchase program and deliver substantial balance sheet improvements. Our teams are well positioned to maintain this operational success, as we continue to focus on delivering value for our shareholders in 2023 through our recently authorized $3.0 billion share repurchase program and a 38% increase to our sustainable dividend."

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income on continuing operations for the fourth quarter was $2.5 billion, compared to pre-tax income of $3.3 billion for the third quarter of 2022. The fourth quarter results included $46 million of gains on sales of assets. Excluding items affecting comparability, fourth quarter oil and gas income declined due to lower worldwide crude oil and natural gas liquids (NGL) and domestic natural

gas prices and higher exploration expenses, partially offset by higher crude oil sales volumes. For the fourth quarter of 2022, average WTI and Brent marker prices were $82.65 per barrel and $88.68 per barrel, respectively. Average worldwide realized crude oil prices decreased by approximately 12% from the prior quarter to $83.64 per barrel. Average worldwide realized natural gas liquids (NGL) prices decreased by approximately 25% from the prior quarter to $26.35 per barrel. Average domestic realized gas prices decreased by approximately 37% from the prior quarter to $4.45 per Mcf.

Total average global production from continuing operations of 1,227 thousand of barrels of oil equivalent per day (Mboed) for the fourth quarter came within the midpoint of guidance. Permian, Rockies & Other Domestic, Gulf of Mexico and International average daily production volumes all came within guidance at 565 Mboed, 272 Mboed, 150 Mboed and 240 Mboed, respectively.

Oil and Gas Proved Reserves

As of December 31, 2022, Occidental's worldwide proved reserves totaled 3.8 billion barrels of oil equivalent (BOE), compared to 3.5 billion BOE for the same period in the prior year. Proved reserve additions were mainly driven by positive revisions associated to infill development projects of 335 million BOE, primarily in the Permian and DJ Basins, and extensions and discoveries of 176 million BOE, mostly in the Delaware Basin, along with improved recovery of 89 million BOE, mostly in the Permian EOR business. Other revisions of 139 million BOE are primarily related to positive price revisions.

OxyChem

Chemical pre-tax income of $457 million for the fourth quarter exceeded guidance. Compared to prior quarter income of $580 million, fourth quarter results reflected declining polyvinyl (PVC) prices and lower volumes across most product lines, partially offset by favorable raw materials costs, primarily for ethylene and energy.

Midstream and Marketing

Midstream and marketing pre-tax loss for the fourth quarter was $45 million, compared to income of $104 million for the third quarter of 2022. The fourth quarter results included $73 million of derivative losses and $36 million of gains on sales of assets. WES equity income for the fourth quarter was $169 million. Excluding items affecting comparability, the decrease in midstream and marketing pre-tax fourth quarter results reflected the timing impact of crude oil sales in the marketing business and the seasonal impact of the power business, partially offset by higher gas marketing margins from transportation capacity optimization.

Supplemental Non-GAAP Measures

This press release refers to adjusted income (loss), cash flow from continuing operations before working capital and free cash flow, 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 cash flow from continuing operations before working capital and free cash flow 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), cash flow from continuing operations before working capital and free cash flow may

differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

This press release also refers to finding and development costs (F&D Costs) and reserves replacement ratio, which are non-GAAP measures that Occidental believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost of replacing annual production and adding proved reserves. Occidental's definitions of these non-GAAP measures may differ from similarly titled measures provided by other companies and as a result may not be comparable. F&D Costs - All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of proved reserves revisions, improved recovery, extensions and discoveries and purchases of minerals in place for the year. F&D Costs - Organic is F&D Costs - All-In excluding both the property acquisition costs and purchase of minerals in place, and F&D Costs - Program Additions further excludes price and other revisions that are not infills. Reserves Replacement - All-In is calculated by dividing the sum of proved reserves revisions, improved recovery, extensions and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves Replacement - Organic is Reserves Replacement - All-In, excluding purchases and sales of minerals in place for the year. Reserves Replacement - Program Additions further excludes price and other revisions that are not infills.

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 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. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed 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, and they include, but are 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, business strategy or financial position; 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 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.

Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future. 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; the scope and duration of the global or regional health pandemics or epidemics, including the COVID-19 pandemic

and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; 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 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; governmental actions, war (including the Russia-Ukraine war) and political conditions and events; environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws, and regulations, and litigation (including the potential liability for remedial actions or assessments under existing or future laws, regulations and litigation); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deep-water and onshore drilling and permitting regulations and environmental regulations (including regulations related to climate change); 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; 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 Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts

Media Investors
Eric Moses Neil Backhouse
713-497-2017 713-366-5604
eric_moses@oxy.com neil_backhouse@oxy.com
Occidental Petroleum Corporation
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Fourth Quarter and Full-Year 2022
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

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

11.Reserves Replacement and Multi-Year Data - Worldwide

12.Reserves Replacement and Multi-Year Data - United States Only

13.Proved Oil Reserves

14.Proved NGLReserves

15.Proved Natural Gas Reserves

16.Total Proved Reserves

17.Costs Incurred

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

2021 2022
Quarterly Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Net Income (Loss) ( millions)
Reported income (loss) attributable to common stockholders $ (346) $ (97) $ 628 $ 1,337 $ 1,522 $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504
Reported EPS - Diluted (/share) $ (0.36) $ (0.10) $ 0.65 $ 1.37 $ 1.58 $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40
Effective tax rate on reported income (loss) (%) 5 % 30 % 32 % 23 % 25 % (58) % 25 % 25 % 20 % 6 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP) $ (136) $ 311 $ 836 $ 1,448 $ 2,459 $ 2,127 $ 3,240 $ 2,465 $ 1,600 $ 9,432
Adjusted EPS - Diluted (Non-GAAP) (/share) $ (0.15) $ 0.32 $ 0.87 $ 1.48 $ 2.55 $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35
Effective tax rate on adjusted income (loss) (%) (327) % 31 % 30 % 27 % 27 % 25 % 25 % 26 % 25 % 25 %
Average Shares Outstanding - Reported Income (Loss)
Basic (millions) 933.1 934.2 935.4 936.5 935.0 936.7 939.2 922.0 905.7 926.2
Diluted (millions) 947.9 934.2 957.7 972.7 958.8 997.7 1,018.3 1,002.5 990.5 1,002.0
Average Shares Outstanding - Adjusted Income (Loss)
Basic (millions) 933.1 934.2 935.4 936.5 935.0 936.7 939.2 922.0 905.7 926.2
Diluted (millions) 933.1 956.8 957.7 972.7 958.8 936.7 1,018.3 1,002.5 990.5 1,002.0
Daily Production Volumes
Total US (MBOE/D) 904 961 918 952 933 896 919 944 987 937
US Oil (MBBL/D) 488 517 483 506 498 483 495 508 542 507
Worldwide - Reported (MBOE/D) 1,139 1,225 1,176 1,192 1,183 1,079 1,147 1,180 1,227 1,159
Worldwide - Continuing Operations (MBOE/D) 1,117 1,203 1,160 1,189 1,167 1,079 1,147 1,180 1,227 1,159
Worldwide Sales - Continuing Operations (MBOE/D) 1,113 1,199 1,158 1,193 1,166 1,074 1,150 1,179 1,230 1,159
Commodity Price Realizations
Worldwide oil (/BBL) $ 55.65 $ 64.18 $ 68.74 $ 75.39 $ 66.14 $ 91.91 $ 107.72 $ 94.89 $ 83.64 $ 94.36
Worldwide NGL (/BOE) $ 23.44 $ 25.06 $ 34.01 $ 36.52 $ 30.01 $ 39.61 $ 42.04 $ 35.22 $ 26.35 $ 35.48
Domestic gas (/MCF) $ 2.56 $ 2.59 $ 3.35 $ 4.64 $ 3.30 $ 4.17 $ 6.25 $ 7.06 $ 4.45 $ 5.48
Cash Flows - Continuing Operations ( millions)
Operating cash flow before working capital (Non-GAAP) $ 2,135 $ 2,710 $ 2,967 $ 3,867 $ 11,679 $ 4,178 $ 5,148 $ 4,700 $ 4,109 $ 18,135
Working capital changes $ (1,347) $ 614 $ (57) $ (636) $ (1,426) $ (939) $ 181 $ (433) $ (134) $ (1,325)
Operating cash flow $ 788 $ 3,324 $ 2,910 $ 3,231 $ 10,253 $ 3,239 $ 5,329 $ 4,267 $ 3,975 $ 16,810
Capital expenditures $ (579) $ (698) $ (656) $ (937) $ (2,870) $ (858) $ (972) $ (1,147) $ (1,520) $ (4,497)
2021 2022
Year-to-date Mar Jun Sep Dec Mar Jun Sep Dec
Net Income (Loss) ( millions)
Reported income (loss) attributable to common stockholders $ (346) $ (443) $ 185 $ 1,522 $ 4,676 $ 8,231 $ 10,777 $ 12,504
Reported EPS - Diluted (/share) $ (0.36) $ (0.47) $ 0.19 $ 1.58 $ 4.65 $ 8.11 $ 10.64 $ 12.40
Effective tax rate on reported income (loss) (%) 1 % 13 % 27 % 25 % (58) % (7) % 3 % 6 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP) $ (136) $ 175 $ 1,011 $ 2,459 $ 2,127 $ 5,367 $ 7,832 $ 9,432
Adjusted EPS - Diluted (Non-GAAP) (/share) $ (0.15) $ 0.18 $ 1.05 $ 2.55 $ 2.12 $ 5.29 $ 7.74 $ 9.35
Effective tax rate on adjusted income (loss) (%) (327) % 24 % 28 % 27 % 25 % 25 % 25 % 25 %
Average Shares Outstanding - Reported Income
Basic (millions) 933.1 933.8 934.4 935.0 936.7 933.8 933.0 926.2
Diluted (millions) 947.9 933.8 954.2 958.8 997.7 1,007.5 1,005.9 1,002.0
Average Shares Outstanding - Adjusted Income
Basic (millions) 933.1 933.8 934.4 935.0 936.7 938.3 933.0 926.2
Diluted (millions) 933.1 952.4 954.2 958.8 997.7 1,007.5 1,005.9 1,002.0
Daily Production Volumes
Total US (MBOE/D) 904 932 927 933,000,000 896 907 920 937
US Oil (MBBL/D) 488 502 496 498 483 489 495 507
Worldwide - Reported (MBOE/D) 1,139 1,182 1,180 1,183,000,000 1,079 1,113 1,136 1,159
Worldwide - Continuing Operations (MBOE/D) 1,117 1,160 1,160 1,167,000,000 1,079 1,113 1,136 1,159
Worldwide Sales - Continuing Operations (MBOE/D) 1,113 1,156 1,157 1,166 1,074 1,112 1,135 1,159
Commodity Price Realizations
Worldwide Oil (/BBL) $ 55.65 $ 60.05 $ 62.94 $ 66.14 $ 91.91 $ 100.10 $ 98.30 $ 94.36
Worldwide NGL (/BOE) $ 23.44 $ 24.31 $ 27.68 $ 30.01 $ 39.61 $ 40.90 $ 38.85 $ 35.48
Domestic Gas (/MCF) $ 2.56 $ 2.58 $ 2.84 $ 3.30 $ 4.17 $ 5.20 $ 5.83 $ 5.48
Cash Flows - Continuing Operations ( millions)
Operating cash flows before working capital (Non-GAAP) $ 2,135 $ 4,845 $ 7,812 $ 11,679 $ 4,178 $ 9,326 $ 14,026 $ 18,135
Working capital changes $ (1,347) $ (733) $ (790) $ (1,426) $ (939) $ (758) $ (1,191) $ (1,325)
Operating cash flow $ 788 $ 4,112 $ 7,022 $ 10,253 $ 3,239 $ 8,568 $ 12,835 $ 16,810
Capital expenditures (579) (1,277) (1,933) (2,870) (858) (1,830) (2,977) (4,497)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for Non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common shares since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common shares as their effect is anti-dilutive since Occidental generated net losses from continuing operations.
(c) See schedule 7 for non-GAAP reconciliation.

All values are in US Dollars.

SCHEDULE 2

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(amounts in millions)

2021 2022
Before Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic
Asset impairments $ (135) $ (21) $ (17) $ (109) $ (282) $ — $ — $ — $ — $ —
Asset sales gains, net — — 14 13 27 125 12 10 1 148
Oil, gas and CO2 derivative losses, net (40) (140) (97) (3) (280) — — — — —
Total Domestic (175) (161) (100) (99) (535) 125 12 10 1 148
International
Asset sales gains (losses), net — — (12) 55 43 — 10 — 45 55
Total International — — (12) 55 43 — 10 — 45 55
Total Oil and Gas (175) (161) (112) (44) (492) 125 22 10 46 203
Chemical
No items affecting comparability — — — — — — — — — —
Total Chemical — — — — — — — — — —
Midstream & Marketing
Asset sales gains, net 102 22 — — 124 — — 62 36 98
Asset impairments — — — (21) (21) — — — — —
Derivative gains (losses), net 15 (180) (11) (76) (252) (198) 96 (84) (73) (259)
Total Midstream & Marketing 117 (158) (11) (97) (149) (198) 96 (22) (37) (161)
Corporate
Anadarko acquisition-related costs (41) (52) (29) (31) (153) (65) (13) (4) (7) (89)
Interest rate swap gains (losses), net 399 (223) (26) (28) 122 135 127 70 (15) 317
Maxus environmental reserve adjustment — — — — — — (22) — — (22)
Early debt extinguishment — — (88) (30) (118) (18) 179 (18) 6 149
Total Corporate 358 (275) (143) (89) (149) 52 271 48 (16) 355
Income tax impact of legal entity reorganization — — — — — 2,594 — — 123 2,717
Foreign entity reorganization tax benefit — — — — — — — 42 — 42
Exploration license expiration tax benefit — — — — — — 13 10 — 23
State tax rate revaluation — 55 — 88 143 (29) — — — (29)
Income taxes (65) 128 60 55 178 5 (87) (7) 11 (78)
Income (loss) from continuing operations 235 (411) (206) (87) (469) 2,549 315 81 127 3,072
Discontinued operations, net of taxes (a) (445) 3 (2) (24) (468) — — — — —
Total $ (210) $ (408) $ (208) $ (111) $ (937) $ 2,549 $ 315 $ 81 $ 127 $ 3,072
2021 2022
After Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic
Asset impairments $ (106) $ (16) $ (12) $ (90) $ (224) $ — $ — $ — $ — $ —
Asset sales gains, net — — 11 10 21 98 9 8 — 115
Oil, gas and CO2 derivative losses, net (31) (110) (75) (2) (218) — — — — —
Total Domestic (137) (126) (76) (82) (421) 98 9 8 — 115
International
Asset sales gains (losses), net 0 0 -12 55 43 0 6 0 46 52
Total International — — (12) 55 43 — 6 — 46 52
Total Oil and Gas (137) (126) (88) (27) (378) 98 15 8 46 167
Chemical
No items affecting comparability — — — — — — — — — —
Total Chemical 0 0 0 0 0 0 0 0 0 0
Midstream & Marketing
Asset sales gains (losses), net 79 17 1 (2) 95 — — 49 28 77
Asset impairments 0 0 0 -16 -16 0 0 0 0 0
Derivative gains (losses), net 12 -141 -8 -60 -197 -155 75 -66 -57 -203
Total Midstream & Marketing 91 (124) (7) (78) (118) (155) 75 (17) (29) (126)
Corporate
Anadarko acquisition-related costs (31) (41) (23) (26) (121) (51) (10) (3) (6) (70)
Interest rate swap gains (losses), net 312 -175 -19 -21 97 106 99 55 -12 248
Maxus environmental reserve adjustment 0 0 0 0 0 0 -17 0 0 -17
Early debt extinguishment — — (69) (23) (92) (14) 140 (14) 5 117
Total Corporate 281 (216) (111) (70) (116) 41 212 38 (13) 278
Income tax impact of legal entity reorganization — — — — — 2,594 — — 123 2,717
Foreign entity reorganization tax benefit — — — — — — — 42 — 42
Exploration license expiration tax benefit — — — — — — 13 10 — 23
State tax rate revaluation — 55 — 88 143 (29) — — — (29)
Income (loss) from continuing operations 235 (411) (206) (87) (469) 2,549 315 81 127 3,072
Discontinued operations, net of taxes (445) 3 (2) (24) (468) — — — — —
Total $ (210) $ (408) $ (208) $ (111) $ (937) $ 2,549 $ 315 $ 81 $ 127 $ 3,072

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

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

2021 2022
Reported Income (Loss) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ (214) $ 367 $ 1,078 $ 1,669 $ 2,900 $ 2,546 $ 3,322 $ 2,646 $ 1,925 $ 10,439
International 180 350 420 547 1,497 377 798 746 659 2,580
Exploration (28) (86) (31) (107) (252) (25) (26) (47) (118) (216)
Total Oil & Gas (62) 631 1,467 2,109 4,145 2,898 4,094 3,345 2,466 12,803
Chemical 251 312 407 574 1,544 671 800 580 457 2,508
Midstream & Marketing 282 (30) 20 (15) 257 (50) 264 104 (45) 273
Segment income 471 913 1,894 2,668 5,946 3,519 5,158 4,029 2,878 15,584
Corporate
Interest (395) (385) (449) (385) (1,614) (371) (114) (285) (260) (1,030)
Other 239 (385) (228) (253) (627) (65) (58) (96) (218) (437)
Income from continuing operations before taxes 315 143 1,217 2,030 3,705 3,083 4,986 3,648 2,400 14,117
Taxes
Federal and state 102 8 (151) (206) (247) 2,037 (916) (599) (274) 248
International (118) (51) (236) (263) (668) (244) (315) (303) (199) (1,061)
Income from continuing operations 299 100 830 1,561 2,790 4,876 3,755 2,746 1,927 13,304
Discontinued operations, net of taxes (445) 3 (2) (24) (468) — — — — —
Net income (loss) (146) 103 828 1,537 2,322 4,876 3,755 2,746 1,927 13,304
Less: Preferred stock dividends (200) (200) (200) (200) (800) (200) (200) (200) (200) (800)
Net income (loss) attributable to common stockholders $ (346) $ (97) $ 628 $ 1,337 $ 1,522 $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504
Reported diluted income (loss) per share $ (0.36) $ (0.10) $ 0.65 $ 1.37 $ 1.58 $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40
Effective Tax Rate 5 % 30 % 32 % 23 % 25 % (58) % 25 % 25 % 20 % 6 %
Items Affecting Comparability Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ (175) $ (161) $ (100) $ (99) $ (535) $ 125 $ 12 $ 10 $ 1 $ 148
International — — (12) 55 43 — 10 — 45 55
Exploration — — — — — — — — — —
Total Oil & Gas (175) (161) (112) (44) (492) 125 22 10 46 203
Chemical — — — — — — — — — —
Midstream & Marketing 117 (158) (11) (97) (149) (198) 96 (22) (37) (161)
Segment income (loss) (58) (319) (123) (141) (641) (73) 118 (12) 9 42
Corporate
Interest — — (88) (30) (118) (18) 179 (18) 6 149
Other 358 (275) (55) (59) (31) 70 92 66 (22) 206
Income (loss) from continuing operations before taxes 300 (594) (266) (230) (790) (21) 389 36 (7) 397
Taxes
Federal and state (65) 183 60 143 321 2,570 (70) 45 133 2,678
International — — — — — — (4) — 1 (3)
Income (loss) from continuing operations 235 (411) (206) (87) (469) 2,549 315 81 127 3,072
Discontinued operations, net of taxes (445) 3 (2) (24) (468) — — — — —
Net loss (210) (408) (208) (111) (937) 2,549 315 81 127 3,072
Less: Preferred stock dividends — — — — — — — — — —
Net income (loss) attributable to common stockholders $ (210) $ (408) $ (208) $ (111) $ (937) $ 2,549 $ 315 $ 81 $ 127 $ 3,072
Adjusted Income (Loss) (Non-GAAP) (a) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ (39) $ 528 $ 1,178 $ 1,768 $ 3,435 $ 2,421 $ 3,310 $ 2,636 $ 1,924 $ 10,291
International 180 350 432 492 1,454 377 788 746 614 2,525
Exploration (28) (86) (31) (107) (252) (25) (26) (47) (118) (216)
Total Oil & Gas 113 792 1,579 2,153 4,637 2,773 4,072 3,335 2,420 12,600
Chemical 251 312 407 574 1,544 671 800 580 457 2,508
Midstream & Marketing 165 128 31 82 406 148 168 126 (8) 434
Adjusted segment income 529 1,232 2,017 2,809 6,587 3,592 5,040 4,041 2,869 15,542
Corporate
Interest (395) (385) (361) (355) (1,496) (353) (293) (267) (266) (1,179)
Other (119) (110) (173) (194) (596) (135) (150) (162) (196) (643)
Adjusted income from continuing operations before taxes 15 737 1,483 2,260 4,495 3,104 4,597 3,612 2,407 13,720
Taxes
Federal and state 167 (175) (211) (349) (568) (533) (846) (644) (407) (2,430)
International (118) (51) (236) (263) (668) (244) (311) (303) (200) (1,058)
Adjusted income 64 511 1,036 1,648 3,259 2,327 3,440 2,665 1,800 10,232
Less: Preferred stock dividends (200) (200) (200) (200) (800) (200) (200) (200) (200) (800)
Adjusted income (loss) attributable to common stockholders $ (136) $ 311 $ 836 $ 1,448 $ 2,459 $ 2,127 $ 3,240 $ 2,465 $ 1,600 $ 9,432
Adjusted diluted earnings (loss) per share (Non-GAAP) $ (0.15) $ 0.32 $ 0.87 $ 1.48 $ 2.55 $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35
Effective Tax Rate (327) % 31 % 30 % 27 % 27 % 25 % 25 % 26 % 25 % 25 %

(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)

2021 2022
Reported Income (Loss) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ (167) $ 286 $ 841 $ 1,302 $ 2,262 $ 1,986 $ 2,591 $ 2,065 $ 1,501 $ 8,143
International 69 193 252 339 853 184 466 459 448 1,557
Exploration (23) (72) (26) (96) (217) (23) (24) (37) (102) (186)
Total Oil & Gas (121) 407 1,067 1,545 2,898 2,147 3,033 2,487 1,847 9,514
Chemical 193 240 314 440 1,187 519 620 449 348 1,936
Midstream & Marketing 251 (3) 35 5 288 (70) 247 83 (25) 235
Segment income 323 644 1,416 1,990 4,373 2,596 3,900 3,019 2,170 11,685
Corporate
Interest (395) (385) (449) (385) (1,614) (367) (114) (285) (260) (1,026)
Other 162 (271) (228) (253) (590) (65) (104) (96) (218) (483)
Taxes 209 112 91 209 621 2,712 73 108 235 3,128
Income from continuing operations 299 100 830 1,561 2,790 4,876 3,755 2,746 1,927 13,304
Discontinued operations, net of taxes (445) 3 (2) (24) (468) — — — — —
Net income (loss) (146) 103 828 1,537 2,322 4,876 3,755 2,746 1,927 13,304
Less: Preferred stock dividends (200) (200) (200) (200) (800) (200) (200) (200) (200) (800)
Net income (loss) attributable to common stockholders $ (346) $ (97) $ 628 $ 1,337 $ 1,522 $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504
Reported diluted income (loss) per share $ (0.36) $ (0.10) $ 0.65 $ 1.37 $ 1.58 $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40
Items Affecting Comparability Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ (137) $ (126) $ (76) $ (82) $ (421) $ 98 $ 9 $ 8 $ — $ 115
International — — (12) 55 43 — 6 — 46 52
Exploration — — — — — — — — — —
Total Oil & Gas (137) (126) (88) (27) (378) 98 15 8 46 167
Chemical — — — — — — — — — —
Midstream & Marketing 91 (124) (7) (78) (118) (155) 75 (17) (29) (126)
Segment income (loss) (46) (250) (95) (105) (496) (57) 90 (9) 17 41
Corporate
Interest — — (69) (23) (92) (14) 140 (14) 5 117
Other 281 (216) (42) (47) (24) 55 72 52 (18) 161
Taxes — 55 — 88 143 2,565 13 52 123 2,753
Income (loss) from continuing operations 235 (411) (206) (87) (469) 2,549 315 81 127 3,072
Discontinued operations, net of taxes (445) 3 (2) (24) (468) — — — — —
Net income (loss) (210) (408) (208) (111) (937) 2,549 315 81 127 3,072
Less: Preferred stock dividends — — — — — — — — — —
Net income (loss) attributable to common stockholders $ (210) $ (408) $ (208) $ (111) $ (937) $ 2,549 $ 315 $ 81 $ 127 $ 3,072
Adjusted Income (Loss) (Non-GAAP) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ (30) $ 412 $ 917 $ 1,384 $ 2,683 $ 1,888 $ 2,582 $ 2,057 $ 1,501 $ 8,028
International 69 193 264 284 810 184 460 459 402 1,505
Exploration (23) (72) (26) (96) (217) (23) (24) (37) (102) (186)
Total Oil & Gas 16 533 1,155 1,572 3,276 2,049 3,018 2,479 1,801 9,347
Chemical 193 240 314 440 1,187 519 620 449 348 1,936
Midstream & Marketing 160 121 42 83 406 85 172 100 4 361
Segment income 369 894 1,511 2,095 4,869 2,653 3,810 3,028 2,153 11,644
Corporate
Interest (395) (385) (380) (362) (1,522) (353) (254) (271) (265) (1,143)
Other (119) (55) (186) (206) (566) (120) (176) (148) (200) (644)
Taxes 209 57 91 121 478 147 60 56 112 375
Income from continuing operations 64 511 1,036 1,648 3,259 2,327 3,440 2,665 1,800 10,232
Less: Preferred stock dividends (200) (200) (200) (200) (800) (200) (200) (200) (200) (800)
Adjusted income (loss) attributable to common stockholders $ (136) $ 311 $ 836 $ 1,448 $ 2,459 $ 2,127 $ 3,240 $ 2,465 $ 1,600 $ 9,432
Adjusted diluted earnings (loss) per share (Non-GAAP) $ (0.15) $ 0.32 $ 0.87 $ 1.48 $ 2.55 $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35
Reconciliation - Diluted Earnings (Loss) Per Share (a)
Reported Diluted Earnings (Loss) Per Share (GAAP) $ (0.36) $ (0.10) $ 0.65 $ 1.37 $ 1.58 $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic $ (0.14) $ (0.13) $ (0.08) $ (0.08) $ (0.43) $ 0.09 $ 0.01 $ 0.01 $ — $ 0.11
International — — (0.01) 0.06 0.04 — 0.01 — 0.05 0.05
Exploration — — — — — — — — — —
Chemical — — — — — — — — — —
Midstream & Marketing 0.10 (0.13) (0.01) (0.08) (0.12) (0.16) 0.08 (0.02) (0.03) (0.13)
Corporate
Interest — — (0.07) (0.02) (0.09) (0.02) 0.14 (0.01) 0.01 0.12
Other 0.30 (0.22) (0.04) (0.06) (0.03) 0.05 0.07 0.05 (0.02) 0.16
Taxes — 0.06 — 0.09 0.15 2.57 — 0.05 0.12 2.74
Discontinued Operations (0.47) — — (0.02) (0.49) — — — — —
Total After-Tax Adjustments for Items Affecting Comparability $ (0.21) $ (0.42) $ (0.21) $ (0.11) $ (0.97) $ 2.53 $ 0.31 $ 0.08 $ 0.13 $ 3.05
Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP) $ (0.15) $ 0.32 $ 0.86 $ 1.48 $ 2.55 $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35
Average Diluted Shares Outstanding - Reported (millions) 947.9 934.2 957.7 972.7 958.8 997.7 1,018.3 1,002.5 990.5 1,002.0

(a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations.

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(amounts in millions, except per-share amounts)

2021 2022
Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
REVENUES AND OTHER INCOME
Net sales
Oil & Gas $ 5,060 $ 2,040 $ 2,989 $ 2,977 $ 13,066 $ 6,075 $ 7,696 $ 7,098 $ 6,296 $ 27,165
Chemical 962 846 937 988 3,733 1,684 1,909 1,691 1,473 6,757
Midstream & Marketing 790 204 364 410 1,768 882 1,474 1,005 775 4,136
Eliminations (199) (162) (182) (215) (758) (292) (403) (404) (325) (1,424)
Total 6,613 2,928 4,108 4,160 17,809 8,349 10,676 9,390 8,219 36,634
Interest, dividends and other income 34 33 21 30 118 49 36 37 31 153
Gains (losses) on sale of assets, net 7 15 (846) (842) (1,666) 135 23 74 76 308
Total 6,654 2,976 3,283 3,348 16,261 8,533 10,735 9,501 8,326 37,095
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense 776 712 829 843 3,160 864 1,005 1,056 1,103 $ 4,028
Transportation and gathering expense 329 364 360 366 1,419 347 364 378 386 1,475
Chemical and midstream costs of sales 594 676 731 771 2,772 818 835 835 785 3,273
Purchased commodities 558 487 588 675 2,308 811 1,031 785 660 3,287
Selling, general and administrative 166 177 240 280 863 196 244 247 258 945
Other operating and non-operating expense 258 248 256 303 1,065 299 291 319 362 1,271
Taxes other than on income 210 244 289 262 1,005 335 426 427 360 1,548
Depreciation, depletion and amortization 2,194 2,371 1,916 1,966 8,447 1,643 1,728 1,736 1,819 6,926
Asset impairments and other charges 135 21 17 131 304 — — — — —
Anadarko acquisition-related costs 41 52 29 31 153 65 13 4 7 89
Exploration expense 28 86 31 107 252 25 26 47 118 216
Interest and debt expense, net 395 385 449 385 1,614 371 114 285 260 1,030
Total 5,684 5,823 5,735 6,120 23,362 5,774 6,077 6,119 6,118 24,088
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS (205) 187 1,080 1,890 2,952 2,759 4,658 3,382 2,208 13,007
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net 399 (223) (26) (28) 122 135 127 70 (15) 317
Income from equity investments 121 179 163 168 631 189 201 196 207 793
Total 520 (44) 137 140 753 324 328 266 192 1,110
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 315 143 1,217 2,030 3,705 3,083 4,986 3,648 2,400 14,117
Income tax benefit (expense) (16) (43) (387) (469) (915) 1,793 (1,231) (902) (473) (813)
INCOME FROM CONTINUING OPERATIONS 299 100 830 1,561 2,790 4,876 3,755 2,746 1,927 13,304
Discontinued operations, net of taxes (445) 3 (2) (24) (468) — — — — —
NET INCOME (LOSS) (146) 103 828 1,537 2,322 4,876 3,755 2,746 1,927 13,304
Less: Preferred stock dividend (200) (200) (200) (200) (800) (200) (200) (200) (200) (800)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (346) $ (97) $ 628 $ 1,337 $ 1,522 $ 4,676 $ 3,555 $ 2,546 $ 1,727 12,504
EARNINGS PER SHARE
BASIC EARNINGS (LOSS) PER COMMON SHARE
Income (loss) from continuing operations $ 0.11 $ (0.11) $ 0.67 $ 1.44 $ 2.12 $ 4.96 $ 3.76 $ 2.74 $ 1.90 $ 13.41
Discontinued operations, net (0.48) 0.01 — (0.02) (0.50) — — — — —
BASIC EARNINGS (LOSS) PER COMMON SHARE $ (0.37) $ (0.10) $ 0.67 $ 1.42 $ 1.62 $ 4.96 $ 3.76 $ 2.74 $ 1.90 $ 13.41
DILUTED EARNINGS (LOSS) PER COMMON SHARE $ (0.36) $ (0.10) $ 0.65 $ 1.37 $ 1.58 $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40
DIVIDENDS PER COMMON SHARE $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.04 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.52
AVERAGE COMMON SHARES OUTSTANDING
BASIC 933.1 934.2 935.4 936.5 935.0 936.7 939.2 922.0 905.7 926.2
DILUTED 947.9 934.2 957.7 972.7 958.8 997.7 1,018.3 1,002.5 990.5 1002.0
INCOME TAX BENEFIT (EXPENSE) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
CURRENT
Federal 30 (30) (170) (3) (173) (215) (640) (297) (120) (1,272)
State and local (10) 21 (23) (24) (36) (34) (50) (43) 22 (105)
International (117) (165) (174) (204) (660) (198) (338) (290) (254) (1,080)
Total (97) (174) (367) (231) (869) (447) (1,028) (630) (352) (2,457)
DEFERRED
Federal 78 (62) 19 (226) (191) 2,213 (231) (264) (150) 1,568
State and local 4 79 23 47 153 73 5 5 (26) 57
International (1) 114 (62) (59) (8) (46) 23 (13) 55 19
Total 81 131 (20) (238) (46) 2,240 (203) (272) (121) 1,644
TOTAL INCOME TAX BENEFIT (EXPENSE) (16) (43) (387) (469) (915) 1,793 (1,231) (902) (473) (813)

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(amounts in millions)

2021 2022
MAR JUN SEP DEC MAR JUN SEP DEC
CURRENT ASSETS
Cash and cash equivalents $ 2,270 $ 4,569 $ 2,059 $ 2,764 $ 1,909 $ 1,362 $ 1,233 $ 984
Trade receivables, net 3,046 3,288 3,477 4,208 5,434 6,350 4,046 4,281
Inventories 2,173 1,837 1,773 1,846 1,406 1,564 1,937 2,059
Assets held for sale 1,249 1,774 1,098 72 — — — —
Other current assets 1,336 1,376 1,492 1,321 1,309 1,132 1,533 1,562
Total current assets 10,074 12,844 9,899 10,211 10,058 10,408 8,749 8,886
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,170 3,249 3,266 2,938 3,015 3,328 3,156 3,176
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment 119,278 116,566 117,192 118,157 117,542 118,301 119,454 120,734
Accumulated depreciation, depletion and amortization (55,205) (54,720) (56,548) (58,227) (58,313) (59,728) (61,183) (62,350)
Net property, plant and equipment 64,073 61,846 60,644 59,930 59,229 58,573 58,271 58,384
OPERATING LEASE ASSETS 949 860 804 726 689 721 825 903
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 1,089 1,138 1,145 1,231 1,231 1,191 1,143 1,260
TOTAL ASSETS $ 79,355 $ 79,937 $ 75,758 $ 75,036 $ 74,222 $ 74,221 $ 72,144 $ 72,609
CURRENT LIABILITIES
Current maturities of long-term debt $ 559 $ 651 $ 780 $ 186 $ 507 $ 459 $ 546 $ 165
Current operating lease liabilities 369 331 265 186 173 178 248 273
Accounts payable 3,416 3,544 3,713 3,899 4,664 5,197 3,715 4,029
Accrued liabilities 3,566 4,325 3,654 4,046 3,356 3,896 3,426 3,290
Liabilities of assets held for sale 721 735 714 7 — — — —
Total current liabilities 8,631 9,586 9,126 8,324 8,700 9,730 7,935 7,757
LONG-TERM DEBT, NET 35,466 35,352 30,915 29,431 25,865 21,743 20,478 19,670
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net 6,941 6,808 6,825 7,039 4,806 5,020 5,304 5,512
Asset retirement obligations 4,030 3,949 3,942 3,687 3,634 3,600 3,553 3,636
Pension and postretirement obligations 1,553 1,551 1,595 1,540 1,541 1,513 1,427 1,055
Environmental remediation liabilities 1,029 1,020 1,000 944 933 918 893 905
Operating lease liabilities 628 583 593 585 558 589 616 657
Other 2,777 2,844 2,889 3,159 3,278 3,278 3,218 3,332
Total deferred credits and other liabilities 16,958 16,755 16,844 16,954 14,750 14,918 15,011 15,097
EQUITY
Preferred stock, $1.00 per share par value 9,762 9,762 9,762 9,762 9,762 9,762 9,762 9,762
Common stock, $0.20 per share par value 217 217 217 217 217 218 220 220
Treasury stock (10,668) (10,668) (10,668) (10,673) (10,709) (11,391) (13,192) (13,772)
Additional paid-in capital 16,585 16,638 16,692 16,749 16,785 16,914 17,129 17,181
Retained earnings 2,639 2,533 3,152 4,480 9,032 12,462 14,888 16,499
Accumulated other comprehensive income (loss) (235) (238) (282) (208) (180) (135) (87) 195
Total equity 18,300 18,244 18,873 20,327 24,907 27,830 28,720 30,085
TOTAL LIABILITIES AND EQUITY $ 79,355 $ 79,937 $ 75,758 $ 75,036 $ 74,222 $ 74,221 $ 72,144 $ 72,609

SCHEDULE 7

Occidental Petroleum Corporation

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

(amounts in millions)

2021 2022
Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
OPERATING CASH FLOW FROM CONTINUING OPERATIONS
Net income (loss) $ (146) $ 103 $ 828 $ 1,537 $ 2,322 $ 4,876 $ 3,755 $ 2,746 $ 1,927 $ 13,304
Depreciation, depletion and amortization (see detail below) 2,194 2,371 1,916 1,966 8,447 1,643 1,728 1,736 1,819 6,926
Deferred income tax provision (benefit) (81) (131) 20 238 46 (2,240) 203 272 121 (1,644)
Asset impairments and other non-cash charges, net 168 367 203 126 864 (101) (538) (54) 242 (451)
Operating cash flow from continuing operations before<br>     working capital (NON-GAAP) (see below) (a) 2,135 2,710 2,967 3,867 11,679 4,178 5,148 4,700 4,109 18,135
Working capital changes (1,347) 614 (57) (636) (1,426) (939) 181 (433) (134) (1,325)
Operating cash flow from continuing operations (GAAP) 788 3,324 2,910 3,231 10,253 3,239 5,329 4,267 3,975 16,810
INVESTING CASH FLOW FROM CONTINUING OPERATIONS
Capital expenditures (see detail below) (579) (698) (656) (937) (2,870) (858) (972) (1,147) (1,520) (4,497)
Payments for purchases of assets and businesses (105) (8) (9) (309) (431) (29) (280) (157) (524) (990)
Sales of assets, net 496 7 502 619 1,624 267 57 238 22 584
Changes in capital accrual (75) (19) 11 180 97 (39) (29) 70 145 147
Other investing activities (10) (17) 6 427 406 (3) (69) (23) (21) (116)
Investing cash flow from continuing operations (273) (735) (146) (20) (1,174) (662) (1,293) (1,019) (1,898) (4,872)
FINANCING CASH FLOW FROM CONTINUING OPERATIONS
Cash dividends paid (211) (209) (210) (209) (839) (216) (323) (324) (321) (1,184)
Purchases of treasury stock (3) — — (5) (8) (36) (532) (1,899) (632) (3,099)
Payments of debt (174) — (4,381) (2,279) (6,834) (3,259) (3,849) (1,217) (1,159) (9,484)
Other financing activities 36 (50) (831) (38) (883) 82 118 70 (218) 52
Financing cash flow from continuing operations (352) (259) (5,422) (2,531) (8,564) (3,429) (4,586) (3,370) (2,330) (13,715)
Cash Flow From Discontinued Operations 111 (32) 186 (171) 94 — — — — —
Increase (decrease) in cash and cash equivalents and <br>     restricted cash and restricted cash equivalents 274 2,298 (2,472) 509 609 (852) (550) (122) (253) (1,777)
Cash and cash equivalents and restricted cash and <br>     restricted cash equivalents - beginning of period 2,194 2,468 4,766 2,294 2,194 2,803 1,951 1,401 1,279 2,803
Cash and cash equivalents and restricted cash and <br>     cash equivalents - end of period $ 2,468 $ 4,766 $ 2,294 $ 2,803 $ 2,803 $ 1,951 $ 1,401 $ 1,279 $ 1,026 $ 1,026
Capital Expenditures Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas (513) (599) (561) (736) (2,409) (753) (849) (1,000) (1,242) (3,844)
Chemical (47) (67) (60) (134) (308) (37) (62) (68) (155) (322)
Midstream & Marketing (17) (24) (26) (39) (106) (62) (47) (69) (90) (268)
Corporate (2) (8) (9) (28) (47) (6) (14) (10) (33) (63)
Total Capital Expenditures $ (579) $ (698) $ (656) $ (937) $ (2,870) $ (858) $ (972) $ (1,147) $ (1,520) $ (4,497)
Depreciation, Depletion and Amortization Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
United States $ 1,852 $ 2,024 $ 1,561 $ 1,616 $ 7,053 $ 1,347 $ 1,403 $ 1,406 $ 1,452 $ 5,608
International 166 174 173 174 687 117 143 145 166 571
Chemical 84 84 91 85 344 88 89 90 103 370
Midstream & Marketing 82 80 81 82 325 82 83 82 81 328
Corporate 10 9 10 9 38 9 10 13 17 49
Total Depreciation, Depletion and Amortization $ 2,194 $ 2,371 $ 1,916 $ 1,966 $ 8,447 $ 1,643 $ 1,728 $ 1,736 $ 1,819 $ 6,926
Free Cash Flow (Non-GAAP) (a) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Operating cash flow from continuing operations (GAAP) $ 788 $ 3,324 $ 2,910 $ 3,231 $ 10,253 $ 3,239 $ 5,329 $ 4,267 $ 3,975 $ 16,810
Plus: Working capital and other, net 1,347 (614) 57 636 1,426 939 (181) 433 134 1,325
Operating cash flow from continuing operations <br>  before working capital (Non-GAAP) 2,135 2,710 2,967 3,867 11,679 4,178 5,148 4,700 4,109 18,135
Less: Capital Expenditures (GAAP) (579) (698) (656) (937) (2,870) (858) (972) (1,147) (1,520) (4,497)
Free Cash Flow (Non-GAAP) $ 1,556 $ 2,012 $ 2,311 $ 2,930 $ 8,809 $ 3,320 $ 4,176 $ 3,553 $ 2,589 $ 13,638
(a) Non-GAAP Measures. Operating cash flow before working capital and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash flow from continuing operations less working capital and free cash flow as operating cash flow before working capital less capital expenditures. 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 from continuing operations is considered representative of management's performance over the long term, and operating cash flow before working capital and free cash flow are not considered to be alternatives to reported operating cash flow in accordance with GAAP.

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

2021 2022
REPORTED NET MBOE VOLUMES PER DAY: Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
United States
Permian 457 504 499 490 487 472 493 523 565 513
Rockies & Other Domestic 296 308 292 313 302 286 279 270 272 277
Gulf of Mexico 151 149 127 149 144 138 147 151 150 147
Total 904 961 918 952 933 896 919 944 987 937
International
Algeria & Other International 39 43 46 48 44 36 53 52 48 47
Al Hosn 57 81 83 81 76 45 76 84 86 73
Dolphin 38 42 40 38 40 34 37 38 39 37
Oman 79 76 73 70 74 68 62 62 67 65
Total 213 242 242 237 234 183 228 236 240 222
TOTAL CONTINUING OPERATIONS PRODUCTION 1,117 1,203 1,160 1,189 1,167 1,079 1,147 1,180 1,227 1,159
OPERATIONS EXITED OR EXITING 22 22 16 3 16 — — — — —
TOTAL REPORTED PRODUCTION 1,139 1,225 1,176 1,192 1,183 1,079 1,147 1,180 1,227 1,159
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian 271 297 292 284 286 280 291 303 337 303
Rockies & Other Domestic 92 96 85 99 93 89 82 79 79 82
Gulf of Mexico 125 124 106 123 119 114 122 126 126 122
Total 488 517 483 506 498 483 495 508 542 507
NGL (MBBL)
Permian 97 113 116 114 110 108 114 126 130 119
Rockies & Other Domestic 92 100 94 100 97 92 100 96 97 97
Gulf of Mexico 11 11 9 11 10 10 11 11 11 11
Total 200 224 219 225 217 210 225 233 238 227
Natural Gas (MMCF)
Permian 531 563 548 551 548 504 528 561 590 545
Rockies & Other Domestic 673 674 675 684 676 632 582 572 575 590
Gulf of Mexico 90 85 72 88 84 83 81 84 79 81
Total 1,294 1,322 1,295 1,323 1,308 1,219 1,191 1,217 1,244 1,216
International
Oil (MBBL)
Algeria and Other International 36 39 42 43 40 33 47 44 41 42
Al Hosn 10 14 14 14 13 8 13 14 14 12
Dolphin 6 7 6 6 7 5 6 6 6 6
Oman 64 62 61 58 61 57 50 50 56 53
Total 116 122 123 121 121 103 116 114 117 113
NGL (MBBL)
Algeria and Other International 2 3 3 4 3 1 4 5 5 4
Al Hosn 18 25 26 25 24 14 23 26 27 23
Dolphin 8 8 8 8 8 7 8 8 8 7
Total 28 36 37 37 35 22 35 39 40 34
Natural Gas (MMCF)
Algeria and Other International 7 7 7 7 7 10 13 15 14 13
Al Hosn 174 252 255 253 234 139 237 265 268 227
Dolphin 146 160 154 146 150 130 141 146 148 142
Oman 89 83 77 69 80 69 71 70 68 69
Total 416 502 493 475 471 348 462 496 498 451

SCHEDULE 9

Occidental Petroleum Corporation

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

2021 2022
NET SALES MBOE VOLUMES PER DAY: Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
United States 904 961 918 952 933 896 919 944 987 937
International
Algeria and Other International 36 39 45 52 43 36 51 53 51 48
Al Hosn 57 81 82 81 76 46 76 84 85 73
Dolphin 37 42 40 38 40 33 37 38 39 37
Oman 79 76 73 70 74 63 67 60 68 64
Total 209 238 240 241 233 178 231 235 243 222
TOTAL CONTINUING OPERATIONS SALES 1,113 1,199 1,158 1,193 1,166 1,074 1,150 1,179 1,230 1,159
OPERATIONS EXITED OR EXITING 28 9 36 — 18 — — — — —
TOTAL REPORTED SALES 1,141 1,208 1,194 1,193 1,184 1,074 1,150 1,179 1,230 1,159
REALIZED PRICES
United States
Oil ($/BBL) $ 56.18 $ 64.39 $ 68.76 $ 75.78 $ 66.39 $ 93.23 $ 108.64 $ 93.43 $ 82.41 $ 94.12
NGL ($/BBL) $ 23.62 $ 25.33 $ 35.20 $ 37.43 $ 30.62 $ 40.60 $ 42.80 $ 35.04 $ 25.43 $ 35.69
Natural Gas ($/MCF) $ 2.56 $ 2.59 $ 3.35 $ 4.64 $ 3.30 $ 4.17 $ 6.25 $ 7.06 $ 4.45 $ 5.48
International
Oil ($/BBL) $ 53.39 $ 63.26 $ 68.65 $ 73.79 $ 65.08 $ 85.42 $ 103.99 $ 101.46 $ 89.23 $ 95.46
NGL ($/BBL) $ 22.11 $ 23.36 $ 26.85 $ 30.95 $ 26.13 $ 30.44 $ 36.92 $ 36.32 $ 31.69 $ 34.09
Natural Gas ($/MCF) $ 1.70 $ 1.68 $ 1.68 $ 1.70 $ 1.69 $ 1.85 $ 1.89 $ 1.92 $ 1.89 $ 1.89
Total Worldwide
Oil ($/BBL) $ 55.65 $ 64.18 $ 68.74 $ 75.39 $ 66.14 $ 91.91 $ 107.72 $ 94.89 $ 83.64 $ 94.36
NGL ($/BBL) $ 23.44 $ 25.06 $ 34.01 $ 36.52 $ 30.01 $ 39.61 $ 42.04 $ 35.22 $ 26.35 $ 35.48
Natural Gas ($/MCF) $ 2.36 $ 2.34 $ 2.89 $ 3.86 $ 2.87 $ 3.66 $ 5.03 $ 5.57 $ 3.72 $ 4.51
Index Prices
WTI Oil ($/BBL) $ 57.84 $ 66.07 $ 70.56 $ 77.19 $ 67.91 $ 94.29 $ 108.41 $ 91.55 $ 82.65 $ 94.23
Brent Oil ($/BBL) $ 61.10 $ 69.02 $ 73.23 $ 79.76 $ 70.78 $ 97.36 $ 111.69 $ 97.59 $ 88.68 $ 98.83
NYMEX Natural Gas ($/MCF) $ 2.72 $ 2.76 $ 3.71 $ 5.27 $ 3.61 $ 4.16 $ 6.62 $ 7.86 $ 6.76 $ 6.35
Percentage of Index Prices
Worldwide oil as a percentage of WTI 96 % 97 % 97 % 98 % 97 % 97 % 99 % 104 % 101 % 100 %
Worldwide oil as a percentage of Brent 91 % 93 % 94 % 95 % 93 % 94 % 96 % 97 % 94 % 95 %
Worldwide NGL as a percentage of WTI 41 % 38 % 48 % 47 % 44 % 42 % 39 % 38 % 32 % 38 %
Worldwide NGL as a percentage of Brent 38 % 36 % 46 % 46 % 42 % 41 % 38 % 36 % 30 % 36 %
Domestic gas as a percentage of NYMEX 94 % 94 % 90 % 88 % 91 % 100 % 94 % 90 % 66 % 86 %

SCHEDULE 10

Occidental Petroleum Corporation

Oil & Gas Metrics

2022
Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Lease operating expenses (/BOE)
United States 7.20 $ 6.00 $ 7.37 $ 6.96 $ 6.87 $ 7.82 $ 8.99 $ 9.41 $ 9.36 $ 8.92
International 11.83 $ 9.81 $ 9.53 $ 10.64 $ 10.41 $ 14.53 $ 12.05 $ 11.08 $ 11.29 $ 12.07
Total Oil and Gas 8.07 $ 6.76 $ 7.82 $ 7.70 $ 7.58 $ 8.94 $ 9.60 $ 9.74 $ 9.74 $ 9.52
Transportation costs (/BOE)
United States 3.81 $ 3.96 $ 3.71 $ 3.85 $ 3.83 $ 3.87 $ 3.90 $ 3.90 $ 3.82 $ 3.87
Total Oil and Gas 3.24 $ 3.31 $ 3.10 $ 3.23 $ 3.22 $ 3.38 $ 3.28 $ 3.30 $ 3.23 $ 3.29
Taxes other than on income (/BOE)
United States 2.11 $ 2.24 $ 2.72 $ 2.15 $ 2.30 $ 3.43 $ 3.97 $ 3.97 $ 3.11 $ 3.61
Total Oil and Gas 2.06 $ 2.21 $ 2.68 $ 2.39 $ 2.34 $ 3.43 $ 4.05 $ 3.90 $ 3.15 $ 3.63
DD&A expense (/BOE)
United States 22.77 $ 23.16 $ 18.50 $ 18.45 $ 20.70 $ 16.71 $ 16.79 $ 16.17 $ 15.99 $ 16.40
International 8.82 $ 7.98 $ 7.83 $ 7.89 $ 8.10 $ 7.32 $ 6.75 $ 6.75 $ 7.44 $ 7.05
Total Oil and Gas 20.14 $ 20.14 $ 16.29 $ 16.32 $ 18.19 $ 15.15 $ 14.77 $ 14.30 $ 14.30 $ 14.61
G&A and other operating expenses (/BOE) 2.41 $ 2.37 $ 2.47 $ 2.82 $ 2.52 $ 3.05 $ 2.67 $ 3.03 $ 2.77 $ 2.88
O&G MTM Loss - Collars, Calls and CO2 ( millions) 40 $ 139 $ 97 $ 4 $ 280 $ — $ — $ — $ — $ —
Exploration Expense ( millions)
United States 22 $ 64 $ 24 $ 48 $ 158 $ 9 $ 10 $ 23 $ 71 $ 113
International 22 7 59 94 16 16 24 47 103
Total Exploration Expense 28 $ 86 $ 31 $ 107 $ 252 $ 25 $ 26 $ 47 $ 118 $ 216
Capital Expenditures ( millions)
Permian (223) $ (277) $ (257) $ (331) $ (1,088) $ (381) $ (471) $ (629) $ (769) $ (2,250)
Rockies & Other Domestic (112) (108) (109) (451) (87) (115) (107) (117) (426)
Gulf of Mexico (66) (66) (103) (308) (120) (86) (93) (107) (406)
International (88) (103) (124) (399) (108) (108) (99) (124) (439)
Exploration Drilling (56) (27) (69) (163) (57) (69) (72) (125) (323)
Total Oil and Gas (513) $ (599) $ (561) $ (736) $ (2,409) $ (753) $ (849) $ (1,000) $ (1,242) $ (3,844)

All values are in US Dollars.

SCHEDULE 11

Occidental Petroleum Corporation

Reserves Replacement and Multi-Year Data - Worldwide

WORLDWIDE 2022 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 335 181
Price and other revisions 139 92
Improved Recovery 89 100
Extensions and Discoveries 176 114
Total Organic 739 487
Organic Excluding Price and Other Revisions 600 395
Purchases 10 19
Sales (21) (91)
Total Reserve Additions 728 415
Production 423 448
Costs Incurred ( millions)
Property acquisition costs $ 987 $ 508
Exploration costs 454 319
Development costs 3,506 2,470
Total Organic Costs 3,960 2,789
Total Costs Incurred $ 4,947 $ 3,297
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 5.36 $ 5.73
Program Additions $ 6.60 $ 7.06
All-In $ 6.60 $ 6.52
Reserves Replacement Ratio - Non-GAAP
Organic 175 % 109 %
Program Additions 142 % 88 %
All-In 172 % 93 %
Non-GAAP Measures
Finding and development costs (F&D Costs) and reserves replacement ratio are non-GAAP measures that Occidental
believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost
of replacing annual production and adding proved reserves. Occidental’s definitions of these non-GAAP measures
may differ from similarly titled measures provided by other companies and as a result may not be comparable.
F&D Costs – All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of
proved reserves revisions, improved recovery, extensions and discoveries and purchases of minerals in place for
the year. F&D Costs – Organic is F&D Costs – All-In excluding both the property acquisition costs and purchases
of minerals in place, and F&D Costs – Program Additions further excludes price and other revisions that are not infills.
Reserves Replacement – All-In is calculated by dividing the sum of proved reserves revisions, improved recovery, extensions
and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves
Replacement – Organic is Reserves Replacement – All-In, excluding purchases and sales of minerals in place for
the year. Reserves Replacement – Program Additions further excludes price and other revisions that are not infills.

All values are in US Dollars.

SCHEDULE 12

Occidental Petroleum Corporation

Reserves Replacement and Multi-Year Data - United States Only

UNITED STATES 2022 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 335 180
Price and other revisions 146 84
Improved Recovery 78 77
Extensions and Discoveries 166 109
Total Organic 725 450
Organic Excluding Price and Other Revisions 579 366
Purchases 10 19
Sales (21) (57)
Total Reserve Additions 714 412
Production 342 354
Costs Incurred ( millions)
Property acquisition costs $ 984 $ 487
Exploration costs 279 181
Development costs 3,083 2,051
Total Organic Costs 3,362 2,232
Total Costs Incurred $ 4,346 $ 2,719
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 4.64 $ 4.96
Program Additions $ 5.81 $ 6.10
All-In $ 5.91 $ 5.80
Reserves Replacement Ratio - Non-GAAP
Organic 212 % 127 %
Program Additions 169 % 103 %
All-In 209 % 116 %
Non-GAAP Measures
Finding and development costs (F&D Costs) and reserves replacement ratio are non-GAAP measures that Occidental
believes are widely used in our industry, as well as by analysts and investors, to measure and evaluate the cost
of replacing annual production and adding proved reserves. Occidental’s definitions of these non-GAAP measures
may differ from similarly titled measures provided by other companies and as a result may not be comparable.
F&D Costs– All-In is calculated by dividing total costs incurred for the year as defined by GAAP by the sum of
proved reserves revisions, improved recovery, extensions and discoveries and purchases of minerals in place for
the year. F&D Costs – Organic is F&D Costs – All-In excluding both the property acquisition costs and purchases
of minerals in place, and F&D Costs – Program Additions further excludes price and other revisions that are not infills.
Reserves Replacement – All-In is calculated by dividing the sum of proved reserves revisions, improved recovery, extensions
and discoveries and purchases and sales of minerals in place for the year by current year production. Reserves
Replacement – Organic is Reserves Replacement – All-In, excluding purchases and sales of minerals in place for
the year. Reserves Replacement – Program Additions further excludes price and other revisions that are not infills.

All values are in US Dollars.

SCHEDULE 13

Occidental Petroleum Corporation

Proved Oil Reserves

United
In millions of barrels (MMbbl) States International Total
Proved Developed and Undeveloped Reserves
Balance at December 31, 2019 1,570 469 2,039
Revisions of previous estimates (283) (1) (284)
Improved recovery 82 18 100
Extensions and discoveries 9 5 14
Purchases of proved reserves 2 — 2
Sales of proved reserves (31) (101) (132)
Production (205) (59) (264)
Balance at December 31, 2020 1,144 331 1,475
Revisions of previous estimates 382 4 386
Improved recovery 6 13 19
Extensions and discoveries 88 1 89
Purchases of proved reserves 33 — 33
Sales of proved reserves (5) — (5)
Production (182) (44) (226)
Balance at December 31, 2021 1,466 305 1,771
Revisions of previous estimates 215 (5) 210
Improved recovery 57 9 66
Extensions and discoveries 89 6 95
Purchases of proved reserves 7 — 7
Sales of proved reserves (10) — (10)
Production (185) (41) (226)
Balance at December 31, 2022 1,639 274 1,913
Proved Developed Reserves
December 31, 2019 1,206 371 1,577
December 31, 2020 917 251 1,168
December 31, 2021 1,140 226 1,366
December 31, 2022 1,208 200 1,408
Proved Undeveloped Reserves
December 31, 2019 364 98 462
December 31, 2020 227 80 307
December 31, 2021 326 79 405
December 31, 2022 431 74 505

SCHEDULE 14

Occidental Petroleum Corporation

Proved NGL Reserves

United
In millions of barrels (MMbbl) States International Total
Proved Developed and Undeveloped Reserves
Balance at December 31, 2019 540 208 748
Revisions of previous estimates (90) 10 (80)
Improved recovery 32 10 42
Extensions and discoveries 2 — 2
Purchases of proved reserves 1 — 1
Sales of proved reserves (20) — (20)
Production (81) (13) (94)
Balance at December 31, 2020 384 215 599
Revisions of previous estimates 227 (1) 226
Improved recovery — — —
Extensions and discoveries 27 — 27
Purchases of proved reserves 7 — 7
Sales of proved reserves (2) — (2)
Production (79) (12) (91)
Balance at December 31, 2021 564 202 766
Revisions of previous estimates 126 2 128
Improved recovery 13 — 13
Extensions and discoveries 36 — 36
Purchases of proved reserves 2 — 2
Sales of proved reserves (4) — (4)
Production (83) (12) (95)
Balance at December 31, 2022 654 192 846
Proved Developed Reserves
December 31, 2019 406 147 553
December 31, 2020 314 138 452
December 31, 2021 433 125 558
December 31, 2022 444 120 564
Proved Undeveloped Reserves
December 31, 2019 134 61 195
December 31, 2020 70 77 147
December 31, 2021 131 77 208
December 31, 2022 210 72 282

SCHEDULE 15

Occidental Petroleum Corporation

Proved Natural Gas Reserves

United
In billions of cubic feet (Bcf) States International Total
Proved Developed and Undeveloped Reserves
Balance at December 31, 2019 4,128 2,572 6,700
Revisions of previous estimates (823) 102 (721)
Improved recovery 183 103 286
Extensions and discoveries 38 — 38
Purchases of proved reserves 4 — 4
Sales of proved reserves (523) (9) (532)
Production (561) (195) (756)
Balance at December 31, 2020 2,446 2,573 5,019
Revisions of previous estimates 1,274 27 1,301
Improved recovery 3 3 6
Extensions and discoveries 176 — 176
Purchases of proved reserves 22 — 22
Sales of proved reserves (25) — (25)
Production (477) (172) (649)
Balance at December 31, 2021 3,419 2,431 5,850
Revisions of previous estimates 841 (30) 811
Improved recovery 51 17 68
Extensions and discoveries 244 23 267
Purchases of proved reserves 8 — 8
Sales of proved reserves (45) — (45)
Production (445) (164) (609)
Balance at December 31, 2022 4,073 2,277 6,350
Proved Developed Reserves
December 31, 2019 3,198 2,007 5,205
December 31, 2020 2,028 1,846 3,874
December 31, 2021 2,632 1,705 4,337
December 31, 2022 2,761 1,597 4,358
Proved Undeveloped Reserves
December 31, 2019 930 565 1,495
December 31, 2020 418 727 1,145
December 31, 2021 787 726 1,513
December 31, 2022 1,312 680 1,992

SCHEDULE 16

Occidental Petroleum Corporation

Total Proved Reserves

United
In millions of barrels of oil equivalent (MMBOE) (a) States International Total
Proved Developed and Undeveloped Reserves
Balance at December 31, 2019 2,798 1,106 3,904
Revisions of previous estimates (510) 26 (484)
Improved recovery 145 45 190
Extensions and discoveries 17 5 22
Purchases of proved reserves 4 — 4
Sales of proved reserves (138) (103) (241)
Production (380) (104) (484)
Balance at December 31, 2020 1,936 975 2,911
Revisions of previous estimates 821 8 829
Improved recovery 7 13 20
Extensions and discoveries 144 1 145
Purchases of proved reserves 44 — 44
Sales of proved reserves (11) — (11)
Production (341) (85) (426)
Balance at December 31, 2021 2,600 912 3,512
Revisions of previous estimates 481 (7) 474
Improved recovery 78 11 89
Extensions and discoveries 166 10 176
Purchases of proved reserves 10 — 10
Sales of proved reserves (21) — (21)
Production (342) (81) (423)
Balance at December 31, 2022 2,972 845 3,817
Proved Developed Reserves
December 31, 2019 2,145 853 2,998
December 31, 2020 1,569 697 2,266
December 31, 2021 2,012 635 2,647
December 31, 2022 2,112 586 2,698
Proved Undeveloped Reserves
December 31, 2019 653 253 906
December 31, 2020 367 278 645
December 31, 2021 588 277 865
December 31, 2022 860 259 1,119
(a) Natural gas volumes have been converted to barrels of oil equivalent (BOE) based on energy content of six thousand cubic feet (Mcf) of gas to one barrel of oil.

SCHEDULE 17

Occidental Petroleum Corporation

Costs Incurred
Amounts in millions International Total
FOR THE YEAR ENDED DECEMBER 31, 2022
Property acquisition costs (a) 984 $ 3 $ 987
Exploration costs 175 454
Development costs 423 3,506
Costs Incurred 4,346 $ 4,346 $ 601 $ 4,947
FOR THE YEAR ENDED DECEMBER 31, 2021
Property acquisition costs 429 $ 1 $ 430
Exploration costs 143 290
Development costs 366 2,115
Costs Incurred 2,325 $ 2,325 $ 510 $ 2,835
FOR THE YEAR ENDED DECEMBER 31, 2020
Property acquisition costs 48 $ 59 $ 107
Exploration costs 95 212
Development costs 466 1,842
Costs Incurred 1,541 $ 620 $ 2,161
(a) Included approximately 340 million related to non-monetary exchanges.

All values are in US Dollars.

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