Equibles

8-K

OCCIDENTAL PETROLEUM CORP /DE/ (OXY)

8-K 2026-02-18 For: 2026-02-18
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 18, 2026

OCCIDENTAL PETROLEUM CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware 1-9210 95-4035997
(State or Other Jurisdiction<br><br>of Incorporation) (Commission<br><br>File Number) (IRS Employer<br><br>Identification No.)
5 Greenway Plaza, Suite 110<br><br>Houston, Texas 77046
--- ---
(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><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 18, 2026, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the year ended December 31, 2025. 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 in Exhibit 99.1 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 18, 2026.
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.

Date: February 18, 2026 OCCIDENTAL PETROLEUM CORPORATION
By: /s/ Christopher O. Champion
Name: Christopher O. Champion
Title: Vice President, Chief Accounting Officer and Controller

Document

PRESS RELEASE

Occidental Announces 4th Quarter 2025 Results

•Strengthened the balance sheet with the completion of the OxyChem sale on January 2, 2026, reducing debt by $5.8 billion since mid-December 2025 and bringing principal debt to date to $15.0 billion

•Increased quarterly dividend by more than 8% to $0.26 per share, payable April 15, 2026, to stockholders of record as of March 10, 2026; quarterly dividend per share has doubled in the last four years

•Strong operational performance drove operating cash flow of $2.6 billion and operating cash flow before working capital of $2.7 billion

•Capital spending including discontinued operations of $1.8 billion and contributions from noncontrolling interest of $47 million resulted in quarterly free cash flow before working capital of $1.0 billion

•Total company production of 1,481 Mboed exceeded the high end of guidance

•Midstream and marketing pre-tax adjusted income exceeded the high end of guidance

•Worldwide year-end proved reserves of 4.6 billion BOE with all-in reserves replacement ratio of 98% and organic reserves replacement ratio of 107%

HOUSTON — February 18, 2026 — Occidental (NYSE: OXY) today announced a net loss attributable to common stockholders of $68 million, or $0.07 per diluted share, and adjusted income attributable to common stockholders of $315 million, or $0.31 per diluted share, for the fourth quarter of 2025. The difference between net loss attributable to common stockholders and adjusted income attributable to common stockholders is mainly comprised of charges and transaction costs related to the sale of OxyChem.

“Our emphasis on operational excellence and cost efficiency drove meaningful production and operating expense outperformance during the fourth quarter,” said President and Chief Executive Officer Vicki Hollub. “The quality of our assets and the exceptional execution by our teams enabled us to surpass full‑year guidance across our oil and gas and midstream businesses. With our enhanced balance sheet following the sale of OxyChem, we remain focused on generating resilient free cash flow and maintaining flexibility in our capital and development programs to support near- and long-term value creation.”

QUARTERLY RESULTS

Oil and Gas

Pre-tax income from oil and gas for the fourth quarter of 2025 totaled $0.7 billion, compared to $1.3 billion for the third quarter of 2025. Excluding items affecting comparability, the decline was primarily driven by lower realized commodity prices across all products. Fourth quarter average WTI and Brent marker prices were $59.14 per barrel and $63.09 per barrel, respectively. Average worldwide realized crude oil prices decreased by 9% from the previous quarter to $59.22 per barrel, while average worldwide realized natural gas liquids prices decreased by 15% to $16.68 per barrel. Average domestic realized gas prices fell by 24% to $1.12 per thousand cubic feet (Mcf).

Total global production for the fourth quarter of 2025 averaged 1,481 thousand barrels of oil equivalent per day (Mboed), surpassing the mid-point of guidance by 21 Mboed, led by contributions from the Permian and Rockies regions. Both Gulf of America and International average daily production met guidance expectations.

Oil and Gas Proved Reserves

As of December 31, 2025, Occidental’s worldwide proved reserves totaled 4.6 billion barrels of oil equivalent (BOE). Proved reserve additions included extensions and discoveries totaling 340 million BOE, mainly in the Permian Basin, and positive revisions associated with infill development projects of 115 million BOE, primarily in the Permian and DJ Basins. The 2025 All-In Reserves Replacement Ratio was 98%, with a three-year average of 154%. The 2025 Organic Reserves Replacement Ratio was 107%, with a three-year average of 116%.

Midstream and Marketing

Midstream and marketing reported pre-tax income of $204 million for the fourth quarter of 2025, compared to pre-tax income of $81 million in the previous quarter. Excluding items affecting comparability, the results exceeded the high end of guidance. Quarter-over-quarter improvements were attributed to higher gas margins from transportation capacity optimization in the Permian, reduced long-haul crude transportation costs, and higher sulfur prices at Al Hosn, partially offset by lower equity method investment income from WES. WES equity method investment income for the fourth quarter was $87 million, which included negative items affecting comparability related to its fourth quarter 2025 acquisition.

Discontinued Operations

Occidental closed the sale of OxyChem on January 2, 2026. As a result, OxyChem’s results of operations and cash flows, along with the related retained liabilities, are reported as discontinued operations in Occidental’s Consolidated Statements of Operations and Cash Flows for all periods presented, with its assets and liabilities reclassified as held for sale in the Consolidated Balance Sheets.

Supplemental Non-GAAP Measures

This press release refers to adjusted income (loss), operating cash flow before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted selling, general and administrative (SG&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with operating cash flow before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted SG&A, other operating and non-operating expenses and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), operating cash flow before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted SG&A, other operating and non-operating expenses 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 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. All-In F&D Costs 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. Organic F&D Costs excludes from All-In F&D Costs both the property acquisition costs and purchases of minerals in place, and Program Additions F&D Costs further excludes price and other revisions that are not infills. All-In Reserves Replacement Ratio 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. Organic Reserves Replacement Ratio excludes from All-In Reserves Replacement purchases and sales of minerals in place for the year. Program Additions Reserves Replacement Ratio further excludes price and other revisions that are not infills.

About Occidental

Occidental is an international energy company that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “guidance,” “focus,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statement as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events (such as in Latin America); inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other

government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses, including retained liabilities and indemnification obligations associated with the chemical business; 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; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as the sale of OxyChem, Occidental’s low-carbon ventures businesses and announced greenhouse gas emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates, deductions, incentives or credits; 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, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts

Media Investors
Eric Moses R. Jordan Tanner
713-497-2017 713-552-8811
eric_moses@oxy.com investors@oxy.com
Occidental Petroleum Corporation
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Fourth Quarter 2025
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 Income (non-GAAP)

4.Segment Results After Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Income (non-GAAP)

•Reconciliation - Diluted EPS

5.ConsolidatedCondensedStatements of Operations

6.ConsolidatedCondensedBalance Sheets

7.ConsolidatedCondensedStatements of Cash Flows

a.ConsolidatedCondensedStatements of Cash Flows

b.Detail ofFree Cash Flow(non-GAAP),Capital Expenditures, Net ofNoncontrolling Interest (non-GAAP)and Depreciation, Depletion and Amortization

8.Oil & Gas Net Production Volumes Per Day by Geographic Locations

•MBOE/D

•By Commodity

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

•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.Total Proved Reserves

14.Proved Oil Reserves

15.Proved NGL Reserves

16.Proved Natural Gas Reserves

17.Costs Incurred

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

2025
Quarterly Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Net Income ( millions)
Reported income attributable to common stockholders 718 $ 992 $ 964 $ (297) $ 2,377 $ 766 $ 288 $ 661 $ (68) $ 1,647
Reported EPS - Diluted (/share) 0.75 $ 1.03 $ 0.98 $ (0.30) $ 2.44 $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61
Effective tax rate on reported income (loss) (%) % 28 % 28 % 29 % (a) 29 % 29 % 37 % 28 % 71 % (a) 35 %
Adjusted income attributable to common stockholders (Non-GAAP) (b) 604 $ 993 $ 977 $ 792 $ 3,366 $ 860 $ 396 $ 649 $ 315 $ 2,220
Adjusted EPS - Diluted (Non-GAAP) (/share) (c) 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46 $ 0.87 $ 0.39 $ 0.64 $ 0.31 $ 2.21
Effective tax rate on adjusted income (loss) (%) % 27 % 28 % 22 % 27 % 28 % 34 % 28 % 32 % 30 %
Average Shares Outstanding - Reported Income and Adjusted Income
Basic (millions) 893.8 927.5 940.8 911.8 941.3 985.1 986.4 988.0 975.5
Diluted (millions) 958.9 975.7 983.9 967.1 982.9 1,010.4 1,003.1 1,002.9 1,000.1
Daily Production Volumes
Total US (MBOE/D) 1,031 1,186 1,233 1,099 1,167 1,167 1,227 1,246 1,202
US Oil (MBBL/D) 553 611 634 571 601 604 634 636 620
Worldwide Production (MBOE/D) 1,258 1,412 1,463 1,327 1,391 1,400 1,465 1,481 1,434
Worldwide Sales (MBOE/D) 1,260 1,411 1,463 1,328 1,391 1,397 1,468 1,480 1,434
Commodity Price Realizations
Worldwide Oil (/BBL) 76.04 $ 79.89 $ 75.33 $ 69.73 $ 75.05 $ 71.07 $ 63.76 $ 64.78 $ 59.22 $ 64.60
Worldwide NGL (/BBL) 22.14 $ 21.23 $ 20.47 $ 21.80 $ 21.38 $ 25.94 $ 20.71 $ 19.60 $ 16.68 $ 20.60
Domestic Gas (/MCF) 1.61 $ 0.54 $ 0.40 $ 1.26 $ 0.94 $ 2.42 $ 1.33 $ 1.48 $ 1.12 $ 1.58
Free Cash Flows ( millions) (Non-GAAP) (d)
Operating cash flow before working capital (Non-GAAP) 2,446 $ 3,044 $ 3,150 $ 3,077 $ 11,717 $ 3,000 $ 2,643 $ 3,199 $ 2,729 $ 11,571
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (1,729) (1,636) (1,727) (6,818) (1,845) (1,947) (1,729) (1,766) (7,287)
Free Cash Flow Before Working Capital (Non-GAAP) 720 $ 1,315 $ 1,514 $ 1,350 $ 4,899 $ 1,155 $ 696 $ 1,470 $ 963 $ 4,284
2025
Year-to-date Jun Sep Dec Mar Jun Sep Dec
Net Income ( millions)
Reported income attributable to common stockholders 718 $ 1,710 $ 2,674 $ 2,377 $ 766 $ 1,054 $ 1,715 $ 1,647
Reported EPS - Diluted (/share) 0.75 $ 1.78 $ 2.77 $ 2.44 $ 0.77 $ 1.03 $ 1.68 $ 1.61
Effective tax rate on reported income (loss) (%) % 29 % 29 % 29 % 29 % 32 % 30 % 35 %
Adjusted income attributable to common stockholders (Non-GAAP) (b) 604 $ 1,597 $ 2,574 $ 3,366 $ 860 $ 1,256 $ 1,905 $ 2,220
Adjusted EPS - Diluted (Non-GAAP) (/share) (c) 0.63 $ 1.66 $ 2.66 $ 3.46 $ 0.87 $ 1.25 $ 1.90 $ 2.21
Effective tax rate on adjusted income (loss) (%) % 28 % 28 % 27 % 28 % 31 % 30 % 30 %
Average Shares Outstanding - Reported Income
Basic (millions) 889.2 902.1 911.8 941.3 963.5 971.2 975.5
Diluted (millions) 954.1 961.4 967.1 982.9 997.0 999.1 1,000.1
Average Shares Outstanding - Adjusted Income
Basic (millions) 889.2 902.1 911.8 941.3 963.5 971.2 975.5
Diluted (millions) 954.1 961.4 967.1 982.9 997.0 999.1 1,000.1
Daily Production Volumes
Total US (MBOE/D) 987 1,054 1,099 1,167 1,167 1,187 1,202
US Oil (MBBL/D) 520 551 571 601 603 614 620
Worldwide Production (MBOE/D) 1,215 1,281 1,327 1,391 1,395 1,419 1,434
Worldwide Sales (MBOE/D) 1,218 1,282 1,328 1,391 1,394 1,416 1,434
Commodity Price Realizations
Worldwide Oil (/BBL) 76.04 $ 78.06 $ 77.06 $ 75.05 $ 71.07 $ 67.37 $ 66.46 $ 64.60
Worldwide NGL (/BBL) 22.14 $ 21.68 $ 21.22 $ 21.38 $ 25.94 $ 23.29 $ 21.99 $ 20.60
Domestic Gas (/MCF) 1.61 $ 1.06 $ 0.81 $ 0.94 $ 2.42 $ 1.88 $ 1.74 $ 1.58
Free Cash Flow ( millions) (Non-GAAP) (d)
Operating cash flow before working capital (Non-GAAP) 2,007 $ 5,490 $ 8,640 $ 11,717 $ 2,002 $ 5,643 $ 8,842 $ 11,571
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (3,455) (5,091) (6,818) (1,628) (3,792) (5,521) (7,287)
Free Cash Flow Before Working Capital (Non-GAAP) 368 $ 2,035 $ 3,549 $ 4,899 $ 374 $ 1,851 $ 3,321 $ 4,284
(a) Percentage impacted by reported net loss.
(b) See schedule 3 for non-GAAP reconciliation.
(c) See schedule 4 for non-GAAP reconciliation.
(d) See schedule 7b for non-GAAP reconciliation.

All values are in US Dollars.

SCHEDULE 2

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(amounts in millions)

2024 2025
Before Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic
Legal reserves and other $ — $ — $ — $ — $ — $ — $ (65) $ — $ (40) $ (105)
Losses on sales of assets and other, net — — (572) (13) (585) — — (52) (47) (99)
Asset impairments and other charges, net — — — (334) (334) — — — (6) (6)
Total Domestic — — (572) (347) (919) — (65) (52) (93) (210)
International
Gains on sale of assets and other, net — — — — — — — 30 — 30
Legal reserves and other (44) (10) — — (54) — — — — —
Total International (44) (10) — — (54) — — 30 — 30
Total Oil and Gas (44) (10) (572) (347) (973) — (65) (22) (93) (180)
Midstream & Marketing
Derivative gains (losses), net (a) (91) 5 142 (88) (32) (84) 95 (31) (9) (29)
Asset impairments and other charges (a,b) — — (21) — (21) — (162) — (325) (487)
Equity method investments fair value gains — 27 — — 27 — — 61 — 61
Gains on sales of assets and other, net (a) 122 35 490 — 647 — — — 301 301
Total Midstream & Marketing 31 67 611 (88) 621 (84) (67) 30 (33) (154)
Corporate
Acquisition-related costs (c) (56) (29) (56) (9) (150) (6) (6) (1) — (13)
Early retirement costs — — — — — — — — (39) (39)
Early debt extinguishment — — — — — — — — 20 20
Gains on sales of assets and other, net — — — 48 48 — — — — —
Total Corporate (56) (29) (56) 39 (102) (6) (6) (1) (19) (32)
State tax rate revaluation — — — 10 10 — — — (10) (10)
Income tax impact on Algeria contract renewal — (20) — — (20) — — — — —
Income tax impact on items affecting comparability 6 (9) 4 96 97 19 30 5 32 86
Discontinued operations, net of taxes 177 — — (799) (622) (23) — — (260) (283)
Total $ 114 $ (1) $ (13) $ (1,089) $ (989) $ (94) $ (108) $ 12 $ (383) $ (573)
2024 2025
After Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic
Legal reserves and other $ — $ — $ — $ — $ — $ — $ (51) $ — $ (31) $ (82)
Losses on sales of assets and other, net — — (448) (10) (458) — — (41) (37) (78)
Asset impairments and other charges, net — — — (261) (261) — — — (5) (5)
Total Domestic — — (448) (271) (719) — (51) (41) (73) (165)
International
Gains on sale of assets and other, net — — — — — — — 30 — 30
Legal reserves and other (44) (10) — — (54) — — — — —
Total International (44) (10) — — (54) — — 30 — 30
Total Oil and Gas (44) (10) (448) (271) (773) — (51) (11) (73) (135)
Midstream & Marketing
Derivative gains (losses), net (a) (71) 3 112 (69) (25) (66) 74 (24) (7) (23)
Asset impairments and other charges (a,b) — — (16) — (16) — (127) — (254) (381)
Gains on sale of assets and other, net (a) 95 28 384 — 507 — — — 236 236
Equity method investments fair value gains — 21 — — 21 — — 48 — 48
Total Midstream & Marketing 24 52 480 (69) 487 (66) (53) 24 (25) (120)
Corporate
Acquisition-related costs (c) (43) (23) (45) (7) (118) (5) (4) (1) — (10)
Gains on sales of assets and other, net — — — 47 47 — — — — —
Early retirement costs — — — — — — — — (31) (31)
Early debt extinguishment — — — — — — — — 16 16
Total Corporate (43) (23) (45) 40 (71) (5) (4) (1) (15) (25)
State tax rate revaluation — — — 10 10 — — — (10) (10)
Income tax impact on Algeria contract renewal — (20) — — (20) — — — — —
Discontinued operations, net of taxes 177 — — (799) (622) (23) — — (260) (283)
Total $ 114 $ (1) $ (13) $ (1,089) $ (989) $ (94) $ (108) $ 12 $ (383) $ (573)
(a) Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) Included charges in transportation and gathering expense.
(c) Included debt issuance costs from interest and debt expense, net.

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

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

2024 2025
Reported Income Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 863 $ 1,231 $ 763 $ 858 $ 3,715 $ 1,350 $ 580 $ 920 $ 342 $ 3,192
International 441 491 459 383 1,774 402 437 446 358 1,643
Exploration (66) (83) (57) (69) (275) (55) (83) (66) (45) (249)
Total Oil & Gas 1,238 1,639 1,165 1,172 5,214 1,697 934 1,300 655 4,586
Midstream & Marketing (38) 110 614 (123) 563 (72) 39 81 204 252
Segment income 1,200 1,749 1,779 1,049 5,777 1,625 973 1,381 859 4,838
Corporate
Interest (290) (258) (305) (316) (1,169) (310) (271) (266) (232) (1,079)
Other (155) (143) (183) (103) (584) (138) (142) (130) (221) (631)
Income from continuing operations before taxes 755 1,348 1,291 630 4,024 1,177 560 985 406 3,128
Taxes
Federal and state (119) (214) (193) (60) (586) (200) (23) (120) (94) (437)
International (129) (188) (198) (57) (572) (147) (199) (159) (79) (584)
Income from continuing operations 507 946 900 513 2,866 830 338 706 233 2,107
Less: Net income attributable to noncontrolling interest — (8) (7) (7) (22) (9) (10) (12) (12) (43)
Less: Preferred stock dividends and redemption premiums (170) (170) (169) (170) (679) (170) (170) (169) (170) (679)
Net income (loss) from continuing operations attributable to common stockholders 337 768 724 336 2,165 651 158 525 51 1,385
Discontinued operations, net of taxes 381 224 240 (633) 212 115 130 136 (119) 262
Net income (loss) attributable to common stockholders $ 718 $ 992 $ 964 $ (297) $ 2,377 $ 766 $ 288 $ 661 $ (68) $ 1,647
Reported diluted income (loss) per share $ 0.75 $ 1.03 $ 0.98 $ (0.30) $ 2.44 $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61
Effective Tax Rate - Continuing Operations 33 % 30 % 30 % 19 % 29 % 29 % 40 % 28 % 43 % 33 %
Effective Tax Rate - Continuing and Discontinued Operations 29 % 28 % 28 % 29 % 29 % 29 % 37 % 28 % 71 % 35 %
Items Affecting Comparability
Oil & Gas
Domestic $ — $ — $ (572) $ (347) $ (919) $ — $ (65) $ (52) $ (93) $ (210)
International (44) (10) — — (54) — — 30 — 30
Exploration — — — — — — — — — —
Total Oil & Gas (44) (10) (572) (347) (973) — (65) (22) (93) (180)
Midstream & Marketing 31 67 611 (88) 621 (84) (67) 30 (33) (154)
Segment income (loss) (13) 57 39 (435) (352) (84) (132) 8 (126) (334)
Corporate
Interest (44) (16) (6) 3 (63) — — — 20 20
Other (12) (13) (50) 36 (39) (6) (6) (1) (39) (52)
Income (loss) from continuing operations before taxes (69) 28 (17) (396) (454) (90) (138) 7 (145) (366)
Taxes
Federal and state 6 (9) 4 106 107 19 30 5 22 76
International — (20) — — (20) — — — — —
Income (loss) from continuing operations (63) (1) (13) (290) (367) (71) (108) 12 (123) (290)
Discontinued operations, net of taxes 177 — — (799) (622) (23) — — (260) (283)
Net income (loss) 114 (1) (13) (1,089) (989) (94) (108) 12 (383) (573)
Less: Net income attributable to noncontrolling interest — — — — — — — — — —
Less: Preferred stock redemption premiums — — — — — — — — — —
Net income (loss) attributable to common stockholders $ 114 $ (1) $ (13) $ (1,089) $ (989) $ (94) $ (108) $ 12 $ (383) $ (573)
Adjusted Income (Non-GAAP) (a)
Oil & Gas
Domestic $ 863 $ 1,231 $ 1,335 $ 1,205 $ 4,634 $ 1,350 $ 645 $ 972 $ 435 $ 3,402
International 485 501 459 383 1,828 402 437 416 358 1,613
Exploration (66) (83) (57) (69) (275) (55) (83) (66) (45) (249)
Total Oil & Gas 1,282 1,649 1,737 1,519 6,187 1,697 999 1,322 748 4,766
Midstream & Marketing (69) 43 3 (35) (58) 12 106 51 237 406
Adjusted segment income 1,213 1,692 1,740 1,484 6,129 1,709 1,105 1,373 985 5,172
Corporate
Interest (246) (242) (299) (319) (1,106) (310) (271) (266) (252) (1,099)
Other (143) (130) (133) (139) (545) (132) (136) (129) (182) (579)
Adjusted income from continuing operations before taxes 824 1,320 1,308 1,026 4,478 1,267 698 978 551 3,494
Taxes
Federal and state (125) (205) (197) (166) (693) (219) (53) (125) (116) (513)
International (129) (168) (198) (57) (552) (147) (199) (159) (79) (584)
Adjusted income from continuing operations 570 947 913 803 3,233 901 446 694 356 2,397
Less: Net income attributable to noncontrolling interest — (8) (7) (7) (22) (9) (10) (12) (12) (43)
Less: Preferred stock dividends (170) (170) (169) (170) (679) (170) (170) (169) (170) (679)
Adjusted income from continuing operations attributable to common stockholders 400 769 737 626 2,532 722 266 513 174 1,675
Adjusted Discontinued operations, net of taxes 204 224 240 166 834 138 130 136 141 545
Adjusted net income attributable to common stockholders $ 604 $ 993 $ 977 $ 792 $ 3,366 $ 860 $ 396 $ 649 $ 315 $ 2,220
Adjusted diluted earnings per share (Non-GAAP) $ 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46 $ 0.87 $ 0.39 $ 0.64 $ 0.31 $ 2.21
Effective Tax Rate - Continuing Operations 31 % 28 % 30 % 22 % 28 % 29 % 36 % 29 % 35 % 31 %
Effective Tax Rate - Continuing and Discontinued Operations 29 % 27 % 28 % 22 % 27 % 28 % 34 % 28 % 32 % 30 %
ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD
CURRENT $ (335) $ (448) $ (184) $ (241) $ (1,208) $ (286) $ (183) $ 31 $ (159) $ (597)
DEFERRED 81 75 (211) 18 (37) (80) (69) (315) (36) (500)
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS $ (254) $ (373) $ (395) $ (223) $ (1,245) $ (366) $ (252) $ (284) $ (195) $ (1,097)

(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)

2024 2025
Reported Income (Loss) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 673 $ 960 $ 595 $ 669 $ 2,897 $ 1,053 $ 452 $ 717 $ 267 $ 2,489
International 296 313 302 267 1,178 283 261 295 229 1,068
Exploration (58) (75) (53) (63) (249) (51) (69) (57) (41) (218)
Total Oil & Gas 911 1,198 844 873 3,826 1,285 644 955 455 3,339
Midstream & Marketing (34) 98 487 (100) 451 (64) 45 85 182 248
Segment income 877 1,296 1,331 773 4,277 1,221 689 1,040 637 3,587
Corporate
Interest (290) (258) (305) (316) (1,169) (310) (271) (266) (232) (1,079)
Other (155) (143) (183) (103) (584) (138) (146) (130) (217) (631)
Taxes 75 51 57 159 342 57 63 62 48 230
Income from continuing operations 507 946 900 513 2,866 830 335 706 236 2,107
Discontinued operations, net of taxes 381 224 240 (633) 212 115 130 136 (119) 262
Net income (loss) 888 1,170 1,140 (120) 3,078 945 465 842 117 2,369
Less: Net income attributable to noncontrolling interest — (8) (7) (7) (22) (9) (10) (12) (12) (43)
Less: Preferred stock dividends and redemption premiums (170) (170) (169) (170) (679) (170) (170) (169) (170) (679)
Net income (loss) attributable to common stockholders $ 718 $ 992 $ 964 $ (297) $ 2,377 $ 766 $ 285 $ 661 $ (65) $ 1,647
Reported diluted income (loss) per share $ 0.75 $ 1.03 $ 0.98 $ (0.30) $ 2.44 $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61
Items Affecting Comparability
Oil & Gas
Domestic $ — $ — $ (448) $ (271) $ (719) $ — $ (51) $ (41) $ (73) $ (165)
International (44) (10) — — (54) — — 30 — 30
Exploration — — — — — — — — — —
Total Oil & Gas (44) (10) (448) (271) (773) — (51) (11) (73) (135)
Midstream & Marketing 24 52 480 (69) 487 (66) (53) 24 (25) (120)
Segment income (loss) (20) 42 32 (340) (286) (66) (104) 13 (98) (255)
Corporate
Interest (34) (12) (6) 3 (49) — — — 16 16
Other (9) (11) (39) 37 (22) (5) (4) (1) (31) (41)
Taxes — (20) — 10 (10) — — — (10) (10)
Income (loss) from continuing operations (63) (1) (13) (290) (367) (71) (108) 12 (123) (290)
Discontinued operations, net of taxes 177 — — (799) (622) (23) — — (260) (283)
Net income (loss) 114 (1) (13) (1,089) (989) (94) (108) 12 (383) (573)
Less: Net income attributable to noncontrolling interest — — — — — — — — — —
Less: Preferred stock redemption premiums — — — — — — — — — —
Net income (loss) attributable to common stockholders $ 114 $ (1) $ (13) $ (1,089) $ (989) $ (94) $ (108) $ 12 $ (383) $ (573)
Adjusted Income (Loss) (Non-GAAP) (a)
Oil & Gas
Domestic $ 673 $ 960 $ 1,043 $ 940 $ 3,616 $ 1,053 $ 503 $ 758 $ 340 $ 2,654
International 340 323 302 267 1,232 283 261 265 229 1,038
Exploration (58) (75) (53) (63) (249) (51) (69) (57) (41) (218)
Total Oil & Gas 955 1,208 1,292 1,144 4,599 1,285 695 966 528 3,474
Midstream & Marketing (58) 46 7 (31) (36) 2 98 61 207 368
Adjusted segment income 897 1,254 1,299 1,113 4,563 1,287 793 1,027 735 3,842
Corporate
Interest (256) (246) (299) (319) (1,120) (310) (271) (266) (248) (1,095)
Other (146) (132) (144) (140) (562) (133) (142) (129) (186) (590)
Taxes 75 71 57 149 352 57 63 62 58 240
Adjusted income from continuing operations 570 947 913 803 3,233 901 443 694 359 2,397
Less: Net income attributable to noncontrolling interest — (8) (7) (7) (22) (9) (10) (12) (12) (43)
Less: Preferred stock dividends (170) (170) (169) (170) (736) (170) (170) (169) (170) (679)
Adjusted income from continuing operations attributable to common stockholders 400 769 737 626 2,475 722 263 513 177 1,675
Adjusted discontinued operations, net of taxes 204 224 240 166 834 138 130 136 141 545
Adjusted income attributable to common stockholders $ 604 $ 993 $ 977 $ 792 $ 3,309 $ 860 $ 393 $ 649 $ 318 $ 2,220
Adjusted diluted earnings per share (Non-GAAP) $ 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46 $ 0.87 $ 0.39 $ 0.64 $ 0.31 $ 2.21
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP) $ 0.75 $ 1.03 $ 0.98 $ (0.30) $ 2.44 $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic $ — $ — $ (0.46) $ (0.28) $ (0.74) $ — $ (0.05) $ (0.04) $ (0.07) $ (0.16)
International (0.05) (0.01) — — (0.06) — — 0.03 — 0.03
Midstream & Marketing 0.03 0.05 0.49 (0.07) 0.50 (0.07) (0.06) 0.02 (0.02) (0.13)
Corporate
Interest (0.04) (0.01) (0.01) — (0.05) — — — 0.02 0.02
Other (0.01) (0.01) (0.04) 0.04 (0.02) (0.01) — — (0.03) (0.04)
Taxes — (0.02) — 0.01 (0.01) — — — (0.01) (0.01)
Adjustment to diluted average shares for adjusted income & Warrant Inducements — — — 0.04 — — (0.02) — (0.01) (0.03)
Discontinued operations, net of taxes 0.20 — — (0.81) (0.64) (0.02) — — (0.26) (0.28)
Total After-Tax Adjustments for Items Affecting Comparability $ 0.13 $ — $ (0.02) $ (1.07) $ (1.02) $ (0.10) $ (0.13) $ 0.01 $ (0.38) $ (0.60)
Adjusted Diluted Earnings Per Share (Non-GAAP) $ 0.62 $ 1.03 $ 1.00 $ 0.77 $ 3.46 $ 0.87 $ 0.39 $ 0.64 $ 0.31 $ 2.21
Average Diluted Shares Outstanding - Reported (millions) 948.6 958.9 975.7 983.9 967.1 982.9 1,010.4 1,003.1 1,002.9 1,000.1
Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP) 948.6 958.9 975.7 983.9 967.1 982.9 1,010.4 1,003.1 1,002.9 1,000.1
(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. The reported EPS (GAAP) calculations do not include dilutive effect of potential issuance of 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)

2024 2025
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 $ 4,915 $ 5,469 $ 5,697 $ 5,624 $ 21,705 $ 5,683 $ 5,009 $ 5,404 $ 4,806 $ 20,902
Midstream & Marketing 78 257 399 152 886 173 390 265 451 1,279
Eliminations (146) (146) (141) (139) (572) (152) (141) (150) (145) (588)
Total 4,847 5,580 5,955 5,637 22,019 5,704 5,258 5,519 5,112 21,593
Interest, dividends and other income 37 45 63 47 192 53 48 60 58 219
Gains (losses) on sale of assets and other, net (1) 28 (79) 36 (16) (19) (5) 34 253 263
Total 4,883 5,653 5,939 5,720 22,195 5,738 5,301 5,613 5,423 22,075
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense 1,161 1,179 1,207 1,191 4,738 1,217 1,135 1,174 1,155 4,681
Transportation and gathering expense 353 405 407 443 1,608 413 409 416 422 1,660
Purchased commodities and midstream cost of sales 95 119 115 102 431 39 39 60 38 176
Selling, general and administrative expense 233 233 245 249 960 241 257 238 250 986
Other operating and non-operating expense 369 293 306 351 1,319 326 445 357 428 1,556
Taxes other than on income 235 265 256 283 1,039 264 269 248 249 1,030
Depreciation, depletion and amortization 1,591 1,670 1,820 1,870 6,951 1,804 1,823 1,947 1,959 7,533
Asset impairments and other charges — — 22 334 356 — — — 60 60
Acquisition-related costs 12 14 49 9 84 6 6 1 — 13
Exploration expense 66 83 57 69 275 55 83 66 45 249
Interest and debt expense, net 290 258 305 316 1,169 310 271 266 232 1,079
Total 4,405 4,519 4,789 5,217 18,930 4,675 4,737 4,773 4,838 19,023
INCOME BEFORE INCOME TAXES AND OTHER ITEMS 478 1,134 1,150 503 3,265 1,063 564 840 585 3,052
OTHER ITEMS
Income (loss) from equity investments and other 277 214 141 127 759 114 (4) 145 (179) 76
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 755 1,348 1,291 630 4,024 1,177 560 985 406 3,128
Income tax expense (248) (402) (391) (117) (1,158) (347) (222) (279) (173) (1,021)
INCOME FROM CONTINUING OPERATIONS 507 946 900 513 2,866 830 338 706 233 2,107
Discontinued operations, net of taxes 381 224 240 (633) 212 115 130 136 (119) 262
NET INCOME (LOSS) 888 1,170 1,140 (120) 3,078 945 468 842 114 2,369
Less: Net income attributable to noncontrolling interest — (8) (7) (7) (22) (9) (10) (12) (12) (43)
Less: Preferred stock dividend and redemption premiums (170) (170) (169) (170) (679) (170) (170) (169) (170) (679)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 718 $ 992 $ 964 $ (297) $ 2,377 $ 766 $ 288 $ 661 $ (68) $ 1,647
EARNINGS PER SHARE
Income from continuing operations $ 0.38 $ 0.85 $ 0.77 $ 0.35 $ 2.36 $ 0.69 $ 0.14 $ 0.53 $ 0.05 $ 1.38
Discontinued operations, net 0.43 0.25 0.26 (0.67) 0.23 0.12 0.13 0.14 (0.12) 0.27
BASIC EARNINGS PER COMMON SHARE $ 0.81 $ 1.10 $ 1.03 $ (0.32) $ 2.59 $ 0.81 $ 0.27 $ 0.67 $ (0.07) $ 1.65
Income from continuing operations $ 0.35 $ 0.80 $ 0.74 $ 0.34 $ 2.23 $ 0.65 $ 0.13 $ 0.51 $ 0.05 $ 1.35
Discontinued operations, net 0.40 0.23 0.24 (0.64) 0.21 0.12 0.13 0.14 (0.12) 0.26
DILUTED EARNINGS PER COMMON SHARE $ 0.75 $ 1.03 $ 0.98 $ (0.30) $ 2.44 $ 0.77 $ 0.26 $ 0.65 $ (0.07) $ 1.61
DIVIDENDS PER COMMON SHARE $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.88 $ 0.24 $ 0.24 $ 0.24 $ 0.24 $ 0.96
AVERAGE COMMON SHARES OUTSTANDING
BASIC 884.1 893.8 927.5 940.8 911.8 941.3 985.1 986.4 988.0 975.5
DILUTED 948.6 958.9 975.7 983.9 967.1 982.9 1,010.4 1,003.1 1,002.9 1000.1
INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD
CURRENT
Federal $ (191) $ (243) $ (219) $ (122) $ (775) $ (330) $ (57) $ 20 $ 60 $ (307)
State and local (6) (6) (14) (2) (28) (13) (4) 6 11 —
International (138) (192) (195) (95) (620) (129) (173) (153) (132) (587)
Total (335) (441) (428) (219) (1,423) (472) (234) (127) (61) (894)
DEFERRED
Federal 78 38 45 36 $ 197 139 39 (142) (135) $ (99)
State and local — (3) (5) 28 20 4 (1) (4) (30) (31)
International 9 4 (3) 38 48 (18) (26) (6) 53 3
Total 87 39 37 102 265 125 12 (152) (112) (127)
TOTAL INCOME TAX EXPENSE - CONTINUING OPERATIONS $ (248) $ (402) $ (391) $ (117) $ (1,158) $ (347) $ (222) $ (279) $ (173) $ (1,021)
ADJUSTED SG&A, OTHER OPERATING AND NON-OPERATING EXPENSES (NON-GAAP) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD
Selling, general and administrative expense $ 233 $ 233 $ 245 $ 249 $ 960 $ 241 $ 257 $ 238 $ 250 $ 986
Other operating and non-operating expense 369 293 306 351 1,319 326 445 357 428 1,556
Total SG&A, Other Operating and Non-Operating Expenses (GAAP) 602 526 551 600 2,279 567 702 595 678 2,542
Less: Items Affecting Comparability (44) (10) — — (54) — (65) — — (65)
Adjusted SG&A, Other Operating and Non-Operating Expenses (NON-GAAP) (a) $ 558 $ 516 $ 551 $ 600 $ 2,225 $ 567 $ 637 $ 595 $ 678 $ 2,477
(a) Non-GAAP Measures. Adjusted SG&A, other operating and non-operating expenses is a non-GAAP measure. Occidental defines adjusted SG&A, other operating and non-operating expenses as the sum of selling, general and administrative expense and other operating and non-operating expense less items affecting comparability.

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(amounts in millions)

2024 2025
MAR JUN SEP DEC MAR JUN SEP DEC
CURRENT ASSETS
Cash and cash equivalents $ 1,260 $ 1,828 $ 1,738 $ 2,125 $ 2,604 $ 2,314 $ 2,141 $ 1,968
Trade receivables, net 2,560 3,205 3,223 2,839 2,858 2,718 2,489 2,575
Joint interest receivables 783 671 789 720 657 638 667 684
Inventories 1,784 2,480 1,940 1,756 1,751 1,493 1,720 1,823
Other current assets 733 719 678 490 541 561 589 601
Assets held for sale 1,225 1,189 1,186 1,140 1,305 1,253 1,206 1,176
Total current assets 8,345 10,092 9,554 9,070 9,716 8,977 8,812 8,827
INVESTMENTS IN UNCONSOLIDATED ENTITIES 2,853 2,919 2,671 2,646 2,616 2,450 2,505 2,475
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment 119,687 121,144 129,839 131,630 132,792 134,215 135,670 137,753
Accumulated depreciation, depletion and amortization (63,984) (65,457) (63,784) (65,767) (68,239) (69,835) (72,337) (74,110)
Net property, plant and equipment 55,703 55,687 66,055 65,863 64,553 64,380 63,333 63,643
NON-CURRENT ASSETS HELD SALE 3,987 4,125 4,195 4,430 4,587 4,829 5,005 5,344
OPERATING LEASE ASSETS 845 837 782 755 733 962 952 908
OTHER LONG-TERM ASSETS 2,544 2,556 2,546 2,681 2,762 2,762 2,865 2,989
TOTAL ASSETS $ 74,277 $ 76,216 $ 85,803 $ 85,445 $ 84,967 $ 84,360 $ 83,472 $ 84,186
CURRENT LIABILITIES
Current maturities of long-term debt $ 1,203 $ 1,347 $ 1,179 $ 1,138 $ 1,557 $ 433 $ 1,613 $ 1,773
Accounts payable 3,528 3,980 3,630 3,472 3,432 3,474 3,200 3,285
Accrued liabilities 3,563 3,819 4,149 4,248 3,921 3,961 3,896 3,592
Liabilities held for sale 518 553 583 663 713 696 712 778
Total current liabilities 8,812 9,699 9,541 9,521 9,623 8,564 9,421 9,428
LONG-TERM DEBT, NET 18,545 18,390 25,457 24,979 24,038 23,343 20,825 20,623
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net 5,728 5,680 5,630 5,394 5,263 5,245 5,402 5,636
Asset retirement obligations 3,755 3,735 3,773 3,923 3,733 3,703 3,732 4,172
Non-current liabilities held for sale 334 367 329 333 351 382 397 418
Other deferred credits and liabilities 6,136 6,086 6,139 6,815 6,854 6,947 6,929 7,311
Total deferred credits and other liabilities 15,953 15,868 15,871 16,465 16,201 16,277 16,460 17,537
EQUITY
Preferred stock, $1.00 per share par value 8,287 8,287 8,287 8,287 8,287 8,287 8,287 8,287
Common stock, $0.20 per share par value 223 227 233 233 234 243 243 243
Treasury stock (15,582) (15,591) (15,591) (15,597) (15,597) (15,597) (15,597) (15,597)
Additional paid-in capital 17,456 17,928 19,802 19,868 19,892 20,849 20,926 21,008
Retained earnings 20,147 20,938 21,694 21,189 21,726 21,776 22,198 21,891
Accumulated other comprehensive income (loss) 280 264 249 179 170 164 204 202
Total stockholder’s equity 30,811 32,053 34,674 34,159 34,712 35,722 36,261 36,034
Noncontrolling interest 156 206 260 321 393 454 505 564
Total equity 30,967 32,259 34,934 34,480 35,105 36,176 36,766 36,598
TOTAL LIABILITIES AND EQUITY $ 74,277 $ 76,216 $ 85,803 $ 85,445 $ 84,967 $ 84,360 $ 83,472 $ 84,186

SCHEDULE 7a

Occidental Petroleum Corporation

Consolidated Condensed Statements of Cash Flows

(amounts in millions)

2024 2025
Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) $ 888 $ 1,170 $ 1,140 $ (120) $ 3,078 $ 945 $ 468 $ 842 $ 114 $ 2,369
Adjustments to reconcile net income to net cash from operating activities:
Discontinued operations, net (381) (224) (240) 633 (212) (115) (130) (136) 119 (262)
Depreciation, depletion and amortization 1,591 1,670 1,819 1,871 6,951 1,804 1,823 1,947 1,959 7,533
Deferred income tax provision (benefit) (87) (39) (37) (102) (265) (125) (12) 152 112 127
Other noncash charges (benefit) to income 256 165 (1) 34 454 180 25 109 106 420
Asset impairments — — 21 334 355 — — — 21 21
Losses (gains) on sales of assets and other, net 1 (28) 79 8 60 19 5 (34) (253) (263)
Undistributed losses (earnings) from equity investments (160) (21) 52 46 (83) 46 183 33 357 619
Dry hole expense 36 29 12 29 106 17 46 36 10 109
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables (35) (646) 179 386 (116) (19) 140 226 (95) 252
(Increase) decrease in inventories (83) (690) 562 184 (27) — 286 (211) (63) 12
(Increase) decrease in joint interest receivables and other current assets 44 129 55 58 286 (3) 29 (100) 12 (62)
Increase (decrease) in accounts payable and accrued liabilities (401) 558 (542) (155) (540) (766) 108 (439) 133 (964)
Increase (decrease) in current domestic and foreign income taxes 137 11 234 90 472 49 (242) 22 (134) (305)
Operating cash flow from continuing operations 1,806 2,084 3,333 3,296 10,519 2,032 2,729 2,447 2,398 9,606
Operating cash flow from discontinued operations 201 310 349 60 920 116 231 343 236 926
Net cash provided by operating activities 2,007 2,394 3,682 3,356 11,439 2,148 2,960 2,790 2,634 10,532
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures (1,696) (1,584) (1,502) (1,481) (6,263) (1,682) (1,705) (1,512) (1,528) (6,427)
Change in capital accrual 157 (110) (1) 54 100 50 (24) (68) 74 32
Purchases of assets, businesses and equity investments, net (142) (33) (8,850) (92) (9,117) (52) (56) (123) (49) (280)
Proceeds from sale of assets and equity investments, net 98 50 1,514 11 1,673 1,306 144 780 48 2,278
Equity investments and other, net (30) (29) (92) (63) (214) (75) (74) (60) (77) (286)
Investing cash flow from continuing operations (1,613) (1,706) (8,931) (1,571) (13,821) (453) (1,715) (983) (1,532) (4,683)
Investing cash flow from discontinued operations (197) (165) (188) (219) (769) (278) (284) (276) (278) (1,116)
Net cash used by investing activities (1,810) (1,871) (9,119) (1,790) (14,590) (731) (1,999) (1,259) (1,810) (5,799)
FINANCING CASH FLOW
Proceeds from debt issuance — — 9,612 — 9,612 — — — — —
Payments of debt — — (4,007) (507) (4,514) (518) (1,762) (1,304) (170) (3,754)
Purchases of treasury stock — (9) — (18) (27) — — — — —
Cash dividends paid on common and preferred stock (332) (366) (371) (377) (1,446) (380) (398) (408) (408) (1,594)
Proceeds from issuance of common stock 88 416 67 13 584 25 906 17 18 966
Contributions from noncontrolling interests 57 42 47 54 200 63 51 39 47 200
Deferred payments for purchases of assets and businesses — — — (318) (318) — — — (417) (417)
Other financing, net (140) (43) (11) (48) (242) (118) (40) (37) (41) (236)
Financing cash flow from continuing operations (327) 40 5,337 (1,201) 3,849 (928) (1,243) (1,693) (971) (4,835)
Financing cash flow From discontinued operations (1) (1) (2) (1) (5) (4) — (2) (3) (9)
Net cash provided (used) by financing activities (328) 39 5,335 (1,202) 3,844 (932) (1,243) (1,695) (974) (4,844)
Increase (decrease) in cash and cash equivalents and <br>     restricted cash and restricted cash equivalents (131) 562 (102) 364 693 485 (282) (164) (150) (111)
Cash and cash equivalents and restricted cash and <br>     restricted cash equivalents - beginning of period 1,464 1,333 1,895 1,793 1,464 2,157 2,642 2,360 2,196 2,157
Cash and cash equivalents and restricted cash and <br>     cash equivalents - end of period $ 1,333 $ 1,895 $ 1,793 $ 2,157 $ 2,157 $ 2,642 $ 2,360 $ 2,196 $ 2,046 $ 2,046

SCHEDULE 7b

Occidental Petroleum Corporation

Detail of Free Cash Flow, CAPEX and DD&A

(amounts in millions)

2024 2025
Free Cash Flow Before Working Capital (Non-GAAP) (a) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Operating cash flow from continuing operations $ 1,806 $ 2,084 $ 3,333 $ 3,296 $ 10,519 $ 2,032 $ 2,729 $ 2,447 $ 2,398 $ 9,606
Operating cash flow from discontinued operations 201 310 349 60 920 116 231 343 236 926
Net cash provided by operating activities (GAAP) 2,007 2,394 3,682 3,356 11,439 2,148 2,960 2,790 2,634 10,532
Plus: Working capital and other, net - continuing operations 338 638 (488) (563) (75) 739 (321) 502 147 1,067
Plus: Working capital and other, net - discontinued operations 101 12 (44) 284 353 113 4 (93) (52) (28)
Operating cash flow before working capital (Non-GAAP) 2,446 3,044 3,150 3,077 11,717 3,000 2,643 3,199 2,729 11,571
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (1,726) (1,729) (1,636) (1,727) (6,818) (1,845) (1,947) (1,729) (1,766) (7,287)
Free Cash Flow Before Working Capital (Non-GAAP) $ 720 $ 1,315 $ 1,514 $ 1,350 $ 4,899 $ 1,155 $ 696 $ 1,470 $ 963 $ 4,284
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas $ (1,472) $ (1,349) $ (1,268) $ (1,231) $ (5,320) $ (1,546) $ (1,517) $ (1,299) $ (1,253) $ (5,615)
Midstream & Marketing (204) (218) (214) (233) (869) (129) (168) (187) (236) (720)
Corporate (20) (17) (20) (17) (74) (7) (20) (26) (39) (92)
Total Capital Expenditures - Continuing Operations (GAAP) (1,696) (1,584) (1,502) (1,481) (6,263) (1,682) (1,705) (1,512) (1,528) (6,427)
Capital Expenditures - Discontinued Operations (87) (187) (181) (300) (755) (226) (293) (256) (285) (1,060)
Capital Expenditures - Continuing and Discontinuing Operations (1,783) (1,771) (1,683) (1,781) (7,018) (1,908) (1,998) (1,768) (1,813) (7,487)
Contributions from noncontrolling interests 57 42 47 54 200 63 51 39 47 200
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP) $ (1,726) $ (1,729) $ (1,636) $ (1,727) $ (6,818) $ (1,845) $ (1,947) $ (1,729) $ (1,766) $ (7,287)
Details of Operating & Investing Cash Flow - Discontinued Operations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Net income, non-cash items and other - discontinued operations $ 302 $ 322 $ 305 $ 344 $ 1,273 $ 229 $ 235 $ 250 $ 184 $ 898
Working capital and other, net - discontinued operations (101) (12) 44 (284) (353) (113) (4) 93 52 28
Operating cash flow from discontinued operations (GAAP) $ 201 $ 310 $ 349 $ 60 $ 920 $ 116 $ 231 $ 343 $ 236 $ 926
Capital expenditures - discontinued operations $ (87) $ (187) $ (181) $ (300) $ (755) $ (226) $ (293) $ (256) $ (285) $ (1,060)
Other investing, net - discontinued operations (110) 22 (7) 81 (14) (52) 9 (20) 7 (56)
Investing cash flow from discontinued operations (GAAP) $ (197) $ (165) $ (188) $ (219) $ (769) $ (278) $ (284) $ (276) $ (278) $ (1,116)
Depreciation, Depletion and Amortization - Continuing Operations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
United States $ 1,365 $ 1,447 $ 1,597 $ 1,640 $ 6,049 $ 1,582 $ 1,590 $ 1,703 $ 1,725 $ 6,600
International 132 126 125 133 516 120 128 139 128 515
Midstream & Marketing 69 68 68 67 272 73 74 74 73 294
Corporate 25 29 29 31 114 29 31 31 33 124
Total Depreciation, Depletion and Amortization - Continuing Operations $ 1,591 $ 1,670 $ 1,819 $ 1,871 $ 6,951 $ 1,804 $ 1,823 $ 1,947 $ 1,959 $ 7,533
(a) Non-GAAP Measures. Operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash flow less working capital from continuing and discontinued operations. Capital expenditures, net of noncontrolling interest is defined as capital expenditures from continuing and discontinued operations less contributions from noncontrolling interest. Free cash flow before working capital is defined as operating cash flow before working capital less capital expenditures, net of noncontrolling interest. These non-GAAP measures are not meant to disassociate those items from management’s performance, but rather are meant to provide useful information to investors interested in comparing Occidental’s performance between periods. Reported operating cash flow and capital expenditures are considered representative of management’s performance over the long term, and operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow before working capital are not considered to be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

2024 2025
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 567 587 729 771 664 754 770 800 818 786
Rockies & Other Domestic 286 306 321 325 310 292 272 288 284 284
Gulf of America 90 138 136 137 125 121 125 139 144 132
Total 943 1,031 1,186 1,233 1,099 1,167 1,167 1,227 1,246 1,202
International
Algeria & Other International 31 33 31 33 32 33 31 30 31 31
Al Hosn 92 91 91 91 91 90 84 93 91 89
Dolphin 36 39 39 41 39 36 42 41 41 40
Oman 70 64 65 65 66 65 76 74 72 72
Total 229 227 226 230 228 224 233 238 235 232
TOTAL REPORTED PRODUCTION 1,172 1,258 1,412 1,463 1,327 1,391 1,400 1,465 1,481 1,434
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian 323 339 402 416 370 404 410 422 427 416
Rockies & Other Domestic 89 98 94 102 96 95 88 95 88 92
Gulf of America 75 116 115 116 105 102 106 117 121 112
Total 487 553 611 634 571 601 604 634 636 620
NGL (MBBL)
Permian 136 136 186 194 163 188 196 208 213 201
Rockies & Other Domestic 100 103 112 106 106 77 74 80 79 78
Gulf of America 6 10 9 10 9 8 9 10 10 9
Total 242 249 307 310 278 273 279 298 302 288
Natural Gas (MMCF)
Permian 645 671 848 964 783 974 982 1,019 1,069 1,011
Rockies & Other Domestic 584 630 691 700 649 718 659 678 700 686
Gulf of America 55 70 69 68 66 64 60 73 78 68
Total 1,284 1,371 1,608 1,732 1,498 1,756 1,701 1,770 1,847 1,765
International
Oil (MBBL)
Algeria and Other International 25 27 26 26 26 27 26 25 26 26
Al Hosn 16 15 15 15 15 15 14 16 16 15
Dolphin 6 6 6 6 6 6 7 6 6 6
Oman 59 54 55 55 56 55 66 65 63 62
Total 106 102 102 102 103 103 113 112 111 109
NGL (MBBL)
Algeria and Other International 4 3 2 3 3 3 3 2 2 3
Al Hosn 27 27 27 28 27 28 26 29 28 27
Dolphin 7 8 8 8 8 8 8 8 8 8
Total 38 38 37 39 38 39 37 39 38 38
Natural Gas (MMCF)
Algeria and Other International 14 19 20 20 18 17 14 16 15 15
Al Hosn 295 291 292 290 293 284 263 296 285 283
Dolphin 140 152 152 159 150 134 162 159 159 154
Oman 63 59 57 63 63 58 60 57 55 56
Total 512 521 521 532 524 493 499 528 514 508

SCHEDULE 9

Occidental Petroleum Corporation

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

2024 2025
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 943 1,031 1,186 1,233 1,099 1,167 1,167 1,227 1,246 1,202
International
Algeria and Other International 33 33 29 33 33 34 31 30 30 31
Al Hosn 93 91 91 91 91 90 84 93 91 90
Dolphin 36 39 40 40 39 36 42 41 41 40
Oman 70 66 65 66 66 64 73 77 72 71
Total 232 229 225 230 229 224 230 241 234 232
TOTAL REPORTED SALES 1,175 1,260 1,411 1,463 1,328 1,391 1,397 1,468 1,480 1,434
REALIZED PRICES
United States
Oil ($/BBL) $ 75.54 $ 79.79 $ 74.81 $ 69.27 $ 74.62 $ 70.80 $ 62.83 $ 64.55 $ 58.28 $ 64.01
NGL ($/BBL) $ 21.17 $ 20.19 $ 19.50 $ 21.14 $ 20.48 $ 25.67 $ 20.05 $ 18.98 $ 15.79 $ 19.96
Natural Gas ($/MCF) $ 1.61 $ 0.54 $ 0.40 $ 1.26 $ 0.94 $ 2.42 $ 1.33 $ 1.48 $ 1.12 $ 1.58
International
Oil ($/BBL) $ 78.29 $ 80.40 $ 78.54 $ 72.55 $ 77.46 $ 72.59 $ 68.88 $ 66.03 $ 64.68 $ 67.93
NGL ($/BBL) $ 28.33 $ 28.11 $ 28.48 $ 27.11 $ 28.00 $ 27.85 $ 25.72 $ 24.40 $ 23.78 $ 25.43
Natural Gas ($/MCF) $ 1.87 $ 1.91 $ 1.90 $ 1.88 $ 1.89 $ 1.90 $ 1.90 $ 1.89 $ 1.87 $ 1.89
Total Worldwide
Oil ($/BBL) $ 76.04 $ 79.89 $ 75.33 $ 69.73 $ 75.05 $ 71.07 $ 63.76 $ 64.78 $ 59.22 $ 64.60
NGL ($/BBL) $ 22.14 $ 21.23 $ 20.47 $ 21.80 $ 21.38 $ 25.94 $ 20.71 $ 19.60 $ 16.68 $ 20.60
Natural Gas ($/MCF) $ 1.68 $ 0.92 $ 0.76 $ 1.41 $ 1.18 $ 2.30 $ 1.46 $ 1.57 $ 1.29 $ 1.65
Index Prices
WTI Oil ($/BBL) $ 76.96 $ 80.56 $ 75.09 $ 70.27 $ 75.72 $ 71.42 $ 63.74 $ 64.93 $ 59.14 $ 64.81
Brent Oil ($/BBL) $ 81.83 $ 84.95 $ 78.41 $ 73.97 $ 79.79 $ 74.89 $ 66.59 $ 68.14 $ 63.09 $ 68.18
NYMEX Natural Gas ($/MCF) $ 2.35 $ 1.99 $ 2.37 $ 2.66 $ 2.34 $ 3.62 $ 3.68 $ 3.28 $ 3.61 $ 3.55
Percentage of Index Prices
Worldwide Oil as a percentage of WTI 99 % 99 % 100 % 99 % 99 % 100 % 100 % 100 % 100 % 100 %
Worldwide Oil as a percentage of Brent 93 % 94 % 96 % 94 % 94 % 95 % 96 % 95 % 94 % 95 %
Worldwide NGL as a percentage of WTI 29 % 26 % 27 % 31 % 28 % 36 % 32 % 30 % 28 % 32 %
Worldwide NGL as a percentage of Brent 27 % 25 % 26 % 29 % 27 % 35 % 31 % 29 % 26 % 30 %
Domestic Natural Gas as a percentage of NYMEX 68 % 27 % 17 % 47 % 40 % 67 % 36 % 45 % 31 % 45 %

SCHEDULE 10

Occidental Petroleum Corporation

Oil & Gas Metrics

2025
Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Lease operating expenses (/BOE)
United States 10.31 $ 9.85 $ 8.68 $ 8.15 $ 9.15 $ 9.05 $ 8.55 $ 8.11 $ 7.77 $ 8.35
International 13.10 $ 12.23 $ 12.55 $ 12.66 $ 12.64 $ 13.20 $ 10.82 $ 11.65 $ 12.26 $ 11.97
Total Oil and Gas 10.86 $ 10.28 $ 9.30 $ 8.85 $ 9.75 $ 9.72 $ 8.93 $ 8.69 $ 8.48 $ 8.94
Transportation costs (/BOE)
United States 3.89 $ 4.12 $ 3.54 $ 3.66 $ 3.78 $ 3.73 $ 3.65 $ 3.49 $ 3.44 $ 3.58
Total Oil and Gas 3.25 $ 3.49 $ 3.09 $ 3.23 $ 3.26 $ 3.25 $ 3.17 $ 3.03 $ 3.01 $ 3.11
Taxes other than on income (/BOE)
United States 2.64 $ 2.74 $ 2.26 $ 2.40 $ 2.50 $ 2.42 $ 2.43 $ 2.12 $ 2.09 $ 2.26
Total Oil and Gas 2.17 $ 2.30 $ 1.95 $ 2.06 $ 2.11 $ 2.07 $ 2.07 $ 1.80 $ 1.79 $ 1.93
DD&A expense (/BOE)
United States 15.91 $ 15.42 $ 14.63 $ 14.46 $ 15.04 $ 15.06 $ 14.98 $ 15.08 $ 15.05 $ 15.05
International 6.23 $ 6.04 $ 6.05 $ 6.30 $ 6.16 $ 5.93 $ 6.10 $ 6.27 $ 5.98 $ 6.07
Total Oil and Gas 14.00 $ 13.72 $ 13.27 $ 13.18 $ 13.51 $ 13.59 $ 13.52 $ 13.63 $ 13.62 $ 13.59
G&A and other operating expenses (/BOE) 3.34 $ 2.86 $ 2.43 $ 2.64 $ 2.79 $ 2.61 $ 3.58 $ 2.56 $ 2.80 $ 2.88
Exploration Expense ( millions)
United States 36 $ 36 $ 19 $ 28 $ 119 $ 18 $ 62 $ 39 $ 18 $ 137
International 47 38 41 156 37 21 27 27 112
Total Exploration Expense 66 $ 83 $ 57 $ 69 $ 275 $ 55 $ 83 $ 66 $ 45 $ 249
Capital Expenditures ( millions)
Permian (725) $ (621) $ (660) $ (722) $ (2,728) $ (900) $ (907) $ (812) $ (748) $ (3,367)
Rockies & Other Domestic (205) (217) (156) (788) (236) (206) (169) (207) (818)
Gulf of America (175) (148) (151) (723) (220) (189) (89) (18) (516)
International (124) (125) (134) (525) (111) (125) (125) (144) (505)
Exploration Drilling (224) (118) (68) (556) (79) (90) (104) (136) (409)
Total Oil and Gas (1,472) $ (1,349) $ (1,268) $ (1,231) $ (5,320) $ (1,546) $ (1,517) $ (1,299) $ (1,253) $ (5,615)

All values are in US Dollars.

SCHEDULE 11

Occidental Petroleum Corporation

Reserves Replacement and Multi-Year Data - Worldwide

WORLDWIDE 2025 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 115 177
Price and other revisions 46 69
Improved Recovery 60 43
Extensions and Discoveries 340 273
Total Organic 561 562
Organic Excluding Price and Other Revisions 515 493
Purchases 10 221
Sales (57) (36)
Total Reserve Additions 514 747
Production 523 485
Costs Incurred ( millions)
Property acquisition costs $ 443 $ 4,378
Exploration costs 548 722
Development costs 5,586 5,057
Total Organic Costs 6,134 5,779
Total Costs Incurred $ 6,577 $ 10,157
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 10.93 $ 10.28
Program Additions $ 11.91 $ 11.72
All-In $ 11.52 $ 12.97
Reserves Replacement Ratio - Non-GAAP
Organic 107 % 116 %
Program Additions 98 % 102 %
All-In 98 % 154 %
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.
All-In F&D Costs 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. Organic F&D Costs excludes from All-In F&D Costs both the property acquisition costs and purchases
of minerals in place, and Program Additions F&D Costs further excludes price and other revisions that are not infills.
All-In Reserves Replacement Ratio 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. Organic Reserves
Replacement Ratio excludes from All-In Reserves Replacement Ratio purchases and sales of minerals in place for
the year. Program Additions Reserves Replacement Ratio 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 2025 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 114 165
Price and other revisions (25) 20
Improved Recovery 53 34
Extensions and Discoveries 340 270
Total Organic 482 489
Organic Excluding Price and Other Revisions 507 469
Purchases 10 221
Sales (57) (36)
Total Reserve Additions 435 674
Production 438 402
Costs Incurred ( millions)
Property acquisition costs $ 442 $ 4,280
Exploration costs 399 562
Development costs 5,074 4,538
Total Organic Costs 5,473 5,100
Total Costs Incurred $ 5,915 $ 9,380
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 11.35 $ 10.43
Program Additions $ 10.79 $ 10.87
All-In $ 12.02 $ 13.21
Reserves Replacement Ratio - Non-GAAP
Organic 110 % 122 %
Program Additions 116 % 117 %
All-In 99 % 168 %
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.
All-In F&D Costs 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. Organic F&D Costs excludes from All-In F&D Costs both the property acquisition costs and purchases
of minerals in place, and Program Additions F&D Costs further excludes price and other revisions that are not infills.
All-In Reserves Replacement Ratio 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. Organic Reserves
Replacement Ratio excludes from All-In Reserves Replacement Ratio purchases and sales of minerals in place for
the year. Program Additions Reserves Replacement Ratio further excludes price and other revisions that are not infills.

All values are in US Dollars. +

SCHEDULE 13

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, 2022 2,972 845 3,817
Revisions of previous estimates 314 92 406
Improved recovery 9 14 23
Extensions and discoveries 149 4 153
Purchases of proved reserves 31 — 31
Sales of proved reserves (2) — (2)
Production (365) (81) (446)
Balance at December 31, 2023 3,108 874 3,982
Revisions of previous estimates 151 19 170
Improved recovery 40 7 47
Extensions and discoveries 321 5 326
Purchases of proved reserves 623 — 623
Sales of proved reserves (50) — (50)
Production (402) (84) (486)
Balance at December 31, 2024 3,791 821 4,612
Revisions of previous estimates 89 72 161
Improved recovery 53 7 60
Extensions and discoveries 340 — 340
Purchases of proved reserves 10 — 10
Sales of proved reserves (57) — (57)
Production (438) (85) (523)
Balance at December 31, 2025 3,788 815 4,603
Proved Developed Reserves
December 31, 2022 2,112 586 2,698
December 31, 2023 2,117 633 2,750
December 31, 2024 2,546 645 3,191
December 31, 2025 2,651 643 3,294
Proved Undeveloped Reserves
December 31, 2022 860 259 1,119
December 31, 2023 991 241 1,232
December 31, 2024 1,245 176 1,421
December 31, 2025 1,137 172 1,309
(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 14

Occidental Petroleum Corporation

Proved Oil Reserves

United
In millions of barrels (MMbbl) States International Total
Proved Developed and Undeveloped Reserves
Balance at December 31, 2022 1,639 274 1,913
Revisions of previous estimates 77 91 168
Improved recovery 7 11 18
Extensions and discoveries 59 3 62
Purchases of proved reserves 14 — 14
Sales of proved reserves (1) — (1)
Production (195) (39) (234)
Balance at December 31, 2023 1,600 340 1,940
Revisions of previous estimates 47 (7) 40
Improved recovery 38 6 44
Extensions and discoveries 132 2 134
Purchases of proved reserves 254 — 254
Sales of proved reserves (30) — (30)
Production (209) (38) (247)
Balance at December 31, 2024 1,832 303 2,135
Revisions of previous estimates 36 69 105
Improved recovery 49 6 55
Extensions and discoveries 149 — 149
Purchases of proved reserves 4 — 4
Sales of proved reserves (20) — (20)
Production (226) (40) (266)
Balance at December 31, 2025 1,824 338 2,162
Proved Developed Reserves
December 31, 2022 1,208 200 1,408
December 31, 2023 1,140 258 1,398
December 31, 2024 1,243 249 1,492
December 31, 2025 1,258 279 1,537
Proved Undeveloped Reserves
December 31, 2022 431 74 505
December 31, 2023 460 82 542
December 31, 2024 589 54 643
December 31, 2025 566 59 625

SCHEDULE 15

Occidental Petroleum Corporation

Proved NGL Reserves

United
In millions of barrels (MMbbl) States International Total
Proved Developed and Undeveloped Reserves
Balance at December 31, 2022 654 192 846
Revisions of previous estimates 183 2 185
Improved recovery 2 — 2
Extensions and discoveries 45 — 45
Purchases of proved reserves 9 — 9
Sales of proved reserves (1) — (1)
Production (90) (13) (103)
Balance at December 31, 2023 802 181 983
Revisions of previous estimates 68 9 77
Improved recovery 2 — 2
Extensions and discoveries 100 — 100
Purchases of proved reserves 200 — 200
Sales of proved reserves (10) — (10)
Production (102) (14) (116)
Balance at December 31, 2024 1,060 176 1,236
Revisions of previous estimates (53) (2) (55)
Improved recovery 3 — 3
Extensions and discoveries 100 — 100
Purchases of proved reserves 3 — 3
Sales of proved reserves (18) — (18)
Production (105) (14) (119)
Balance at December 31, 2025 990 160 1,150
Proved Developed Reserves
December 31, 2022 444 120 564
December 31, 2023 515 124 639
December 31, 2024 709 130 839
December 31, 2025 698 119 817
Proved Undeveloped Reserves
December 31, 2022 210 72 282
December 31, 2023 287 57 344
December 31, 2024 351 46 397
December 31, 2025 292 41 333

SCHEDULE 16

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, 2022 4,073 2,277 6,350
Revisions of previous estimates 325 (6) 319
Improved recovery 1 17 18
Extensions and discoveries 268 5 273
Purchases of proved reserves 50 — 50
Sales of proved reserves (2) — (2)
Production (480) (176) (656)
Balance at December 31, 2023 4,235 2,117 6,352
Revisions of previous estimates 215 100 315
Improved recovery 2 6 8
Extensions and discoveries 532 17 549
Purchases of proved reserves 1,016 — 1,016
Sales of proved reserves (58) — (58)
Production (548) (191) (739)
Balance at December 31, 2024 5,394 2,049 7,443
Revisions of previous estimates 636 32 668
Improved recovery 6 8 14
Extensions and discoveries 543 — 543
Purchases of proved reserves 19 — 19
Sales of proved reserves (113) — (113)
Production (643) (186) (829)
Balance at December 31, 2025 5,842 1,903 7,745
Proved Developed Reserves
December 31, 2022 2,761 1,597 4,358
December 31, 2023 2,770 1,507 4,277
December 31, 2024 3,564 1,593 5,157
December 31, 2025 4,168 1,469 5,637
Proved Undeveloped Reserves
December 31, 2022 1,312 680 1,992
December 31, 2023 1,465 610 2,075
December 31, 2024 1,830 456 2,286
December 31, 2025 1,674 434 2,108

SCHEDULE 17

Occidental Petroleum Corporation

Costs Incurred
Amounts in millions International Total
FOR THE YEAR ENDED DECEMBER 31, 2025
Property acquisition costs (a) 442 $ 1 $ 443
Exploration costs 149 548
Development costs 512 5,586
Costs Incurred 5,915 $ 662 $ 6,577
FOR THE YEAR ENDED DECEMBER 31, 2024
Property acquisition costs (a) 12,141 $ 8 $ 12,149
Exploration costs 180 724
Development costs 500 5,084
Costs Incurred 17,269 $ 688 $ 17,957
FOR THE YEAR ENDED DECEMBER 31, 2023
Property acquisition costs (a) 255 $ 288 $ 543
Exploration costs 150 893
Development costs 543 4,500
Costs Incurred 4,955 $ 981 $ 5,936
(a) Included approximately 290 million, 30 million and 120 million related to non-monetary exchanges for the years ended December 31, 2025, 2024 and 2023, respectively.

All values are in US Dollars.

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