Equibles

8-K

OCCIDENTAL PETROLEUM CORP /DE/ (OXYWS)

8-K 2024-02-14 For: 2024-02-14
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 14, 2024

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
--- ---
(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 14, 2024, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended December 31, 2023. 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 14, 2024
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 14, 2024 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 2023 Results

•Strong operational performance drove operating cash flow of $3.2 billion and cash flow from operations before working capital of $2.5 billion

•Capital spending of $1,544 million and contributions from noncontrolling interest of $98 million, resulting in quarterly free cash flow before working capital of $1.1 billion

•Total company production of 1,234 Mboed exceeded the mid-point of guidance by 8 Mboed, overcoming a third-party outage in eastern Gulf of Mexico

•OxyChem exceeded guidance with pre-tax income of $250 million

•Earnings per diluted share of $1.08 and adjusted earnings per diluted share of $0.74

•Worldwide year-end proved reserves of 4.0 billion BOE with reserves replacement of 137%

•Increased quarterly dividend by 22% to $0.22 per share

•Announced cash flow accretive acquisition of CrownRock, strengthening Occidental's U.S. onshore portfolio with premier Permian Basin assets

•Closed acquisition of Carbon Engineering, enabling cost and capital efficiencies and the ability for Occidental to catalyze broader partnerships for Direct Air Capture deployment

HOUSTON — February 14, 2023 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the fourth quarter of 2023 of $1.0 billion, or $1.08 per diluted share, and adjusted income attributable to common stockholders of $710 million, or $0.74 per diluted share.

"Our teams performed exceptionally well during the fourth quarter of 2023, concluding another year of operational excellence across all three business segments," said President and Chief Executive Officer Vicki Hollub. "We are continuing to focus on delivering long-term value for our shareholders through the 22% increase in our dividend and strategic transactions to high-grade our domestic portfolio and advance our low-carbon initiatives, including the closing of the Carbon Engineering acquisition."

Fourth quarter after-tax items affecting comparability of $319 million were primarily comprised of an after-tax fair value gain of $283 million related to the acquisition of Carbon Engineering.

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income for the fourth quarter of 2023 was $1.6 billion, compared to pre-tax income of $2.0 billion for the third quarter of 2023. Excluding items affecting comparability, fourth quarter oil and gas income declined from the prior quarter due to lower domestic crude oil prices and higher lease operating expenses. For the fourth quarter of 2023, average WTI and Brent marker prices were $78.32 per barrel and $82.69 per barrel, respectively. Average worldwide realized crude oil prices decreased by approximately 2% from the prior quarter to $78.85 per barrel. Average worldwide realized NGL prices decreased by less than 1% from the prior quarter to $20.93 per barrel.

Average domestic realized gas prices decreased by approximately 2% from the prior quarter to $1.88 per thousand cubic feet (Mcf).

Total average global production of 1,234 thousand barrels of oil equivalent per day (Mboed) for the fourth quarter exceeded the midpoint of guidance by 8 Mboed, overcoming a third-party outage in the eastern Gulf of Mexico. Rockies & Other Domestic and International average daily production volumes exceeded guidance at 285 Mboed and 234 Mboed, respectively, and Permian came in above the midpoint of guidance at 588 Mboed. Average daily production for the Gulf of Mexico for the fourth quarter was 127 Mboed.

Oil and Gas Proved Reserves

As of December 31, 2023, Occidental's worldwide proved reserves totaled 4.0 billion barrels of oil equivalent (BOE), compared to 3.8 billion BOE as of December 31, 2022. Proved reserve additions were mainly driven by positive revisions associated with infill development projects of 303 million BOE, primarily in the DJ and Permian Basins, and extensions and discoveries of 153 million BOE, mostly in the Permian Basin. The 2023 Reserves Replacement - All-In was 137% and the three-year average Reserves Replacement - All-In for 2021 to 2023 was 183%. Finding and development (F&D) All-In and F&D - Organic costs for 2023 were $9.68 per BOE and $9.27 per BOE, respectively. The three-year average F&D All-In and F&D - Organic costs for 2021 to 2023 were $5.72 per BOE and $5.08 per BOE, respectively.

OxyChem

OxyChem pre-tax income of $250 million for the fourth quarter of 2023 exceeded guidance. Compared to third quarter of 2023 income of $373 million, the decrease in fourth quarter income was driven primarily by higher plant operating costs and raw materials costs, primarily ethylene, partially offset by advantageous commercial thresholds triggered in the fourth quarter. During the fourth quarter of 2023, a planned total complex outage for maintenance was completed at OxyChem's Ingleside, Texas manufacturing complex, which restricted both segment production and sales volumes. The facility restarted in December and is operating at full capacity.

Midstream and Marketing

Midstream and marketing pre-tax results for the fourth quarter of 2023 reflected income of $182 million, compared to a loss of $130 million for the third quarter of 2023. WES equity method investment income for the fourth quarter was $149 million. Excluding items affecting comparability, the decrease in midstream and marketing pre-tax fourth quarter results, compared to the third quarter, reflected lower crude margins due to the timing impact of crude sales in the marketing business, lower income from the power generation business due to seasonal pricing impact, partially offset by higher gas margins resulting from wider WAHA to Gulf Coast spreads in the marketing business and improved sulfur pricing at Al Hosn.

Supplemental Non-GAAP Measures

This press release refers to adjusted income (loss), cash flow from operations before working capital, capital expenditures, net of noncontrolling interest 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 operations before working capital, capital expenditures, net of noncontrolling interests 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 operations before working capital, capital expenditures, net of noncontrolling interest 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 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 excludes 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 excludes 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 and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. 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, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place

undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

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

initiatives, such as Occidental's low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the 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 SEC, including Occidental’s 2023 Form 10-K, 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 2023
Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights

2.Items Affecting Comparability Detail

•Before Tax Allocations

•After Tax Allocations

3.Segment Results Before Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Results (non-GAAP)

4.Segment Results After Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Results (non-GAAP)

•Reconciliation - Diluted EPS

5.Consolidated Condensed Statements of Operations

6.Consolidated Condensed Balance Sheets

7.Consolidated Condensed Statements of Cash Flows

•Detail of Capital Expenditures and Depreciation, Depletion and Amortization

•Free Cash Flow (non-GAAP)

8.Oil & Gas Net Production Volumes Per Day

•MBOE/D

•By Commodity

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

•MBOE/D

•Realized Prices and Related Index Prices

10.Oil and Gas Metrics

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

2022 2023
Quarterly Qtr 1 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 $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504 $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773
Reported EPS - Diluted (/share) $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40 $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90
Effective tax rate on reported income (loss) (%) (58) % 25 % 25 % 20 % 6 % 27 % 35 % 24 % 23 % 27 %
Adjusted income attributable to common stockholders (Non-GAAP) $ 2,127 $ 3,240 $ 2,465 $ 1,600 $ 9,432 $ 1,069 $ 661 $ 1,134 $ 710 $ 3,574
Adjusted EPS - Diluted (Non-GAAP) (/share) $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35 $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.70
Effective tax rate on adjusted income (loss) (%) 25 % 25 % 26 % 25 % 25 % 27 % 31 % 24 % 30 % 28 %
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions) 936.7 939.2 922.0 905.7 926.2 901.2 889.3 884.0 881.0 889.2
Diluted (millions) 997.7 1,018.3 1,002.5 990.5 1,002.0 975.3 958.8 958.2 950.1 960.9
Daily Production Volumes
Total US (MBOE/D) 896 919 944 987 937 1,014 990 997 1,000 1,000
US Oil (MBBL/D) 483 495 508 542 507 551 521 534 530 534
Worldwide Production (MBOE/D) 1,079 1,147 1,180 1,227 1,159 1,220 1,218 1,220 1,234 1,223
Worldwide Sales (MBOE/D) 1,074 1,150 1,179 1,230 1,159 1,214 1,222 1,222 1,230 1,222
Commodity Price Realizations
Worldwide oil (/BBL) $ 91.91 $ 107.72 $ 94.89 $ 83.64 $ 94.36 $ 74.22 $ 73.59 $ 80.70 $ 78.85 $ 76.85
Worldwide NGL (/BBL) $ 39.61 $ 42.04 $ 35.22 $ 26.35 $ 35.48 $ 24.41 $ 19.08 $ 21.04 $ 20.93 $ 21.32
Domestic gas (/MCF) $ 4.17 $ 6.25 $ 7.06 $ 4.45 $ 5.48 $ 3.01 $ 1.36 $ 1.92 $ 1.88 $ 2.04
Cash Flows ( millions)
Operating cash flow before working capital (Non-GAAP) $ 4,178 $ 5,148 $ 4,700 $ 4,109 $ 18,135 $ 3,153 $ 2,651 $ 3,339 $ 2,505 $ 11,648
Working capital changes $ (939) $ 181 $ (433) $ (134) $ (1,325) $ (283) $ 419 $ (210) $ 734 $ 660
Operating cash flow $ 3,239 $ 5,329 $ 4,267 $ 3,975 $ 16,810 $ 2,870 $ 3,070 $ 3,129 $ 3,239 $ 12,308
Capital expenditures, net of noncontrolling interest (Non-GAAP) $ (858) $ (972) $ (1,147) $ (1,520) $ (4,497) $ (1,461) $ (1,646) $ (1,619) $ (1,446) $ (6,172)
2022 2023
Year-to-date Mar Jun Sep Dec Mar Jun Sep Dec
Net Income ( millions)
Reported income attributable to common stockholders $ 4,676 $ 8,231 $ 10,777 $ 12,504 $ 983 $ 1,588 $ 2,744 $ 3,773
Reported EPS - Diluted (/share) $ 4.65 $ 8.11 $ 10.64 $ 12.40 $ 1.00 $ 1.63 $ 2.83 $ 3.90
Effective tax rate on reported income (loss) (%) (58) % (7) % 3 % 6 % 27 % 31 % 27 % 27 %
Adjusted income attributable to common stockholders (Non-GAAP) $ 2,127 $ 5,367 $ 7,832 $ 9,432 $ 1,069 $ 1,730 $ 2,864 $ 3,574
Adjusted EPS - Diluted (Non-GAAP) (/share) $ 2.12 $ 5.29 $ 7.74 $ 9.35 $ 1.09 $ 1.78 $ 2.95 $ 3.70
Effective tax rate on adjusted income (loss) (%) 25 % 25 % 25 % 25 % 27 % 29 % 28 % 28 %
Average Shares Outstanding - Reported & Adjusted Income
Basic (millions) 936.7 933.8 933.0 926.2 901.2 895.6 891.9 889.2
Diluted (millions) 997.7 1,007.5 1,005.9 1,002.0 975.3 967.4 964.4 960.9
Daily Production Volumes
Total US (MBOE/D) 896 907 920 937 1,014 1,002 1,000 1,000
US Oil (MBBL/D) 483 489 495 507 551 535 535 534
Worldwide Production (MBOE/D) 1,079 1,113 1,136 1,159 1,220 1,219 1,219 1,223
Worldwide Sales (MBOE/D) 1,074 1,112 1,135 1,159 1,214 1,220 1,220 1,222
Commodity Price Realizations
Worldwide Oil (/BBL) $ 91.91 $ 100.10 $ 98.30 $ 94.36 $ 74.22 $ 73.91 $ 76.19 $ 76.85
Worldwide NGL (/BBL) $ 39.61 $ 40.90 $ 38.85 $ 35.48 $ 24.41 $ 21.67 $ 21.45 $ 21.32
Domestic Gas (/MCF) $ 4.17 $ 5.20 $ 5.83 $ 5.48 $ 3.01 $ 2.18 $ 2.09 $ 2.04
Cash Flows ( millions)
Operating cash flows before working capital (Non-GAAP) $ 4,178 $ 9,326 $ 14,026 $ 18,135 $ 3,153 $ 5,804 $ 9,143 $ 11,648
Working capital changes $ (939) $ (758) $ (1,191) $ (1,325) $ (283) $ 136 $ (74) $ 660
Operating cash flow $ 3,239 $ 8,568 $ 12,835 $ 16,810 $ 2,870 $ 5,940 $ 9,069 $ 12,308
Capital expenditures, net of noncontrolling interest (Non-GAAP) (858) (1,830) (2,977) (4,497) (1,461) (3,107) (4,726) (6,172)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(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)

2022 2023
Before Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Asset sales gains, net - Domestic $ 125 $ 12 $ 10 $ 1 $ 148 $ — $ — $ 142 $ — $ 142
Asset sales gains, net - International — 10 — 45 55 — — — 25 25
Legal settlement gain — — — — — 26 — — — 26
Asset impairments - Domestic — — — — — — (209) — — (209)
Total Oil and Gas 125 22 10 46 203 26 (209) 142 25 (16)
Chemical
No items affecting comparability — — — — — — — — — —
Total Chemical — — — — — — — — — —
Midstream & Marketing
Asset sales gains, net — — 62 36 98 — — 51 — 51
Asset impairments and other charges (a) — — — — — (26) — (34) — (60)
Carbon Engineering fair value gain — — — — — — — — 283 283
Acquisition-related costs — — — — — — — — (20) (20)
Derivative gains (losses), net (a) (198) 96 (84) (73) (259) (8) 48 (81) 27 (14)
Total Midstream & Marketing (198) 96 (22) (37) (161) (34) 48 (64) 290 240
Corporate
Acquisition-related costs (65) (13) (4) (7) (89) — — — (6) (6)
Interest rate swap gains (losses), net 135 127 70 (15) 317 — — — — —
Maxus receivable valuation allowance adjustment — (22) — — (22) — 260 — — 260
Early debt extinguishment (18) 179 (18) 6 149 — — — — —
Total Corporate 52 271 48 (16) 355 — 260 — (6) 254
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 (29) — — — (29) — — — 10 10
Deferred taxes on Algeria contract renewal — — — — — — (68) 3 — (65)
Income tax impact on items affecting comparability 5 (87) (7) 11 (78) 2 (22) (17) — (37)
Preferred stock redemption premium — — — — — (80) (65) (42) — (187)
Total $ 2,549 $ 315 $ 81 $ 127 $ 3,072 $ (86) $ (56) $ 22 $ 319 $ 199
2022 2023
After Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Asset sales gains, net - Domestic $ 98 $ 9 $ 8 $ — $ 115 $ — $ — $ 111 $ — $ 111
Asset sales gains, net - International — 6 — 46 52 — — — 25 25
Legal settlement gain — — — — — 20 — — — 20
Asset impairments - Domestic — — — — — — (164) (164)
Total Oil and Gas 98 15 8 46 167 20 (164) 111 25 (8)
Chemical
No items affecting comparability — — — — — — — — — —
Total Chemical — — — — — — — — — —
Midstream & Marketing
Asset sales gains, net — — 49 28 77 — — 40 — 40
Asset impairments and other charges (a) — — — — — (20) — (27) — (47)
Carbon Engineering fair value gain — — — — — — — — 283 283
Acquisition-related costs — — — — — — — — (16) (16)
Derivative gains (losses), net (a) (155) 75 (66) (57) (203) (6) 37 (63) 21 (11)
Total Midstream & Marketing (155) 75 (17) (29) (126) (26) 37 (50) 288 249
Corporate
Acquisition-related costs (51) (10) (3) (6) (70) — — — (4) (4)
Interest rate swap gains (losses), net 106 99 55 (12) 248 — — — — —
Maxus receivable valuation allowance adjustment — (17) — — (17) — 204 — — 204
Early debt extinguishment (14) 140 (14) 5 117 — — — — —
Total Corporate 41 212 38 (13) 278 — 204 — (4) 200
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 (29) — — — (29) — — — 10 10
Deferred taxes on Algeria contract renewal — — — — — — (68) 3 — (65)
Preferred stock redemption premium — — — — — (80) (65) (42) — (187)
Total $ 2,549 $ 315 $ 81 $ 127 $ 3,072 $ (86) $ (56) $ 22 $ 319 $ 199
(a) Included charges and derivative gains (losses) from income from equity investments and other

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

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

2022 2023
Reported Income Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 2,546 $ 3,322 $ 2,646 $ 1,925 $ 10,439 $ 1,371 $ 699 $ 1,627 $ 1,125 $ 4,822
International 377 798 746 659 2,580 371 462 467 559 1,859
Exploration (25) (26) (47) (118) (216) (102) (102) (125) (112) (441)
Total Oil & Gas 2,898 4,094 3,345 2,466 12,803 1,640 1,059 1,969 1,572 6,240
Chemical 671 800 580 457 2,508 472 436 373 250 1,531
Midstream & Marketing (50) 264 104 (45) 273 2 (30) (130) 182 24
Segment income 3,519 5,158 4,029 2,878 15,584 2,114 1,465 2,212 2,004 7,795
Corporate
Interest (371) (114) (285) (260) (1,030) (238) (230) (230) (247) (945)
Other (65) (58) (96) (218) (437) (142) 92 (173) (198) (421)
Income before taxes 3,083 4,986 3,648 2,400 14,117 1,734 1,327 1,809 1,559 6,429
Taxes
Federal and state 2,037 (916) (599) (274) 248 (300) (203) (322) (150) (975)
International (244) (315) (303) (199) (1,061) (171) (264) (112) (211) (758)
Net income 4,876 3,755 2,746 1,927 13,304 1,263 860 1,375 1,198 4,696
Less: Preferred stock dividends and redemption premiums (200) (200) (200) (200) (800) (280) (255) (219) (169) (923)
Net income attributable to common stockholders $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504 $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773
Reported diluted income per share $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40 $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90
Effective Tax Rate (58) % 25 % 25 % 20 % 6 % 27 % 35 % 24 % 23 % 27 %
Items Affecting Comparability Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 125 $ 12 $ 10 $ 1 $ 148 $ 26 $ (209) $ 142 $ — $ (41)
International — 10 — 45 55 — — — 25 25
Exploration — — — — — — — — — —
Total Oil & Gas 125 22 10 46 203 26 (209) 142 25 (16)
Chemical — — — — — — — — — —
Midstream & Marketing (198) 96 (22) (37) (161) (34) 48 (64) 290 240
Segment income (loss) (73) 118 (12) 9 42 (8) (161) 78 315 224
Corporate
Interest (18) 179 (18) 6 149 — — — — —
Other 70 92 66 (22) 206 — 260 — (6) 254
Income (loss) before taxes (21) 389 36 (7) 397 (8) 99 78 309 478
Taxes
Federal and state 2,570 (70) 45 133 2,678 2 (22) (17) 10 (27)
International — (4) — 1 (3) — (68) 3 — (65)
Net income (loss) 2,549 315 81 127 3,072 (6) 9 64 319 386
Less: Preferred stock redemption premiums — — — — — (80) (65) (42) — (187)
Net income (loss) attributable to common stockholders $ 2,549 $ 315 $ 81 $ 127 $ 3,072 $ (86) $ (56) $ 22 $ 319 $ 199
Adjusted Income (Non-GAAP) (a) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 2,421 $ 3,310 $ 2,636 $ 1,924 $ 10,291 $ 1,345 $ 908 $ 1,485 $ 1,125 $ 4,863
International 377 788 746 614 2,525 371 462 467 534 1,834
Exploration (25) (26) (47) (118) (216) (102) (102) (125) (112) (441)
Total Oil & Gas 2,773 4,072 3,335 2,420 12,600 1,614 1,268 1,827 1,547 6,256
Chemical 671 800 580 457 2,508 472 436 373 250 1,531
Midstream & Marketing 148 168 126 (8) 434 36 (78) (66) (108) (216)
Adjusted segment income 3,592 5,040 4,041 2,869 15,542 2,122 1,626 2,134 1,689 7,571
Corporate
Interest (353) (293) (267) (266) (1,179) (238) (230) (230) (247) (945)
Other (135) (150) (162) (196) (643) (142) (168) (173) (192) (675)
Adjusted income before taxes 3,104 4,597 3,612 2,407 13,720 1,742 1,228 1,731 1,250 5,951
Taxes
Federal and state (533) (846) (644) (407) (2,430) (302) (181) (305) (160) (948)
International (244) (311) (303) (200) (1,058) (171) (196) (115) (211) (693)
Adjusted income 2,327 3,440 2,665 1,800 10,232 1,269 851 1,311 879 4,310
Less: Preferred stock dividends (200) (200) (200) (200) (800) (200) (190) (177) (169) (736)
Adjusted income attributable to common stockholders $ 2,127 $ 3,240 $ 2,465 $ 1,600 $ 9,432 $ 1,069 $ 661 $ 1,134 $ 710 $ 3,574
Adjusted diluted earnings per share (Non-GAAP) $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35 $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.70
Effective Tax Rate 25 % 25 % 26 % 25 % 25 % 27 % 31 % 24 % 30 % 28 %

(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)

2022 2023
Reported Income (Loss) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 1,986 $ 2,591 $ 2,065 $ 1,501 $ 8,143 $ 1,069 $ 545 $ 1,269 $ 877 $ 3,760
International 184 466 459 448 1,557 216 274 310 363 1,163
Exploration (23) (24) (37) (102) (186) (82) (92) (103) (92) (369)
Total Oil & Gas 2,147 3,033 2,487 1,847 9,514 1,203 727 1,476 1,148 4,554
Chemical 519 620 449 348 1,936 364 337 288 189 1,178
Midstream & Marketing (70) 247 83 (25) 235 3 (13) (94) 211 107
Segment income 2,596 3,900 3,019 2,170 11,685 1,570 1,051 1,670 1,548 5,839
Corporate
Interest (367) (114) (285) (260) (1,026) (238) (230) (230) (247) (945)
Other (65) (104) (96) (218) (483) (142) 92 (173) (198) (421)
Taxes 2,712 73 108 235 3,128 73 (53) 108 95 223
Net income 4,876 3,755 2,746 1,927 13,304 1,263 860 1,375 1,198 4,696
Less: Preferred stock dividends and redemption premiums (200) (200) (200) (200) (800) (280) (255) (219) (169) (923)
Net income attributable to common stockholders $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504 $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773
Reported diluted income per share $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40 $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90
Items Affecting Comparability Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 98 $ 9 $ 8 $ — $ 115 $ 20 $ (164) $ 111 $ — $ (33)
International — 6 — 46 52 — — — 25 25
Exploration — — — — — — — — — —
Total Oil & Gas 98 15 8 46 167 20 (164) 111 25 (8)
Chemical — — — — — — — — — —
Midstream & Marketing (155) 75 (17) (29) (126) (26) 37 (50) 288 249
Segment income (loss) (57) 90 (9) 17 41 (6) (127) 61 313 241
Corporate
Interest (14) 140 (14) 5 117 — — — — —
Other 55 72 52 (18) 161 — 204 — (4) 200
Taxes 2,565 13 52 123 2,753 — (68) 3 10 (55)
Net income (loss) 2,549 315 81 127 3,072 (6) 9 64 319 386
Less: Preferred stock redemption premiums — — — — — (80) (65) (42) — (187)
Net income (loss) attributable to common stockholders $ 2,549 $ 315 $ 81 $ 127 $ 3,072 $ (86) $ (56) $ 22 $ 319 $ 199
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 $ 1,888 $ 2,582 $ 2,057 $ 1,501 $ 8,028 $ 1,049 $ 709 $ 1,158 $ 877 $ 3,793
International 184 460 459 402 1,505 216 274 310 338 1,138
Exploration (23) (24) (37) (102) (186) (82) (92) (103) (92) (369)
Total Oil & Gas 2,049 3,018 2,479 1,801 9,347 1,183 891 1,365 1,123 4,562
Chemical 519 620 449 348 1,936 364 337 288 189 1,178
Midstream & Marketing 85 172 100 4 361 29 (50) (44) (77) (142)
Segment income 2,653 3,810 3,028 2,153 11,644 1,576 1,178 1,609 1,235 5,598
Corporate
Interest (353) (254) (271) (265) (1,143) (238) (230) (230) (247) (945)
Other (120) (176) (148) (200) (644) (142) (112) (173) (194) (621)
Taxes 147 60 56 112 375 73 15 105 85 278
Adjusted income 2,327 3,440 2,665 1,800 10,232 1,269 851 1,311 879 4,310
Less: Preferred stock dividends (200) (200) (200) (200) (800) (200) (190) (177) (169) (736)
Adjusted income attributable to common stockholders $ 2,127 $ 3,240 $ 2,465 $ 1,600 $ 9,432 $ 1,069 $ 661 $ 1,134 $ 710 $ 3,574
Adjusted diluted earnings per share (Non-GAAP) $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35 $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.70
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP) $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40 $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic $ 0.09 $ 0.01 $ 0.01 $ — $ 0.11 $ 0.02 $ (0.17) $ 0.11 $ — $ (0.03)
International — 0.01 — 0.05 0.05 — — — 0.03 0.03
Exploration — — — — — — — — — —
Chemical — — — — — — — — — —
Midstream & Marketing (0.16) 0.08 (0.02) (0.03) (0.13) (0.03) 0.04 (0.05) 0.30 0.25
Corporate
Interest (0.02) 0.14 (0.01) 0.01 0.12 — — — — —
Other 0.05 0.07 0.05 (0.02) 0.16 — 0.22 — — 0.21
Taxes 2.57 — 0.05 0.12 2.74 — (0.07) — 0.01 (0.06)
Preferred stock redemption premiums — — — — — (0.08) (0.07) (0.04) — (0.19)
Total After-Tax Adjustments for Items Affecting Comparability $ 2.53 $ 0.31 $ 0.08 $ 0.13 $ 3.05 $ (0.09) $ (0.05) $ 0.02 $ 0.34 $ 0.21
Adjusted Diluted Earnings Per Share (Non-GAAP) $ 2.12 $ 3.16 $ 2.44 $ 1.61 $ 9.35 $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.69
Average Diluted Shares Outstanding - Reported (millions) 997.7 1,018.3 1,002.5 990.5 1,002.0 975.3 958.8 958.2 950.1 960.9
(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(amounts in millions, except per-share amounts)

2022 2023
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 $ 6,075 $ 7,696 $ 7,098 $ 6,296 $ 27,165 $ 5,325 $ 4,941 $ 5,594 $ 5,424 $ 21,284
Chemical 1,684 1,909 1,691 1,473 6,757 1,405 1,375 1,309 1,232 5,321
Midstream & Marketing 882 1,474 1,005 775 4,136 751 616 552 632 2,551
Eliminations (292) (403) (404) (325) (1,424) (256) (230) (297) (116) (899)
Total 8,349 10,676 9,390 8,219 36,634 7,225 6,702 7,158 7,172 28,257
Interest, dividends and other income 49 36 37 31 153 29 28 50 32 139
Gains on sale of assets and other, net 135 23 74 76 308 4 1 192 325 522
Total 8,533 10,735 9,501 8,326 37,095 7,258 6,731 7,400 7,529 28,918
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense 864 1,005 1,056 1,103 4,028 1,081 1,130 1,189 1,277 4,677
Transportation and gathering expense 347 364 378 386 1,475 384 375 363 359 1,481
Chemical and midstream costs of sales 818 835 835 785 3,273 745 791 682 898 3,116
Purchased commodities 811 1,031 785 660 3,287 498 490 520 501 2,009
Selling, general and administrative 196 244 247 258 945 241 277 258 307 1,083
Other operating and non-operating expense 299 291 319 362 1,271 308 10 328 438 1,084
Taxes other than on income 335 426 427 360 1,548 306 266 290 225 1,087
Depreciation, depletion and amortization 1,643 1,728 1,736 1,819 6,926 1,721 1,709 1,712 1,723 6,865
Asset impairments and other charges — — — — — — 209 — — 209
Acquisition-related costs 65 13 4 7 89 — — — 26 26
Exploration expense 25 26 47 118 216 102 102 125 112 441
Interest and debt expense, net 371 114 285 260 1,030 238 230 230 247 945
Total 5,774 6,077 6,119 6,118 24,088 5,624 5,589 5,697 6,113 23,023
INCOME BEFORE INCOME TAXES AND OTHER ITEMS 2,759 4,658 3,382 2,208 13,007 1,634 1,142 1,703 1,416 5,895
OTHER ITEMS
Gains on interest rate swaps, net 135 127 70 (15) 317 — — — — —
Income from equity investments and other 189 201 196 207 793 100 185 106 143 534
Total 324 328 266 192 1,110 100 185 106 143 534
INCOME BEFORE INCOME TAXES 3,083 4,986 3,648 2,400 14,117 1,734 1,327 1,809 1,559 6,429
Income tax benefit (expense) 1,793 (1,231) (902) (473) (813) (471) (467) (434) (361) (1,733)
NET INCOME 4,876 3,755 2,746 1,927 13,304 1,263 860 1,375 1,198 4,696
Less: Preferred stock dividend and redemption premiums (200) (200) (200) (200) (800) (280) (255) (219) (169) (923)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 4,676 $ 3,555 $ 2,546 $ 1,727 $ 12,504 $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE $ 4.96 $ 3.76 $ 2.74 $ 1.90 $ 13.41 $ 1.08 $ 0.68 $ 1.30 $ 1.16 $ 4.22
DILUTED EARNINGS PER COMMON SHARE $ 4.65 $ 3.47 $ 2.52 $ 1.74 $ 12.40 $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90
DIVIDENDS PER COMMON SHARE $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.52 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72
AVERAGE COMMON SHARES OUTSTANDING
BASIC 936.7 939.2 922.0 905.7 926.2 901.2 889.3 884.0 881.0 889.2
DILUTED 997.7 1,018.3 1,002.5 990.5 1,002.0 975.3 958.8 958.2 950.1 960.9
INCOME TAX BENEFIT (EXPENSE) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
CURRENT
Federal $ (215) $ (640) $ (297) $ (120) $ (1,272) $ (265) $ (181) $ (243) $ (182) $ (871)
State and local (34) (50) (43) 22 (105) (18) (14) (21) (39) (92)
International (198) (338) (290) (254) (1,080) (171) (191) (120) (231) (713)
Total $ (447) $ (1,028) $ (630) $ (352) $ (2,457) $ (454) $ (386) $ (384) $ (452) $ (1,676)
DEFERRED
Federal $ 2,213 $ (231) $ (264) $ (149) $ 1,569 $ (14) $ (5) $ (56) $ 38 $ (37)
State and local 73 5 5 (26) 57 (3) (3) (2) 33 25
International (46) 23 (13) 54 18 — (73) 8 20 (45)
Total $ 2,240 $ (203) $ (272) $ (121) $ 1,644 $ (17) $ (81) $ (50) $ 91 $ (57)
TOTAL INCOME TAX BENEFIT (EXPENSE) $ 1,793 $ (1,231) $ (902) $ (473) $ (813) $ (471) $ (467) $ (434) $ (361) $ (1,733)

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(amounts in millions)

2022 2023
MAR JUN SEP DEC MAR JUN SEP DEC
CURRENT ASSETS
Cash and cash equivalents $ 1,909 $ 1,362 $ 1,233 $ 984 $ 1,165 $ 486 $ 611 $ 1,426
Trade receivables, net 5,434 6,350 4,046 4,281 3,272 2,850 3,674 3,195
Inventories 1,406 1,564 1,937 2,059 2,311 2,021 1,975 2,022
Other current assets 1,309 1,132 1,533 1,562 1,394 2,097 2,006 1,732
Total current assets 10,058 10,408 8,749 8,886 8,142 7,454 8,266 8,375
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,015 3,328 3,156 3,176 3,161 3,431 3,320 3,224
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment 117,542 118,301 119,454 120,734 122,126 123,891 124,941 126,811
Accumulated depreciation, depletion and amortization (58,313) (59,728) (61,183) (62,350) (63,957) (65,550) (66,671) (68,282)
Net property, plant and equipment 59,229 58,573 58,271 58,384 58,169 58,341 58,270 58,529
OPERATING LEASE ASSETS 689 721 825 903 852 827 854 1,130
OTHER LONG-TERM ASSETS 1,231 1,191 1,143 1,260 1,276 1,146 1,117 2,750
TOTAL ASSETS $ 74,222 $ 74,221 $ 72,144 $ 72,609 $ 71,600 $ 71,199 $ 71,827 $ 74,008
CURRENT LIABILITIES
Current maturities of long-term debt $ 507 $ 459 $ 546 $ 165 $ 139 $ 158 $ 1,224 $ 1,202
Preferred stock redemption payable — — — — 712 304 — —
Current operating lease liabilities 173 178 248 273 287 284 312 446
Accounts payable 4,664 5,197 3,715 4,029 3,514 3,557 3,908 3,646
Accrued liabilities 3,356 3,896 3,426 3,290 2,788 3,153 3,497 3,854
Total current liabilities 8,700 9,730 7,935 7,757 7,440 7,456 8,941 9,148
LONG-TERM DEBT, NET 25,865 21,743 20,478 19,670 19,645 19,669 18,597 18,536
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net 4,806 5,020 5,304 5,512 5,527 5,605 5,666 5,764
Asset retirement obligations 3,634 3,600 3,553 3,636 3,618 3,667 3,636 3,882
Pension and postretirement obligations 1,541 1,513 1,427 1,055 977 978 910 931
Environmental remediation liabilities 933 918 893 905 890 867 860 889
Operating lease liabilities 558 589 616 657 595 576 577 727
Other 3,278 3,278 3,218 3,332 3,349 3,270 3,328 3,782
Total deferred credits and other liabilities 14,750 14,918 15,011 15,097 14,956 14,963 14,977 15,975
EQUITY
Preferred stock, $1.00 per share par value 9,762 9,762 9,762 9,762 9,130 8,621 8,287 8,287
Common stock, $0.20 per share par value 217 218 220 220 221 221 221 222
Treasury stock (10,709) (11,391) (13,192) (13,772) (14,524) (14,958) (15,573) (15,582)
Additional paid-in capital 16,785 16,914 17,129 17,181 17,159 17,218 17,326 17,422
Retained earnings 9,032 12,462 14,888 16,499 17,318 17,762 18,758 19,626
Accumulated other comprehensive income (loss) (180) (135) (87) 195 255 247 293 275
Total stockholder's equity 24,907 27,830 28,720 30,085 29,559 29,111 29,312 30,250
Noncontrolling interest — — — — — — — 99
Total equity $ 24,907 $ 27,830 $ 28,720 $ 30,085 $ 29,559 $ 29,111 $ 29,312 $ 30,349
TOTAL LIABILITIES AND EQUITY $ 74,222 $ 74,221 $ 72,144 $ 72,609 $ 71,600 $ 71,199 $ 71,827 $ 74,008

SCHEDULE 7

Occidental Petroleum Corporation

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

(amounts in millions)

2022 2023
Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
OPERATING CASH FLOW
Net income $ 4,876 $ 3,755 $ 2,746 $ 1,927 $ 13,304 $ 1,263 $ 860 $ 1,375 $ 1,198 $ 4,696
Depreciation, depletion and amortization (see detail below) 1,643 1,728 1,736 1,819 6,926 1,721 1,709 1,712 1,723 6,865
Deferred income tax provision (benefit) (2,240) 203 272 121 (1,644) 17 81 50 (91) 57
Asset impairments and other non-cash charges, net (101) (538) (54) 242 (451) 152 1 202 (325) 30
Operating cash flow before working capital (Non-GAAP)<br>  (see below) (a) 4,178 5,148 4,700 4,109 18,135 3,153 2,651 3,339 2,505 11,648
Working capital changes (939) 181 (433) (134) (1,325) (283) 419 (210) 734 660
Operating cash flow (GAAP) 3,239 5,329 4,267 3,975 16,810 2,870 3,070 3,129 3,239 12,308
INVESTING CASH FLOW
Capital expenditures (see detail below) (858) (972) (1,147) (1,520) (4,497) (1,461) (1,646) (1,619) (1,544) (6,270)
Payments for purchases of assets and businesses (29) (280) (157) (524) (990) (151) 11 (80) (493) (713)
Sales of assets, net 267 57 238 22 584 54 26 325 43 448
Changes in capital accrual (39) (29) 70 145 147 (20) 25 (53) 73 25
Other investing activities (3) (69) (23) (21) (116) (20) (355) (47) (48) (470)
Investing cash flow (662) (1,293) (1,019) (1,898) (4,872) (1,598) (1,939) (1,474) (1,969) (6,980)
FINANCING CASH FLOW
Cash dividends paid (216) (323) (324) (321) (1,184) (320) (368) (347) (330) (1,365)
Preferred stock redemption — — — — — — (982) (679) — (1,661)
Purchases of treasury stock (36) (532) (1,899) (632) (3,099) (732) (445) (434) (187) (1,798)
Payments of debt (3,259) (3,849) (1,217) (1,159) (9,484) (22) — — — (22)
Other financing activities 82 118 70 (218) 52 (6) (21) (79) 62 (44)
Financing cash flow (3,429) (4,586) (3,370) (2,330) (13,715) (1,080) (1,816) (1,539) (455) (4,890)
Increase (decrease) in cash and cash equivalents and <br>     restricted cash and restricted cash equivalents (852) (550) (122) (253) (1,777) 192 (685) 116 815 438
Cash and cash equivalents and restricted cash and <br>     restricted cash equivalents - beginning of period 2,803 1,951 1,401 1,279 2,803 1,026 1,218 533 649 1,026
Cash and cash equivalents and restricted cash and <br>     cash equivalents - end of period $ 1,951 $ 1,401 $ 1,279 $ 1,026 $ 1,026 $ 1,218 $ 533 $ 649 $ 1,464 $ 1,464
Capital Expenditures Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas $ (753) $ (849) $ (1,000) $ (1,242) $ (3,844) $ (1,256) $ (1,360) $ (1,321) $ (1,023) $ (4,960)
Chemical (37) (62) (68) (155) (322) (56) (123) (111) (245) (535)
Midstream & Marketing (62) (47) (69) (90) (268) (136) (141) (151) (228) (656)
Corporate (6) (14) (10) (33) (63) (13) (22) (36) (48) (119)
Total Capital Expenditures (GAAP) $ (858) $ (972) $ (1,147) $ (1,520) $ (4,497) $ (1,461) $ (1,646) $ (1,619) $ (1,544) $ (6,270)
Contributions from noncontrolling interest — — — — — — — — 98 98
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP) $ (858) $ (972) $ (1,147) $ (1,520) $ (4,497) $ (1,461) $ (1,646) $ (1,619) $ (1,446) $ (6,172)
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 $ 1,347 $ 1,403 $ 1,406 $ 1,452 $ 5,608 $ 1,390 $ 1,371 $ 1,393 $ 1,405 $ 5,559
International 117 143 145 166 571 140 152 132 129 553
Chemical 88 89 90 103 370 88 89 89 90 356
Midstream & Marketing 82 83 82 81 328 83 81 81 81 326
Corporate 9 10 13 17 49 20 16 17 18 71
Total Depreciation, Depletion and Amortization $ 1,643 $ 1,728 $ 1,736 $ 1,819 $ 6,926 $ 1,721 $ 1,709 $ 1,712 $ 1,723 $ 6,865
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 (GAAP) $ 3,239 $ 5,329 $ 4,267 $ 3,975 $ 16,810 $ 2,870 $ 3,070 $ 3,129 $ 3,239 $ 12,308
Plus: Working capital and other, net 939 (181) 433 134 1,325 283 (419) 210 (734) (660)
Operating cash flow before working capital (Non-GAAP) 4,178 5,148 4,700 4,109 18,135 3,153 2,651 3,339 2,505 11,648
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (858) (972) (1,147) (1,520) (4,497) (1,461) (1,646) (1,619) (1,446) (6,172)
Free Cash Flow Before Working Capital (Non-GAAP) $ 3,320 $ 4,176 $ 3,553 $ 2,589 $ 13,638 $ 1,692 $ 1,005 $ 1,720 $ 1,059 $ 5,476
(a) Non-GAAP Measures. Operating cash flow before working capital, capital expenditures, net of noncontrolling interest and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash flow less working capital. Capital expenditures, net of noncontrolling interest is defined as capital expenditures less contributions from noncontrolling interest. Free cash flow 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 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

2022 2023
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 472 493 523 565 513 579 582 588 588 584
Rockies & Other Domestic 286 279 270 272 277 264 273 263 285 271
Gulf of Mexico 138 147 151 150 147 171 135 146 127 145
Total 896 919 944 987 937 1,014 990 997 1,000 1,000
International
Algeria & Other International 36 53 52 48 47 41 34 30 38 35
Al Hosn 45 76 84 86 73 61 88 88 92 83
Dolphin 34 37 38 39 37 36 39 39 40 39
Oman 68 62 62 67 65 68 67 66 64 66
Total 183 228 236 240 222 206 228 223 234 223
TOTAL REPORTED PRODUCTION 1,079 1,147 1,180 1,227 1,159 1,220 1,218 1,220 1,234 1,223
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian 280 291 303 337 303 337 333 339 338 337
Rockies & Other Domestic 89 82 79 79 82 73 76 72 87 77
Gulf of Mexico 114 122 126 126 122 141 112 123 105 120
Total 483 495 508 542 507 551 521 534 530 534
NGL (MBBL)
Permian 108 114 126 130 119 136 141 145 138 140
Rockies & Other Domestic 92 100 96 97 97 94 100 97 98 97
Gulf of Mexico 10 11 11 11 11 13 10 10 10 11
Total 210 225 233 238 227 243 251 252 246 248
Natural Gas (MMCF)
Permian 504 528 561 590 545 637 646 625 674 644
Rockies & Other Domestic 632 582 572 575 590 583 586 565 600 584
Gulf of Mexico 83 81 84 79 81 99 78 77 72 81
Total 1,219 1,191 1,217 1,244 1,216 1,319 1,310 1,267 1,346 1,309
International
Oil (MBBL)
Algeria and Other International 33 47 44 41 42 34 28 25 32 29
Al Hosn 8 13 14 14 12 10 15 15 16 14
Dolphin 5 6 6 6 6 6 6 6 6 6
Oman 57 50 50 56 53 58 58 57 54 57
Total 103 116 114 117 113 108 107 103 108 106
NGL (MBBL)
Algeria and Other International 1 4 5 5 4 4 3 2 3 3
Al Hosn 14 23 26 27 23 18 25 26 27 24
Dolphin 7 8 8 8 7 7 8 8 8 8
Total 22 35 39 40 34 29 36 36 38 35
Natural Gas (MMCF)
Algeria and Other International 10 13 15 14 13 15 15 15 15 15
Al Hosn 139 237 265 268 227 196 289 284 295 267
Dolphin 130 141 146 148 142 140 152 149 156 151
Oman 69 71 70 68 69 62 53 53 60 56
Total 348 462 496 498 451 413 509 501 526 489

SCHEDULE 9

Occidental Petroleum Corporation

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

2022 2023
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 896 919 944 987 937 1,014 990 997 1,000 1,000
International
Algeria and Other International 36 51 53 51 48 36 36 30 36 35
Al Hosn 46 76 84 85 73 61 88 88 92 82
Dolphin 33 37 38 39 37 35 39 40 40 39
Oman 63 67 60 68 64 68 69 67 62 66
Total 178 231 235 243 222 200 232 225 230 222
TOTAL REPORTED SALES 1,074 1,150 1,179 1,230 1,159 1,214 1,222 1,222 1,230 1,222
REALIZED PRICES
United States
Oil ($/BBL) $ 93.23 $ 108.64 $ 93.43 $ 82.41 $ 94.12 $ 73.63 $ 72.70 $ 81.36 $ 77.91 $ 76.42
NGL ($/BBL) $ 40.60 $ 42.80 $ 35.04 $ 25.43 $ 35.69 $ 23.39 $ 17.80 $ 20.22 $ 19.50 $ 20.19
Natural Gas ($/MCF) $ 4.17 $ 6.25 $ 7.06 $ 4.45 $ 5.48 $ 3.01 $ 1.36 $ 1.92 $ 1.88 $ 2.04
International
Oil ($/BBL) $ 85.42 $ 103.99 $ 101.46 $ 89.23 $ 95.46 $ 77.42 $ 77.76 $ 77.32 $ 83.64 $ 79.03
NGL ($/BBL) $ 30.44 $ 36.92 $ 36.32 $ 31.69 $ 34.09 $ 32.98 $ 28.45 $ 26.59 $ 30.18 $ 29.35
Natural Gas ($/MCF) $ 1.85 $ 1.89 $ 1.92 $ 1.89 $ 1.89 $ 1.95 $ 1.88 $ 1.87 $ 1.85 $ 1.88
Total Worldwide
Oil ($/BBL) $ 91.91 $ 107.72 $ 94.89 $ 83.64 $ 94.36 $ 74.22 $ 73.59 $ 80.70 $ 78.85 $ 76.85
NGL ($/BBL) $ 39.61 $ 42.04 $ 35.22 $ 26.35 $ 35.48 $ 24.41 $ 19.08 $ 21.04 $ 20.93 $ 21.32
Natural Gas ($/MCF) $ 3.66 $ 5.03 $ 5.57 $ 3.72 $ 4.51 $ 2.76 $ 1.50 $ 1.90 $ 1.88 $ 2.00
Index Prices
WTI Oil ($/BBL) $ 94.29 $ 108.41 $ 91.55 $ 82.65 $ 94.23 $ 76.13 $ 73.83 $ 82.26 $ 78.32 $ 77.64
Brent Oil ($/BBL) $ 97.36 $ 111.69 $ 97.59 $ 88.68 $ 98.83 $ 82.20 $ 78.02 $ 86.08 $ 82.69 $ 82.25
NYMEX Natural Gas ($/MCF) $ 4.16 $ 6.62 $ 7.86 $ 6.76 $ 6.35 $ 3.88 $ 2.30 $ 2.59 $ 2.97 $ 2.94
Percentage of Index Prices
Worldwide Oil as a percentage of WTI 97 % 99 % 104 % 101 % 100 % 97 % 100 % 98 % 101 % 99 %
Worldwide Oil as a percentage of Brent 94 % 96 % 97 % 94 % 95 % 90 % 94 % 94 % 95 % 93 %
Worldwide NGL as a percentage of WTI 42 % 39 % 38 % 32 % 38 % 32 % 26 % 26 % 27 % 27 %
Worldwide NGL as a percentage of Brent 41 % 38 % 36 % 30 % 36 % 30 % 24 % 24 % 25 % 26 %
Domestic Natural Gas as a percentage of NYMEX 100 % 94 % 90 % 66 % 86 % 78 % 59 % 74 % 63 % 69 %

SCHEDULE 10

Occidental Petroleum Corporation

Oil & Gas Metrics

2023
Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Lease operating expenses (/BOE)
United States 7.82 $ 8.99 $ 9.41 $ 9.36 $ 8.92 $ 9.23 $ 9.79 $ 10.20 $ 10.96 $ 10.05
International 14.53 $ 12.05 $ 11.08 $ 11.29 $ 12.07 $ 13.24 $ 11.72 $ 12.21 $ 12.73 $ 12.45
Total Oil and Gas 8.94 $ 9.60 $ 9.74 $ 9.74 $ 9.52 $ 9.89 $ 10.16 $ 10.57 $ 11.29 $ 10.48
Transportation costs (/BOE)
United States 3.87 $ 3.90 $ 3.90 $ 3.82 $ 3.87 $ 3.81 $ 3.75 $ 3.74 $ 3.68 $ 3.74
Total Oil and Gas 3.38 $ 3.28 $ 3.30 $ 3.23 $ 3.29 $ 3.33 $ 3.18 $ 3.19 $ 3.10 $ 3.20
Taxes other than on income (/BOE)
United States 3.43 $ 3.97 $ 3.97 $ 3.11 $ 3.61 $ 2.63 $ 2.59 $ 2.97 $ 2.32 $ 2.63
Total Oil and Gas 3.43 $ 4.05 $ 3.90 $ 3.15 $ 3.63 $ 2.71 $ 2.53 $ 2.47 $ 1.94 $ 2.41
DD&A expense (/BOE)
United States 16.71 $ 16.79 $ 16.17 $ 15.99 $ 16.40 $ 15.24 $ 15.21 $ 15.18 $ 15.26 $ 15.22
International 7.32 $ 6.75 $ 6.75 $ 7.44 $ 7.05 $ 7.77 $ 7.18 $ 6.38 $ 6.13 $ 6.83
Total Oil and Gas 15.15 $ 14.77 $ 14.30 $ 14.30 $ 14.61 $ 14.00 $ 13.69 $ 13.56 $ 13.56 $ 13.70
G&A and other operating expenses (/BOE) 3.05 $ 2.67 $ 3.03 $ 2.77 $ 2.88 $ 2.80 $ 2.48 $ 2.58 $ 3.35 $ 2.81
Exploration Expense ( millions)
United States 9 $ 10 $ 23 $ 71 $ 113 $ 90 $ 45 $ 99 $ 89 $ 323
International 16 24 47 103 12 57 26 23 118
Total Exploration Expense 25 $ 26 $ 47 $ 118 $ 216 $ 102 $ 102 $ 125 $ 112 $ 441
Capital Expenditures ( millions)
Permian (381) $ (471) $ (629) $ (769) $ (2,250) $ (665) $ (778) $ (678) $ (450) $ (2,571)
Rockies & Other Domestic (115) (107) (117) (426) (138) (199) (209) (198) (744)
Gulf of Mexico (86) (93) (107) (406) (110) (89) (110) (91) (400)
International (108) (99) (124) (439) (138) (128) (109) (120) (495)
Exploration Drilling (69) (72) (125) (323) (205) (166) (215) (164) (750)
Total Oil and Gas (753) $ (849) $ (1,000) $ (1,242) $ (3,844) $ (1,256) $ (1,360) $ (1,321) $ (1,023) $ (4,960)

All values are in US Dollars.

SCHEDULE 11

Occidental Petroleum Corporation

Reserves Replacement and Multi-Year Data - Worldwide

WORLDWIDE 2023 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 303 282
Price and other revisions 103 288
Improved Recovery 23 44
Extensions and Discoveries 153 158
Total Organic 582 772
Organic Excluding Price and Other Revisions 479 484
Purchases 31 28
Sales (2) (11)
Total Reserve Additions 611 789
Production 446 432
Costs Incurred ( millions)
Property acquisition costs $ 543 $ 653
Exploration costs 893 546
Development costs 4,500 3,374
Total Organic Costs 5,393 3,920
Total Costs Incurred $ 5,936 $ 4,573
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 9.27 $ 5.08
Program Additions $ 11.26 $ 8.10
All-In $ 9.68 $ 5.72
Reserves Replacement Ratio - Non-GAAP
Organic 130 % 179 %
Program Additions 107 % 112 %
All-In 137 % 183 %
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 excludes 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 excludes 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 2023 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 277 273
Price and other revisions 35 265
Improved Recovery 9 31
Extensions and Discoveries 149 153
Total Organic 470 722
Organic Excluding Price and Other Revisions 435 457
Purchases 31 28
Sales (2) (11)
Total Reserve Additions 499 739
Production 365 349
Costs Incurred ( millions)
Property acquisition costs $ 255 $ 556
Exploration costs 743 390
Development costs 3,957 2,930
Total Organic Costs 4,700 3,320
Total Costs Incurred $ 4,955 $ 3,876
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 10.00 $ 4.60
Program Additions $ 10.80 $ 7.26
All-In $ 9.89 $ 5.17
Reserves Replacement Ratio - Non-GAAP
Organic 129 % 207 %
Program Additions 119 % 131 %
All-In 137 % 212 %
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 excludes 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 excludes 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

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, 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
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
Proved Developed Reserves
December 31, 2020 1,569 697 2,266
December 31, 2021 2,012 635 2,647
December 31, 2022 2,112 586 2,698
December 31, 2023 2,117 633 2,750
Proved Undeveloped Reserves
December 31, 2020 367 278 645
December 31, 2021 588 277 865
December 31, 2022 860 259 1,119
December 31, 2023 991 241 1,232
(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, 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
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
Proved Developed Reserves
December 31, 2020 917 251 1,168
December 31, 2021 1,140 226 1,366
December 31, 2022 1,208 200 1,408
December 31, 2023 1,140 258 1,398
Proved Undeveloped Reserves
December 31, 2020 227 80 307
December 31, 2021 326 79 405
December 31, 2022 431 74 505
December 31, 2023 460 82 542

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, 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
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
Proved Developed Reserves
December 31, 2020 314 138 452
December 31, 2021 433 125 558
December 31, 2022 444 120 564
December 31, 2023 515 124 639
Proved Undeveloped Reserves
December 31, 2020 70 77 147
December 31, 2021 131 77 208
December 31, 2022 210 72 282
December 31, 2023 287 57 344

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, 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
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
Proved Developed Reserves
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
December 31, 2023 2,770 1,507 4,277
Proved Undeveloped Reserves
December 31, 2020 418 727 1,145
December 31, 2021 787 726 1,513
December 31, 2022 1,312 680 1,992
December 31, 2023 1,465 610 2,075

SCHEDULE 17

Occidental Petroleum Corporation

Costs Incurred
Amounts in millions International Total
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
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 $ 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 $ 510 $ 2,835
(a) Included approximately 120 million and 340 million related to non-monetary exchanges for the twelve months ended December 31, 2023 and 2022, respectively.

All values are in US Dollars.

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