Equibles

8-K

OCCIDENTAL PETROLEUM CORP /DE/ (OXYWS)

8-K 2025-02-18 For: 2025-02-18
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, 2025

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 18, 2025, 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, 2024. 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, 2025.
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, 2025 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 2024 Results

•Progressed on Occidental's deleveraging priorities:

–Completed our near-term debt repayment target of $4.5 billion

–Announced additional $1.2 billion of divestitures in the first quarter of 2025

•Increased quarterly dividend by 9% to $0.24 per share, payable April 15, 2025, to stockholders of record as of March 10, 2025

•Strong operational performance drove operating cash flow of $3.6 billion and operating cash flow before working capital of $3.1 billion

•Capital spending of $1.8 billion and contributions from noncontrolling interest of $54 million resulted in quarterly free cash flow before working capital of $1.4 billion

•Total company production of 1,463 Mboed exceeded the mid-point of guidance by 13 Mboed

•Midstream and marketing and Chemical segments exceeded income guidance

•Worldwide year-end proved reserves of 4.6 billion BOE with reserves replacement - all-in of 230% and reserves replacement - organic of 112%

HOUSTON — February 18, 2025 — Occidental (NYSE: OXY) today announced a net loss attributable to common stockholders of $297 million, or $0.32 per diluted share, and adjusted income attributable to common stockholders of $792 million, or $0.80 per diluted share, for the fourth quarter of 2024. Fourth quarter of 2024 after-tax items affecting comparability of $1.1 billion mainly comprised of booking a long-term environmental liability increase based on a recent federal court ruling. Occidental has appealed the ruling and will seek cost recovery from all potentially responsible parties. It is expected that the cash outlay for remediation costs will be expended over 10 to 20 years, or more.

"Our teams continued to demonstrate industry-leading performance during the fourth quarter of 2024, outperforming guidance across all three segments and delivering record U.S. production while improving our capital efficiency," said President and Chief Executive Officer Vicki Hollub. "Our operational excellence translated to another quarter of strong financial results, highlighted by our fourth quarter operating cash flow, enabling us to achieve our near-term debt repayment target of $4.5 billion. Additional key differentiators for Occidental are our 2024 all-in reserve replacement of 230% and organic reserves replacement of 112%, which are indicators of our long-term sustainability."

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income for the fourth quarter of 2024 was $1.2 billion, compared to pre-tax income of $1.2 billion for the third quarter of 2024. For the fourth quarter of 2024, average WTI and Brent marker prices were $70.27 per barrel and $73.97 per barrel, respectively. Average worldwide realized crude oil prices decreased by 7% from the prior quarter to $69.73 per barrel. Average worldwide realized natural gas liquids prices increased by 6% from the prior quarter to $21.80 per barrel. Average domestic realized gas prices increased by 215% from the prior quarter to $1.26 per thousand cubic feet (Mcf).

Total average global production of 1,463 thousand barrels of oil equivalent per day (Mboed) for the fourth quarter of 2024 exceeded the mid-point of guidance by 13 Mboed, led by Permian and Rockies & Other Domestic, while Gulf of America and International average daily production both came within guidance.

Oil and Gas Proved Reserves

As of December 31, 2024, Occidental's worldwide proved reserves totaled 4.6 billion barrels of oil equivalent (BOE), compared to 4.0 billion BOE for the same period in the prior year. Proved reserve additions were mainly driven by purchases of 623 million BOE, primarily from the CrownRock Acquisition, extensions and discoveries of 326 million BOE, mostly in the Permian Basin, and positive revisions associated with infill development projects of 112 million BOE, primarily in the DJ and Permian Basins. The 2024 Reserves Replacement - All-In was 230% and the three-year average Reserves Replacement - All-In was 181%. The 2024 Reserves Replacement - Organic was 112% and the three-year average Reserves Replacement - Organic was 137%.

OxyChem

OxyChem pre-tax income exceeded guidance at $270 million for the fourth quarter of 2024. The decrease in fourth quarter OxyChem income, compared to third quarter of 2024 income, resulted primarily from lower realized polyvinyl chloride (PVC) pricing and lower seasonal fourth quarter demand across most product lines. This decrease was partially offset by advantageous commercial thresholds triggered in the fourth quarter.

Midstream and Marketing

Midstream and marketing pre-tax results for the fourth quarter of 2024 reflected a loss of $134 million, which included net derivative losses of $88 million. WES equity method investment income for the fourth quarter was $142 million.

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 from continuing operations 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 from continuing operations 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. 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 excludes from F&D Costs - All-In 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 excludes from Reserves Replacement - All-In 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 America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated 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.

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; 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; 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 (including geopolitical, trade, tariff and regulatory uncertainties), 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 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; 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, 2024, 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 2024
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

2024
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 983 $ 605 $ 1,156 $ 1,029 $ 3,773 $ 718 $ 992 $ 964 (297) $ 2,377
Reported EPS - Diluted (/share) 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90 $ 0.75 $ 1.03 $ 0.98 $ (0.32) $ 2.44
Effective tax rate on reported income (loss) (%) % 35 % 24 % 23 % 27 % 30 % 28 % 28 % 29 % (a) 29 %
Adjusted income attributable to common stockholders (Non-GAAP) (b) 1,069 $ 661 $ 1,134 $ 710 $ 3,574 $ 604 $ 993 $ 977 792 $ 3,366
Adjusted EPS - Diluted (Non-GAAP) (/share) (c) 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.70 $ 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46
Effective tax rate on adjusted income (loss) (%) % 31 % 24 % 30 % 28 % 29 % 27 % 28 % 22 % 27 %
Average Shares Outstanding - Reported Income
Basic (millions) 889.3 884.0 881.0 889.2 884.1 893.8 927.5 940.8 911.8
Diluted (millions) 958.8 958.2 950.1 960.9 948.6 958.9 975.7 940.8 967.1
Average Shares Outstanding - Adjusted Income (Non-GAAP)
Basic (millions) 889.3 884.0 881.0 889.2 884.1 893.8 927.5 940.8 911.8
Diluted (millions) 958.8 958.2 950.1 960.9 948.6 958.9 975.7 983.9 967.1
Daily Production Volumes
Total US (MBOE/D) 990 997 1,000 1,000 943 1,031 1,186 1,233 1,099
US Oil (MBBL/D) 521 534 530 534 487 553 611 634 571
Worldwide Production (MBOE/D) 1,218 1,220 1,234 1,223 1,172 1,258 1,412 1,463 1,327
Worldwide Sales (MBOE/D) 1,222 1,222 1,230 1,222 1,175 1,260 1,411 1,463 1,328
Commodity Price Realizations
Worldwide Oil (/BBL) 74.22 $ 73.59 $ 80.70 $ 78.85 $ 76.85 $ 76.04 $ 79.89 $ 75.33 $ 69.73 $ 75.05
Worldwide NGL (/BBL) 24.41 $ 19.08 $ 21.04 $ 20.93 $ 21.32 $ 22.14 $ 21.23 $ 20.47 $ 21.80 $ 21.38
Domestic Gas (/MCF) 3.01 $ 1.36 $ 1.92 $ 1.88 $ 2.04 $ 1.61 $ 0.54 $ 0.40 $ 1.26 $ 0.94
Cash Flows ( millions)
Operating cash flow before working capital (Non-GAAP) (d) 3,153 $ 2,651 $ 3,339 $ 2,505 $ 11,648 $ 2,446 $ 3,044 $ 3,150 3,077 $ 11,717
Working capital changes (283) $ 419 $ (210) $ 734 $ 660 $ (439) $ (650) $ 632 479 $ 22
Operating cash flow 2,870 $ 3,070 $ 3,129 $ 3,239 $ 12,308 $ 2,007 $ 2,394 $ 3,782 3,556 $ 11,739
Capital expenditures, net of noncontrolling interest (Non-GAAP) (d) (1,461) $ (1,646) $ (1,619) $ (1,446) $ (6,172) $ (1,726) $ (1,729) $ (1,636) (1,727) $ (6,818)
2024
Year-to-date Jun Sep Dec Mar Jun Sep Dec
Net Income ( millions)
Reported income attributable to common stockholders 983 $ 1,588 $ 2,744 $ 3,773 $ 718 $ 1,710 $ 2,674 $ 2,377
Reported EPS - Diluted (/share) 1.00 $ 1.63 $ 2.83 $ 3.90 $ 0.75 $ 1.78 $ 2.77 $ 2.44
Effective tax rate on reported income (loss) (%) % 31 % 27 % 27 % 30 % 29 % 29 % 29 %
Adjusted income attributable to common stockholders (Non-GAAP) (b) 1,069 $ 1,730 $ 2,864 $ 3,574 $ 604 $ 1,597 $ 2,574 $ 3,366
Adjusted EPS - Diluted (Non-GAAP) (/share) (c) 1.09 $ 1.78 $ 2.95 $ 3.70 $ 0.63 $ 1.66 $ 2.66 $ 3.46
Effective tax rate on adjusted income (loss) (%) % 29 % 28 % 28 % 29 % 28 % 28 % 27 %
Average Shares Outstanding - Reported Income
Basic (millions) 895.6 891.9 889.2 884.1 889.2 902.1 911.8
Diluted (millions) 967.4 964.4 960.9 948.6 954.1 961.4 967.1
Average Shares Outstanding - Adjusted Income
Basic (millions) 895.6 891.9 889.2 884.1 889.2 902.1 911.8
Diluted (millions) 967.4 964.4 960.9 948.6 954.1 961.4 967.1
Daily Production Volumes
Total US (MBOE/D) 1,002 1,000 1,000 943 987 1,054 1,099
US Oil (MBBL/D) 535 535 534 487 520 551 571
Worldwide Production (MBOE/D) 1,219 1,219 1,223 1,172 1,215 1,281 1,327
Worldwide Sales (MBOE/D) 1,220 1,220 1,222 1,175 1,218 1,282 1,328
Commodity Price Realizations
Worldwide Oil (/BBL) 74.22 $ 73.91 $ 76.19 $ 76.85 $ 76.04 $ 78.06 $ 77.06 $ 75.05
Worldwide NGL (/BBL) 24.41 $ 21.67 $ 21.45 $ 21.32 $ 22.14 $ 21.68 $ 21.22 $ 21.38
Domestic Gas (/MCF) 3.01 $ 2.18 $ 2.09 $ 2.04 $ 1.61 $ 1.06 $ 0.81 $ 0.94
Cash Flows ( millions)
Operating cash flows before working capital (Non-GAAP) (d) 3,153 $ 5,804 $ 9,143 $ 11,648 $ 2,446 $ 5,490 $ 8,640 $ 11,717
Working capital changes (283) $ 136 $ (74) $ 660 $ (439) $ (1,089) $ (457) $ 22
Operating cash flow 2,870 $ 5,940 $ 9,069 $ 12,308 $ 2,007 $ 4,401 $ 8,183 $ 11,739
Capital expenditures, net of noncontrolling interest (Non-GAAP) (c) (1,461) $ (3,107) $ (4,726) $ (6,172) $ (1,726) $ (3,455) $ (5,091) $ (6,818)
(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 7 for non-GAAP reconciliation.

All values are in US Dollars.

SCHEDULE 2

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(amounts in millions)

2023 2024
Before Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic
Gains (losses) on sales of assets and other, net $ — $ — $ 142 $ — $ 142 $ — $ — $ (572) $ (13) $ (585)
Legal settlement gain 26 — — — 26 — — — — —
Asset impairments — (209) — — (209) — — — (334) (334)
Total Domestic 26 (209) 142 — (41) — — (572) (347) (919)
International
Legal reserves — — — — — (44) (10) — — (54)
Asset sales gains, net — — — 25 25 — — — — —
Total International — — — 25 25 (44) (10) — — (54)
Total Oil and Gas 26 (209) 142 25 (16) (44) (10) (572) (347) (973)
Chemical
Legal reserves — — — — — (6) — — (10) (16)
Total Chemical — — — — — (6) — — (10) (16)
Midstream & Marketing
Gains on sales of assets and other, net (a) — — 51 — 51 122 35 490 — 647
Asset impairments and other charges (a) (26) — (34) — (60) — — (21) — (21)
TerraLithium fair value gain — — — — — — 27 — — 27
Carbon Engineering fair value gain — — — 283 283 — — — — —
Acquisition-related costs — — — (20) (20) — — — — —
Derivative gains (losses), net (a) (8) 48 (81) 27 (14) (91) 5 142 (88) (32)
Total Midstream & Marketing (34) 48 (64) 290 240 31 67 611 (88) 621
Corporate
Acquisition-related costs (b) — — — (6) (6) (56) (29) (56) (9) (150)
Gains on sales of assets and other, net — — — — — — — — 48 48
Passaic environmental reserve — — — — — — — — (925) (925)
Environmental receivable valuation allowance adjustment — 260 — — 260 — — — (84) (84)
Total Corporate — 260 — (6) 254 (56) (29) (56) (970) (1,111)
State tax rate revaluation — — — 10 10 — — — 10 10
Income tax impact on Algeria contract renewal — (68) 3 — (65) — (20) — — (20)
Income tax impact on items affecting comparability 2 (22) (17) — (37) 7 (9) 4 316 318
Preferred stock redemption premium (80) (65) (42) — (187) — — — — —
Discontinued operations, net of taxes — — — — — 182 — — — 182
Total $ (86) $ (56) $ 22 $ 319 $ 199 $ 114 $ (1) $ (13) $ (1,089) $ (989)
2023 2024
After Tax Allocations Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic
Gains (losses) on sales of assets and other, net $ — $ — $ 111 $ — $ 111 $ — $ — $ (448) $ (10) $ (458)
Legal settlement gain 20 — — — 20 — — — — —
Asset impairments — (164) — — (164) — — — (261) (261)
Total Domestic 20 (164) 111 — (33) — — (448) (271) (719)
International
Legal reserves — — — — — (44) (10) — — (54)
Asset sales gains, net — — — 25 25 — — — — —
Total International — — — 25 25 (44) (10) — — (54)
Total Oil and Gas 20 (164) 111 25 (8) (44) (10) (448) (271) (773)
Chemical
Legal reserves — — — — — (5) — — (8) (13)
Total Chemical — — — — — (5) — — (8) (13)
Midstream & Marketing
Gains on sale of assets and other, net (a) — — 40 — 40 95 28 384 — 507
Asset impairments and other charges (a) (20) — (27) — (47) — — (16) — (16)
TerraLithium fair value gain — — — — — — 21 — — 21
Carbon Engineering fair value gain — — — 283 283 — — — — —
Acquisition-related costs — — — (16) (16) — — — — —
Derivative gains (losses), net (a) (6) 37 (63) 21 (11) (71) 3 112 (69) (25)
Total Midstream & Marketing (26) 37 (50) 288 249 24 52 480 (69) 487
Corporate
Acquisition-related costs (b) — — — (4) (4) (43) (23) (45) (7) (118)
Gains on sales of assets and other, net — — — — — — — — 47 47
Passaic environmental reserve — — — — — — — — (725) (725)
Environmental receivable valuation allowance adjustment — 204 — — 204 — — — (66) (66)
Total Corporate — 204 — (4) 200 (43) (23) (45) (751) (862)
State tax rate revaluation — — — 10 10 — — — 10 10
Income tax impact on Algeria contract renewal — (68) 3 — (65) — (20) — — (20)
Preferred stock redemption premium (80) (65) (42) — (187) — — — — —
Discontinued operations, net of taxes — — — — — 182 — — — 182
Total $ (86) $ (56) $ 22 $ 319 $ 199 $ 114 $ (1) $ (13) $ (1,089) $ (989)
(a) Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) 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)

2023 2024
Reported Income Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 1,371 $ 699 $ 1,627 $ 1,125 $ 4,822 $ 863 $ 1,231 $ 763 $ 858 $ 3,715
International 371 462 467 559 1,859 441 491 459 383 1,774
Exploration (102) (102) (125) (112) (441) (66) (83) (57) (69) (275)
Total Oil & Gas 1,640 1,059 1,969 1,572 6,240 1,238 1,639 1,165 1,172 5,214
Chemical 472 436 373 250 1,531 254 296 304 270 1,124
Midstream & Marketing 2 (30) (130) 182 24 (33) 116 631 (134) 580
Segment income 2,114 1,465 2,212 2,004 7,795 1,459 2,051 2,100 1,308 6,918
Corporate
Interest (238) (230) (230) (247) (945) (284) (252) (312) (327) (1,175)
Other (142) 92 (173) (198) (421) (165) (164) (194) (1,150) (1,673)
Income from continuing operations before taxes 1,734 1,327 1,809 1,559 6,429 1,010 1,635 1,594 (169) 4,070
Taxes
Federal and state (300) (203) (322) (150) (975) (172) (274) (254) 111 (589)
International (171) (264) (112) (211) (758) (132) (191) (200) (62) (585)
Income from continuing operations 1,263 860 1,375 1,198 4,696 706 1,170 1,140 (120) 2,896
Discontinued operations, net of taxes — — — — — 182 — — — 182
Net income 1,263 860 1,375 1,198 4,696 888 1,170 1,140 (120) 3,078
Less: Net income attributable to noncontrolling interest — — — — — — (8) (7) (7) (22)
Less: Preferred stock dividends and redemption premiums (280) (255) (219) (169) (923) (170) (170) (169) (170) (679)
Net income attributable to common stockholders $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773 $ 718 $ 992 $ 964 $ (297) $ 2,377
Reported diluted income per share $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90 $ 0.75 $ 1.03 $ 0.98 $ (0.32) $ 2.44
Effective Tax Rate 27 % 35 % 24 % 23 % 27 % 30 % 28 % 28 % 29 % 29 %
Items Affecting Comparability
Oil & Gas
Domestic $ 26 $ (209) $ 142 $ — $ (41) $ — $ — $ (572) $ (347) $ (919)
International — — — 25 25 (44) (10) — — (54)
Exploration — — — — — — — — — —
Total Oil & Gas 26 (209) 142 25 (16) (44) (10) (572) (347) (973)
Chemical — — — — — (6) — — (10) (16)
Midstream & Marketing (34) 48 (64) 290 240 31 67 611 (88) 621
Segment income (loss) (8) (161) 78 315 224 (19) 57 39 (445) (368)
Corporate
Interest — — — — — (44) (16) (6) 3 (63)
Other — 260 — (6) 254 (12) (13) (50) (973) (1,048)
Income (loss) from continuing operations before taxes (8) 99 78 309 478 (75) 28 (17) (1,415) (1,479)
Taxes
Federal and state 2 (22) (17) 10 (27) 7 (9) 4 326 328
International — (68) 3 — (65) — (20) — — (20)
Income (loss) from continuing operations (6) 9 64 319 386 (68) (1) (13) (1,089) (1,171)
Discontinued operations, net of taxes — — — — — 182 — — — 182
Net income (loss) (6) 9 64 319 386 114 (1) (13) (1,089) (989)
Less: Net income attributable to noncontrolling interest — — — — — — — — — —
Less: Preferred stock redemption premiums (80) (65) (42) — (187) — — — — —
Net income (loss) attributable to common stockholders $ (86) $ (56) $ 22 $ 319 $ 199 $ 114 $ (1) $ (13) $ (1,089) $ (989)
Adjusted Income (Non-GAAP) (a)
Oil & Gas
Domestic $ 1,345 $ 908 $ 1,485 $ 1,125 $ 4,863 $ 863 $ 1,231 $ 1,335 $ 1,205 $ 4,634
International 371 462 467 534 1,834 485 501 459 383 1,828
Exploration (102) (102) (125) (112) (441) (66) (83) (57) (69) (275)
Total Oil & Gas 1,614 1,268 1,827 1,547 6,256 1,282 1,649 1,737 1,519 6,187
Chemical 472 436 373 250 1,531 260 296 304 280 1,140
Midstream & Marketing 36 (78) (66) (108) (216) (64) 49 20 (46) (41)
Adjusted segment income 2,122 1,626 2,134 1,689 7,571 1,478 1,994 2,061 1,753 7,286
Corporate
Interest (238) (230) (230) (247) (945) (240) (236) (306) (330) (1,112)
Other (142) (168) (173) (192) (675) (153) (151) (144) (177) (625)
Adjusted income from continuing operations before taxes 1,742 1,228 1,731 1,250 5,951 1,085 1,607 1,611 1,246 5,549
Taxes
Federal and state (302) (181) (305) (160) (948) (179) (265) (258) (215) (917)
International (171) (196) (115) (211) (693) (132) (171) (200) (62) (565)
Adjusted income 1,269 851 1,311 879 4,310 774 1,171 1,153 969 4,067
Less: Net income attributable to noncontrolling interest — — — — — — (8) (7) (7) (22)
Less: Preferred stock dividends (200) (190) (177) (169) (736) (170) (170) (169) (170) (679)
Adjusted income attributable to common stockholders $ 1,069 $ 661 $ 1,134 $ 710 $ 3,574 $ 604 $ 993 $ 977 $ 792 $ 3,366
Adjusted diluted earnings per share (Non-GAAP) $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.70 $ 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46
Effective Tax Rate 27 % 31 % 24 % 30 % 28 % 29 % 27 % 28 % 22 % 27 %
ADJUSTED INCOME TAX BENEFIT (EXPENSE) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD
CURRENT $ (454) $ (355) $ (320) $ (442) $ (1,571) $ (356) $ (555) $ (257) $ (270) $ (1,438)
DEFERRED (19) (22) (100) 71 (70) 45 119 (201) (7) (44)
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE) $ (473) $ (377) $ (420) $ (371) $ (1,641) $ (311) $ (436) $ (458) $ (277) $ (1,482)

(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)

2023 2024
Reported Income (Loss) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas
Domestic $ 1,069 $ 545 $ 1,269 $ 877 $ 3,760 $ 673 $ 960 $ 595 $ 669 $ 2,897
International 216 274 310 363 1,163 296 313 302 267 1,178
Exploration (82) (92) (103) (92) (369) (58) (75) (53) (63) (249)
Total Oil & Gas 1,203 727 1,476 1,148 4,554 911 1,198 844 873 3,826
Chemical 364 337 288 189 1,178 196 227 234 206 863
Midstream & Marketing 3 (13) (94) 211 107 (30) 102 500 (108) 464
Segment income 1,570 1,051 1,670 1,548 5,839 1,077 1,527 1,578 971 5,153
Corporate
Interest (238) (230) (230) (247) (945) (284) (252) (312) (327) (1,175)
Other (142) 92 (173) (198) (421) (165) (164) (194) (1,150) (1,673)
Taxes 73 (53) 108 95 223 78 59 68 386 591
Income from continuing operations 1,263 860 1,375 1,198 4,696 706 1,170 1,140 (120) 2,896
Discontinued operations, net of taxes — — — — — 182 — — — 182
Net income 1,263 860 1,375 1,198 4,696 888 1,170 1,140 (120) 3,078
Less: Net income attributable to noncontrolling interest — — — — — — (8) (7) (7) (22)
Less: Preferred stock dividends and redemption premiums (280) (255) (219) (169) (923) (170) (170) (169) (170) (679)
Net income attributable to common stockholders $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773 $ 718 $ 992 $ 964 $ (297) $ 2,377
Reported diluted income per share $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90 $ 0.75 $ 1.03 $ 0.98 $ (0.32) $ 2.44
Items Affecting Comparability
Oil & Gas
Domestic $ 20 $ (164) $ 111 $ — $ (33) $ — $ — $ (448) $ (271) $ (719)
International — — — 25 25 (44) (10) — — (54)
Exploration — — — — — — — — — —
Total Oil & Gas 20 (164) 111 25 (8) (44) (10) (448) (271) (773)
Chemical — — — — — (5) — — (8) (13)
Midstream & Marketing (26) 37 (50) 288 249 24 52 480 (69) 487
Segment income (loss) (6) (127) 61 313 241 (25) 42 32 (348) (299)
Corporate
Interest — — — — — (34) (12) (6) 3 (49)
Other — 204 — (4) 200 (9) (11) (39) (754) (813)
Taxes — (68) 3 10 (55) — (20) — 10 (10)
Income (loss) from continuing operations (6) 9 64 319 386 (68) (1) (13) (1,089) (1,171)
Discontinued operations, net of taxes — — — — — 182 — — — 182
Net income (loss) (6) 9 64 319 386 114 (1) (13) (1,089) (989)
Less: Net income attributable to noncontrolling interest — — — — — — — — — —
Less: Preferred stock redemption premiums (80) (65) (42) — (187) — — — — —
Net income (loss) attributable to common stockholders $ (86) $ (56) $ 22 $ 319 $ 199 $ 114 $ (1) $ (13) $ (1,089) $ (989)
Adjusted Income (Loss) (Non-GAAP) (a)
Oil & Gas
Domestic $ 1,049 $ 709 $ 1,158 $ 877 $ 3,793 $ 673 $ 960 $ 1,043 $ 940 $ 3,616
International 216 274 310 338 1,138 340 323 302 267 1,232
Exploration (82) (92) (103) (92) (369) (58) (75) (53) (63) (249)
Total Oil & Gas 1,183 891 1,365 1,123 4,562 955 1,208 1,292 1,144 4,599
Chemical 364 337 288 189 1,178 201 227 234 214 876
Midstream & Marketing 29 (50) (44) (77) (142) (54) 50 20 (39) (23)
Adjusted segment income 1,576 1,178 1,609 1,235 5,598 1,102 1,485 1,546 1,319 5,452
Corporate
Interest (238) (230) (230) (247) (945) (250) (240) (306) (330) (1,126)
Other (142) (112) (173) (194) (621) (156) (153) (155) (396) (860)
Taxes 73 15 105 85 278 78 79 68 376 601
Adjusted income from continuing operations 1,269 851 1,311 879 4,310 774 1,171 1,153 969 4,067
Less: Net income attributable to noncontrolling interest — — — — — — (8) (7) (7) (22)
Less: Preferred stock dividends (200) (190) (177) (169) (736) (170) (170) (169) (170) (679)
Adjusted income attributable to common stockholders $ 1,069 $ 661 $ 1,134 $ 710 $ 3,574 $ 604 $ 993 $ 977 $ 792 $ 3,366
Adjusted diluted earnings per share (Non-GAAP) $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.70 $ 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP) $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90 $ 0.75 $ 1.03 $ 0.98 $ (0.32) $ 2.44
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic $ 0.02 $ (0.17) $ 0.11 $ — $ (0.03) $ — $ — $ (0.46) $ (0.29) $ (0.74)
International — — — 0.03 0.03 (0.05) (0.01) — — (0.06)
Chemical — — — — — (0.01) — — (0.01) (0.01)
Midstream & Marketing (0.03) 0.04 (0.05) 0.30 0.25 0.03 0.05 0.49 (0.07) 0.50
Corporate
Interest — — — — — (0.04) (0.01) (0.01) — (0.05)
Other — 0.22 — — 0.21 (0.01) (0.01) (0.04) (0.80) (0.84)
Taxes — (0.07) — 0.01 (0.06) — (0.02) — 0.01 (0.01)
Adjustment to diluted average shares for adjusted income — — — — — — — — 0.04 —
Discontinued operations, net of taxes — — — — — 0.20 — — — 0.19
Preferred stock redemption premiums (0.08) (0.07) (0.04) — (0.19) — — — — —
Total After-Tax Adjustments for Items Affecting Comparability $ (0.09) $ (0.05) $ 0.02 $ 0.34 $ 0.21 $ 0.12 $ — $ (0.02) $ (1.12) $ (1.02)
Adjusted Diluted Earnings Per Share (Non-GAAP) $ 1.09 $ 0.68 $ 1.18 $ 0.74 $ 3.69 $ 0.63 $ 1.03 $ 1.00 $ 0.80 $ 3.46
Average Diluted Shares Outstanding - Reported (millions) 975.3 958.8 958.2 950.1 960.9 948.6 958.9 975.7 940.8 967.1
Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP) 975.3 958.8 958.2 950.1 960.9 948.6 958.9 975.7 983.9 967.1
(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)

2023 2024
Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
REVENUES AND OTHER INCOME
Net sales
Oil & Gas $ 5,325 $ 4,941 $ 5,594 $ 5,424 $ 21,284 $ 4,915 $ 5,469 $ 5,697 $ 5,624 $ 21,705
Chemical 1,405 1,375 1,309 1,232 5,321 1,186 1,274 1,246 1,217 4,923
Midstream & Marketing 751 616 552 632 2,551 99 282 440 141 962
Eliminations (256) (230) (297) (116) (899) (225) (208) (210) (222) (865)
Total 7,225 6,702 7,158 7,172 28,257 5,975 6,817 7,173 6,760 26,725
Interest, dividends and other income 29 28 50 32 139 36 34 60 41 171
Gains (losses) on sale of assets and other, net 4 1 192 325 522 (1) 28 (79) 36 (16)
Total 7,258 6,731 7,400 7,529 28,918 6,010 6,879 7,154 6,837 26,880
COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense 1,081 1,130 1,189 1,277 4,677 1,161 1,179 1,207 1,191 4,738
Transportation and gathering expense 384 375 363 359 1,481 353 405 407 443 1,608
Chemical and midstream costs of sales 745 791 682 898 3,116 742 821 806 752 3,121
Purchased commodities 498 490 520 501 2,009 86 89 83 79 337
Selling, general and administrative expense 241 277 258 307 1,083 259 259 268 276 1,062
Other operating and non-operating expense 308 10 328 438 1,084 410 344 334 493 1,581
Taxes other than on income 306 266 290 225 1,087 235 265 256 283 1,039
Depreciation, depletion and amortization 1,721 1,709 1,712 1,723 6,865 1,693 1,775 1,926 1,977 7,371
Asset impairments and other charges — 209 — — 209 — — 21 1,260 1,281
Acquisition-related costs — — — 26 26 12 14 49 9 84
Exploration expense 102 102 125 112 441 66 83 57 69 275
Interest and debt expense, net 238 230 230 247 945 284 252 312 327 1,175
Total 5,624 5,589 5,697 6,113 23,023 5,301 5,486 5,726 7,159 23,672
INCOME BEFORE INCOME TAXES AND OTHER ITEMS 1,634 1,142 1,703 1,416 5,895 709 1,393 1,428 (322) 3,208
OTHER ITEMS
Income from equity investments and other 100 185 106 143 534 301 242 166 153 862
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,734 1,327 1,809 1,559 6,429 1,010 1,635 1,594 (169) 4,070
Income tax expense (471) (467) (434) (361) (1,733) (304) (465) (454) 49 (1,174)
INCOME FROM CONTINUING OPERATIONS 1,263 860 1,375 1,198 4,696 706 1,170 1,140 (120) 2,896
Discontinued operations, net of taxes — — — — — 182 — — — 182
NET INCOME 1,263 860 1,375 1,198 4,696 888 1,170 1,140 (120) 3,078
Less: Net income attributable to noncontrolling interest — — — — — — (8) (7) (7) (22)
Less: Preferred stock dividend and redemption premiums (280) (255) (219) (169) (923) (170) (170) (169) (170) (679)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 983 $ 605 $ 1,156 $ 1,029 $ 3,773 $ 718 $ 992 $ 964 $ (297) $ 2,377
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income from continuing operations $ 1.08 $ 0.68 $ 1.30 $ 1.16 $ 4.22 $ 0.60 $ 1.10 $ 1.03 $ (0.32) $ 2.39
Discontinued operations, net — — — — — 0.21 — — — 0.20
BASIC EARNINGS PER COMMON SHARE $ 1.08 $ 0.68 $ 1.30 $ 1.16 $ 4.22 $ 0.81 $ 1.10 $ 1.03 $ (0.32) $ 2.59
DILUTED EARNINGS PER COMMON SHARE
Income from continuing operations $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90 $ 0.56 $ 1.03 $ 0.98 $ (0.32) $ 2.26
Discontinued operations, net — — — — — 0.19 — — — 0.18
DILUTED EARNINGS PER COMMON SHARE $ 1.00 $ 0.63 $ 1.20 $ 1.08 $ 3.90 $ 0.75 $ 1.03 $ 0.98 $ (0.32) $ 2.44
DIVIDENDS PER COMMON SHARE $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.72 $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.88
AVERAGE COMMON SHARES OUTSTANDING
BASIC 901.2 889.3 884.0 881.0 889.2 884.1 893.8 927.5 940.8 911.8
DILUTED 975.3 958.8 958.2 950.1 960.9 948.6 958.9 975.7 940.8 967.1
INCOME TAX BENEFIT (EXPENSE) Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD
CURRENT
Federal $ (265) $ (181) $ (243) $ (182) $ (871) $ (243) $ (303) $ (286) $ (124) $ (956)
State and local (18) (14) (21) (39) (92) (12) (12) (19) (7) (50)
International (171) (191) (120) (231) (713) (140) (194) (196) (99) (629)
Total (454) (386) (384) (452) (1,676) (395) (509) (501) (230) (1,635)
DEFERRED
Federal (14) (5) (56) 38 $ (37) 81 42 54 212 $ 389
State and local (3) (3) (2) 33 25 2 (1) (3) 30 28
International — (73) 8 20 (45) 8 3 (4) 37 44
Total (17) (81) (50) 91 (57) 91 44 47 279 461
TOTAL INCOME TAX EXPENSE $ (471) $ (467) $ (434) $ (361) $ (1,733) $ (304) $ (465) $ (454) $ 49 $ (1,174)
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 $ 241 $ 277 $ 258 $ 307 $ 1,083 $ 259 $ 259 $ 268 $ 276 $ 1,062
Other operating and non-operating expense 308 10 328 438 1,084 410 344 334 493 1,581
Total SG&A, Other Operating and Non-Operating Expenses (GAAP) 549 287 586 745 2,167 669 603 602 769 2,643
Less: Items Affecting Comparability 26 260 — — 286 (50) (10) — (94) (154)
Adjusted SG&A, Other Operating and Non-Operating Expenses (NON-GAAP) (a) $ 575 $ 547 $ 586 $ 745 $ 2,453 $ 619 $ 593 $ 602 $ 675 $ 2,489
(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)

2023 2024
MAR JUN SEP DEC MAR JUN SEP DEC
CURRENT ASSETS
Cash and cash equivalents $ 1,165 $ 486 $ 611 $ 1,426 $ 1,272 $ 1,845 $ 1,759 $ 2,132
Trade receivables, net 3,272 2,850 3,674 3,195 3,271 3,896 3,924 3,526
Joint interest receivables 721 928 822 902 783 671 789 720
Inventories 2,311 2,021 1,975 2,022 2,131 2,813 2,275 2,095
Other current assets 673 1,169 1,184 830 888 867 807 597
Total current assets 8,142 7,454 8,266 8,375 8,345 10,092 9,554 9,070
INVESTMENTS IN UNCONSOLIDATED ENTITIES 3,161 3,431 3,320 3,224 3,400 3,460 3,195 3,159
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment 122,126 123,891 124,941 126,811 128,542 130,222 138,889 140,954
Accumulated depreciation, depletion and amortization (63,957) (65,550) (66,671) (68,282) (69,779) (71,352) (69,547) (71,576)
Net property, plant and equipment 58,169 58,341 58,270 58,529 58,763 58,870 69,342 69,378
OPERATING LEASE ASSETS 852 827 854 1,130 1,038 1,022 961 937
OTHER LONG-TERM ASSETS 1,276 1,146 1,117 2,750 2,731 2,772 2,751 2,901
TOTAL ASSETS $ 71,600 $ 71,199 $ 71,827 $ 74,008 $ 74,277 $ 76,216 $ 85,803 $ 85,445
CURRENT LIABILITIES
Current maturities of long-term debt $ 139 $ 158 $ 1,224 $ 1,202 $ 1,203 $ 1,347 $ 1,179 $ 1,138
Preferred stock redemption payable 712 304 — — — — — —
Current operating lease liabilities 287 284 312 446 424 410 376 374
Accounts payable 3,514 3,557 3,908 3,646 3,827 4,282 3,935 3,753
Accrued liabilities 2,788 3,153 3,497 3,854 3,358 3,660 4,051 4,256
Total current liabilities 7,440 7,456 8,941 9,148 8,812 9,699 9,541 9,521
LONG-TERM DEBT, NET 19,645 19,669 18,597 18,536 18,545 18,390 25,456 24,978
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net 5,527 5,605 5,666 5,764 5,728 5,680 5,630 5,394
Asset retirement obligations 3,618 3,667 3,636 3,882 3,867 3,848 3,888 4,042
Other deferred credits and liabilities 5,811 5,691 5,675 6,329 6,358 6,340 6,354 7,030
Total deferred credits and other liabilities 14,956 14,963 14,977 15,975 15,953 15,868 15,872 16,466
EQUITY
Preferred stock, $1.00 per share par value 9,130 8,621 8,287 8,287 8,287 8,287 8,287 8,287
Common stock, $0.20 per share par value 221 221 221 222 223 227 233 233
Treasury stock (14,524) (14,958) (15,573) (15,582) (15,582) (15,591) (15,591) (15,597)
Additional paid-in capital 17,159 17,218 17,326 17,422 17,456 17,928 19,802 19,868
Retained earnings 17,318 17,762 18,758 19,626 20,147 20,938 21,694 21,189
Accumulated other comprehensive income (loss) 255 247 293 275 280 264 249 179
Total stockholder's equity 29,559 29,111 29,312 30,250 30,811 32,053 34,674 34,159
Noncontrolling interest — — — 99 156 206 260 321
Total equity 29,559 29,111 29,312 30,349 30,967 32,259 34,934 34,480
TOTAL LIABILITIES AND EQUITY $ 71,600 $ 71,199 $ 71,827 $ 74,008 $ 74,277 $ 76,216 $ 85,803 $ 85,445

SCHEDULE 7

Occidental Petroleum Corporation

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

(amounts in millions)

2023 2024
Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
OPERATING CASH FLOW FROM CONTINUING OPERATIONS
Net income (loss) $ 1,263 $ 860 $ 1,375 $ 1,198 $ 4,696 $ 888 $ 1,170 $ 1,140 $ (120) $ 3,078
Depreciation, depletion and amortization (see detail below) 1,721 1,709 1,712 1,723 6,865 1,693 1,775 1,926 1,977 7,371
Deferred income tax provision (benefit) 17 81 50 (91) 57 (91) (44) (47) (279) (461)
Asset impairments and other non-cash charges, net 152 1 202 (325) 30 (44) 143 131 1,499 1,729
Operating cash flow before working capital from continuing operations (Non-GAAP) (see below) (a) 3,153 2,651 3,339 2,505 11,648 2,446 3,044 3,150 3,077 11,717
Working capital changes (283) 419 (210) 734 660 (439) (650) 632 479 22
Operating cash flow from continuing operations (GAAP) 2,870 3,070 3,129 3,239 12,308 2,007 2,394 3,782 3,556 11,739
INVESTING CASH FLOW
Capital expenditures (see detail below) (1,461) (1,646) (1,619) (1,544) (6,270) (1,783) (1,771) (1,683) (1,781) (7,018)
Purchases of assets, businesses and equity investments, net (151) 11 (80) (493) (713) (142) (45) (8,850) (92) (9,129)
Proceeds from sales of assets and equity investments, net 54 26 325 43 448 98 50 1,514 11 1,673
Changes in capital accrual (20) 25 (53) 73 25 51 (75) (15) 135 96
Other investing activities (20) (355) (47) (48) (470) (34) (30) (85) (63) (212)
Investing cash flow (1,598) (1,939) (1,474) (1,969) (6,980) (1,810) (1,871) (9,119) (1,790) (14,590)
FINANCING CASH FLOW
Cash dividends paid (320) (368) (347) (330) (1,365) (332) (366) (371) (377) (1,446)
Preferred stock redemption — (982) (679) — (1,661) — — — — —
Purchases of treasury stock (732) (445) (434) (187) (1,798) — (9) — (18) (27)
Proceeds from debt issuance — — — — — — — 9,612 — 9,612
Payments of debt (22) — — — (22) — — (4,007) (507) (4,514)
Proceeds from issuance of common stock 30 7 55 43 135 88 416 67 13 584
Deferred payments for purchases of assets and businesses — — — — — — — — (318) (318)
Contributions from noncontrolling interests — — — 100 100 57 42 47 54 200
Other financing activities (36) (28) (134) (81) (279) (141) (44) (13) (49) (247)
Financing cash flow (1,080) (1,816) (1,539) (455) (4,890) (328) 39 5,335 (1,202) 3,844
Cash Flow From Discontinued Operations — — — — — — — (100) (200) (300)
Increase (decrease) in cash and cash equivalents and <br>     restricted cash and restricted cash equivalents 192 (685) 116 815 438 (131) 562 (102) 364 693
Cash and cash equivalents and restricted cash and <br>     restricted cash equivalents - beginning of period 1,026 1,218 533 649 1,026 1,464 1,333 1,895 1,793 1,464
Cash and cash equivalents and restricted cash and <br>     cash equivalents - end of period $ 1,218 $ 533 $ 649 $ 1,464 $ 1,464 $ 1,333 $ 1,895 $ 1,793 $ 2,157 $ 2,157
Capital Expenditures Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Oil & Gas $ (1,256) $ (1,360) $ (1,321) $ (1,023) $ (4,960) $ (1,472) $ (1,349) $ (1,268) $ (1,231) $ (5,320)
Chemical (56) (123) (111) (245) (535) (80) (166) (164) (275) (685)
Midstream & Marketing (136) (141) (151) (228) (656) (205) (221) (216) (238) (880)
Corporate (13) (22) (36) (48) (119) (26) (35) (35) (37) (133)
Total Capital Expenditures (GAAP) $ (1,461) $ (1,646) $ (1,619) $ (1,544) $ (6,270) $ (1,783) $ (1,771) $ (1,683) $ (1,781) $ (7,018)
Contributions from noncontrolling interest — — — 98 98 57 42 47 54 200
Capital Expenditures, Net of Noncontrolling Interest (Non-GAAP) $ (1,461) $ (1,646) $ (1,619) $ (1,446) $ (6,172) $ (1,726) $ (1,729) $ (1,636) $ (1,727) $ (6,818)
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 $ 1,390 $ 1,371 $ 1,393 $ 1,405 $ 5,559 $ 1,365 $ 1,447 $ 1,597 $ 1,640 $ 6,049
International 140 152 132 129 553 132 126 125 133 516
Chemical 88 89 89 90 356 87 91 92 93 363
Midstream & Marketing 83 81 81 81 326 84 82 83 80 329
Corporate 20 16 17 18 71 25 29 29 31 114
Total Depreciation, Depletion and Amortization $ 1,721 $ 1,709 $ 1,712 $ 1,723 $ 6,865 $ 1,693 $ 1,775 $ 1,926 $ 1,977 $ 7,371
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 (GAAP) $ 2,870 $ 3,070 $ 3,129 $ 3,239 $ 12,308 $ 2,007 $ 2,394 $ 3,782 $ 3,556 $ 11,739
Plus: Working capital and other, net 283 (419) 210 (734) (660) 439 650 (632) (479) (22)
Operating cash flow before working capital from continuing operations (Non-GAAP) 3,153 2,651 3,339 2,505 11,648 2,446 3,044 3,150 3,077 11,717
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP) (1,461) (1,646) (1,619) (1,446) (6,172) (1,726) (1,729) (1,636) (1,727) (6,818)
Free Cash Flow Before Working Capital (Non-GAAP) $ 1,692 $ 1,005 $ 1,720 $ 1,059 $ 5,476 $ 720 $ 1,315 $ 1,514 $ 1,350 $ 4,899
(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. Capital expenditures, net of noncontrolling interest is defined as capital expenditures less contributions from noncontrolling interest. Free cash flow before working capital is defined as operating cash flow from continuing operations 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 from continuing operations 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

2023 2024
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 579 582 588 588 584 567 587 729 771 664
Rockies & Other Domestic 264 273 263 285 271 286 306 321 325 310
Gulf of America 171 135 146 127 145 90 138 136 137 125
Total 1,014 990 997 1,000 1,000 943 1,031 1,186 1,233 1,099
International
Algeria & Other International 41 34 30 38 35 31 33 31 33 32
Al Hosn 61 88 88 92 83 92 91 91 91 91
Dolphin 36 39 39 40 39 36 39 39 41 39
Oman 68 67 66 64 66 70 64 65 65 66
Total 206 228 223 234 223 229 227 226 230 228
TOTAL REPORTED PRODUCTION 1,220 1,218 1,220 1,234 1,223 1,172 1,258 1,412 1,463 1,327
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian 337 333 339 338 337 323 339 402 416 370
Rockies & Other Domestic 73 76 72 87 77 89 98 94 102 96
Gulf of America 141 112 123 105 120 75 116 115 116 105
Total 551 521 534 530 534 487 553 611 634 571
NGL (MBBL)
Permian 136 141 145 138 140 136 136 186 194 163
Rockies & Other Domestic 94 100 97 98 97 100 103 112 106 106
Gulf of America 13 10 10 10 11 6 10 9 10 9
Total 243 251 252 246 248 242 249 307 310 278
Natural Gas (MMCF)
Permian 637 646 625 674 644 645 671 848 964 783
Rockies & Other Domestic 583 586 565 600 584 584 630 691 700 649
Gulf of America 99 78 77 72 81 55 70 69 68 66
Total 1,319 1,310 1,267 1,346 1,309 1,284 1,371 1,608 1,732 1,498
International
Oil (MBBL)
Algeria and Other International 34 28 25 32 29 25 27 26 26 26
Al Hosn 10 15 15 16 14 16 15 15 15 15
Dolphin 6 6 6 6 6 6 6 6 6 6
Oman 58 58 57 54 57 59 54 55 55 56
Total 108 107 103 108 106 106 102 102 102 103
NGL (MBBL)
Algeria and Other International 4 3 2 3 3 4 3 2 3 3
Al Hosn 18 25 26 27 24 27 27 27 28 27
Dolphin 7 8 8 8 8 7 8 8 8 8
Total 29 36 36 38 35 38 38 37 39 38
Natural Gas (MMCF)
Algeria and Other International 15 15 15 15 15 14 19 20 20 18
Al Hosn 196 289 284 295 267 295 291 292 290 293
Dolphin 140 152 149 156 151 140 152 152 159 150
Oman 62 53 53 60 56 63 59 57 63 63
Total 413 509 501 526 489 512 521 521 532 524

SCHEDULE 9

Occidental Petroleum Corporation

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

2023 2024
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 1,014 990 997 1,000 1,000 943 1,031 1,186 1,233 1,099
International
Algeria and Other International 36 36 30 36 35 33 33 29 33 33
Al Hosn 61 88 88 92 82 93 91 91 91 91
Dolphin 35 39 40 40 39 36 39 40 40 39
Oman 68 69 67 62 66 70 66 65 66 66
Total 200 232 225 230 222 232 229 225 230 229
TOTAL REPORTED SALES 1,214 1,222 1,222 1,230 1,222 1,175 1,260 1,411 1,463 1,328
REALIZED PRICES
United States
Oil ($/BBL) $ 73.63 $ 72.70 $ 81.36 $ 77.91 $ 76.42 $ 75.54 $ 79.79 $ 74.81 $ 69.27 $ 74.62
NGL ($/BBL) $ 23.39 $ 17.80 $ 20.22 $ 19.50 $ 20.19 $ 21.17 $ 20.19 $ 19.50 $ 21.14 $ 20.48
Natural Gas ($/MCF) $ 3.01 $ 1.36 $ 1.92 $ 1.88 $ 2.04 $ 1.61 $ 0.54 $ 0.40 $ 1.26 $ 0.94
International
Oil ($/BBL) $ 77.42 $ 77.76 $ 77.32 $ 83.64 $ 79.03 $ 78.29 $ 80.40 $ 78.54 $ 72.55 $ 77.46
NGL ($/BBL) $ 32.98 $ 28.45 $ 26.59 $ 30.18 $ 29.35 $ 28.33 $ 28.11 $ 28.48 $ 27.11 $ 28.00
Natural Gas ($/MCF) $ 1.95 $ 1.88 $ 1.87 $ 1.85 $ 1.88 $ 1.87 $ 1.91 $ 1.90 $ 1.88 $ 1.89
Total Worldwide
Oil ($/BBL) $ 74.22 $ 73.59 $ 80.70 $ 78.85 $ 76.85 $ 76.04 $ 79.89 $ 75.33 $ 69.73 $ 75.05
NGL ($/BBL) $ 24.41 $ 19.08 $ 21.04 $ 20.93 $ 21.32 $ 22.14 $ 21.23 $ 20.47 $ 21.80 $ 21.38
Natural Gas ($/MCF) $ 2.76 $ 1.50 $ 1.90 $ 1.88 $ 2.00 $ 1.68 $ 0.92 $ 0.76 $ 1.41 $ 1.18
Index Prices
WTI Oil ($/BBL) $ 76.13 $ 73.83 $ 82.26 $ 78.32 $ 77.64 $ 76.96 $ 80.56 $ 75.09 $ 70.27 $ 75.72
Brent Oil ($/BBL) $ 82.20 $ 78.02 $ 86.08 $ 82.69 $ 82.25 $ 81.83 $ 84.95 $ 78.41 $ 73.97 $ 79.79
NYMEX Natural Gas ($/MCF) $ 3.88 $ 2.30 $ 2.59 $ 2.97 $ 2.94 $ 2.35 $ 1.99 $ 2.37 $ 2.66 $ 2.34
Percentage of Index Prices
Worldwide Oil as a percentage of WTI 97 % 100 % 98 % 101 % 99 % 99 % 99 % 100 % 99 % 99 %
Worldwide Oil as a percentage of Brent 90 % 94 % 94 % 95 % 93 % 93 % 94 % 96 % 94 % 94 %
Worldwide NGL as a percentage of WTI 32 % 26 % 26 % 27 % 27 % 29 % 26 % 27 % 31 % 28 %
Worldwide NGL as a percentage of Brent 30 % 24 % 24 % 25 % 26 % 27 % 25 % 26 % 29 % 27 %
Domestic Natural Gas as a percentage of NYMEX 78 % 59 % 74 % 63 % 69 % 68 % 27 % 17 % 47 % 40 %

SCHEDULE 10

Occidental Petroleum Corporation

Oil & Gas Metrics

2024
Qtr 2 Qtr 3 Qtr 4 TY Qtr 1 Qtr 2 Qtr 3 Qtr 4 TY
Lease operating expenses (/BOE)
United States 9.23 $ 9.79 $ 10.20 $ 10.96 $ 10.05 $ 10.31 $ 9.85 $ 8.68 $ 8.15 $ 9.15
International 13.24 $ 11.72 $ 12.21 $ 12.73 $ 12.45 $ 13.10 $ 12.23 $ 12.55 $ 12.66 $ 12.64
Total Oil and Gas 9.89 $ 10.16 $ 10.57 $ 11.29 $ 10.48 $ 10.86 $ 10.28 $ 9.30 $ 8.85 $ 9.75
Transportation costs (/BOE)
United States 3.81 $ 3.75 $ 3.74 $ 3.68 $ 3.74 $ 3.89 $ 4.12 $ 3.54 $ 3.66 $ 3.78
Total Oil and Gas 3.33 $ 3.18 $ 3.19 $ 3.10 $ 3.20 $ 3.25 $ 3.49 $ 3.09 $ 3.23 $ 3.26
Taxes other than on income (/BOE)
United States 2.63 $ 2.59 $ 2.97 $ 2.32 $ 2.63 $ 2.64 $ 2.74 $ 2.26 $ 2.40 $ 2.50
Total Oil and Gas 2.71 $ 2.53 $ 2.47 $ 1.94 $ 2.41 $ 2.17 $ 2.30 $ 1.95 $ 2.06 $ 2.11
DD&A expense (/BOE)
United States 15.24 $ 15.21 $ 15.18 $ 15.26 $ 15.22 $ 15.91 $ 15.42 $ 14.63 $ 14.46 $ 15.04
International 7.77 $ 7.18 $ 6.38 $ 6.13 $ 6.83 $ 6.23 $ 6.04 $ 6.05 $ 6.30 $ 6.16
Total Oil and Gas 14.00 $ 13.69 $ 13.56 $ 13.56 $ 13.70 $ 14.00 $ 13.72 $ 13.27 $ 13.18 $ 13.51
G&A and other operating expenses (/BOE) 2.80 $ 2.48 $ 2.58 $ 3.35 $ 2.81 $ 3.34 $ 2.86 $ 2.43 $ 2.64 $ 2.79
Exploration Expense ( millions)
United States 90 $ 45 $ 99 $ 89 $ 323 $ 36 $ 36 $ 19 $ 28 $ 119
International 57 26 23 118 30 47 38 41 156
Total Exploration Expense 102 $ 102 $ 125 $ 112 $ 441 $ 66 $ 83 $ 57 $ 69 $ 275
Capital Expenditures ( millions)
Permian (665) $ (778) $ (678) $ (450) $ (2,571) $ (725) $ (621) $ (660) $ (722) $ (2,728)
Rockies & Other Domestic (199) (209) (198) (744) (210) (205) (217) (156) (788)
Gulf of America (89) (110) (91) (400) (249) (175) (148) (151) (723)
International (128) (109) (120) (495) (142) (124) (125) (134) (525)
Exploration Drilling (166) (215) (164) (750) (146) (224) (118) (68) (556)
Total Oil and Gas (1,256) $ (1,360) $ (1,321) $ (1,023) $ (4,960) $ (1,472) $ (1,349) $ (1,268) $ (1,231) $ (5,320)

All values are in US Dollars.

SCHEDULE 11

Occidental Petroleum Corporation

Reserves Replacement and Multi-Year Data - Worldwide

WORLDWIDE 2024 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 112 250
Price and other revisions 58 100
Improved Recovery 47 53
Extensions and Discoveries 326 218
Total Organic 543 621
Organic Excluding Price and Other Revisions 485 521
Purchases 623 221
Sales (50) (24)
Total Reserve Additions 1,116 818
Production 486 452
Costs Incurred ( millions)
Property acquisition costs $ 12,149 $ 4,560
Exploration costs 724 690
Development costs 5,084 4,363
Total Organic Costs 5,808 5,053
Total Costs Incurred $ 17,957 $ 9,613
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 10.70 $ 8.14
Program Additions $ 11.98 $ 9.70
All-In $ 15.40 $ 11.42
Reserves Replacement Ratio - Non-GAAP
Organic 112 % 137 %
Program Additions 100 % 115 %
All-In 230 % 181 %
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 excludes from F&D Costs – All-In 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 excludes from Reserves Replacement – All-In 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 2024 3-Year Avg
Reserves Replacement (MMBOE)
Revisions
Infill 104 239
Price and other revisions 47 76
Improved Recovery 40 42
Extensions and Discoveries 321 213
Total Organic 512 570
Organic Excluding Price and Other Revisions 465 494
Purchases 623 221
Sales (50) (24)
Total Reserve Additions 1,085 767
Production 402 370
Costs Incurred ( millions)
Property acquisition costs $ 12,141 $ 4,460
Exploration costs 544 522
Development costs 4,584 3,875
Total Organic Costs 5,128 4,397
Total Costs Incurred $ 17,269 $ 8,857
Finding & Development Costs per BOE (/BOE) - Non-GAAP
Organic $ 10.02 $ 7.71
Program Additions $ 11.03 $ 8.90
All-In $ 15.21 $ 11.20
Reserves Replacement Ratio - Non-GAAP
Organic 127 % 154 %
Program Additions 116 % 134 %
All-In 270 % 207 %
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 excludes from F&D Costs – All-In 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 excludes from Reserves Replacement – All-In 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, 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
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
Proved Developed Reserves
December 31, 2021 2,012 635 2,647
December 31, 2022 2,112 586 2,698
December 31, 2023 2,117 633 2,750
December 31, 2024 2,546 645 3,191
Proved Undeveloped Reserves
December 31, 2021 588 277 865
December 31, 2022 860 259 1,119
December 31, 2023 991 241 1,232
December 31, 2024 1,245 176 1,421
(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, 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
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
Proved Developed Reserves
December 31, 2021 1,140 226 1,366
December 31, 2022 1,208 200 1,408
December 31, 2023 1,140 258 1,398
December 31, 2024 1,243 249 1,492
Proved Undeveloped Reserves
December 31, 2021 326 79 405
December 31, 2022 431 74 505
December 31, 2023 460 82 542
December 31, 2024 589 54 643

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, 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
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
Proved Developed Reserves
December 31, 2021 433 125 558
December 31, 2022 444 120 564
December 31, 2023 515 124 639
December 31, 2024 709 130 839
Proved Undeveloped Reserves
December 31, 2021 131 77 208
December 31, 2022 210 72 282
December 31, 2023 287 57 344
December 31, 2024 351 46 397

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, 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
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
Proved Developed Reserves
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
December 31, 2024 3,564 1,593 5,157
Proved Undeveloped Reserves
December 31, 2021 787 726 1,513
December 31, 2022 1,312 680 1,992
December 31, 2023 1,465 610 2,075
December 31, 2024 1,830 456 2,286

SCHEDULE 17

Occidental Petroleum Corporation

Costs Incurred
Amounts in millions International Total
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
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
(a) Included approximately 30 million, 120 million and 340 million related to non-monetary exchanges for the years ended December 31, 2024, 2023 and 2022, respectively.

All values are in US Dollars.

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