Occidental (OXY) Q2 2025 Earnings Conference Call

Occidental (OXY) Q2 2025 Earnings Conference Call

• 1. Second Quarter Earnings Conference Call 08.07.25

• 2. CAUTIONARY STATEMENTS 2 Forward-Looking Statements This presentation 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 Petroleum Corporation’s (“Occidental” or “Oxy”) expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. 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 (the “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 definitions, assumptions, data sources and estimates or measurements that are subject to change in the future, including through rulemaking or guidance. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; 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, natural gas liquids (NGL) and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or 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, deductions, incentives or credits; and actions by third parties that are beyond Occidental's control. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” "think," "envision," “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “guidance,” “priority,” “focus,” “assumption,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statement as a result of new information, future events or otherwise. Other factors that could cause actual results to differ from those described in any forward-looking statement appear in Part I, Item 1A “Risk Factors” of Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and in Occidental’s other filings with the SEC. Use of Non-GAAP Financial Information This presentation includes non-GAAP financial measures. Where available, reconciliations to comparable GAAP financial measures can be found on the Investor Relations section of Occidental's website at www.oxy.com. Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include "potential" reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. U.S. investors are urged to consider closely the oil and gas disclosures in our 2024 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.

• 3. Sustaining cost reduction momentum 3 Operational excellence driving financial results Balance sheet strengthening • ~$2.6 B CFFO1 produced by strong operations in a volatile market • Delivered robust operating cost performance across Oil & Gas, with International assets generating their lowest LOE $ / boe since 4Q21 • $7.5 B of debt repaid over last 13 months • Announced ~$950 MM of additional divestitures2 3 ZERO IN ON VALUE Key Takeaways 1EXCLUDES WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE 2$370 MM CLOSED TRANSACTIONS, $580 MM EXPECTED TO CLOSE 3Q25 • $150 MM of additional 2025 capital and opex reductions • $500 MM of cumulative cost reductions expected in 2025, enhancing cash flow and strengthening long-term resiliency

• 4. Second Quarter Highlights Debt Reduction Progress Financials Closing Comments 4 OUTLINE Marco Polo

• 5. STRONG MOMENTUM CONTINUES THROUGH 2Q25 SECOND QUARTER HIGHLIGHTS 5 1EXCLUDES WORKING CAPITAL; SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE Oil & Gas 1,400 Mboed Total Company Production Midstream $2.6 B Operating Cash Flow1 Financial +$206 MM Adjusted Pre-Tax Income Outperformance Balance Sheet $950 MM Additional Divestitures Announced Since 1Q25

• 6. LEVERAGING TECHNICAL EXPERTISE FOR ENDURING U.S. ONSHORE COST REDUCTIONS NOTE: COST REDUCTIONS ABOVE ANNOUNCED DURING 1Q25 EARNINGS CALL 6 ~12% CO2 Optimization Reduced CO2 purchases required compared to 2023 ~19% Artificial Lift Failure Reduction Well remediation improvements, chemical optimization, and enhanced well surveillance Surface and Support Optimization Water disposal, compressor utilization, rental equipment reduction, and field route optimization >20% More Efficient Maintenance Rigs Reduced hours per job and fewer maintenance rigs required vs 2023 Improved Lift Uptime & Maintenance Rig ~$150 MM Efficiency LOWER 2025E Domestic Operating Cost Reduction Drivers Surface & Support Optimization CO2 Optimization vs. original 2025 plan

• 7. CONTINUED EFFICIENCY MOMENTUM 7 LEADING TO FURTHER CAPITAL REDUCTION • 1H25 Delaware Basin drilling duration per well improved ~20% from 2024, supporting ~14% reduction in well costs • Best-of-best practices unlocked well design and execution enhancements in Midland Basin, leading to: o ~15% lower 1H25 well costs for non-CrownRock wells than 2024 o ~9% reduction in 1H25 CrownRock well costs compared to 2024 PERMIAN EXECUTION DELIVERING EVEN MORE IN 1H25 13% Lower 1H25 average well costs for Permian Unconventional Additional $100 MM capital reduction from prior guidance vs. original 2025 capital plan vs. 2024 average well cost $200 MM

• 8. STRATOS construction site in Ector County, Texas STRATOS ADVANCING TO CAPTURE CO2 Central Processing (500 KTPA capacity) 34 Air Contactors 52 Pellet Reactors 24 Air Contactors 8 Pellet Reactors Trains 1 & 2 (250 KTPA capacity) Trains 3 & 4 (250 KTPA capacity) ON TRACK FOR 2025 START-UP Achievements: • Completed construction for Trains 1 & 2 and Central Processing facilities • Commenced wet commissioning with water circulation • Received Class VI permits to sequester CO2 Remaining Milestones: • Circulate potassium hydroxide sorbent and capture CO2from atmosphere • Central Processing commissioning and start-up activities: ◦ Build pellet inventory ◦ Calciner start-up ◦ Compression and sequestration • Progress construction on Trains 3 & 4 while incorporating R&D and learnings from CEIC and commissioning 8

• 9. Second Quarter Highlights Debt Reduction Progress Financials Closing Comments 9 OUTLINE Marco Polo

• 10. DEBT REDUCTION PROGRESS – AHEAD OF SCHEDULE WITH MANAGEABLE MATURITY RUNWAY $1.6 $1.5 $0.9 $0.6 $1.0 $2.0 2025 2026 2027 2028 10  $7.5 B of debt repaid in 13 months, reducing annual interest expense by ~$410 MM  Announced ~$950 MM of additional divestitures since 1Q251 Debt Maturity Schedule ($ B) 2025 Repayments Divestitures Signed, Pending Close Existing Debt $4.5 $2.3 $0.7 $7.5 $0.6 2024 Repayments 1H25 Repayments July 2025 Repayments Total Debt Repayments Divestitures Signed, Pending Close Near-term debt repayment target ✓ Delivering on Debt Reduction ($ B) NOTE: ALL VALUES APPROXIMATE; AS OF 08/06/25 1$370 MM CLOSED TRANSACTIONS, $580 MM EXPECTED TO CLOSE 3Q25

• 11. Second Quarter Highlights Debt Reduction Progress Financials Closing Comments 11 OUTLINE DAC STRATOS Marco Polo

• 12. SECOND QUARTER 2025 RESULTS 12 FINANCIALS Reported Adjusted diluted EPS1 $0.39 Reported diluted EPS1 $0.26 CFFO before working capital $2.6 B Net capital expenditures2 $1.9 B Unrestricted cash balance as of 06/30/2025 $2.3 B Worldwide production (Mboed) 1,400 OxyChem pre-tax income $213 MM Midstream adjusted pre-tax income $116 MM Reported Production versus Guidance Midpoint Reconciliation Mboed ROCKIES Base production outperformance and higher uptime +5 INTERNATIONAL Oman contract extension +3 GULF OF AMERICA Production curtailments due to third-party constraints, facility maintenance, and schedule delays (5) +3 NOTE: SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE 1DILUTED SHARE COUNT 1,010.4 MM SHARES 2NET OF NONCONTROLLING INTEREST CONTRIBUTIONS

• 13. THIRD QUARTER AND FULL-YEAR 2025 GUIDANCE 1INCLUDES EXPLORATION OVERHEAD 2INCLUDES OXY’S PORTION OF WES ADJUSTED INCOME BASED ON LAST FOUR PUBLICLY AVAILABLE QUARTERS, ADJUSTED FOR OXY’S CURRENT OWNERSHIP; QUARTERLY GUIDANCE AVERAGES THE QUARTERS 3DEFINED AS SG&A AND OTHER OPERATING AND NON-OPERATING EXPENSES, ADJUSTED FOR ITEMS AFFECTING COMPARABILITY 4EXCLUDES INTEREST INCOME AND ASSUMES CURRENT DEBT MATURITY SCHEDULE, ADJUSTED FOR ITEMS AFFECTING COMPARABILITY 5NET OF NONCONTROLLING INTEREST CONTRIBUTIONS 13 FINANCIALS OIL & GAS 3Q25 FY 2025 Total Company Production (Mboed) 1,415 - 1,455 1,400 - 1,430 Permian Production (Mboed) 779 - 799 768 - 784 Rockies & Other Production (Mboed) 271 - 277 271 - 277 Gulf of America Production (Mboed) 126 - 134 128 - 132 International Production (Mboed) 239 - 245 233 - 237 Domestic Operating Cost $ / boe ~$9.20 ~$8.65 Domestic Transportation Cost $ / boe ~$3.55 ~$3.60 Total Company Production Oil % ~51.7 ~51.5 Total Company Production Gas % ~26.3 ~26.5 Exploration Expense1 ~$70 MM ~$275 MM OXYCHEM 3Q25 FY 2025 Pre-tax Income ~$215 MM $0.8 - $0.9 B MIDSTREAM2 3Q25 FY 2025 Pre-tax Income $(140) - $(40) MM $(100) - $50 MM Midland - MEH Spread $ / bbl $0.20 - $0.30 $0.25 - $0.35 DD&A 3Q25 FY 2025 Oil & Gas $ / boe ~$13.65 ~$13.55 OxyChem, Midstream, & Corporate ~$230 MM ~$925 MM CORPORATE 3Q25 FY 2025 Domestic Tax Rate --- 22% International Tax Rate --- 40% Adjusted Effective Tax Rate ~32% ~32% Overhead Expense3 ~$660 MM ~$2.6 B Interest Expense4 ~$285 MM ~$1.2 B Net Capital Expenditures5--- $7.1 - $7.3 B

• 14. Second Quarter Highlights Debt Reduction Progress Financials Closing Comments 14 OUTLINE Marco Polo Ingleside

• 15. 15 OIL & GAS MIDSTREAM OXYCHEM LOW CARBON VENTURES Operational Excellence Industry-leading performance and world-class execution High Quality Portfolio Diversified asset base positioned to deliver resilient cash flows Low-Carbon Leadership Developing decarbonization and carbonneutral fuel solutions at scale leveraging 50+ years of carbon management DIFFERENTIATED VALUE PROPOSITION Oxy’s premier diversified assets and distinguished operational capabilities create a runway for sustainable shareholder value accretion NOTE: OXY LOW CARBON VENTURES IS A SUBSIDIARY WITHIN THE MIDSTREAM AND MARKETING SEGMENT

• 16. Appendix 16

• 17. 17 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions

• 18. 2025 CASH FLOW PRIORITIES 18 Repurchase Shares Sustainable & Growing Dividend Debt Reduction Maintain Production Base ONGOING FOCUS CURRENT FOCUS FUTURE PRIORITIES Lower expenses and improve balance sheet and cash flow breakeven Preserve asset base integrity and longevity Through-the-cycle sustainability with long-term growth potential Supports capital appreciation and per share dividend growth Investments in OxyChem, Oil & Gas cash flow resiliency, and low-carbon opportunities Cash Flow Growth Redeemed through superior shareholder returns Preferred Equity Redemption Apply technical and operational excellence to preserve and enhance premier asset base in support of a sustainable and growing dividend + Excess cash flow allocated to debt reduction to rebalance enterprise value in favor of common shareholders

• 19. 2025 FOCUS ON OPERATIONAL EXCELLENCE & INNOVATION 19 Blending technical expertise with a forward-thinking approach to maximize value Efficiency-driven cost savings Increasing resource utilization and simul-frac operations to lower cost Unlocking value from CrownRock Maximizing cash flow potential and enabling reverse synergies across combined Midland Basin position Unconventional EOR technology Advancing CO2 and gas EOR pilot and proprietary reservoir modeling Subsurface characterization Applying latest technology to reservoir simulation and seismic to improve performance & recovery Oxy’s AI Center of Excellence Overseeing intercompany AI initiatives to drive business value Abundance of opportunities Anticipating improvements throughout enterprise as teams refine application of AI Carbon Engineering R&D Accelerating the pace of DAC technology breakthroughs Advancing lithium extraction Developing demonstration plant to explore commerciality of patented DLE1technology Pushing technical limits in resource recovery Relentless pursuit of operational improvements Applied AI Center of Excellence (ACE) Pioneering low carbon technologies 1DIRECT LITHIUM EXTRACTION

• 20. 20 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions

• 21. Incremental 2026 FCF Incremental 2027 FCF Chemical Midstream Corporate 2026 NON-OIL AND GAS CASH FLOW INFLECTION TO IMPROVE RESILIENCY NOTE: ESTIMATES ARE INCREMENTAL TO 2025 EXPECTATIONS AND SHOWN PRE-TAX 21  Poised to benefit from ~$1.0 B 2026 FCF inflection, through combination of incremental EBITDA and capital roll-off from non-oil and gas segments plus additional interest savings ◦ Chemical +$460 MM from incremental project benefits and Battleground capex roll-off ◦ Midstream +$450 MM from additional crude contract benefits and LCV capex reduction ◦ Corporate cost improvements +$135 MM through interest savings from continued debt repayment  Improvements to provide stable, no-decline FCF streams to augment ongoing oil & gas efficiency improvements ~$1.0 B 2026 IMPROVEMENT ~$1.5 B 2027 IMPROVEMENT

• 22. CASH FLOW SENSITIVITIES  Annualized cash flow changes ~$265 MM per $1.00 / bbl change in oil prices ◦ ~$240 MM per $1.00 / bbl change in WTI price ◦ ~$25 MM per $1.00 / bbl change in Brent price  Annualized cash flow changes ~$175 MM per $0.50 / MMBtu change in natural gas prices  Production changes ~400 boed per $1.00 / bbl change in Brent prices1  Annualized cash flow changes ~$60 MM per $0.25 / bbl change in Midland to MEH spread ◦ ~35-day lag due to trade month NOTE: CASH FLOW SENSITIVITIES ARE PRE-TAX AND RELATE TO EXPECTED 2025 PRODUCTION AND OPERATING LEVELS 1BASED ON CHANGE FROM $80 BRENT 2REFLECTS COMMODITY PRICE MOVEMENTS ONLY, NOT ACCOUNTING FOR CHANGES IN RAW MATERIAL INPUT COSTS 22 OIL & GAS MIDSTREAM & MARKETING  Annualized cash flow changes ~$30 MM per $10 / ton change in realized caustic soda prices  Annualized cash flow changes ~$10 MM per $10 / ton change in chlorine prices2  Annualized cash flow changes ~$30 MM per $0.01 / lb. change in PVC prices2 OXYCHEM FINANCIAL INFORMATION

• 23. DILUTED SHARE COUNT EXAMPLE 1SIMILAR FORMULA USED FOR BERKSHIRE HATHAWAY WARRANTS DILUTED SHARE IMPACT FINANCIAL INFORMATION 23 Basic Shares Outstanding + Incremental Diluted Shares = Total Diluted Outstanding Shares  Incremental diluted shares include June 2020 warrants, Berkshire Hathaway warrants, and performance awards  Treasury method assumes proceeds from exercised securities used to repurchase common stock 2Q25 OXY average share price 2Q25 average June 2020 2Q25 OXY average warrants outstanding share price Example: treasury method calculation of June 2020 warrant dilutive share impact1 2Q25 dilution summary MM 2Q25 basic average shares outstanding 985.1 June 2020 warrants + 25.1 Berkshire Hathaway warrants + 0.0 Performance awards + 0.2 2Q25 diluted average shares outstanding = 1,010.4 Incremental ( diluted shares ) June 2020 warrants ( strike price ) Variables for warrant dilution calculation OXY 2Q25 average share price $41.80 June 2020 average outstanding warrants (MM) 53.0 June 2020 warrants strike price $22.00 Berkshire Hathaway outstanding warrants (MM) 83.9 Berkshire Hathaway warrants strike price $59.62

• 24. 24 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions

• 25. DOMESTIC ONSHORE ACTIVITY PLAN UPDATE 1APPRAISAL CAPITAL INCLUDED ABOVE; WILL BE INCLUDED IN EXPLORATION CAPITAL IN REPORTED FINANCIALS 2NET RIGS SHOWN BY WORKING INTEREST (PERMIAN BASIN INCLUDES JV CARRY IMPACT) 3GROSS COMPANY OPERATED WELLS ONLINE 25 OIL & GAS UPDATE 0% 25% 50% 75% 100% Net Capex by Type Gross Operated Rigs Total Net Rigs Wells Online Facilities DJ Basin ~$0.8 B Capex ~3 Gross Rigs 100 - 120 Wells Online ~2 Net Rigs Drilling and Completion New Mexico TX Delaware Development Sustaining Capex Growth Capex Base Maint DJ Basin DJ Basin Drilling and Completion Facilities New Mexico TX Delaware Development ~$3.5 B Capex ~22 Gross Rigs 515 - 565 Wells Online ~15 Net Rigs Sustaining Capex Growth Capex 0% 25% 50% 75% 100% Net Capex by Type Gross Operated Rigs Total Net Rigs Wells Online Drill Complete & Equip Facilities OBO Base Maint Delaware Delaware OBO Delaware 3 3 Drill Complete & Equip Midland Midland PR Basin PR Basin PR Basin Midland 2 2 PERMIAN 2025 ACTIVITY ROCKIES 2025 ACTIVITY EOR EOR EOR 1 1 YTD 2025 $1.9 B 24 rigs 16 rigs 302 wells YTD 2025 $0.4 B 2 rigs 2 rigs 74 wells OBO OBO

• 26. 0 20 40 60 80 100 120 140 160 180 200 Oxy Peer 1Peer 2Peer 3Peer 4Peer 5Peer 6Peer 7Peer 8Peer 9 Peer 10Peer 11Peer 12Peer 13Peer 14 Average 6-month cum. Oil, Mbbl LEADING DELAWARE BASIN WELL PERFORMANCE 1SOURCE: ENVERUS PRISM DATA AS OF 04/14/25; HORIZONTALS >500FT ONLINE SINCE JANUARY 2023 WITH 6-MONTH OIL PRODUCTION AVAILABLE; MINIMUM 50 WELLS; PEERS INCLUDE BP, CIVI, CLR, COP, CTRA, CVX, DVN, EOG, FANG, MEWBOURNE, MTDR, PR, XOM, VTLE 2SOURCE: ENVERUS PRISM DATA AS OF 04/14/25; HORIZONTALS >500FT ONLINE SINCE JANUARY 2023 WITH 12-MONTH OIL PRODUCTION AVAILABLE; MINIMUM 50 WELLS; PEERS INCLUDE APA, BP, CIVI, CLR, COP, CTRA, CVX, DVN, EOG, MEWBOURNE, MTDR, PR, VTLE, XOM OIL & GAS UPDATE 26 AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR1 Oxy is 45% above the 6-month basin average Oxy is 41% above the 12-month basin average AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR2 Basin Average Basin Average 0 50 100 150 200 250 300 Oxy Peer 1Peer 2Peer 3Peer 4Peer 5Peer 6Peer 7Peer 8Peer 9 Peer 10Peer 11Peer 12Peer 13Peer 14 Average 12-month cum. Oil, Mbbl

• 27. OPERATED INVENTORY INCREASED DESPITE DRILLING OR DIVESTING >1,200 LOCATIONS Breakeven <$40 Breakeven <$50 Breakeven <$60 HIGH-QUALITY U.S. ONSHORE DEVELOPMENT RUNWAY NOTE: BREAKEVEN DEFINED AS POSITIVE NPV 10; WELL COSTS USED IN ANALYSIS BASED ON 2025 BUDGET INCLUDE DRILLING, COMPLETION, HOOK-UP AND FIRST LIFT; INVENTORY COUNTS ONLY INCLUDE OXY-OPERATED PROJECTS; INVENTORY DATA AS OF 4Q24 EARNINGS PRESENTATION 27 3,600 6,300 8,000 Deep inventory of highquality, low-breakeven development locations, with ~13 years of <$60 development at current pace Technical advancements, robust appraisal programs, and operational optimizations continue track record of improving the value of future locations Average breakeven improved 6% compared to December 2023 Rockies Permian ~10 years of high-return inventory with today’s technology and costs <$60 Breakeven U.S. Onshore Unconventional Gross Operated Inventory Track record of improving inventory breakeven through time

• 28. OMAN – NEW VALUE ENHANCEMENT OPPORTUNITIES 28 BLOCK 53 – MUKHAIZNA CONTRACT EXTENSION TO 2050 NORTH OMAN GAS AND CONDENSATE DISCOVERY  Estimated resources in place >250 MMboe  Close to existing infrastructure including gas plant with available capacity  Test production online; appraisal and development plans being evaluated  Expected to deliver significant value while supporting Oman’s key national objectives  Potential to grow resources by >800 MM gross barrels with competitive project returns  Includes all reservoirs - low-decline EOR and stacked pay primary BLOCK 27 BLOCK 65 BLOCK 9 BLOCK 30 BLOCK 62 BLOCK 72 BLOCK 51 BLOCK 53 MAXIMIZING VALUE THROUGH TECHNOLOGY DEPLOYMENT  Applying Oxy’s exploration, drilling, and development expertise for incremental resource recovery  Potential to expand ongoing CO2 EOR pilot  AI application to optimize Mukhaizna steam flood pattern and boost hydrocarbon recovery

• 29. 29 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions

• 30. NOTE: MAP INFORMATION AS OF 06/30/25 30 Oil & Gas OxyChem Oxy Midstream • Deepwater exploration opportunities • High-return opportunities in Oman ◦ 6 MM gross acres, 17 identified horizons • Exploring Blocks ON-3 and ON-5 in UAE ◦ 2.5 MM gross acres • World-class reservoirs in Algeria ◦ 0.5 MM gross acres in the Berkine Basin • Al Hosn and Dolphin provide steady cash flow with low sustaining capex • 1.4 MM net acres • Significant scale, technical capability, and low-decline production • CCUS potential for economic growth and carbon reduction strategy Permian Conventional Latin America Middle East / North Africa Focused in world class basins with a history of maximizing recovery Leading manufacturer of basic chemicals and significant cash generator Integrated infrastructure and marketing provide access to global markets • A leading position in the DJ Basin ◦ 0.5 MM net acres including vast minerals position ◦ Among the largest producers in Colorado with significant free cash flow generation • Emerging Powder River Basin ◦ 0.1 MM net acres Rockies • 8 active operated platforms • Significant free cash flow generation • Sizeable inventory of remaining tie-back opportunities Gulf of America 770 272 125 202 Permian Rockies & Other Dmstc. Gulf of America Middle East Algeria & Other Intl. 83% 17% Domestic International 1,400 Mboed Production 31 • 1.5 MM net acres including premier Delaware and Midland Basin positions • Strategic infrastructure and logistics hub in place • EOR advancements Permian Unconventional OXY’S COMBINED INTEGRATED PORTFOLIO

• 31. 0 500 1,000 1,500 2,000 2,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E $ MM Pre-Tax Income MARKET LEADING POSITION • 23 owned facilities worldwide • Integrated assets capture benefits of favorable market conditions • Top-tier global producer in every principal chemical product produced ◦ 2nd largest merchant caustic soda seller in the world ◦ 4th largest VCM producer in the world ◦ 2nd largest caustic potash producer in the world ◦ 4th largest chlor-alkali producer in the world with 17 unique outlets for chlorine ◦ 3rd largest domestic supplier of PVC • Full-cycle positive cash flow generation • 36 awards from the American Chemistry Council for 2025 environmental and safety performance 0 400 800 1,200 1,600 2,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Caustic and PVC $/ton Profitability Drivers Caustic Soda Price PVC Price 1US EXPORT SPOT GULF PRICE 2NEXANT US PRICE Full-Year Guidance 1 2 OXYCHEM 31

• 32. 32 PHYSICAL MIDSTREAM & LCV BUSINESSES • 2Q25 income exceeded guidance due to higher sulfur prices from Al Hosn; 3Q25 guidance reflects seasonally higher spark spreads in Power business PERMIAN TO GULF COAST SHIPPING • 2Q25 income higher than guidance due to crude pipeline optimization; 3Q25 guidance increase reflects benefit of lower tariff rates on transportation contract revisions CRUDE EXPORTS FROM U.S. GULF COAST • 2Q25 income above guidance due to higher crude price volatility; 3Q25 guidance decrease due to expected timing impacts of cargo sales ALL OTHER MARKETING • 2Q25 income above guidance due to natural gas transportation optimization; 3Q25 guidance reflects expectation of compressed natural gas differentials NOTE: ALL GUIDANCE SHOWN REPRESENTS MIDPOINT; MARK-TO-MARKET TREATED AS AN ITEM AFFECTING COMPARABILITY AND IS EXCLUDED FROM MIDSTREAM GUIDANCE AND ADJUSTED ACTUALS 1PHYSICAL MIDSTREAM BUSINESS IS PRIMARILY COMPRISED OF THE DOLPHIN PIPELINE, AL HOSN, AND PERMIAN EOR GAS PROCESSING PLANTS 2PERMIAN TO GULF COAST SHIPPING INCLUDES OXY’S CONTRACTED CAPACITY ON SEVERAL 3RD PARTY PIPELINES. CURRENT CAPACITY IS ~700 MBOD WITH PRIMARY DESTINATIONS OF CORPUS CHRISTI AND HOUSTON 3CRUDE EXPORTS FROM THE GULF COAST INCLUDE TERMINAL FEES OF ~$50 MM PER QUARTER. OTHER EARNINGS DRIVERS INCLUDE THE DELTA BETWEEN OUR REALIZED PRICE OF EXPORTED CRUDE COMPARED TO MEH PRICING LESS THE COST OF SHIPPING, AS WELL AS CRUDE PRICE VOLATILITY AND TIMING IMPACTS 4ALL OTHER MARKETING INCLUDES GAS AND NGL MARKETING, THE TIMING IMPACTS OF DOMESTIC AND INTERNATIONAL CRUDE, AND GAS & NGL DEFICIENCY PAYMENTS WITH 3RD PARTIES (EXCLUDING WES) IN THE ROCKIES 5WES EBIT GUIDANCE IS NOT A FORWARD PROJECTION BY OXY OR BASED ON WES’S CORPORATE GUIDANCE BUT IS AN AVERAGE OF THE LAST FOUR PUBLICLY AVAILABLE QUARTERS, ADJUSTED FOR OXY’S CURRENT OWNERSHIP $(200) $(150) $(100) $(50) $0 $50 $100 $150 $200 2Q25 Guide 2Q25 Actuals 3Q25 Guide Quarterly Pre-Tax Income ($ MM) MIDSTREAM & MARKETING GUIDANCE RECONCILIATION Permian to Gulf Coast Shipping (MID–MEH Spread)2 Physical Midstream & LCV Businesses1 Crude Exports from U.S. Gulf Coast3 All Other Marketing4 Oxy’s Share of WES EBIT5 Total Midstream & Marketing EBIT

• 33. NOTE: AS OF 06/30/25; ACREAGE TOTALS ONLY INCLUDE OIL AND GAS MINERALS; OXY HAS 0.5 MM ONSHORE AND 0.9 MM OFFSHORE NET ACRES ON FEDERAL LAND; ONSHORE FEDERAL ACREAGE COMPRISED OF 0.23 MM PERMIAN RESOURCES, 0.004 MM DJ BASIN, 0.08 MM POWDER RIVER BASIN, AND CO2 SOURCE FIELDS AND OTHER OF 0.19 MM ONE OF THE LARGEST U.S. ACREAGE HOLDERS 1.5 MM C O N V E N T I O N A L 1.4 MM PERMIAN 2.9 MM ACRES U N C O N V E N T I O N A L 0.9 MM GULF OF AMERICA T O T A L A C R E A G E 0.1 MM D J B A S I N 0.5 MM ROCKIES 0.6 MM ACRES P O W D E R R I V E R 4.6 MM OTHER ONSHORE T O T A L A C R E A G E Excludes acreage outside of active operating areas Other Onshore U.S. consists of acreage and fee minerals outside of Oxy's core operated areas 9.0 MM Net Total U.S. Acres POWDER RIVER DJ BASIN PERMIAN GULF OF AMERICA 33

• 34. U.S. ONSHORE OVERVIEW NOTE: AS OF 06/30/25; ACREAGE AMOUNTS REPRESENT NET ACRES 34 ROCKIES 0.6 MM ACRES PERMIAN 2.9 MM ACRES 2 Q 2 5 N E T P R O D U C T I O N Oil (Mbod) NGLs (Mbbld) Gas (MMcfd) Total (Mboed) Permian 410 196 982 770 Rockies & Other Dmstc. 88 74 659 272 Total 498 270 1,641 1,042 DEPLOY POWERFUL TECHNOLOGY STRATEGIC INFRASTRUCTURE ADVANCED SUBSURFACE CHARACTERIZATION OPTIMIZED DEVELOPMENT STRATEGY + +

• 35. NOTE: AS OF 06/30/25; ACREAGE AMOUNTS REPRESENT NET ACRES 35 GULF OF AMERICA OVERVIEW ALABAMA TEXAS LOUISIANA MISSISSIPPI BOOMVANG CONSTITUTION LUCIUS HEIDELBERG HOLSTEIN MARCO POLO HORN MOUNTAIN MARLIN 0.9 MM GULF OF AMERICA T O T A L A C R E A G E 2 Q 2 5 N E T P R O D U C T I O N Oil (Mbod) 106 NGLs (Mbbld) 9 Gas (MMcfd) 60 Total (Mboed) 125

• 36. NOTE: AS OF 06/30/25; ACREAGE AMOUNTS REPRESENT GROSS ACRES; 0.6 MM ACRES EXIST IN OTHER INTERNATIONAL LOCATIONS 1ONSHORE BLOCK 3 AND BLOCK 5 36 INTERNATIONAL OVERVIEW 2 Q 2 5 N E T P R O D U C T I O N Oil (Mbod) NGLs (Mbbld) Gas (MMcfd) Total (Mboed) Algeria & Other Intl. 26 3 14 31 Al Hosn 14 26 263 84 Dolphin 7 8 162 42 Oman 66 - 60 76 Total 113 37 499 233 OMAN 6.0 MM ACRES UAE1 2.5 MM ACRES ALGERIA 0.5 MM ACRES MENA

• 37. 37 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions

• 38. UNLOCKING LEADING POSITION WITH PELICAN HUB 1PointFive signs 25-year carbon offtake agreement with CF Industries-JERA-Mitsui JV • ~2.3 million metric tons of CO2 per year • CO2 captured from the Blue Point low-carbon ammonia production facility will be transported and geologically stored at 1PointFive’s Pelican Sequestration Hub • Enables large-scale production of low-carbon products and helps hard-to-decarbonize sectors reduce emissions • Landmark agreement supported FID of Pelican Hub and positions 1PointFive for growth opportunities in Louisiana • Limited near-term capital requirements and fits within existing framework for Low Carbon Ventures spend Approximately 60 million metric tons of CO2 emissions annually from existing emitters in the Pelican Sequestration Hub service area AGREEMENT HIGHLIGHTS 1 1SOURCE: EPA FLIGHT DATA AS OF 2023 38

• 39. 39 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions

• 40. ABBREVIATIONS AND DEFINITIONS AI – Artificial Intelligence B – Billion BBL – Barrel BOE – Barrel of Oil Equivalent CCUS – Carbon Capture, Utilization and Sequestration CEIC – Carbon Engineering Innovation Centre CFFO – Cash Flow from Operations CO2 – Carbon Dioxide DAC – Direct Air Capture EBIT – Earnings Before Interest and Taxes EBITDA – Earnings Before Interest, Taxes, Depreciation, and Amortization EOR – Enhanced Oil Recovery EPA – Environmental Protection Agency FID – Final Investment Decision FY – Full Year GAAP – U.S. Generally Accepted Accounting Principles GoA – Gulf of America JV – Joint Venture KTPA – Thousand Tonnes per Annum LCV – Oxy Low Carbon Ventures LOE – Lease Operating Expense MBOD – Thousand Barrels of Oil per Day MBOED – Thousand Barrels of Oil Equivalent per Day MM – Million MMBOE – Million Barrels of Oil Equivalent MMBTU – Million British Thermal Units MTM – Mark to Market OBO – Operated by Others OPEX – Operating Expenses PVC – Polyvinyl Chloride R&D – Research and Development VCM – Vinyl Chloride Monomer WTI – West Texas Intermediate YTD – Year to Date Cash Flow from Operations – Operating Cash Flow Before Working Capital Excess Cash Flow – Operating Cash Flow - Net Capital Expenditures - Debt Maturities - Preferred Dividend Free Cash Flow – Operating Cash Flow Before Working Capital - Net Capital Expenditures Net Capital Expenditures – Oxy Capital Expenditures - Noncontrolling Interest Contributions Abbreviations Definitions NOTE: SEE THE DEFINITIONS AND RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE 40