OCCIDENTAL PETROLEUM CORPORATION. Third Quarter 2015 Earnings Conference Call October 28, 2015

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1 OCCIDENTAL PETROLEUM CORPORATION Third Quarter 2015 Earnings Conference Call October 28, 2015

2 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental's products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental's operations, not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks or insurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as estimate, project, predict, will, would, should, could, may, might, anticipate, plan, intend, believe, expect, aim, goal, target, objective, 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 legally required, Occidental does not undertake any obligation to update any forward looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental s results of operations and financial position appear in Part I, Item 1A Risk Factors of the 2014 Form 10-K. Use of non-gaap Financial Information This presentation includes non-gaap financial measures. You can find the reconciliations to comparable GAAP financial measures on the Investors section of our website. 2

3 Highlights 3Q15 production increased 16% to 689,000 BOED from last year s 595,000 BOED 39,000 BOED year over year growth in Permian Resources 50,000 BOED year over year growth from Al Hosn which reached full capacity Capital and operating costs continued to decline with our focused development program Continued to make progress on our efforts to optimize our portfolio through strategic review to focus on core assets in Permian Basin and Middle East Reached agreement for the sale of our Williston basin assets Evaluating positions in non-core Middle East / North Africa with objective of minimizing our exposure Construction of the ethylene cracker on schedule for a start-up in early

4 Production Growth Oil production growth driven by: Total Oil Production (MBOD) Focused development program in Permian Resources Al Hosn 401 Resilient base production Q Q Q Q Q Q Q

5 2015 Objectives Adjust to Lower Product Prices CASH FLOW GROWTH Permian Resources production growth Al Hosn start-up Improvement in price realizations COST SAVINGS Drilling costs in Wolfcamp A in Delaware basin down over 40% Y/Y Capital savings re-deployed into additional activity in Permian Basin Operating Cash Flow to cover dividend outlays and growth capital program at ~$60/bbl realized oil prices ~$300 million reduction in capital spending from 2Q 2015 ~$600 million of G&A savings expected from FY 2014 to FY

6 Portfolio Review Williston Basin Sale Agreement Reached an agreement to divest Williston basin assets; expected to close in 4 th Quarter Due to curtailed spending and nature of unconventional assets, production declined ~25% quarter over quarter, when annualized. Production expected to continue to decline given very limited capital investment Over the past several years, our efforts at appraising and delineating our acreage in the Permian basin have provided a large inventory of future development locations that are economic at oil prices under $60 barrel. With ample takeaway capacity and an extensive midstream business of gathering lines, storage and gas processing, our economies of scale and deep inventory in the Permian basin make it our top priority for capital allocation for the foreseeable future. 6

7 Portfolio Review Non-Core Middle East Continue to pursue strategies to substantially reduce our activities and exposure to our non-core operations in Bahrain, Iraq, Libya and Yemen As a result of these actions and the significant decline in oil and gas futures prices, we took impairment charges in 3Q15 for our positions in Iraq and Libya. We will comply with our contract terms as we reduce our exposure through negotiations with our partners and host governments and expect capital investments to decline in These actions will improve the profitability and cash flow generation of our Middle East business as we focus on our core assets in Abu Dhabi, Qatar and Oman. 7

8 2015 Capital Program Evolution 2015 Capital Budget and Domestic Drilling Rigs 100% 75% 50% 25% Capital Budget Domestic Drilling Rigs Capital spending declined by ~$300 million from 2Q15. As we capture price savings from suppliers and improve efficiencies, we are able to do more with less spending. We expect to exit 2015 at a quarterly spending rate of $1.1 to $1.2 billion. If product prices remain at current levels, our 2016 capital will be less than the current run rate. 0% 1Q15 2Q15 3Q15 4Q15E Expect to provide guidance on the 2016 capital program in January Note: 1Q15 is the baseline index; subsequent quarters are a % of 1Q15 8

9 Committed Project Capital Declining Committed Project Capital ($ in millions) $1,300 Multiple long-term investments to drive cash flow and earnings growth Al Hosn Ethylene cracker JV $800 Ingleside terminal Gas processing $500 $ E 2016E 2017E Capital spending will continue to decline and cash flows and earnings expected to grow as projects start-up. Increased flexibility on capital budget in 2016 and

10 Permian Resources Production Growth Total production grew 51% yearover-year to 116 MBOED. Oil production grew 72% year-over-year to 74 MBOD. Total production is expected to grow at a ~30% annual growth rate through Oil production is expected to continue to grow at rates higher than total production as we focus drilling on oil. Expect to exit 2015 with production of at least 120 MBOED Oil NGL Gas 116 ~ Q15 2Q15 3Q15 4Q15E Production (MBOED) 10

11 Permian Resources - Activity Summary Expect 4Q activity to be similar to 3Q levels with lower rig count Total Well Count Hz 36 Hz 56 Hz 47 Hz 61 Hz 67 Hz 42 Hz 53 Hz 47 Hz 49 Hz 45 Hz 47 Hz 0 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15E Drilled Online

12 Third Quarter Earnings 2015 Permian Resources Manufacturing Mode: Drilling / Completions Move to Manufacturing Mode Significantly Reduced Well Cost WELL COST Delaware Wolfcamp A 4,500 HZ DRILL DAYS Delaware Wolfcamp A 4,500 HZ $12.0 $ GROSS WELL COST $MM $10.0 $8.0 $6.0 $4.0 $2.0 $- $5.6 $6.3 $6.1 $3.4 $3.3 $5.3 $2.9 $ Current Target Q15 2Q15 3Q15 Best Drilling Completions Rig Release to Rig Release 12

13 Delaware Basin Recent Performance Well Performance: Texas Delaware Wolfcamp A Peak 24 Hour 30 Day Boepd / 1000 LEIGH STATE 40 #11H 82% Oil 1,528 1, BETTY LOU 1013H 82% Oil 1,310 1, Avg , OXY Focus Acreage Peck State 258 6H online December 2014 has cumulative oil production of 287 MBO (6 month cumulative oil production of 204 MBO) Buzzard State 9H online November 2014 has cumulative oil production of 221 MBO (6 month cumulative oil production of 154 MBO) 13

14 Permian Resources Manufacturing Mode: Drilling / Completions Move to Manufacturing Mode Significantly Reduced Well Cost WELL COST East Midland Wolfcamp A 7,500' Hz GROSS WELL COST $MM $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $- $9.2 $5.5 $3.7 $6.6 $6.2 $4.5 $4.1 $2.1 $ Current Target DRILL DAYS East Midland Wolfcamp A 7,500 Hz Q15 2Q15 3Q15 Best Drilling Completions Rig Release to Rig Release 14

15 East Midland Basin Recent Performance Well Performance: Wolfcamp A Peak 24 Hour 30 Day Boepd / 1000 ADAMS 4201WA 90% Oil 1,495 1, YOUNG A 2124WA 89% Oil 1,237 1, Avg , OXY Operated Acreage May 1102 WA online 2Q 2015 has four month cumulative oil production of 102 MBO Adams 4201 WA online in 2Q 2015 has three month cumulative oil production of 77 MBO Currently producing 1,400 bopd 15

16 Permian Resources Cash Operating Expense Reduction Permian Resources Opex / Boe $15.00 $13.20 $13.03 Focus on reducing field $10.00 $11.39 $10.87 operating costs during 2015 Downhole expense ($/boe) reduced 33% from 4Q 2014 $5.00 Company-operated cash operating expenses down ~18% ($/boe) from 4Q 2014 $- 4Q14 1Q15 2Q15 3Q15 Surface Downhole Supports Energy Other 16

17 Permian EOR CO 2 Supply & Processing Stable and low-decline base production at an advantaged cost Permian EOR business remains profitable in the current downturn EOR business is expected to generate free cash flow this year in the current oil price environment. South Hobbs: Started CO 2 injection into Phase 1 in September (ahead of schedule) 17

18 Update on Hobbs: CO 2 Flood and Expansion Areas North Hobbs: Phase 1 added 35 MMBOE (Injection started in 2003) Phase 2A Project will develop 13.7 MMBOE at $13.82 per BOE (Injection Starts in 6/2016) ~93% oil production South Hobbs: Started CO 2 injection into Phase 1 in September (ahead of schedule) Phase 1 & 2 will develop 28 MMBOE at $10.60 per BOE 100% oil production North Hobbs Oil Production 18

19 Permian Summary Continue to execute focused development strategy in Permian Resources Expect to drill ~50 horizontal wells in 4Q15 Expect to exit 2015 with production of at least 120 MBOED EOR Resources ~262 ~118 EOR business is expected to generate free cash flow this year even in the current oil price environment Oxy is well positioned to meet the challenges of lower prices and to grow cash flows ~ Q15 2Q15 3Q15 4Q15E Production (MBOED) 19

20 Highlights Domestic oil production (Bbl/d) Total company production (BOED) Core earnings** Core diluted EPS** 3Q15 CFFO before Working Capital 3Q15 Capital Expenditures Cash 9/30/2015 Results 204,000 12% year / year growth* 689,000 $24 million $0.03 $1.2 billion $1.2 billion $4.3 billion *Excludes California and Hugoton operations. **See Significant Items Affecting Earnings in the Earnings Release Attachments. 20

21 Non-Core Items Oxy follows the Successful Efforts method of accounting where we review our proved oil and gas properties for indications of impairment whenever events or circumstances indicate that the carrying value of the oil and gas properties may not be adequately recovered, such as when there is a significant drop in the futures price curve. Impairments ($ millions) After-Tax Libya & Iraq $1,450 Williston 500 Domestic Gas Assets 600 Other 50 Total $2,600 Non-Core Impact of Williston, Iraq & Libya ($ in millions) FY 2014 YTD 2015 Brent Oil Price ($/bbl) ~$100 / bbl ~$56 / bbl Cash Flow after Capex ~($340) ~($260) Production (MBOED) These actions will improve the profitability and cash flow generation of our oil and gas operations with a more focused business. 21

22 Oil & Gas Segment Pre-Tax Core Earnings PRE-TAX 3Q15 vs. 2Q15 ($ in millions) Core Results 3Q15 $162 mm 2Q15 $324 mm 3Q14 $1.6 B 324 (261) (14) 45 2Q15 Sales Price Sales Volumes Lower Operating Expenses All Others 3Q15 22

23 Oil and Gas Total Company Production Total company oil and gas production volumes averaged 689,000 BOED, an increase of 31,000 BOE in daily production from 2Q Company-wide Oil & Gas Production (MBOED) (7) (15) Q15 Permian Other Domestic Colombia MENA 3Q15 23

24 Oil and Gas Domestic Production Exceeded our domestic oil production growth guidance with a year over year increase of 22,000 BOD or about 12% led by our Permian Resources assets. Domestic Oil & Gas Production (MBOED) 333 (1) 3 (3) Q14 2Q15 Oil NGLs Natural Gas 3Q15 Note: Excludes California and Hugoton Operations 24

25 Oil & Gas Realized Prices Worldwide Oil ($/bbl) Realized Prices Worldwide NGLs ($/bbl) Benchmark Prices Domestic Nat. Gas ($/mmbtu) WTI Brent NYMEX 3Q15 $47.78 $14.68 $2.24 $46.43 $51.17 $2.78 WTI % 103% 32% 81%* Brent % 93% 29% 2Q15 $54.55 $18.06 $2.09 $57.94 $63.50 $2.73 WTI % 94% 31% 77%* Brent % 86% 28% 3Q14 $94.26 $38.20 $3.74 $97.17 $ $4.17 WTI % 97% 39% 90%* Brent % 91% 37% Price Sensitivity Pre-tax Income Impact (Quarter) Oil +/- $1/bbl = +/- $30 mm NGL +/- $1/bbl = +/- $7 mm U.S. Nat Gas +/- $0.10/mmbtu = +/- $3 mm * As a % of NYMEX 25

26 Chemical Segment Core Earnings PRE-TAX Core Results 3Q15 $174 mm 2Q15 $136 mm 3Q14 $140 mm 3Q15 vs. 2Q15 ($ in millions) Guidance 4Q15 expected to be ~$130 mm (42) (8) 2Q15 Sales Price Sales Volume / Mix Operations / Manufacturing * All Others 3Q15 * Lower feedstock costs 26

27 Midstream & Marketing Segment Core Earnings PRE-TAX Core Results 3Q15 $31 mm 2Q15 $84 mm 3Q14 $155 mm 3Q15 vs. 2Q15 ($ in millions) 23 (91) (2) 2Q15 Pipelines Marketing Gas Plants All Others 3Q15 27

28 YTD 2015 Cash Flow Expect to receive proceeds from asset sales of ~$650 million in 4Q15 $3,800 ($2,100) ($4,400) YTD 2015 ($ in millions) 3Q15 LT Debt / Capital 19% $7,800 ($1,700) ($600) $1,500 $4,300 Restricted Cash $4,000 Restricted Cash $1,765 Beginning Cash CFFO Before Balance Working Capital 12/31/14 Change in Working Capital & Capital Accruals Capital Expenditures Dividends Share Repurchases Debt Issuance Ending Cash Balance 9/30/15 28

29 Capital Program 2015 Capital Budget $1.7 bn Total company capital expenditures for the 3Q15 were $1.2 billion and we expect our 4Q15 to be $1.1 to $1.2 billion. Permian Resources ~$1.5 bn Permian Resources ~$1.2 bn Permian Resources Oil and Gas spent $3.6 billion YTD, with Permian Resources expenditures comprising 50% of the total, and the remaining $800 million split between Chemicals and Midstream. Remaining Oil & Gas Midstream & Chemicals Remaining Oil & Gas Midstream & Chemicals Remaining Oil & Gas Midstream & Chemicals 1Q15 2Q15 3Q15 4Q15E Growth in operating cash flow should help us achieve our goal of being cash flow neutral after capital expenditures and dividends at ~$60 realized oil prices. 29

30 Targeted Overhead Reductions Annual G&A Expense ($ in millions) Expect to continue to reduce SG&A costs ~$1,800 ~$300 ~$300 ~$1,200 Costs associated with exiting non-core assets Elimination of contract workers, replaced with own employees Voluntary severance program Fewer expat workers Foregoing salary increases and capped bonuses Sale of corporate airplanes and hangar Closure and sale of former California headquarters 2014 Actual* CRC Spin-Off Targeted Reductions 2016 Outlook Reduction in subscriptions and renegotiations of contracts and licenses * Amount prior to spin-off of CRC 30

31 4Q15 Production Outlook 4Q15 US Production Outlook Permian Resources of ~118,000 BOED Total Domestic of 310, ,000 BOED Growth in Permian with declines in Midcontinent gas production and adjusted for the sale of Williston assets 4Q15 International Production Outlook Total volumes of 365, ,000 BOED Assumes ~60,000 BOED from Al Hosn 31

32 4Q15 & FY 2015 Guidance Summary Oil & Gas Segment 2015 total production is expected to be between 660, ,000 BOED. Domestic 4Q15 Production Total production of 310, ,000 BOED, adjusted for sale of Williston Permian Resources production of ~118,000 BOED International 4Q15 Production Total production of 365, ,000 BOED Al Hosn production of ~60,000 BOED Exploration expense: $20 mm in 4Q15. Price Sensitivity Pre-tax Income Impact (Quarter) Oil +/- $1/bbl = +/- $30 mm NGL +/- $1/bbl = +/- $7 mm U.S. Nat Gas +/- $0.10/mcf = +/- $3 mm DD&A FY 2015 Oil & Gas: ~$16.00 / BOE Chemicals and Midstream: $625 mm Chemical Segment ~$130 mm pre-tax income in 4Q15. Corporate FY 2015 Domestic tax rate: 36% FY 2015 Int'l tax rate: 65% Interest expense of $55 mm in 4Q15 Expect to receive $650 mm in proceeds from asset sales in 4Q15 32

33 THIRD QUARTER 2015 EARNINGS CONFERENCE CALL Q&A

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