Occidental Petroleum Corporation Permian Basin Overview September 21, Rick Van Eyk Vice President Permian Midstream Strategic Development

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1 Occidental Petroleum Corporation Permian Basin Overview September 21, 2012 Rick Van Eyk Vice President Permian Midstream Strategic Development

2 Agenda Centurion Overview Permian Basin Production Supply and Demand Market Drivers Takeaway Capacity Centurion Projects

3 Centurion Pipeline L.P. Overview Summary Headquarters in Houston, TX with operations office in Midland, TX Subsidiary of Occidental Petroleum Corporation Common Carrier crude oil pipeline Transports all qualities of crude Over 365,000 b/d of capacity Assets 2,700 miles of active pipeline Permian Basin 5.8 million barrels of storage Over 70 active truck unloading stations Stations located at the key markets of Midland, TX and Cushing, OK Future connections to Longhorn and BridgeTex Pipelines for access to the Gulf Coast

4 Transportation Services Centurion Pipeline L.P. (CPL) transports crude oil production to market hubs, connecting pipeline carriers and refineries Customers include producers, marketers, refiners and trucking companies CPL creates customized transportation solutions: Gathering crude oil production from leases Transporting multiple grades of crude oil Building pipelines to connect to markets Installing truck unloading stations Operating, storing and leasing tanks Creating custom crude oil streams CPL s services are cost effective, reliable and timely and supports production growth

5 Permian Basin Overview

6 Supply The Permian Basin is on the forefront of the crude oil boom driven by high prices and new technologies Horizontal drilling and hydraulic fracturing technology is hitting multiple pay zones, generating high rates of return on drilling programs Permian Basin production forecasts range between 1.5 to 2.0 MMb/d by the end of 2016; 50 to 100% above current rates Existing export pipelines are operating at or close to full capacity Problems arise when there is a pipeline outage or a refinery goes down for repairs or maintenance

7 Emerging Permian Basin Oil Plays Midland Source: Bentek

8 Production Forecasts and Rigs Source: Bentek

9 Demand Oil price outlook remains strong Historical markets for Permian Basin production (Midland and Cushing) are over supplied and lack sufficient takeaway capacity Supply-demand imbalance between the Permian and Cushing is driving price volatility Prices will remain volatile and significant regional discounting will continue without additional infrastructure Investments in new transportation assets to access higher priced markets is spurring industry growth

10 Refining Capacity Permian Refineries Unable to Absorb Production Growth (Alon, Holly/Navajo, Western, COP Borger, Valero McKee) Source: Bentek

11 Transportation Capacity Production growth is spurring increases in takeaway capacity Significant investments are being made to expand transportation infrastructure Announced crude oil pipeline expansion projects should provide sufficient capacity by the end of 2014 Planned pipeline capacity of 1.7MMbbls aligns with production forecasts at 1.6 MMb/d Additional takeaway capacity may be needed beyond 2014 Some potential new projects include Looping Centurion, Basin, WTG Expanding Longhorn New build to the Gulf Coast

12 Transportation is Limiting Factor MMb/d Low 2010 Base 2012 High Takeaway Capacity Transportation constraints are limiting potential upside in the Permian Source: Bentek

13 Takeaway Capacity Company Pipeline Centurion Capacity Mb/d 140 Sunoco WTG 250 Plains Basin 350 COP 150 Existing ~900 Longhorn 225 BridgeTex 278 Permian Express WTG Basin Planned ~800 Future 1,700 WTG 150

14 Significant Shifts in Crude Flows Price differentials between Midland and Cushing to Gulf Coast are at historic highs The market is undergoing a historic realignment of crude flows to the Gulf Coast away from northern markets New technologies are expanding drilling programs in the Permian Basin creating supply sources Export pipelines from the Permian Basin are full today and will become more bottlenecked with projected production growth These changes in crude flows are creating transportation bottlenecks New transportation capacity is needed to export production to better markets that enhance value

15 Market Drivers Price Volatility Growing Production Technology driving new production Increasing discounted Canadian imports Cushing Midland are over Rising demand for and transportation infrastructure supplied Insufficient take away capacity Supply Transportation Increasing price volatility Demand Bottlenecks Imbalances Pipelines realigning to Gulf Coast Significant investment in infrastructure Cushing and Midland surplus

16 Midland Expansion Projects Scope: 24 and 10 capacity expansion pipelines and pump upgrades Location: Centurion s Midland Tank Farm Markets: Plains Mesa and Basin and Enterprise Stations Capacity: 80,000 b/d In-Service date: December 2012

17 Wolfberry Map Production Fields: Wolfberry ~ 20 miles north west of Midland Scope: 50 miles of 16 trunk and 4-6 gathering pipelines plus truck and pump stations Markets: Midland with connections to Mesa and Basin Pipelines Capacity: 100,000 b/d of WTI In-Service date: May 2012

18 Delaware Basin Map Production Fields: Wolfcamp, Wolfbone and Bone Springs in Ward, Pecos and Reeves counties TX Scope: 75 miles 12 trunk and 4-6 gathering pipelines plus truck and origination station with tankage Markets: Magellan s Longhorn at Crane and Midland connections to Mesa and Basin Pipelines Capacity: 75,000 b/d of WTI In Service date: Q2-2013

19 BridgeTex Company: 50/50 Oxy and Magellan Scope: 400 miles of 20 plus over 2mmbbls of storage Origin: Colorado City, Texas Destination: Houston Area Gulf Coast Capacity: 278mb/d In Service date: Mid-14 Benefits: Creates significant new export capacity and provides Permian Basin producers with direct access to over 2MM bpd of refining capacity in the Houston Area Gulf Coast

20 Mitigating Pipeline Project Risk Create collaborative win-win solutions between producers and operators to accurately define project scopes and estimate costs right size pipe in the right location at the right time Implement pipeline projects in phases that coincide with the production growth Consolidate local area production to offset costs Trucks offer interim solution before pipelines are justified Require contractual commitments to projects via throughput commitment or acreage dedications

21 Centurion Benefits CPL s extensive pipeline network is strategically located in the nation s most prolific crude oil producing region (Permian Basin) and connected to key markets in Cushing OK and Midland TX Solutions are tailor-made to meet the transportation needs of producers Performance on reliability and safety ranked in the top quartile of the industry Creates market access to enhance production value Ensure production flows on a safe and reliable pipeline

22 Conclusion Permian Basin production is expected to grow substantially in the next five years Transportation capacity is tight and expected to remain constrained The spread between Midland and Cushing will continue to be wide Export projects are needed in the Permian Basin to help alleviate transportation constraints

23 Links

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