Core results (a) $ 1,387 $ 5,602 $ 5,750 $ 6,828 $ 4,664

Transcription

1 Summary of Selected Financial Data (Dollar amounts in millions, except per-share amounts) 3 Months Ended For the twelve months ended March 31, December 31, RESULTS OF OPERATIONS Net sales $ 6,088 $ 24,455 $ 24,172 $ 23,939 $ 19,045 Income from continuing operations (b) $ 1,387 $ 5,922 $ 4,635 $ 6,640 $ 4,569 Net income attributable to common stock $ 1,390 $ 5,903 $ 4,598 $ 6,771 $ 4,530 Earnings per share attributable to common stock Basic earnings per common share from continuing operations (b) $ 1.75 $ 7.35 $ 5.72 $ 8.16 $ 5.62 Basic earnings per common share (b) $ 1.75 $ 7.33 $ 5.67 $ 8.32 $ 5.57 Diluted earnings per common share (b) $ 1.75 $ 7.32 $ 5.67 $ 8.32 $ 5.56 Core results (a) $ 1,387 $ 5,602 $ 5,750 $ 6,828 $ 4,664 FINANCIAL POSITION Total assets $ 69,275 $ 69,443 $ 64,210 $ 60,044 $ 52,432 Long-term debt, net $ 6,877 $ 6,939 $ 7,023 $ 5,871 $ 5,111 Stockholders' equity $ 43,369 $ 43,372 $ 40,048 $ 37,620 $ 32,484 CASH FLOW Operating: Cash provided by operating activities $ 2,697 $ 12,927 $ 11,312 $ 12,281 $ 9,566 Investing: Capital expenditures $ (2,269) $ (9,037) $ (10,226) $ (7,518) $ (3,940) Cash provided (used) by all other investing activities, net $ (104) $ 844 $ (2,429) $ (2,385) $ (5,355) Financing: Cash dividends paid $ (514) $ (1,553) $ (2,128) $ (1,436) $ (1,159) Cash (used) provided by all other financing activities, net $ (871) $ (1,380) $ 1,282 $ 261 $ 2,242 Debt to capitalization 14% 14% 16% 13% 14% Dividends per common share $ 0.72 $ 2.56 $ 2.16 $ 1.84 $ 1.47 Weighted average shares outstanding (millions) Basic Diluted (a) Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Therefore, management uses a measure called "core results", which excludes those items. 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 earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles. (b) Represents amounts attributable to common stock after deducting noncontrolling interest amounts.

2 Consolidated Statements of Operations (Amounts in millions, except per-share amounts) 3 Months Ended For the twelve months ended March 31, December 31, REVENUES Net sales Oil and gas $ 4,676 $ 19,132 $ 18,906 $ 18,419 $ 14,276 Chemical 1,220 4,673 4,580 4,815 4,016 Midstream, marketing and other 435 1,538 1,399 1,447 1,471 Eliminations (a) (243) (888) (713) (742) (718) 6,088 24,455 24,172 23,939 19,045 Interest, dividends and other income Gain on sale of equity investments - 1, ,118 25,736 24,253 24,119 19,157 COSTS AND OTHER DEDUCTIONS Cost of sales 3,198 7,562 7,844 7,385 6,112 Selling, general and administrative and other operating expenses 388 1,801 1,602 1,523 1,396 Depreciation, depletion and amortization (b) - 5,347 4,511 3,591 3,153 Asset impairments and related items , Taxes other than on income Exploration expense Interest and debt expense, net ,864 16,454 16,863 13,660 11,798 INCOME BEFORE INCOME TAXES AND OTHER ITEMS 2,254 9,282 7,390 10,459 7,359 Provision for domestic and foreign income taxes (932) (3,755) (3,118) (4,201) (2,995) Income from equity investments INCOME FROM CONTINUING OPERATIONS 1,389 5,922 4,635 6,640 4,641 Discontinued operations, net 3 (19) (37) 131 (39) NET INCOME 1,392 5,903 4,598 6,771 4,602 Less: Net income attributable to noncontrolling interest (2) (72) NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 1,390 $ 5,903 $ 4,598 $ 6,771 $ 4,530 EARNINGS PER SHARE (attributable to common stock) BASIC EARNINGS PER COMMON SHARE Income from continuing operations $ 1.75 $ 7.35 $ 5.72 $ 8.16 $ 5.62 Discontinued operations, net - (0.02) (0.05) 0.16 (0.05) BASIC EARNINGS PER COMMON SHARE $ 1.75 $ 7.33 $ 5.67 $ 8.32 $ 5.57 DILUTED EARNINGS PER COMMON SHARE Income from continuing operations $ 1.75 $ 7.34 $ 5.71 $ 8.16 $ 5.61 Discontinued operations, net - (0.02) (0.04) 0.16 (0.05) DILUTED EARNINGS PER COMMON SHARE $ 1.75 $ 7.32 $ 5.67 $ 8.32 $ 5.56 DIVIDENDS PER COMMON SHARE $ 0.72 $ 2.56 $ 2.16 $ 1.84 $ 1.47 (a) Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions. (b) Depreciation, depletion and amortization of assets is not broken out as a separate line on an interim reporting basis. Please see schedule, "Consolidated Capital Expenditures and DD&A Expense" for total DD&A and breakdown by segment.

3 Consolidated Balance Sheets (Amounts in millions) 31-Mar Dec Dec Dec Dec-10 CURRENT ASSETS Cash and cash equivalents $ 2,332 $ 3,393 $ 1,592 $ 3,781 $ 2,578 Trade receivables, net 5,233 5,674 4,916 5,395 5,032 Inventories 1,308 1,200 1,344 1,069 1,041 Assets held for sale Other current assets 1,201 1,056 1,640 1,297 4,408 Total current assets 10,899 11,323 9,492 11,542 13,059 INVESTMENTS IN UNCONSOLIDATED ENTITIES 1,511 1,459 1,894 2,072 2,039 PROPERTY, PLANT AND EQUIPMENT Oil and gas segment 72,616 72,367 65,417 56,682 46,232 Chemical segment 6,483 6,446 6,054 5,715 5,508 Midstream, marketing and other segment 9,110 8,684 7,191 5,664 4,094 Corporate 1,581 1,555 1,434 1,310 1,123 89,790 89,052 80,096 69,371 56,957 Accumulated depreciation, depletion and amortization (33,746) (33,231) (28,032) (23,687) (20,421) 56,044 55,821 52,064 45,684 36,536 LONG-TERM RECEIVABLES AND OTHER ASSETS, NET TOTAL ASSETS $ 69,275 $ 69,443 $ 64,210 $ 60,044 $ 52,432 CURRENT LIABILITIES Current maturities of long-term debt $ - $ - $ 600 $ - $ - Accounts payable 5,423 5,520 4,708 5,304 4,646 Accrued liabilities 2,346 2,556 1,966 2,533 3,009 Domestic and foreign income taxes Liabilities of assets held for sale Total current liabilities 8,190 8,434 7,290 7,947 7,825 LONG-TERM DEBT, NET 6,877 6,939 7,023 5,871 5,111 DEFERRED CREDITS AND OTHER LIABILITIES Deferred domestic and foreign income taxes 7,398 7,197 6,039 4,846 3,445 Other 3,441 3,501 3,810 3,760 3,567 10,839 10,698 9,849 8,606 7,012 STOCKHOLDERS EQUITY Common stock, $.20 per share par value Treasury stock (7,079) (6,095) (5,091) (4,502) (4,228) Additional paid-in capital 7,543 7,515 7,441 7,286 7,191 Retained earnings 42,652 41,831 37,990 35,142 29,868 Accumulated other comprehensive loss (296) (303) (502) (483) (524) Total equity attributable to common stock 42,998 43,126 40,016 37,620 32,484 Noncontrolling interest Total equity 43,369 43,372 40,048 37,620 32,484 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,275 $ 69,443 $ 64,210 $ 60,044 $ 52,432

4 Consolidated Statements of Cash Flow (Amounts in millions) 3 Months Ended For the twelve months ended March 31, December 31, CASH FLOW FROM OPERATING ACTIVITIES Net income $ 1,392 $ 5,903 $ 4,598 $ 6,771 $ 4,602 Adjustments to reconcile net income to net cash provided by operating activities: Discontinued operations, net (3) (131) 39 Depreciation, depletion and amortization of assets 1,266 5,347 4,511 3,591 3,153 Deferred income tax provision 198 1,187 1,128 1, Gain on sale of equity investments - (1,175) Other noncash charges to income Asset impairments and related items , Undistributed earnings from equity investments 3 (3) (30) (33) (60) Dry hole expenses Changes in operating assets and liabilities: Decrease (increase) in receivables 433 (755) 472 (360) (929) (Increase) decrease in inventories (109) 87 (265) (50) (42) (Increase) decrease in other current assets (147) (Decrease) increase in accounts payable and accrued liabilities (392) 500 (1,086) 657 1,146 (Decrease) increase in current domestic and foreign income taxes (27) (174) 186 Other operating, net (370) Operating cash flow from continuing operations 2,704 12,983 11,348 12,306 9,356 Operating cash flow from discontinued operations, net of taxes (7) (56) (36) (25) 210 Net cash provided by operating activities 2,697 12,927 11,312 12,281 9,566 CASH FLOW FROM INVESTING ACTIVITIES Capital expenditures (2,269) (9,037) (10,226) (7,518) (3,940) Payments for purchases of assets and businesses (7) (643) (2,490) (4,909) (4,924) Sale of equity investments and assets, net - 1, Other, net (97) (132) 57 (96) (36) Investing cash flow from continuing operations (2,373) (8,193) (12,655) (12,473) (8,880) Investing cash flow from discontinued operations ,570 (415) Net cash used by investing activities (2,373) (8,193) (12,655) (9,903) (9,295) CASH FLOW FROM FINANCING ACTIVITIES Payments of long-term debt (61) (690) - (1,523) (311) Proceeds from long-term debt - - 1,736 2,111 2,584 Proceeds from issuance of common stock Purchases of treasury stock (946) (943) (583) (274) (67) Contributions from (distributions to) noncontrolling interest (121) - Cash dividends paid (514) (1,553) (2,128) (1,436) (1,159) Other, net Financing cash flow from continuing operations (1,385) (2,933) (846) (1,175) 1,083 Financing cash flow from discontinued operations Net cash (used) provided by financing activities (1,385) (2,933) (846) (1,175) 1,083 Increase (decrease) in cash and cash equivalents (1,061) 1,801 (2,189) 1,203 1,354 Cash and cash equivalents - beginning of year 3,393 1,592 3,781 2,578 1,224 Cash and cash equivalents - end of year $ 2,332 $ 3,393 $ 1,592 $ 3,781 $ 2,578

5 Oil and Gas Net Proved Developed and Undeveloped Year-End Reserves United States Oil (MMBBL) 1,665 1,567 1,526 1,460 1,385 NGL (MMBBL) Gas (BCF) 2,855 2,889 3,365 3,034 2,799 BOE (MMBBL)¹ 2,415 2,265 2,313 2,203 2,072 Latin America Oil (MMBBL) NGL (MMBBL) Gas (BCF) BOE (MMBBL)¹ Middle East / North Africa Oil (MMBBL) NGL (MMBBL) Gas (BCF) 2,687 2,640 1,925 2,048 2,175 BOE (MMBBL)¹ Worldwide Oil (MMBBL) 2,147 2,036 2,008 2,012 1,974 NGL (MMBBL) Gas (BCF) 5,566 5,568 5,323 5,138 5,027 BOE (MMBBL)¹ 3,483 3,296 3,176 3,167 3,100 ¹ Natural gas volumes have been converted to barrels of equivalent (BOE) based on energy content of 6,000 cubic feet (Mcf) of gas to one barrel of oil. Segment Total Year-End Assets Oil and Gas $ 46,213 $ 44,004 $ 38,967 $ 31,855 $ 26,854 Chemical 3,947 3,854 3,754 3,755 3,608 Midstream, marketing and other 14,374 12,762 11,962 10,445 8,773 Corporate (a) 4,909 3,590 5,361 6,377 4,994 Total $ 69,443 $ 64,210 $ 60,044 $ 52,432 $ 44,229 (a) Corporate includes an interest in the Joslyn Oil Sands originally purchased in 2008 and Argentina assets held for sale for the periods , sold in Q

6 Consolidated Condensed Statements of Operations (Amounts in millions, except per-share amounts) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total REVENUES Net sales Oil and gas $ 4,676 $ 4,676 $ 4,440 $ 4,721 $ 5,018 $ 4,953 $ 19,132 Chemical 1,220 1,220 1,175 1,187 1,200 1,111 4,673 Midstream, marketing and other ,538 Eliminations (a) (243) (243) (196) (215) (211) (266) (888) 6,088 6,088 5,872 5,962 6,449 6,172 24,455 Interest, dividends and other income Gain on sale of equity investments ,044 1,175 6,118 6,118 5,907 6,121 6,475 7,233 25,736 COSTS AND OTHER DEDUCTIONS Cost of sales 3,198 3,198 3,137 3,180 3,214 3,372 12,903 Selling, general and administrative and other operating expenses ,807 Asset impairments and related items Taxes other than on income Exploration expense Interest and debt expense, net ,864 3,864 3,800 3,979 3,956 4,719 16,454 INCOME BEFORE INCOME TAXES AND OTHER ITEMS 2,254 2,254 2,107 2,142 2,519 2,514 9,282 Provision for domestic and foreign income taxes (932) (932) (844) (901) (1,037) (973) (3,755) Income from equity investments INCOME FROM CONTINUING OPERATIONS 1,389 1,389 1,359 1,327 1,588 1,648 5,922 Discontinued operations, net 3 3 (4) (5) (5) (5) (19) NET INCOME 1,392 1,392 1,355 1,322 1,583 1,643 5,903 Less: Net income attributable to noncontrolling interest (2) (2) NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 1,390 $ 1,390 $ 1,355 $ 1,322 $ 1,583 $ 1,643 $ 5, EARNINGS PER SHARE (attributable to common stock) BASIC EARNINGS PER COMMON SHARE Income from continuing operations $ 1.75 $ 1.75 $ 1.69 $ 1.65 $ 1.97 $ 2.05 $ 7.35 Discontinued operations, net - - (0.01) (0.01) (0.01) (0.01) (0.02) BASIC EARNINGS PER COMMON SHARE $ 1.75 $ 1.75 $ 1.68 $ 1.64 $ 1.96 $ 2.04 $ 7.33 DILUTED EARNINGS PER COMMON SHARE $ 1.75 $ 1.75 $ 1.68 $ 1.64 $ 1.96 $ 2.04 $ 7.32 DIVIDENDS PER COMMON SHARE $ 0.72 $ 0.72 $ 0.64 $ 0.64 $ 0.64 $ 0.64 $ 2.56 (a) Intersegment sales eliminate upon consolidation and are generally made at prices approximating those that the selling entity would be able to obtain in third-party transactions.

7 2014 Consolidated Condensed Balance Sheets (Amounts in millions) 31-Mar Jun Sep Dec-14 CURRENT ASSETS Cash and cash equivalents $ 2,332 Trade receivables, net 5,233 Inventories 1,308 Assets held for sale 825 Other current assets 1,201 Total current assets 10,899 INVESTMENTS IN UNCONSOLIDATED ENTITIES 1,511 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment 89,790 Accumulated depreciation, depletion and amortization (33,746) 56,044 LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 821 TOTAL ASSETS $ 69,275 CURRENT LIABILITIES Accounts payable $ 5,423 Accrued liabilities 2,346 Domestic and foreign income taxes 326 Liabilities of assets held for sale 95 Total current liabilities 8,190 LONG-TERM DEBT, NET 6,877 DEFERRED CREDITS AND OTHER LIABILITIES Deferred domestic and foreign income taxes 7,398 Other 3,441 10,839 STOCKHOLDERS EQUITY Common stock, $.20 per share par value 178 Treasury stock (7,079) Additional paid-in capital 7,543 Retained earnings 42,652 Accumulated other comprehensive loss (296) Total equity attributable to common stock 42,998 Noncontrolling interest 371 Total equity 43,369 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,275

8 2013 Consolidated Condensed Balance Sheets (Amounts in millions) 31-Mar Jun Sep Dec-13 CURRENT ASSETS Cash and cash equivalents $ 2,140 $ 3,069 $ 3,771 $ 3,393 Trade receivables, net 4,995 5,221 5,653 5,674 Inventories 1,306 1,340 1,328 1,200 Other current assets 1,713 1,229 1,186 1,056 Total current assets 10,154 10,859 11,938 11,323 INVESTMENTS IN UNCONSOLIDATED ENTITIES 1,917 1,808 1,713 1,459 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment 82,247 84,485 86,871 89,052 Accumulated depreciation, depletion and amortization (29,266) (30,536) (31,844) (33,231) 52,981 53,949 55,027 55,821 LONG-TERM RECEIVABLES AND OTHER ASSETS, NET TOTAL ASSETS $ 65,824 $ 67,422 $ 69,437 $ 69,443 CURRENT LIABILITIES Current maturities of long-term debt $ 600 $ 600 $ 600 $ - Accounts payable 4,889 5,274 5,671 5,520 Accrued liabilities 2,203 2,331 2,488 2,556 Domestic and foreign income taxes Total current liabilities 7,786 8,234 8,842 8,434 LONG-TERM DEBT, NET 7,024 7,026 6,961 6,939 DEFERRED CREDITS AND OTHER LIABILITIES Deferred domestic and foreign income taxes 6,310 6,658 7,048 7,197 Other 3,764 3,654 3,618 3,501 10,074 10,312 10,666 10,698 STOCKHOLDERS EQUITY Common stock, $.20 per share par value Treasury stock (5,091) (5,113) (5,148) (6,095) Additional paid-in capital 7,468 7,510 7,508 7,515 Retained earnings 38,829 39,634 40,700 41,831 Accumulated other comprehensive loss (502) (456) (448) (303) Total equity attributable to common stock 40,882 41,753 42,790 43,126 Noncontrolling interest Total equity 40,940 41,850 42,968 43,372 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 65,824 $ 67,422 $ 69,437 $ 69,443

9 2014 Consolidated Condensed Cash Flow Statements (Amounts in millions) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total CASH FLOW FROM OPERATING ACTIVITIES Net income $ 1,392 $ 1,392 Adjustments to reconcile net income to net cash provided by operating activities: Discontinued operations, net (3) (3) Depreciation, depletion and amortization of assets 1,266 1,266 Deferred income tax provision Other noncash charges to income Undistributed earnings from equity investments 3 3 Dry hole expenses Changes in operating assets and liabilities: Decrease in receivables (Increase) in inventories (109) (109) (Increase) in other current assets (147) (147) (Decrease) in accounts payable and accrued liabilities (392) (392) (Decrease) in current domestic and foreign income taxes (27) (27) Operating cash flow from continuing operations 2,704 2,704 Operating cash flow from discontinued operations, net of taxes (7) (7) Net cash provided by operating activities 2,697 2,697 CASH FLOW FROM INVESTING ACTIVITIES Capital expenditures (2,269) (2,269) Payment for purchases of assets and businesses (7) (7) Other, net (97) (97) Net cash used by investing activities (2,373) (2,373) CASH FLOW FROM FINANCING ACTIVITIES Payments of long-term debt (61) (61) Proceeds from issuance of common stock Purchases of treasury stock (946) (946) Contributions from noncontrolling interest Cash dividends paid (514) (514) Net cash provided (used) by financing activities (1,385) (1,385) Increase in cash and cash equivalents (1,061) (1,061) Cash and cash equivalents - beginning of year 3,393 3,393 Cash and cash equivalents - end of year $ 2,332 $ 2,332

10 2013 Consolidated Condensed Cash Flow Statements (Amounts in millions) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total CASH FLOW FROM OPERATING ACTIVITIES Net income $ 1,355 $ 1,322 $ 1,583 $ 1,643 $ 5,903 Adjustments to reconcile net income to net cash provided by operating activities: Discontinued operations, net Depreciation, depletion and amortization of assets 1,259 1,303 1,334 1,451 5,347 Deferred income tax provision ,187 Other noncash charges to income Asset impairments and related items Gain on sale of equity investments - (131) - (1,044) (1,175) Undistributed earnings from equity investments (22) (9) (9) 37 (3) Dry hole expenses Changes in operating assets and liabilities: (Increase) decrease in receivables (79) (224) (432) (20) (755) Decrease (increase) in inventories 40 (120) Decrease (increase) in other current assets (72) 156 (56) Increase (decrease) in accounts payable and accrued liabilities (195) (214) 500 Increase (decrease) in current domestic and foreign income taxes 78 (137) Other operating, net Operating cash flow from continuing operations 2,721 3,522 3,590 3,150 12,983 Operating cash flow from discontinued operations, net of taxes (9) (9) (29) (9) (56) Net cash provided by operating activities 2,712 3,513 3,561 3,141 12,927 CASH FLOW FROM INVESTING ACTIVITIES Capital expenditures (2,070) (2,210) (2,271) (2,486) (9,037) Payment for purchases of assets and businesses (94) (132) (116) (301) (643) Sales of equity investments, net ,349 1,619 Other, net (31) (32) 66 (135) (132) Net cash used by investing activities (2,195) (2,104) (2,321) (1,573) (8,193) CASH FLOW FROM FINANCING ACTIVITIES Payments of long-term debt - - (66) (624) (690) Proceeds from issuance of common stock Purchases of treasury stock (6) (22) (36) (879) (943) Contributions from noncontrolling interest Cash dividends paid - (517) (517) (519) (1,553) Other, net 1 6 (2) 4 9 Net cash provided (used) by financing activities 31 (480) (538) (1,946) (2,933) Increase in cash and cash equivalents (378) 1,801 Cash and cash equivalents - beginning of year 1,592 2,140 3,069 3,771 1,592 Cash and cash equivalents - end of year $ 2,140 $ 3,069 $ 3,771 $ 3,393 $ 3,393

11 Quarterly Income Statement (Amounts in millions, except per share amounts) Core Results Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Oil & Gas $ 7,426 $ 10,283 $ 8,826 $ 1,920 $ 2,100 $ 2,363 $ 2,118 $ 8,501 $ 2,104 $ 2,104 Chemical Midstream, marketing and other Segment Earnings 8,336 11,592 9,985 2,294 2,292 2,756 2,314 9,656 2,410 2,410 Corporate Interest (93) (121) (117) (30) (29) (28) (23) (110) (19) (19) Other (404) (425) (364) (61) (111) (103) (93) (368) (72) (72) Taxes (3,175) (4,218) (3,754) (844) (876) (1,037) (819) (3,576) (932) (932) Net Income $ 4,664 $ 6,828 $ 5,750 $ 1,359 $ 1,276 $ 1,588 $ 1,379 $ 5,602 $ 1,387 $ 1,387 Core earnings per share Basic $ 5.73 $ 8.39 $ 7.09 $ 1.69 $ 1.58 $ 1.97 $ 1.72 $ 6.95 $ 1.75 $ 1.75 Diluted $ 5.72 $ 8.39 $ 7.09 $ 1.69 $ 1.58 $ 1.97 $ 1.72 $ 6.95 $ 1.75 $ 1.75 Reported Income Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Oil & Gas $ 7,151 $ 10,241 $ 7,095 $ 1,920 $ 2,100 $ 2,363 $ 1,511 $ 7,894 $ 2,104 $ 2,104 Chemical Midstream, marketing and other ,098 1, Segment Earnings 8,061 11,550 8,254 2,294 2,423 2,756 2,737 10,210 2,410 2,410 Corporate Interest (93) (284) (117) (30) (29) (28) (23) (110) (19) (19) Other (404) (425) (384) (61) (166) (103) (93) (423) (72) (72) Taxes (2,995) (4,201) (3,118) (844) (901) (1,037) (973) (3,755) (932) (932) Discontinued Operations (39) 131 (37) (4) (5) (5) (5) (19) 3 3 Net Income (a) $ 4,530 $ 6,771 $ 4,598 $ 1,355 $ 1,322 $ 1,583 $ 1,643 $ 5,903 $ 1,390 $ 1,390 Reported earnings per share Basic $ 5.57 $ 8.32 $ 5.67 $ 1.68 $ 1.64 $ 1.96 $ 2.04 $ 7.33 $ 1.75 $ 1.75 Diluted $ 5.56 $ 8.32 $ 5.67 $ 1.68 $ 1.64 $ 1.96 $ 2.04 $ 7.32 $ 1.75 $ 1.75 (a) Represents amounts attributable to common stock after deducting noncontrolling interest amounts. Occidental's results of operations often include the effects of significant transactions and events affecting earnings that vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Therefore, management uses a measure called "core results", which excludes those items. 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 earnings are considered representative of management's performance over the long term. Core results is not considered to be an alternative to operating income reported in accordance with generally accepted accounting principles.

12 Significant Items Affecting Earnings (Amounts in millions) Benefit (Charge) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total OIL & GAS Libya exploration write-off - (35) Foreign tax - (29) Gain on sale of Colombia pipeline interest Asset impairments and related items (275) - (1,731) (607) (607) - - (275) (42) (1,731) (607) (607) - - CHEMICAL Gain on sale of Carbocloro Midstream, marketing and other Plains Pipeline sale gain and other ,030 1, ,030 1, CORPORATE Debt purchase expense - (163) Benefit from foreign tax credit carry-forwards State income tax charge - (33) Litigation reserves - - (20) Charge for former employees and consultants (a) (55) - - (55) - - Tax effect of pre-tax adjustments (25) - (154) (179) - - Discontinued operations, net (b) (39) 131 (37) (4) (5) (5) (5) (19) (15) 579 (4) (85) (5) (159) (253) 3 3 CONSOLIDATED (134) (57) (1,152) (4) 46 (5) (a) Reflects pre-tax charge for the estimated cost related to the employment and post-employment benefits for the Company's former Executive Chairman and termination of certain other employees and consulting arrangements. (b) These amounts are shown after-tax.

13 Significant Items Affecting Comparability of Core Results (Amounts in millions) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total OIL & GAS Exploration asset write-offs (41) (51) (30) (6) (10) (7) (6) (29) (14) (14) Foreign currency exchange gains/(losses) 12 - (18) (29) (51) (48) (2) (6) (7) (4) (19) (5) (5) CHEMICAL Foreign currency exchange gains/(losses) 2 (2) - - (1) - - (1) (2) - - (1) - - (1) - - MIDSTREAM Foreign currency exchange gains/(losses) CORPORATE Environmental remediation (25) (52) (56) (4) (15) (26) (15) (60) (9) (9) Foreign currency exchange gains/(losses) (17) 3 (3) 2 6 (3) (42) (49) (59) (2) (9) (29) (11) (51) (5) (5) Total significant items included in reported earnings (68) (102) (107) (4) (16) (36) (15) (71) (10) (10)

14 Chlorovinyls & Chlorinated Organic Chemicals Principal Products and U.S. Production Capacities at December 31, 2013 Chlorinated Organics Caustic Caustic EDC VCM PVC Resin Chloro- Perchlor- 5-CP Muriatic Sodium Chlorine Soda Potash (millions (millions (millions Methanes ethylene (millions Acid Chlorite Plants (tons) (tons) (tons) of pounds) of pounds) of pounds) (tons) (tons) of pounds) (tons) (tons) BASIC Mobile, Alabama 53,000 58, Convent, Louisiana 389, ,000-1, Taft, Louisiana 765, , , Niagara Falls, New York 338, , Ingleside, Texas 668, , Battleground, Texas 580, , Geismar, Louisiana 485, , ,000 75, Wichita, Kansas 268, , , ,000 9,000 3,546,000 3,744, ,000 2, ,000 75, ,000 9,000 VINYLS Deer Park, Texas , Ingleside, Texas (a) ,400 - LaPorte, Texas ,400 - Pasadena, Texas ,070 Pedricktown, New Jersey ,200 3,130 (a) VCM plant owned by OxyMar. Note: All of the volumes listed in the table above are based on estimated capacities only. Actual results of production may differ materially from capacities listed.

15 Performance Chemicals & Calcium Chloride Principal Products and U.S. Production Capacities at December 31, 2013 Product / Plants Product Capacities Major Uses Sodium Silicates Tons Soaps and detergents, catalysts, paint pigments Augusta, Georgia 145,000 Chicago, Illinois 122,000 Cincinnati, Ohio 133,000 Dallas, Texas 127,000 Mobile, Alabama 103, ,000 ACL Pool Chemicals Million Pounds Swimming pool, household and industrial sanitization (chlorinated isocyanurates) Drinking water disinfection Luling, Louisiana 46 Sauget, Illinois Resorcinol Million Pounds Tire manufacture, wood adhesives and flame retardants INDSPEC - Petrolia, Pennsylvania 50 Calcium Chloride Tons Ice melting, dust suppression, road stabilization and Ludington, Michigan 650,000 oilfield services Note: All of the volumes listed in the table above are based on estimated capacities only. Actual results of production may differ materially from capacities listed.

16 International Principal Products and Production Capacities (in metric tons) at December 31, 2013 % Oxy Caustic PVC Country Location ownership Chlorine Soda EDC Resins Canada Niagara, Ontario 100% ,000 Chile Talcahuano 100% 55,000 62, ,000 62, ,000 Note: All of the volumes listed in the table above are based on estimated capacities only. Actual results of production may differ materially from capacities listed.

17 Oil & Gas Net Production Volumes Per Day by Geographical Locations NET PRODUCTION VOLUMES PER DAY: Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total United States Oil (MBBL) California Permian Midcontinent & Other Total NGLs (MBBL) California Permian Midcontinent & Other Total Natural Gas (MMCF) California Permian Midcontinent & Other Total Latin America Oil (MBBL) Colombia Natural Gas (MMCF) Bolivia Middle East / North Africa Oil (MBBL) Dolphin Oman NGLs (MBBL) Natural Gas (MMCF) Qatar Other Total Dolphin Other Total Dolphin Oman Other Total Barrels of Oil Equivalent (MBOE)

18 Oil & Gas Sales Volumes Per Day by Geographical Locations SALES VOLUMES PER DAY: Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total United States Oil (MBBL) NGLs (MBBL) Natural Gas (MMCF) Latin America Oil (MBBL) Natural Gas (MMCF) Middle East / North Africa Oil (MBBL) Dolphin Oman Qatar Other Total NGLs (MBBL) Dolphin Other Total Natural Gas (MMCF) Barrels of Oil Equivalent (MBOE)

19 Oil & Gas Commodity Prices and Exploration Expense from Continuing Operations Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total OIL & GAS: PRICES United States Oil ($/BBL) $ $ $ $ $ $ $ $ $ $ NGLs ($/BBL) $ $ $ $ $ $ $ $ $ $ Natural Gas ($/MCF) $ 4.53 $ 4.06 $ 2.62 $ 3.08 $ 3.82 $ 3.27 $ 3.33 $ 3.37 $ 4.57 $ 4.57 Latin America Oil ($/BBL) $ $ $ $ $ $ $ $ $ $ Natural Gas ($/MCF) $ 7.73 $ $ $ $ $ $ $ $ $ Middle East / North Africa Oil ($/BBL) $ $ $ $ $ $ $ $ $ $ NGLs ($/BBL) $ $ $ $ $ $ $ $ $ $ Total Worldwide Oil ($/BBL) $ $ $ $ $ $ $ $ $ $ NGLs ($/BBL) $ $ $ $ $ $ $ $ $ $ Natural Gas ($/MCF) $ 3.11 $ 3.01 $ 2.06 $ 2.37 $ 2.83 $ 2.48 $ 2.47 $ 2.54 $ 3.32 $ 3.32 Exploration Expense (millions) United States $ 162 $ 204 $ 232 $ 40 $ 45 $ 52 $ 50 $ 187 $ 45 $ 45 Latin America Middle East / North Africa Total Reported Non-core charges for impairments - (35) Total Core $ 262 $ 223 $ 345 $ 50 $ 78 $ 68 $ 60 $ 256 $ 55 $ 55

20 Consolidated Capital Expenditures and DD&A Expense (Amounts in millions) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Capital Expenditures Oil & Gas California $ 841 $ 1,717 $ 2,029 $ 317 $ 362 $ 397 $ 457 $ 1,533 $ 447 $ 447 Permian 502 1,146 1, , Midcontinent & Other 269 1,158 1, Latin America Middle East / North Africa 1,197 1,485 2, , Exploration Drilling Chemical Midstream, marketing and other 501 1,089 1, , Corporate Total 3,940 7,518 10,226 2,070 2,210 2,271 2,486 9,037 2, ,269 Non-controlling interest contributions (26) (39) (80) (67) (212) (123) (123) Cracker JV contribution ,940 7,518 10,226 2,044 2,171 2,191 2,442 8,848 2, ,206 Depreciation, Depletion & Amortization of Assets Oil & Gas United States $ 1,412 $ 1,754 $ 2,412 $ 740 $ 732 $ 750 $ 745 $ 2,967 $ 776 $ 776 Latin America Middle East / North Africa 1,134 1,220 1, , Chemical Midstream, marketing and other Corporate Total $ 3,153 $ 3,591 $ 4,511 $ 1,259 $ 1,303 $ 1,334 $ 1,451 $ 5,347 $ 1,266 $ - $ - $ - $ 1,266