J.P. Morgan Investor Conference

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1 J.P. Morgan Investor Conference Occidental Petroleum Corporation June 27, 2017 Vicki Hollub Chief Executive Officer

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; not successfully completing, or any material delay of, field developments, expansionprojects, 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; reorganization or restructuring of Occidental's operations; 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 2016 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 Occidental Petroleum Value Proposition Portfolio Optimization Path to Cash Flow Neutrality and Breakeven Sustainability With High Quality Assets Model 3

4 Oxy s Unique Value Proposition Upside in rising oil price environment and downside protection during falling oil price environment Focus on value based growth Top quartile returns Consistent 2016 ROCE* Dividend Growth Growing dividend with strong yield Value protection in down cycle Promotes capital allocation discipline Moderate Value-Based Growth 5 8% average production growth through oil & gas development Above cost-of-capital returns (ROE and ROCE) Return Targets*: Domestic 15+% International 20+% Strong Balance Sheet Maintain ample cash balance and additional sources of liquidity Low debt-to-capital ratio Income-producing assets *Return targets based on moderate commodity prices. 4

5 Cash Flow Priorities Favor Dividends Dividends promote capital allocation discipline 1. Base/Maintenance Capital 2. Dividends 3. Growth Capital 4. Acquisitions 5. Share Repurchases Subject to Returns and Market Conditions 5

Delivering Consistent Annual Dividend Growth ($/share) $28.00 $24.00 2002 2016: Oxy dividend CAGR 13.

00 $0.00 $5.16 $6.48 $0.50 $0.52 $0.55 $0.65 $0.80 $0.94 $1.21 $1.31 $1.47 $1.84 $2.16 $2.56 $2.88 $2.97 $3.02 $3.04 $0.50 $1.02 $1.

6 Delivering Consistent Annual Dividend Growth ($/share) $28.00 $ : Oxy dividend CAGR 13.7% vs S&P CAGR 7% Annual Dividends Paid Cumulative Dividends Paid $23.38 $26.42 $20.00 $17.39 $20.36 $16.00 $14.51 $12.00 $8.00 $4.00 $0.00 $5.16 $6.48 $0.50 $0.52 $0.55 $0.65 $0.80 $0.94 $1.21 $1.31 $1.47 $1.84 $2.16 $2.56 $2.88 $2.97 $3.02 $3.04 $0.50 $1.02 $1.57 $2.22 $3.02 $3.96 $7.95 $9.79 $ Q17 Ann. Note: Dividends paid as per the Record Date 6

Value Growth - Production Growth Since 2011 700 Ongoing Total Company Production CAGR 6%* Mboed 600 500 400 300 438 435 428 440 528 575 Permian Resources 16% CAGR 200

7 Value Growth - Production Growth Since Ongoing Total Company Production CAGR 6%* Mboed Permian Resources 16% CAGR Ongoing Company Excluding Permian Resources Permian Resources *Pro forma for ongoing operations (excludes operations sold or exited) 7

8 Value Growth - Annual ROCE for Oxy vs. Average of Competitors 30% 20% Average ROCE 15% 10% 00% (10%) (20%) (30%) OXY ROCE Competitors ROCE* *Competitors ROCE represents a simple average of APA, APC, COP, CVX, DVN, EOG, HES, MRO and XOM 8

9 Value Growth - Multi-year Returns Focused Portfolio Optimization Set to generate both returns to shareholders and value-based growth Divested assets that did not generate Investing in assets with higher cash competitive corporate returns or free margin and lower capital intensity cash flow Growth target - 80 MBOEPD 763 (154) Production (Mboed)) 609 (62) (79) (44) South Texas Gas properties Decline since 2013: 17 Mboed 2016 Production: 27 Mboed (11% oil production) California Actual California 2013 exc. Excl. California Other US Other U.S Adjusted MENA 2013 Adjusted MENA *Cash Flow Breakeven after Dividend and Growth Capital. Slide not updated for transactions announced on June 19, Permian Al Hosn Al Other South South Texas High-Margin Flow Res. International 2016 Cash Flow Ongoing Production Breakeven Resources Hosn Int. Texas Growth Margin Goal at $50 Break WTI* Growth Even 9

Our Pathway to Cash Flow Breakeven at $50 WTI Operating Cash Flow ($ Bn) 6.0 5.0 4.0 3.0 2.0 1.0 $4.2 $50/bbl $4.4 Pathway Drivers: $4.7 $5.

continue to drive down breakeven oil price, replenish reserves, and innovate our capabilities $5.6 Growth Capital $1.0 Sustaining Capital $2.

10 Our Pathway to Cash Flow Breakeven at $50 WTI Operating Cash Flow ($ Bn) $4.2 $50/bbl $4.4 Pathway Drivers: $4.7 $5.6 Permian Resources high-margin growth to accelerate value proposition of consistent dividend plus moderate production growth Enables organization to continue to drive down breakeven oil price, replenish reserves, and innovate our capabilities $5.6 Growth Capital $1.0 Sustaining Capital $2.3 Current Dividend $ Current Annualized Chemicals Slide not updated for transactions announced on June 19, Midstream & Marketing 80 Mboed Production Plan Achieved at $50 10

11 Asset Quality and Capital Flexibility Provides Optionality to Cover Dividend Upon plan execution, Oxy can fund dividend and sustain production from operating cash flows. WTI Oil Price: Annual cash flow sensitivities (Bn) $40 $50 $60 Cash Flow Priorities: Dividend ex- Growth Dividend + Growth Dividend + Growth + Options 1) Base/Maintenance Capital $2.1 $2.3 $2.5 2) Dividends (current) $2.3 $2.3 $2.3 3) Growth Capital + Options $0 $1.0 $1.0+ Cash Outflows $4.4 $5.6 $5.8+ Cash Inflows* $4.4 $5.6 $6.8 Production Growth Flat 5% - 8% 5% - 8% *Annualized cash flow changes ~$120 million for a ~$1.00 / barrel change in oil prices upon plan execution. Slide not updated for transactions announced on June 19,

12 Oxy Pathway to Cash Flow Breakeven at $40 WTI 5.0 $4.4 $4.4 Operating Cash Flow ($ Bn) $3.2 $40/bbl $3.4 Pathway Drivers: $3.7 Permian Resources high-margin growth to accelerate value proposition of consistent dividend plus moderate production growth Enables organization to continue to drive down breakeven oil price, replenish reserves, and innovate our capabilities Sustaining Capital $2.1 Current Dividend $ CFO Adjusted to $40 WTI Chemicals Slide not updated for transactions announced on June 19, Midstream & Marketing 80 Mboed Production Plan Achieved at $40 WTI 12

13 Opportunistic Transactions Create Long-term Value Consistent with our pathway to breakeven at $50 WTI*, Oxy has executed multiple transactions in the Permian to accelerate our plan. > Oxy has agreed to a number of purchase and sale transactions in Permian Resources to generate combined proceeds of $0.6 Bn. > Oxy has also agreed to acquire additional working interests and assume operatorship in a low-decline, low capital intensity CO 2 EOR unit in the Permian Basin for $0.6 Bn. The combination of these transactions will accelerate the cash flows of the company and enhance future returns by replacing low priority development acreage with low-decline, low capital intensity EOR production with significant opportunities for value improvement. *Breakeven at $50 WTI is after dividend and 5%-8% production growth. 13

14 Overview of Non-Strategic Permian Resources Net Transactions Transactions Terms > Combined net proceeds of ~$0.6 Bn Properties Description > Divested of non-strategic acreage in Andrews, Martin and Pecos Counties and added incremental acreage to enhance a future core development area in Glasscock County > Reduced Permian Resources position by ~13,000 net acres and production by ~4,700 Boed (64% oil) Transaction Rationale > Acreage was not in focus development areas and had no significant near-term development plans. > Monetizations accelerate cash flows from acreage from the tail of our inventory and are NPV positive for Oxy. > Recent organic location additions exceed both the count and the relative value of locations sold in transactions. Inventory to be updated on 2Q17 earnings call. > Accelerates our pathway to breakeven at $50 WTI* Permian Resources Acreage New Mexico NW Shelf Focus Development Area: Greater Sand Dunes 2,000+ Locations NM Delaware Basin TX Delaware Basin Central Basin Platform Focus Development Area: Greater Barilla Draw 5,000+ Locations Permian EOR Acreage Midland Basin *Breakeven at $50 WTI is after dividend and 5%-8% production growth. Map not updated for transactions. 14

15 Overview of Enhanced Oil Recovery Acquisition in the Permian Transactions Terms > Purchase price of $0.6 Bn Properties Description > Seminole-San Andres Unit (34.2% interest) and Seminole Gas Processing Plant (46.6% interest) > West Bravo Dome CO2 field in New Mexico (100% interest) and 9.9% interest in Occidental operated Bravo Dome unit. > Increases Permian EOR production by ~8,200 Boed (70% oil) Transaction Rationale > Increased ownership and gained operatorship in world class EOR property > Synergistic opportunities for capital efficiency, cost reductions, optimized CO 2 development, and accelerated residual oil zone development. These benefits can be realized on both the acquired interests and Oxy s existing ownership. > Accelerates our pathway to breakeven at $50 WTI* *Breakeven at $50 WTI is after dividend and 5%-8% production growth. CO2 Source Fields and Pipelines Bravo Dome Unit WI from 77% to 87% West Bravo Dome WI from 0% to 100% New Mexico NW Shelf NM Delaware Basin TX Delaware Basin Map not updated for transactions. Permian Resources Acreage Central Basin Platform Permian EOR Acreage Seminole-San Andres Unit WI from 53% to 87% Seminole Gas Process Plant WI from 46% to 93% Midland Basin 15

Upside Potential from Operatorship of Seminole-San Andres Value Improvement Through Scale and Operational Synergies

> Enhances Seminole-San Andres operations by applying Oxy s worldwide EOR scale and expertise > Substantial room for

interest and Oxy s existing ownership interest.

to accelerate our pathway to cash flow breakeven at $50 WTI*.

$30 $25 $20 $15 $10 $5 $400 $300 $200 $100 $0 Seminole-San Andres unit becomes largest in Oxy s CO 2 portfolio

16 Upside Potential from Operatorship of Seminole-San Andres Value Improvement Through Scale and Operational Synergies > Seminole-San Andres unit becomes Oxy s largest operated CO 2 flood in the Permian. > Enhances Seminole-San Andres operations by applying Oxy s worldwide EOR scale and expertise > Substantial room for operating cost improvement Value of Synergies > Value of synergies will be magnified by impact on both the acquired interest and Oxy s existing ownership interest. > Due to value of the synergies, this opportunistic acquisition delivers high returns and significant free cash flow to accelerate our pathway to cash flow breakeven at $50 WTI*. *Breakeven at $50 WTI is after dividend and 5%-8% production growth. $30 $25 $20 $15 $10 $5 $400 $300 $200 $100 $0 Seminole-San Andres unit becomes largest in Oxy s CO 2 portfolio Operating Costs ($/Boe) Oxy EOR Permian 2016 Average Oxy EOR unit of analogous scale and development type Value of Opex Synergies ($MM PV10) Acquired Interest Existing Interest Oxy targeting opex improvement of greater than $5/boe High Opex Range Low Opex Range Oxy Denver Unit 2016 Average $1/Boe $2/Boe $3/Boe $4/Boe $5/Boe 16

17 Transactions Effectively a Swap with Net Benefits to Oxy Transactions on a net basis*: Remaining Production (Boed) 3,500 7,000 Operating Cash Flow ($ MM) Free Cash Flow ($ MM) > Lowers our sustaining capital and overall production decline rate > Additional benefits anticipated through capital efficiency and other operating synergies. Net benefits accelerate cash flow breakeven at $50 WTI** *Assumes $50/Bbl WTI and $3.30/MCF gas and includes attainment of $5/boe operating cost synergies at Seminole-San Andres. **Breakeven at $50 WTI is after dividend and 5%-8% production growth. 17

18 Value Growth Significantly Reduced Development Cost F&D (Organic) $/Boe $/Boe OXY Competitor Peers* *Competitor Peers include APC, CVX, CXO, DVN, EOG, HES, MRO, PXD. Excludes APA, COP, XOM due to negative F&D. 18

19 Value Growth Focus on value driven growth - Top quartile returns Positioned to return to double digit returns 10% 0% (10%) 2016 ROCE* (20%) (30%) HES DVN CXO APC MRO APA EOG COP PXD OXY CVX XOM *Calculated based on public information and on a consistent basis Companies listed alphabetically : APA, APC, COP, CVX, CXO, DVN, EOG, HES, MRO, PXD, XOM 19

Focused Businesses Oil and Gas Core Areas OxyChem High free cash flow, moderate growth business United States Leading position in the Permian Permian Resources is a growth driver Midstream Integrated

20 Focused Businesses Oil and Gas Core Areas OxyChem High free cash flow, moderate growth business United States Leading position in the Permian Permian Resources is a growth driver Midstream Integrated infrastructure and marketing business to maximize realizations Latin America Highest margin operations in Colombia Opportunities for moderate growth with partners Middle East Focus areas Oman, Qatar, and UAE Opportunities for growth with partner countries 20

Permian Resources Significant acreage & growth potential in all development areas ~650,000 net acres within the Delaware and Midland Basin boundaries ~300,000 net acres associated with 11,650 wells

21 Permian Resources Significant acreage & growth potential in all development areas ~650,000 net acres within the Delaware and Midland Basin boundaries ~300,000 net acres associated with 11,650 wells in unconventional development inventory New Mexico NW Shelf NM Delaware Basin TX Delaware Basin Permian Resources Business Area Acreage Resources Unconventional Areas 1.4 Enhanced Oil Recovery Areas 1.1 Oxy Permian Total 2.5 MM Central Basin Platform Midland Basin Permian EOR *Includes surface and minerals. Slide not updated for transactions announced on June 19, Net Acres Resources Basin Development Areas Net Acres* NM Delaware Basin 290,000 TX Delaware Basin 150,000 Midland Basin 210,000 Other Resources Unconventional Areas Total ~650,000 Net Acres* Central Basin Platform 215,000 New Mexico NW Shelf 150,000 Emerging Unconventional 50,000 Continuing Evaluation 335,000 Total ~750,000 21

Increased Total Horizontal Drilling Locations ~37% Improved Permian Resources Horizontal Inventory from 4Q2015 Locations

2,000 0 ~2,500 SS Characterization + Dev.

<$70 Additional Inventory *Breakeven values based on NPV10.

22 Increased Total Horizontal Drilling Locations ~37% Improved Permian Resources Horizontal Inventory from 4Q2015 Locations within 300,000 of 650,000 net acres in Basin Development Areas Added 1,250 locations 12,000 10,000 8,000 6,000 4,000 2,000 0 ~2,500 SS Characterization + Dev. Plans + Technology ~4,100 ~5,300 ~11,650 Midland Basin Texas Delaware Basin New Mexico Delaware Basin BE <$50 BE<$60 BE <$70 Additional Inventory *Breakeven values based on NPV Added 3, Locations 8,500 ~11,650 Total BE < $50 Added 3,150 total locations Increased average length from 5,950 to 7,100 Traded 10,000 net acres to enable longer lateral and consolidated facilities 14 years of inventory <$50 breakeven with 10 rigs 22

Permian EOR Significant inventory in 10-year plan Proven Leader in Maximizing Recovery Across the Permian Permian EOR Net Resource Potential Geographically diverse 100 active CO 2 + water

00 Future Development Cost Delaware Basin Central Basin Platform Permian EOR Acreage *Note: TZ/ROZ Transition Zone and Residual Oil Zone Midland Basin MMBOE 2,000 1,500 1,000 500 0 TZ/ROZ*

23 Permian EOR Significant inventory in 10-year plan Proven Leader in Maximizing Recovery Across the Permian Permian EOR Net Resource Potential Geographically diverse 100 active CO 2 + water floods covering multiple horizons 2 BBOE of identified net resource potential 870 net MMBOE at < $6.00 Future Development Cost Delaware Basin Central Basin Platform Permian EOR Acreage *Note: TZ/ROZ Transition Zone and Residual Oil Zone Midland Basin MMBOE 2,000 1,500 1, TZ/ROZ* CO 2 Floods Future Development <$6 Cost <$6 Water Floods + Other Infill Drilling Opportunities Future Development <$10 Cost <$10 Future Development Cost ($/BOE) Highgradable Inventory Additional Conventional Inventory Additional Unconventional Inventory Total Identified Barrels 23

Long term contracts with upside potential Oman: Assisted with the discovery and Oman: started Assisted development with the discovery of Safahand Field started in

24 Longest Legacy International Operations: Colombia and Oman Colombia: Discovered giant Cano Limon field in the early 1980 s. Several contracts that currently range from 6 years up to the economic life of field. Long term contracts with upside potential Oman: Assisted with the discovery and Oman: started Assisted development with the discovery of Safahand Field started in development of SafahA Field 15 year in contract A 15 year extension contract was extension was signed signed for for Block Block 9 this 9 this year. year. Blocks Blocks 27 and 2753 expire in and 53 Block expire 62 expires in in Block 62 expires in

Additional Core Middle East Assets ISND and ISSD: Offshore development in Qatar.

Dolphin: Premier transborder pipeline delivering gas from Qatar to Abu Dhabi and Oman.

Al Hosn: 30 year joint venture with the Abu Dhabi National Oil Company, ( ADNOC ) began

25 Additional Core Middle East Assets ISND and ISSD: Offshore development in Qatar. ISND contract for 25 years initiated in ISSD contract expires in Dolphin: Premier transborder pipeline delivering gas from Qatar to Abu Dhabi and Oman. Agreement was initiated in 2007 for a 25 year term. Al Hosn: 30 year joint venture with the Abu Dhabi National Oil Company, ( ADNOC ) began in 2011 to develop the giant sour gas field in Abu Dhabi. Largest ultra sour gas plant in the world. Al Hosn is a worldscale mega-project. 25

Current Dividend Yield vs. Competitors 6.0% 5.0% Dividend yield should revert close to historical levels as we execute plan to a lower cash flow breakeven 5.0% 5.2% 4.0% 3.8% 4.1% 3.0% 2.

26 Current Dividend Yield vs. Competitors 6.0% 5.0% Dividend yield should revert close to historical levels as we execute plan to a lower cash flow breakeven 5.0% 5.2% 4.0% 3.8% 4.1% 3.0% 2.0% Average Oxy Dividend Yield 2.2% 2.3% 2.0% 2.1% 2.1% 1.5% 1.0% 0.0% 0.0% 0.4% Source: Factset, 05/26/17 0.7% 0.7% PXD APC DVN EOG MRO SP500 APA HES 10 Year Treasury Independent E&P Integrated O&G COP XOM CVX OXY TOT 26

27 Strong Balance Sheet - Oxy Credit Ratings Vs. Peers Company S&P Ratings S&P Outlook Moody s Ratings Moody s Outlook New Issue Indications (10-year) XOM AA+ Negative Aaa Negative 2.95% CVX AA- Negative Aa2 Stable 3.05% OXY A Stable A3 Stable 3.25% EOG BBB+ Stable Baa1 Stable 3.35% COP A- Stable Baa2 Positive 3.35% PXD BBB Stable Baa2 Stable 3.55% APA BBB Stable Baa3 Stable 3.65% NBL BBB Negative Baa3 Stable 3.75% DVN BBB Stable Ba1 Stable 3.75% APC BBB Stable Ba1 Stable 4.05% MRO BBB- Stable Ba1 Stable 4.05% HES BBB- Stable Ba1 Stable 4.25% CXO BB+ Positive Ba2 Stable 4.50% CLR BB+ Stable Ba3 Positive 5.00% WPX B+ Stable B3 Stable 5.875% WLL BB- Stable B3 Positive 7.75% 27

28 Unique Investment Proposition Large Integrated Majors Company Market Cap ($Bn) XOM $344 RDS $237 CVX $197 TOT $120 BP $117 ENI $54 Characteristics Low or no growth Higher returns Stronger Balance Sheet Lower risk Free cash flow Consistent dividend growth Source: Factset, 6/26/2017 Oxy Uniquely Positioned $46 Bn Market Cap Independent E&Ps Company Market Cap ($Bn) COP $55 EOG $50 PXD $26 APC $25 APA $18 DVN $16 Characteristics Generally higher growth Lower returns Weaker Balance Sheet Higher risk Little or no free cash flow Little or no dividends Moved from gassy to oily 28

Successful Value Proposition Oxy has delivered positive results on each component of our value proposition Consistent 2016 ROCE* Dividend Growth Oxy

85% Moderate Value-Based Growth Averaged better than 5% production growth Upper quartile ROCE Portfolio optimization complete for stronger future returns

29 Successful Value Proposition Oxy has delivered positive results on each component of our value proposition Consistent 2016 ROCE* Dividend Growth Oxy dividend CAGR doubled S&P CAGR since 2002 Highest yield vs. US peers Historical dividend yield of 2.85% Moderate Value-Based Growth Averaged better than 5% production growth Upper quartile ROCE Portfolio optimization complete for stronger future returns Strong Balance Sheet 1Q17 cash balance of $1.5 Bn Received tax refund of $750 million during 2Q17 Low debt-to-capital ratio Historical net debt-to-capital ratio of 11% A level credit rating from Moody s, S&P and Fitch 29

30 Q&A

OCCIDENTAL PETROLEUM CORPORATION

OCCIDENTAL PETROLEUM CORPORATION Vicki A. Hollub President & Chief Operating Officer Credit Suisse Energy Summit February 23, 2016 Cautionary Statement Portions of this presentation contain forward-looking