Scotia Howard Weil Energy Conference Occidental Petroleum March 25, Cedric Burgher Chief Financial Officer

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1 Scotia Howard Weil Energy Conference Occidental Petroleum March 25, 2019 Cedric Burgher Chief Financial Officer

2 Cautionary Statements Forward-Looking Statements This presentation contains forward-looking statements based on management s current expectations relating to Occidental s operations, liquidity, cash flows, results of operations and business prospects. 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. 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 actual results to differ include, but are not limited to: global commodity pricing fluctuations; changes in supply and demand for Occidental s products; higher-than-expected costs; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; technological developments; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from operations, 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; failures in risk management; and the factors set forth in Part I, Item 1A Risk Factors of the 2018 Form 10-K. Unless legally required, Occidental does not undertake any obligation to update any forwardlooking statements, as a result of new information, future events or otherwise. 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. Cautionary Note to U.S. Investors The Securities and Exchange Commission (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 2018 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, 2

Integrated Portfolio with High Value Investment Options Oil & Gas Chemical Midstream & Marketing Focused in world class basins with a history of maximizing recovery Leading

4 MM net acres ~11 M undeveloped locations 17 year inventory with less than a $50 WTI breakeven 1 20 of top 50 wells in Permian 2 EOR advancements Permian Conventional 1.

growth and carbon reduction strategy Colombia TECA steamflood development initiated Six new exploration blocks (~2 MM total gross acres) Exploration success increasing inventory 1 17

financial measure. See the reconciliations to comparable GAAP financial measure on our website.

3 Integrated Portfolio with High Value Investment Options Oil & Gas Chemical Midstream & Marketing Focused in world class basins with a history of maximizing recovery Leading manufacturer of basic chemicals and significant cash generator Integrated infrastructure and marketing provides access to global markets Permian Unconventional 1.4 MM net acres ~11 M undeveloped locations 17 year inventory with less than a $50 WTI breakeven 1 20 of top 50 wells in Permian 2 EOR advancements Permian Conventional 1.1 MM net acres 2 Bboe of resource potential 1 Bboe of resource < $6/boe F&D EOR advantage: scale, capability, reservoir quality and low-decline production CCUS potential for economic growth and carbon reduction strategy Colombia TECA steamflood development initiated Six new exploration blocks (~2 MM total gross acres) Exploration success increasing inventory 1 17 years of inventory assumes a 10 rig development pace 2 Data sourced from HIS Enerdeq as of 1/22/2019 for the period 12/2017-1/2018; IP 24-Hour Bopd Note: F&D cost is a non-gaap financial measure. See the reconciliations to comparable GAAP financial measure on our website. Middle East High return opportunities in Oman > 6 MM gross acres > Paybacks average < 1 year > ~10 M undeveloped locations > 17 identified horizons Addition of Block ON-3 in Abu Dhabi > 1.5 MM gross acres > Located between highly prolific fields Al Hosn and Dolphin provide steady cash flow with low sustaining capex 3

4 2018 Highlights Delivering on Our Value Proposition Focused on Returns Cash Flow Generation Operational Excellence Integrated Business Sector leading returns, achieved 14% ROCE and 27% CROCE 45% of CFFO returned to shareholders Returned $3.6 B to shareholders including $1.3 B of share repurchases in 2018 Sector leading dividend, with consecutive growth since % CAGR Sold domestic pipeline and export terminal while maintaining takeaway & export capacity CFFO before working cap. exceeded capex and dividends by ~$800 MM $3.8 B of Core income, Core EPS of $5.01 International business generated $1.4 B of free cash flow OxyChem and Midstream generated highest earnings in over 20 years $3.0 B cash balance Permian achieved lowest operating costs per barrel in this decade Drilled <5% of Hz wells in the Permian, but have 40% of the top 50 wells Improved average sixmonth cumulative production by 25% for Permian Resources Increased Al Hosn capacity by 11% 164% all-in reserve replacement ratio, with 149% from organic sources New blocks in Abu Dhabi, Oman and Colombia OxyChem generated over 20 consecutive years of free cash flow Expansion of global market access through Midstream Low Carbon Ventures established to leverage carbon capture business Note: CFFO before working capital, Core EPS, Core income, ROCE and CROCE are non-gaap; see the reconciliations to comparable GAAP financial measures on our website 4

5 Value Based Cash Flow Growth Value Based Returns ROCE: 11% Avg 5% 14% CROCE: 21% Avg 18% 27% Cash Flow Growth Cash Distributions $2.4 B Dividends in 2018 $1.3 B Shares Repurchased in to 2018 Growth CFFO 1 : 74% Consecutive Dividend Growth Since % CAGR EPS: 463% Production 2 : 11% Credit Ratings A/A3/A Stable ROCE Generation Sustainable Returns $33 B of Total Capital Returned Since % of the $33 B Returned in the Last 5 Years Return of Capital 1 Cash flow from operations before working capital 2 Production from ongoing operations Note: See the reconciliations to comparable GAAP financial measures on our website 5

6 2019 Capital Flexibility with Short-cycle Investments 2019 Capital Program 2019 Capital Program by Type $4.5 B Capital Program 9-11% Production Growth $0.3 $0.1 $0.2 $0.8 $0.5 Chemicals Midstream Exploration & Other Growth 42% Exploration 3% Total Company Sustaining 1 55% D&C 61% Oil & Gas Facilities 24% Base Maintenance 12% Exploration 3% $2.6 International Permian EOR Permian Resources Payback for 2019 Development Capital 2 20% 25% 55% 2019 Capital Program 1 Sustaining capital based on a 2019E production base decline rate of 20% 2 Payback based on $50 WTI <2 Years 2-3 Years >3 Years 6

7 Road Map to 2022 Cash Flow Growth Permian Oman Abu Dhabi Colombia Harvest Existing High-Return Unconventional Inventory and Lower Full-Cycle Costs Unconventional EOR Commercial Success Scalable Unconventional EOR Implementation New Anthropogenic CCUS Project Online Expand Unconventional & Anthropogenic EOR Footprint Replenish High-Return Unconventional Inventory and Delineate Additional Acreage Seismic New Blocks Exploration Wells Seismic ON-3 Exploration Well Al Hosn Debottlenecking Pre-FEED Seismic New Blocks Initiate TECA Steam Flood Development Appraisal Drilling Block 62 Hub Expansion Exploration Wells Al Hosn Debottlenecking FEED Seismic Processing Exploration Wells TECA Execution Development Plan Execution New Blocks First Production ON-3 Development Exploration and Appraisal Wells Al Hosn Debottlenecking Execution New Blocks Development TECA Ramp-Up 1 Cash flow from operations before working capital Note: Production Growth CAGR from 2018 to 2022: Permian Resources 24%, International 6% excluding Qatar Note: assumes $60 WTI/$70 Brent, $3.00 MID-MEH differential, Capital of $5.0 - $5.3 B Production Ramp-Up ON-3 Production 1 st Production from Debottlenecking New Blocks Production Ramp-Up $9.0 B Permian $6.0 B International $2.1 B OxyChem Midstream $1.7 B Corporate, Interest & Other ($0.8 B) 2022 Cash Flow From Operations 1 7

8 ROCE (%) 2018 Return ON Capital vs. Return OF Capital 20% 15% OXY 10% 5% 0% -5% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Total Yield 1 (%) 1 Total Yield = (Dividend + Repurchase) / Market Capitalization on December 31, 2018 Note: Bubble Size represents Distribution = (Dividend + Repurchase) / OCF Note: Peers Include: APA, APC, CNQ, COP, CVX, EOG, HES, MRO, TOT, XOM 8

9 $ MM Returned to Shareholders Oxy Consistently Returns Capital to Shareholders 5,000 Dividend Sustainable at $40 WTI $3.50 4,500 4,000 Consecutive Dividend Growth Since % CAGR $33 B of Total Capital Returned Since 2002 $3.00 3,500 Over 70% of Market Capitalization Returned to Shareholders $2.50 3,000 2,500 2,000 1,500 Strong Balance Sheet - A/A3/A Credit Ratings 13% Annualized TSR since 2002 $2.00 $1.50 $1.00 Dividends per Share 1, $ $0.00 Dividends $ MM Share Repurchases $ MM Dividends per Share $ Note: 2013 dividend total adjusted to reflect that 1Q13 dividend was paid in 4Q12 9

Occidental Low Carbon Ventures Leveraging our unique positon and leadership in the CO 2 market to provide a sustainable energy

greenhouse gas emissions across Scopes 1, 2 and 3 1 Dedicated business unit to work across all segments to reduce carbon footprint

Creation 1 Scopes 1, 2, and 3 includes direct, indirect and production emissions Direct emissions reduction Oxy Low Carbon Ventures

innovation Systematic direct emission reductions from operations De-carbonize electricity CCUS projects Low-carbon emission

10 Occidental Low Carbon Ventures Leveraging our unique positon and leadership in the CO 2 market to provide a sustainable energy future Oxy is dedicated to being a leader in providing the market with impactful low carbon solutions Commitment to reduce greenhouse gas emissions across Scopes 1, 2 and 3 1 Dedicated business unit to work across all segments to reduce carbon footprint Adapt equipment to lower energy use per produced volume CO 2 as a feedstock to create products Energy efficiency CO 2 to Product Creation 1 Scopes 1, 2, and 3 includes direct, indirect and production emissions Direct emissions reduction Oxy Low Carbon Ventures Delivering sustainable energy through our leadership and unique position in the low carbon economy CO 2 capture and separation innovation Systematic direct emission reductions from operations De-carbonize electricity CCUS projects Low-carbon emission electricity sources Capture emitted CO 2 and utilize or store in subsurface (EOR focused) Innovative technologies to grow the CO 2 market and reduces separation costs 10

11 Low Carbon Milestones and Investments Realized Expected Established Low Carbon Ventures group White Energy capture project feasibility study announced Investments in Net Power and Carbon Engineering Second Annual Climate Report Communication of direct emissions reduction plan Q (Future Act) approved by Congress incentivizing carbon capture Joined Oil and Gas Climate Initiative (OGCI) Announced Goldsmith solar and Glasspoint Oman solar White Energy capture project FEED study complete Commence FEED studies on Additional Carbon Capture Projects 11

12 How Does Carbon Capture and Sequestration Work? Over multiple injection cycles, 100% of CO 2 is stored in EOR reservoir Oxy has the first two EPA approved Monitoring, Reporting and Verification Plans with storage capacities over 300 million tonnes of CO 2 with substantially more potential Oxy stores the equivalent CO 2 emissions of over 4 million cars every year Produced Oil (Red) Sequestered CO 2 (Yellow) 12

13 Cost / bbl of water New Mexico Water Recycle Capacity (MBWPD) Water Infrastructure Drives Value & Environmental Benefits New water recycling technology implemented in New Mexico Investment in New Mexico Water Infrastructure X Increase > Greater than 80% of water used in 2019 will be recycled > Targeting to use less than 1% fresh water in E Expanding recycled water technology to TX Delaware in 2019 New Mexico Water Recycle Cost Savings Per Barrel $4 $3 $2 $1 $3.50 Improve Water Handling $2.10 Implement Recycling $0.75 Improve Water Recycling Technology $0.45 $- Truck Original Produced Pipe Improved Produced Recycle 2018 Current Recycle Water Water Produced Water Produced Water + Truck Frac Water + Truck Frac Water for Frac Water for Frac Water 13

14 Oxy s Sustainable Value Proposition Integrated Business Model Industry Leading Base Decline Rate in Oil and Gas, Sustainable Cash Generation from OxyChem, Expanded Global Market Access Through Midstream Business Returns Focused Growth Permian Resources is Driving High- Return Growth with the Best Wells in the Permian Basin and Benefits from an Advantaged Cost Position Growth within Cash Flow Long-Term Production Growth of 5-8+% while Targeting a Return of Over $3.1 B in Cash to Shareholders in 2019 CROCE Leadership Robust, Low-Cost Inventory Decades of Global Inventory: Conventional, Unconventional, EOR (CO 2, Water, Steam, & Gas Injection) Diverse Inventory and Recovery Techniques Enhance Sustainable Cash Flow Environmental, Social and Governance Executive Compensation Aligned with Shareholder Value Creation Uniquely Positioned to Advance CCUS Proactive Social Responsibility Programs Worldwide Industry Leading Human Capital 14

BAML Global Energy Conference. Occidental Petroleum Corporation November 15, 2018 Cedric Burgher Chief Financial Officer

BAML Global Energy Conference. Occidental Petroleum Corporation November 15, 2018 Cedric Burgher Chief Financial Officer BAML Global Energy Conference Occidental Petroleum Corporation November 15, 2018 Cedric Burgher Chief Financial Officer Cautionary Statements Forward-Looking Statements This presentation contains forward-looking