02.25.22 Fourth Quarter Earnings Conference Call
02.25.22Fourth QuarterEarningsConference Call
CAUTIONARY STATEMENTS2Forward-looking statementsThis presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about OccidentalPetroleum Corporation’s (“Occidental” or “Oxy”) expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, manyof which involve factors or circumstances that are beyond Occidental’s control. Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differfrom anticipated results, sometimes materially. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internalcontrols and processes that continue to evolve and assumptions that are subject to change in the future. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include,but are not limited to: the scope and duration of the COVID-19 pandemic and ongoing actions taken by governmental authorities and other third parties in response to the pandemic; Occidental’s indebtedness and otherpayment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’scredit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; supply and demand considerations for, and the prices of, Occidental’s products and services;actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil andgas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractualobligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects;Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergersand joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilitiesassociated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas liquids and natural gas reserves; lower-than-expected production from development projectsor acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration,drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations;general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; inflation; governmental actions, war, and political conditions and events; legislativeor regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deep-water and onshore drilling and permitting regulations, andenvironmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (includingremedial actions); Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Oxy Low Carbon Ventures or announced greenhouse gas emissions reduction targets or net-zerogoals; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, naturaldisasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’sability to retain and hire key personnel; supply, transportation, and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third partiesthat are beyond Occidental's control. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,”“advance,” “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, modify or withdraw any forward-looking statement, as a result of new information, futureevents or otherwise. Other factors that could cause actual results to differ from those described in any forward-looking statement appear in Part I, Item 1A “Risk Factors” of Occidental’s Annual Report on Form 10-K for theyear ended December 31, 2021 (“2021 Form 10-K”) and in Occidental’s other filings with the U.S. Securities and Exchange Commission (the “SEC”).Use of Non-GAAP Financial InformationThis presentation includes non-GAAP financial measures. Where available, reconciliations to comparable GAAP financial measures can be found on the Investor Relations section of Occidental's website at www.oxy.com.Cautionary Note to U.S. InvestorsThe 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 beingestimates 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. investorsare urged to consider closely the oil and gas disclosures in our 2021 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.
3OUTLINEFourth Quarter & 2021 Highlights2022 Capital PlanShareholder Return FrameworkFinancialsClosing Remarks
DELIVERING CASH FLOW PRIORITIESDe-riskDeleverageContinuingComplete Maintain production Substantial coststructure improvementand deployment ofbest-in-class capitalintensity Resolved near-termrefinancing risk4Return of CapitalInitiated Near-term: reduce netdebt to 20 B Medium-term: regaininvestment grade creditratings Longer-term: debtreduction to remain acash flow priority Quarterly commondividend increased to 0.13 / share Common dividendsustainable at 40 WTI 3 B share repurchaseprogram
HIGHLIGHTS52021 ACHIEVEMENTS FinancialOperationalEnvironmental Record free cash flow before working capital of 8.8 BRetired 6.7 B of debtLarge-scale divestiture program completeSubstantial progress towards net debt target of 25 B Exceeded initial 2021 production guidance by 27 Mboed within originalcapital budget Multiple drilling and completion records set across the business Proved reserves increased by 600 MMboe to 3,500 MMboe Record OxyChem earnings New short- and medium-term greenhouse gas emission reductiontargets announced Oxy Low Carbon Ventures investor update announced Sustainability-linked credit facilities established Joined United Nations Oil and Gas Methane PartnershipNOTE: SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE
HIGHLIGHTS6FOURTH QUARTER 2021 PERFORMANCE 2.9 BOIL & GAS 2.2 BFree Cash FlowGenerationStrong OperationalPerformance with1.19 MMboedDebtRepaidOXYCHEM 2.8 B1Highest Earnings inOver 30 YearsCashBalanceFourth ConsecutiveQuarter of RecordFree Cash FlowGenerationNOTE: FREE CASH FLOW EXCLUDES WORKING CAPITAL. SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE1UNRESTRICTED CASH AND CASH EQUIVALENTS
HIGHLIGHTS72021 OIL & GAS OPERATIONALEXCELLENCE Record drilling cycle times in GoM, Permian, Rockies, and Oman Optimized project sequencing reduced GoM planned downtime by 50%in 2021 compared to 2019 DJ Basin reduced cost per foot drilling by over 6% and improved pumptimes by over 9% in 2021 compared to 2020 Produced over 2 million barrels in 90 days across 7 Wolfcamp wells inrecent Silvertip section Drilled 13% more feet per day in 2021 vs. 2020 in Delaware Basin Oxy’s first twelve 15,000’ laterals drilled in Midland Basin, including onewell in under 10 days Reduced 2021 water hauling cost in Tx Delaware to 10 MM comparedto 2019 cost of 120 MM Zero water disposal at South Curtis Ranch since August of 2021 due tonew water recycling facility Implemented real-time monitoring of operating tank pressure in NM andwere able to stay below venting pressure 99% of the time in 4Q21
8OUTLINEFourth Quarter & 2021 Highlights2022 Capital PlanShareholder Return FrameworkFinancialsClosing Remarks
FINANCIALS92022 CAPITAL PLAN2021 ActualsSustaining12022 PlanOil & Gas 2.4 2.8 3.2 - 3.4Chemicals 0.3 0.3 0.3Midstream & Corporate 0.1 0.1 0.2Net-Zero Pathway2 0.1 0.0 0.2 - 0.4Total Oxy Capital 2.9 3.2 3.9 - 4.3Capital BSustaining Capital12022 Capital 300 MM change from 2021:Compared to multi-year sustaining capital: Gulf of Mexico increased investment to supportmulti-year projects Net-Zero Pathway: construction commencement of initial DAC plant,projects to reduce Scope 1 and 2 GHG emissions Resumption of drilling activity in EOR Al Hosn expansion, exploration, and OxyChem margin improvementprojects Replacing 1H21 Rockies DUC drawdown benefit Partially offset by efficiency gains, deflation to 40WTI, and less exploration and multi-year projects Inflation in current commodity price environment Capital range primarily for OBO and Net-Zero capital funding andtiming variability1MULTI-YEAR FLAT PRODUCTION ON AN ANNUAL BASIS IN A 40 WTI PRICE ENVIRONMENT2NET-ZERO PATHWAY INCLUDES CAPITAL FROMNOTE: OBO (OPERATED BY OTHERS)ALL SEGMENTS BUT IS PRIMARILY DRIVEN BY LCV CAPITAL SPENDING WHICH IS INCLUDED IN THE MIDSTREAM SEGMENT. 2021 ACTUALS INCLUDE 20 MM FOR LCV AND 33 MMFOR SCOPE 1 AND 2 GHG EMISSIONS REDUCTION PROJECTS IN OIL & GAS
10OUTLINEFourth Quarter & 2021 Highlights2022 Capital PlanShareholder Return FrameworkFinancialsClosing Remarks
Shareholder returnframework advancesas net debt targets areachievedCURRENTFOCUSExcess cash flowcontinues to beallocated to balancesheet improvementFUTUREPRIORITIES2022CASH FLOWPRIORITIESCONTINUEDFOCUS11Maintain Production BasePreserve asset base integrityand longevityDebt ReductionLower expenses and enhancebalance sheet flexibilitySustainable & Growing DividendThrough-the-cycle sustainabilitywith long-term growth potentialRepurchase SharesSupports capital appreciationand per share dividend growthCash Flow Growth CapitalInvestment to support cash flow growthCapability to grow production if market-drivenRetire Preferred EquityWith superior shareholder returns orat predetermined time
SHAREHOLDER RETURN FRAMEWORK1ContinuedDebtReductionPrioritize retirement of additional 5 B of debt Drive net debt towards next milestone of 20 B Medium-term target of returning to investment grade2IncreaseCommonDividendRaise dividend to 0.13 per share per quarter Dividend yield comparable with S&P 500 Long-term sustainability at 40 WTI3ShareRepurchasesReactivate and expand share repurchase program Repurchase 3 B of shares Share repurchases support per share dividend growth12
13OUTLINEFourth Quarter & 2021 Highlights2022 Capital PlanShareholder Return FrameworkFinancialsClosing Remarks
FINANCIALS14FOURTH QUARTER 2021 RESULTSReportedAdjusted diluted EPS1Reported diluted EPS1 1.48 1.37CFFO before working capital 3.9 BCapital expenditures2 0.9 BUnrestricted cash balance as of 12/31/2021Continuing operations production (Mboed)2Reported Production versus GuidanceMidpoint ReconciliationMboedROCKIESHigher OBO volumes (primarily related to priorperiod adjustments), ethane recovery higherthan expected, and faster time to market 27PERMIANBetter performance from wedge wells andhigher uptime, OBO volumes, and NGLrecoveries 13GULF OF MEXICOBetter well performance and lower downtimethan expected 9INTERNATIONALLower Algeria downtime offset by PSC impacts0 2.8 B1,189 49NOTE: SEE THE RECONCILIATIONS TO COMPARABLE GAAP FINANCIAL MEASURES ON OUR WEBSITE;OBO (OPERATED BY OTHERS); PSC (PRODUCTION SHARING CONTRACT)1ADJUSTED AND REPORTED DILUTED SHARE COUNT 972.7 MM SHARES2EXCLUDES DISCONTINUED OPERATIONS (GHANA)
FINANCIALS15FIRST QUARTER AND FULL-YEAR 2022 GUIDANCEOIL & GASOXYCHEMCORPORATE – FY 20221Q22 Production11Q22 pre-tax income: 600 MM Domestic tax rate: 22% Total Company: 1,070 - 1,090 MboedFY 2022 pre-tax income: 1.7 - 2.0 B International tax rate: 45% Permian: 465 - 473 Mboed Rockies & Other: 280 - 284 MboedMIDSTREAM &MARKETING2 GoM: 136 - 140 Mboed Overhead expense: 2.0 B3 Interest expense: 1.35 B4 International: 189 - 193 Mboed1Q22FY 2022 Production Pre-tax income: 10 - 60 MM Total Company: 1,140 - 1,170 Mboed Midland - MEH spread of 0.35 - 0.45 / bbl 1Q22: 55 MMFY 2022 FY 2022: 215 MM Pre-tax income: (150) - (300) MMDD&A – FY 2022 Oil / Gas %: 54.5 / 24.4 Permian: 527 - 537 Mboed Rockies & Other: 258 - 264 Mboed GoM: 136 - 140 Mboed International: 219 - 229 MboedDomestic Operating Costs – FY 2022 Midland - MEH spread of 0.35 - 045 / bblEXPLORATION EXPENSE5 Oil & Gas: 14.50 / boe OxyChem and Midstream: 700 MM Oil & Gas Production: 7.75 / boe Transportation: 3.85 / boe1SEE2GUIDANCE INCLUDES OXY’S PORTION OF WES INCOME BASED ON LAST FOUR PUBLICLY AVAILABLE QUARTERS; QUARTERLY GUIDANCESLIDE 22 FOR RECONCILIATION ON 1Q22 PRODUCTION3OVERHEAD IS DEFINED AS SG&A AND OTHER OPERATING AND NON-OPERATING EXPENSES4INTEREST EXPENSEAVERAGES THE QUARTERS; ANNUAL GUIDANCE IS THE SUM OF THE QUARTERS5EXCLUDES INTEREST INCOME AND ASSUMES CURRENT DEBT MATURITY SCHEDULEEXPLORATION EXPENSE INCLUDES EXPLORATION OVERHEAD
16OUTLINEFourth Quarter & 2021 Highlights2022 Capital PlanShareholder Return FrameworkFinancialsClosing Remarks
LCV INVESTOR UPDATE17STRATEGIC INVESTMENT APPROACHOxy is leveraging carbon management expertise, experience, and infrastructure to accelerate thecommercialization and global development of CCUS technologies, scaling carbon markets, anddeveloping innovative uses of CO2 and CO2 Combine investment in nascent technologiesacross the carbon value chain with our existingplatform to add value and provide synergisticopportunities with legacy skills and operations.Focus on commercializing technologies,galvanizing policy and markets, de-riskingcommercial scale, capitalization and globaldeployment, and accelerating product sales.Make the most of our ability to help addressclimate change through global deployment of,and investment in, strong CCUS solutions.We’re investing across the carbon value chain to create an integrated carbon solution platform:Zero EmissionPowerCO2 Capture &RemovalsPipelines &Gas ProcessingSequestrationHubsCarbon Tracking& AccountingCarbonUtilization
18Appendix
19APPENDIXFinancial InformationOil & Gas UpdateAsset OverviewEnvironment, Social& Governance
FINANCIAL INFORMATION202022 CAPITAL PLAN 4.5 4.3 B 3.9 B 4.0 3.5 3.0 3.2 B 2.9 B 2.5 2.0 1.5 1.0 0.5 2021GoM & EORActivityFewerRockiesDUC'sEfficiency & Exploration SustainingDeflation & Multi-Year @ 40to 40ProjectsOil & GasChemicalsInflationMulti-YearProjects &OBONet-ZeroPathway2022Low-EndCapitalRange forLCV & OBOMidstream & CorporateNOTE: SUSTAINING CAPITAL DEFINED AS MULTI-YEAR FLAT PRODUCTION ON AN ANNUAL BASIS IN A 40 WTI PRICE ENVIRONMENT;MULTI-YEAR PROJECTS INCLUDE AL HOSN EXPANSION, CHEMICALS MARGIN EXPANSION PROJECT, AND EXPLORATION ACTIVITIES;NET-ZERO PATHWAY INCLUDES CAPITAL FROM ALL SEGMENTS BUT IS PRIMARILY DRIVEN BY LCV CAPITAL SPENDING WHICH IS INCLUDED IN THE MIDSTREAM SEGMENT2022High-End
FINANCIAL INFORMATION212022 CAPITAL DETAIL 3.9 B - 4.3 B CAPITAL PROGRAM BY ASSET 0.2 0.3 - 0.5 0.3 0.5Facilities 20%Exploration & CorporateD,C&E 58%Midstream & Marketing(includes LCV)Oil & GasGoM 0.4Base Maintenance 7%Exploration 4%OxyChem 0.5OBO & Other 11%CAPITAL PROGRAM HIGHLIGHTS Production sustained with budget of 3.9 B - 4.3 BInternational 1.7 - 1.9CAPITAL PROGRAMBY TYPERockies & Other Net-Zero transition capital for LCV projects and to lower GHG emissions 80 MM for GHG reduction projects including retrofitting pneumaticdevices, eliminating tank venting, and consolidating facilities Projects are throughout the portfolio with a majority in domestic oil & gasPermian Value-based development with best-in-class capital intensity Increased investment for mid-cycle projects in GoM and EOR Includes 500 MM to support future year projects2022 Budget DAC and CCUS funding, Exploration, Al Hosn expansion, etc.NOTE: APPRAISAL CAPITAL INCLUDED WITHIN EACH BUSINESS ABOVE, WILL BE INCLUDED WITH EXPLORATION IN REPORTED FINANCIALS
FINANCIAL INFORMATION1Q22 PRODUCTION UPDATEDomestic Onshore1,4001,1891,200Net Mboed1,000GoM & International5525151,1551041,1801,080386362373329- 55 Mboed offline in 1Q22 for planned turnarounds andmaintenance activity in International & GoM Al Hosn – first full plant shut-down to allow for tie-in work relatedto expansion project Algeria – El Merk full facility turnaround, Dolphin – annual firstquarter turnaround, and GoM – planned maintenance on multipleplatforms Variability of domestic onshore pad timing contributes tolower 1Q22 wedge600200Reconciliation from 4Q21 Volumes Various multi-period adjustments in 4Q21 for Rockies OBOand royalty properties80040022803751793807 No wedge wells in the Rockies until mid-March and only 25% of1Q Delaware Basin wells online before March Winter weather impacts Downtime in Permian and Rockies as well as time to marketdelays associated with D&C activity Other minor changes include PSC impacts ( 4 Brentprices), ethane recovery differences, etc.
FINANCIAL INFORMATIONBALANCE SHEET IMPROVEMENT DRIVESSHAREHOLDER VALUE 70PRIORITIZING DEBT REDUCTIONEnterprise Value ( B)20%18% 6017%7%16% 5020%27%18%36%42%41%21%13%25%30% 40 3067%57%50%45%44% 2042% Market capitalization becoming alarger percentage of Enterprise43%Value as debt is reduced Equity benefits from risingcommodity price environment Debt reduction lowers interestexpense and cash flow breakeven Net debt target of 20 B 30/20219/30/202112/31/2021 Debt reduction to remain a longterm cash flow priority 0Equity Value AppreciationEquity Value Transfer11CALCULATEDStatic Enterprise ValueNet Debt2Preferred EquityUSING A CONSTANT ENTERPRISE VALUE FROM 9/30/20DEFINED NET DEBT LONG-TERM DEBT OPERATING LEASE LIABILITIES CURRENT PORTION OF LONG-TERM DEBT AND OPERATING LEASE LIABILITIES – UNRESTRICTED ANDRESTRICTED CASH AND CASH EQUIVALENTS2FACTSET23
FINANCIAL INFORMATION24CASH FLOW SENSITIVITIESOIL & GAS Annualized cash flow changes 225 MM per 1.00 /bbl change in oil prices 205 MM per 1.00 / bbl change in WTI priceMIDSTREAM & MARKETING Annualized cash flow changes 65 MM per 0.25 / bblchange in Midland to MEH spread 35-day lag due to trade month 20 MM per 1.00 / bbl change in Brent price Annualized cash flow changes 205 MM per 0.50 /MMBtu change in natural gas prices Production changes 500 boed per 1.00 / bbl changein Brent prices1OXYCHEM Annualized cash flow changes 30 MM per 10 / tonchange in realized caustic soda prices Annualized cash flow changes 10 MM per 10 / tonchange in chlorine prices2 Annualized cash flow changes 30 MM per 0.01 / lb.change in PVC prices2NOTE: ALL CASH FLOW SENSITIVITIES RELATE TO EXPECTED 2022 PRODUCTION AND OPERATING LEVELS1BASED ON CHANGE FROM 63 TO 73 BRENT 2REFLECTS COMMODITY PRICE MOVEMENTS ONLY, NOT ACCOUNTING FOR CHANGES IN RAW MATERIAL INPUT COSTS
25APPENDIXFinancial InformationOil & Gas UpdateAsset OverviewEnvironment, Social& Governance
OIL & GAS UPDATE26DOMESTIC ONSHORE ASSETSROCKIES 2022 ACTIVITYPERMIAN 2022 ACTIVITY100% 1.7 B - 1.9 BCapex 14 GrossRigs 9 NetRigs300 - 330Wells OnlineEOROBOFacilitiesBase Maint75%FacilitiesDrillingDrill andDrillingCompletionCompleteand& tMexico 2 GrossRigs 2 NetRigsOBOOBOBase MaintPowderRiver BasinPowderRiver Basin70 - 80Wells OnlinePowderRiver BasinFacilities50%DJ BasinDrillComplete& EquipTXDelawareTXDelaware 0.4 BCapexDJ BasinDJ Basin25%0%0%Net Capexby Type1NETGross OperatedRigs1Total Net Rigs2Wells OnlineRIGS SHOWN BY WORKING INTEREST (MIDLAND BASIN INCLUDES JV CARRY IMPACT)COMPANY OPERATED WELLS ONLINE2GROSSNet Capex byTypeGross OperatedRigs1Total Net Rigs2Wells Online
INTERNATIONAL & GULF OFMEXICO MILESTONES20222720232024GOM Horn Mountain West (3 wells), Lucius,Holstein Exploration Holstein 4D seismic CTSSE, subsea (SS) pumping Appraisal HMW, Caesar-Tonga, Lucius, HolsteinCTSSE (CT subsea expansion)ExplorationSS pumping HMW, Caesar-Tonga, Lucius,Holstein SS pumping online ExplorationOman Step out wellsBlock 51 seismicProduction ramp-up in Block 65B62 development Step out wells Blocks 30 & 72 first production Power emission reduction projectsAbuDhabi ON-3 development planning Exploration and appraisal wells ON-3 Al Hosn debottlenecking execution ON-3 development Exploration and appraisal wells ON-3and ON-5 Al Hosn debottlenecking on-line ON-3 development Exploration and appraisal wells ON-3and ON-5Algeria New contract signing Seismic permitting & acquisition Exploration activities Additional facilities FEED Seismic processing Exploration activities Facilities debottlenecking Seismic interpretationStep out wellsBlocks 30 & 62 seismic processingBlock 72 wellB9 development plan execution1st ProductionSeismicExplorationProject Update
Al Hosn Gas – Project Execution and Operational Excellence World-class, state-of-the-art sour-gas project Plant capacity increased twice between 2016 and 2018 with minimal capital investment 2021: Expansion project commenced; Saipem awarded EPC, long lead items procuredand delivered to site 2022: Full plant 1Q shutdown to substantially complete plant expansion tie-ins 2023: Al Hosn Gas expansion from 1.28 Bcfd to 1.45 Bcfd (Oxy net 94 Mboed)start-up by mid-yearAl Hosn Gas Plant28
OIL & GAS UPDATE29LEADING DELAWARE BASIN WELL PERFORMANCE1SOURCE:10050IHS ENERDEQ AS OF 2/8/2022, HORIZONTALS 500FT ONLINE SINCE JANUARY 2019 WITH 6-MONTH OIL PRODUCTION AVAILABLE. MINIMUM 20 WELLS. PEERS INCLUDE APA, BTA, CLR, COP,2SOURCE: IHS ENERDEQ AS OF 2/8/2022, HORIZONTALS 500FT ONLINE SINCE JANUARY 2019 WITH 12-MONTH OILCTRA, CVX, DVN, EOG, KAISER-FRANCIS, MEWBOURNE, MTDR, TITUS, XOMPRODUCTION AVAILABLE. MINIMUM 20 WELLS. PEERS INCLUDE BPX, BTA, CLR, COP, CPE, CTRA, CVX, DVN, EOG, FANG , LEGACY APC, MEWBOURNE, MTDR, TITUS, XOMPeer 15Peer 14Peer 13Peer 12Peer 11Peer 10Peer 9Peer 8Peer 7Peer 6-Peer 5Peer 13Peer 12Peer 11Peer 10Peer 9Peer 8Peer 7Peer 6Peer 5Peer 4Peer 3Peer 2Peer 1OXY-150Peer 340Basin AveragePeer 280200Peer 1Basin Average250Average 12-month cum oil, Mbbl120Oxy is 33% above the 12-month basinaverage while using 7% less proppantPeer 4Oxy is 34% above the 6-month basinaverage while using 7% less proppant160Average 6-month cum oil, MbblAVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR2OXYAVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR1
Depth of low-breakeveninventory demonstratesquality and quantity ofOxy’s domestic portfolioSuperior execution andinnovative designsincrease capitalefficiency while loweringwell costsTotal Gross Operated LocationsDOMESTICINVENTORYAND WELLCOSTS7,000Domestic Onshore Operated 91,000Breakeven 30Breakeven 40Permian ResourcesBreakeven 50RockiesDomestic Onshore 10,000’ Well Costs 11.2 Delaware Basin 9.6Midland Basin 3.7DJ Basin 8.8 2.7 5.92019202120191DrillingCompletion20212019Hookup & LiftNOTE: BREAKEVEN DEFINED AS POSITIVE NPV 10, WELL COSTS USED IN ANALYSIS INCLUDE DRILLING, COMPLETION, HOOK-UP ANDFIRST LIFT. 1MIDLAND DATA IS COMBINED 2018 AND 2019 DUE TO SMALL SAMPLE SIZE (3) IN 20192021
312021 RESERVES 600 MMboe Improvement Through Program ments75% ProvedDeveloped72% LiquidsTOTAL Year-End2020 ReservesProductionNOTE: ALL RESERVES ARE IN MMBOEAdditionsAcquisitions &Year-EndSales2021 Reserves
F&D Costs (Program Adds)1SUCCESSFUL DRILLING AND A&D PROGRAMSF&D Costs (Organic)1Program Execution Highlights 12.27 6.45 285% domestic organic reserve replacement Positive total-company performance revisions5 Year Average2021 11.26 228 MMboe improved recovery and infill 145 MMboe extensions and discoveries 2.425 Year Average1SEE322021DEFINITIONS OF FINDING AND DEVELOPMENT (F&D) COSTS AND RESERVES REPLACEMENT ON OUR WEBSITE
33APPENDIXFinancial InformationOil & Gas UpdateAsset OverviewEnvironment, Social& Governance
OXY’S COMBINED INTEGRATED PORTFOLIOOil & GasOxyChemOxy MidstreamLeading manufacturer of basicchemicals and significant cashgeneratorFocused in world classbasins with a history ofmaximizing recoveryIntegrated infrastructure andmarketing provide access to globalmarkets48RockiesPermian Unconventional 1.5 MM net acres including premierDelaware Basin position Strategic infrastructure and logisticshub in place EOR advancementsGulf of Mexico 10 Active operated platforms Significant free cash flowgeneration Sizeable inventory of remainingtie-back opportunities Leading position in the DJ Basin 0.8 MM net acres including vastminerals position 3420%Permian189Largest producer in Coloradowith significant free cash flow Emerging Powder River Basin 0.4 MM net acres1.19 MMboedProduction1490149Rockies & Other Dmstc.Gulf of MexicoMiddle EastAlgeria & Other Intl.313Domestic80%InternationalMiddle East / North AfricaPermian Conventional 1.4 MM net acres Significant scale, technical capability,and low-decline productionLatin America Deepwater explorationopportunities CCUS potential for economic growthand carbon reduction strategyNOTE: MAP INFORMATION AS OF 12/31/202114Q21 PRODUCTION EXCLUDES DISCONTINUED OPERATIONS (GHANA) High-return opportunities in Oman 6 MM gross acres, 17 identified horizons Developing Blocks ON-3 and ON-5 in U.A.E. 2.5 MM gross acres World-class reservoirs in Algeria 0.5 MM gross acres in the Berkine Basin Al Hosn and Dolphin provide steady cash flowwith low sustaining capex
ONE OF THE LARGEST U.S. ACREAGE HOLDERS359.5 MM Net Total U.S. AcresRockies1.2 MM AcresPermian2.9 MM AcresPowder River Basin – 0.4 MMPermian Unconventional – 1.5 MMDJ Basin – 0.8 MMExcludes acreage outside of activeoperating areasOther Onshore4.7 MM AcresPermian Conventional – 1.4 MMGulf of Mexico0.7 MM AcresOther Onshore U.S. consists of acreageand fee minerals outside of Oxy's coreoperated areasNOTE: AS OF 12/31/2021. ACREAGE TOTALS ONLY INCLUDE OIL AND GAS MINERALS. OXY HAS 0.8 MM ONSHORE AND 0.7 MM OFFSHORE NET ACRES ON FEDERAL LAND. ONSHOREFEDERAL ACREAGE COMPRISED OF 0.26 MM PERMIAN RESOURCES, 0.004 MM DJ BASIN, AND POWDER RIVER BASIN, CO 2 SOURCE FIELDS, AND OTHER OF 0.49 MM
U.S. ONSHORE OVERVIEW36Rockies1.2 MM AcresPermian2.9 MM Acres4Q21 Net ProductionPermianRockies & Other Dmstc.TotalNOTE: AS OF 12/31/2021. ACREAGE AMOUNTS REPRESENT NET 114551490991006843133832141,235803
GULF OF MEXICO OVERVIEW37Gulf of Mexico0.7 MM AcresMARLINHORN MOUNTAIN4Q21 Net ProductionOil (Mbod)NANSENBOOMVANGHOLSTEINCONSTITUTIONMARCO POLOCAESAR/TONGAGUNNISONHEIDELBERGLUCIUSNOTE: AS OF 12/31/2021. ACREAGE AMOUNTS REPRESENT NET ACRES123NGLs (Mbbld)11Gas (MMcfd)88Total (Mboed)149
INTERNATIONAL OVERVIEW38U.A.E.4Q21 Net2.5 MM l(Mboed)Algeria & Other Intl.434748Al 5237NOTE: AS OF 12/31/2021. ACREAGE AMOUNTS REPRESENT GROSS ACRES1EXCLUDES PRODUCTION FROM DISCONTINUED OPERATIONS (GHANA)AlgeriaOman0.5 MM Acres6.0 MM Acres
OXYCHEM392,000 23 owned facilities worldwide1,600 MMMARKET LEADING POSITION Integrated assets capture benefitsof favorable market conditions1,200800 Top tier global producer in every productproduced4000Largest merchant caustic soda seller inthe world Largest VCM exporter in the world 2nd largest caustic potash producer inthe world 2nd largest chlor-alkali producer in theworld with 17 unique outlets for chlorine 3rd largest domestic supplier of PVC2010 2011 2012 2013 2014 201
Where available, reconciliations to comparable GAAP financial measures can be found on the Investor Relations section of Occidental's website at www.oxy.com. Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. .
Ericsson Fourth Quarter Report 2013 1 Ericsson fourth quarter and full year report 2013 JANUARY 30, 2014 FOURTH QUARTER HIGHLIGHTS Sales of SEK 67.0 b., flat YoY. Sales for comparable units and adjusted for FX, increased 4% YoY. Operating income incl. JV of SEK 9.1 (-3.8) b. with operating margin of 13.5% (-5.7%), including a one-time
Seadrill Limited (SDRL) - Fourth quarter 2013 results Highlights Seadrill reports fourth quarter 2013 EBITDA* of US 768 million Seadrill reports fourth quarter 2013 net income of US 281 million and earnings per share of
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)--Dollar General Corporation (NYSE: DG) today reported financial results. for its fiscal year 2021 fourth quarter (13 weeks) and fiscal year (52 weeks) ended January 28, 2022. Fourth Quarter Net Sales Increased 2.8%; Fiscal Year Net Sales Increased 1.4% Fourth Quarter Same-Store Sales Decreased 1.4%; Increased 11.3% on a two-year stack basis
Personal saving was 4.12 trillion in the first quarter, compared with 2.25 trillion in the fourth quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 21.0 percent in the first quarter, compared with 13.0 percent in the fourth quarter. Source Data for the Advance Esti
STATISTICS SOUTH AFRICA 2 P0441 Gross domestic product, Fourth quarter 2021 Key findings for the fourth quarter of 2021 Real gross domestic product (measured by production) increased by 1,2%1 in the fourth quarter of 2021, following a decrease of 1,7% in the third quarter of 2021. Figure 1 - Growth in GDP (%)
U.S. arts, entertainment and recreati on services revenue for the fourth quarter of 2021, adjusted for seasonal variation but not for price changes, was 85.6 billion, an increase of 2.2 percent ( 1.9 percent) from the third quarter of 2021 and up 53.3 percent ( 5.7 percent) from the fourth quarter of 2020. The
