Chief Financial Officer
Cedric Burgher
Scotia Howard Weil Energy ConferenceOccidental PetroleumMarch 25, 2019
2
Cautionary Statements
Forward-Looking StatementsThis 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 forward-
looking statements, as a result of new information, future events or otherwise.
Use of non-GAAP Financial InformationThis 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. InvestorsThe 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, www.oxy.com
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Oil & Gas Chemical Midstream & Marketing
Permian Unconventional
• 1.4 MM net acres
• ~11 M undeveloped locations
• 17 year inventory with less
than a $50 WTI breakeven1
• 20 of top 50 wells in Permian2
• EOR advancements Colombia
• TECA steamflood development
initiated
• Six new exploration blocks (~2 MM
total gross acres)
• Exploration success increasing
inventory
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
Integrated Portfolio with High Value Investment Options
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
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
117 years of inventory assumes a 10 rig development pace2Data 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.
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2018 Highlights – Delivering on Our Value Proposition
Focused on Returns Operational ExcellenceCash Flow Generation 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 2002 – 12% CAGR
Sold domestic pipeline and
export terminal while
maintaining takeaway &
export capacity
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
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 six-
month cumulative
production by 25% for
Permian Resources
Increased Al Hosn capacity
by 11%
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
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Value Based Cash Flow Growth
1Cash flow from operations before working capital2Production from ongoing operations
Note: See the reconciliations to comparable GAAP financial measures on our website
ROCE
Generation
Cash Flow
Growth
Return of
Capital
Sustainable
Returns
Value Based Returns2002 - 2016 2017 2018
ROCE: 11% Avg 5% 14%
CROCE: 21% Avg 18% 27%
2017 to 2018 Growth
CFFO1: 74%
EPS: 463%
Production2: 11%
Credit Ratings
A/A3/A Stable
Cash Distributions $2.4 B Dividends in 2018
$1.3 B Shares Repurchased
in 2018
Consecutive Dividend Growth
Since 2002 - 12% CAGR
$33 B of Total Capital
Returned Since 2002
48% of the $33 B Returned in
the Last 5 Years
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2019 Capital Flexibility with Short-cycle Investments
<2 Years 2-3 Years >3 Years
D&C
61%
Facilities
24%
Base
Maintenance
12%
Exploration
3%
25%20%
55%
2019 Capital Program by Type
1Sustaining capital based on a 2019E production base decline rate of 20%2Payback based on $50 WTI
Sustaining1
55%
Growth
42%
Exploration
3%
Total
CompanyOil & Gas
$2.6
$0.5
$0.8
$0.2 $0.1 $0.3
2019 Capital Program
Chemicals
Midstream
Exploration & Other
International
Permian EOR
Permian Resources
$4.5 B Capital Program
9 - 11% Production Growth
2019 Capital Program
Payback for 2019 Development Capital2
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Permian
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
Oman
• Seismic New Blocks
• Exploration Wells
• Appraisal Drilling
• Block 62 Hub Expansion
• Development Plan
Execution
• New Blocks First
Production
• Production Ramp-Up
Abu Dhabi
• Seismic ON-3
• Exploration Well
• Al Hosn Debottlenecking
Pre-FEED
• Exploration Wells
• Al Hosn Debottlenecking
FEED
• ON-3 Development
• Exploration and
Appraisal Wells
• Al Hosn Debottlenecking
Execution
• ON-3 Production
• 1st Production from
Debottlenecking
Colombia
• Seismic New Blocks
• Initiate TECA Steam
Flood Development
• Seismic Processing
• Exploration Wells
• TECA Execution
• New Blocks
Development
• TECA Ramp-Up
• New Blocks
Production Ramp-Up
Road Map to 2022 Cash Flow Growth
1Cash flow from operations before working capital
Note: Production Growth CAGR from 2018 to 2022: Permian Resources 24%, International 6% excluding Qatar
Note: 2020 - 2022 assumes $60 WTI/$70 Brent, $3.00 MID-MEH differential, Capital of $5.0 - $5.3 B
$9.0 B
2019 2020 2021 2022
20
22
Ca
sh
Flo
w F
rom
Op
era
tion
s1
Permian$6.0 B
OxyChem
Midstream$1.7 B
International
$2.1 B
Corporate,
Interest & Other
($0.8 B)
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2018 Return ON Capital vs. Return OF Capital
OXY
-5%
0%
5%
10%
15%
20%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
RO
CE
(%
)
Total Yield1 (%)
1Total 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
9
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Dividends $ MM Share Repurchases $ MM Dividends per Share $
Oxy Consistently Returns Capital to Shareholders
Note: 2013 dividend total adjusted to reflect that 1Q13 dividend was paid in 4Q12
$ M
M R
etu
rne
d t
o S
ha
reh
old
ers
Dividend Sustainable at $40 WTI
Consecutive Dividend Growth Since 2002 - 12% CAGR
$33 B of Total Capital Returned Since 2002
Over 70% of Market Capitalization Returned to Shareholders
Strong Balance Sheet - A/A3/A Credit Ratings
13% Annualized TSR since 2002
Div
ide
nd
s p
er S
ha
re
10
De-carbonize
electricity
CO2 capture and
separation
innovation
CO2 to Product
CreationCCUS projects
Oxy Low Carbon
Ventures
Delivering sustainable energy through our
leadership and unique position in the lowcarbon economy
Direct emissions
reduction
Energy
efficiency
Low-carbon
emission
electricity sources
Capture emitted
CO2 and utilize or
store in subsurface
(EOR focused)
CO2 as a feedstock to
create products
Systematic direct emission
reductions from operationsAdapt equipment to
lower energy use per
produced volume
Innovative technologies
to grow the CO2 market
and reduces separation
costs
Leveraging our unique
positon and leadership in
the CO2 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 31
• Dedicated business unit to work
across all segments to reduce
carbon footprint
Occidental Low Carbon Ventures
1 Scopes 1, 2, and 3 includes direct, indirect and production emissions
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Established “Low
Carbon Ventures”
group
Joined Oil and
Gas Climate
Initiative (OGCI)
Second Annual
Climate Report
Commence
FEED studies
on Additional
Carbon
Capture
Projects
20192018
White Energy
capture project
feasibility study
announced
White Energy capture
project FEED study
complete
45Q (Future Act)
approved by Congress
incentivizing carbon
capture
Investments in
Net Power and
Carbon
Engineering
Announced
Goldsmith solar
and Glasspoint
Oman solar
Communication of
direct emissions
reduction plan
Low Carbon Milestones and Investments
ExpectedRealized
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How Does Carbon Capture and Sequestration Work?• Over multiple injection cycles,
100% of CO2 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
CO2 with substantially more
potential
• Oxy stores the equivalent
CO2 emissions of over 4
million cars every year
Sequestered CO2 (Yellow)Produced Oil (Red)
13
0
40
80
120
160
2017 2018 2019E
Ne
w M
exi
co
Wa
ter
Re
cyc
le
Ca
pa
cit
y (
MB
WP
D)
$3.50
$2.10
$0.75 $0.45
$-
$1
$2
$3
$4
Original Improved 2017 CurrentC
ost
/ b
bl o
f w
ate
rTruck Produced
Water
+ Truck Frac Water
Pipe Produced
Water
+ Truck Frac Water
2017 Recycle
Produced Water
for Frac Water
2018 Recycle
Produced Water
for Frac Water
Investment in New Mexico Water Infrastructure
New Mexico Water Recycle Cost Savings Per Barrel
4X Increase
Water Infrastructure Drives Value & Environmental Benefits
• New water recycling technology
implemented in New Mexico
> Greater than 80% of water used in
2019 will be recycled
> Targeting to use less than 1% fresh
water in 2019
• Expanding recycled water
technology to TX Delaware in
2019
Improve Water
Handling
Implement
Recycling
Improve Water
Recycling Technology
14
Growth within Cash Flow
Oxy’s Sustainable Value Proposition
CROCE
Leadership
Returns Focused Growth
Environmental, Social and Governance
Integrated Business Model
Robust, Low-Cost Inventory
Long-Term Production Growth of 5 - 8+% while Targeting a Return
of Over $3.1 B in Cash to Shareholders in 2019
Permian Resources is Driving High-Return Growth with the Best Wells in the
Permian Basin and Benefits from an Advantaged Cost Position
Industry Leading Base Decline Rate in Oil and Gas, Sustainable Cash Generation
from OxyChem, Expanded Global Market Access Through Midstream Business
Decades of Global Inventory: Conventional, Unconventional,
EOR (CO2, Water, Steam, & Gas Injection)Diverse Inventory and Recovery Techniques
Enhance Sustainable Cash Flow
Executive Compensation Aligned with Shareholder Value CreationUniquely Positioned to Advance CCUS
Proactive Social Responsibility Programs WorldwideIndustry Leading Human Capital