OCCIDENTAL PETROLEUM CORPORATION

Third Quarter 2015 Earnings Conference CallOctober 28, 2015

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; reorganization or restructuring of Occidental's operations, not successfully completing, or any material delay of, field developments, expansion projects, 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; 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 2014 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.

Third Quarter 2015 EarningsHighlights

3

3Q15 production increased 16% to 689,000 BOED from last year’s 595,000 BOED

39,000 BOED year over year growth in Permian Resources

50,000 BOED year over year growth from Al Hosn which reached full capacity

Capital and operating costs continued to decline with our focused development program

Continued to make progress on our efforts to optimize our portfolio through strategic review to focus on core assets in Permian Basin and Middle East

− Reached agreement for the sale of our Williston basin assets

− Evaluating positions in non-core Middle East / North Africa with objective of minimizing our exposure

Construction of the ethylene cracker on schedule for a start-up in early 2017

• Oil production growth driven by:

– Focused development program in Permian Resources

– Al Hosn

– Resilient base production

4

Third Quarter 2015 EarningsProduction Growth

369 372382

401

426433 436

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

Total Oil Production(MBOD)

Third Quarter 2015 Earnings2015 Objectives – Adjust to Lower Product Prices

5

CASH FLOW GROWTHCASH FLOW GROWTH

COST SAVINGSCOST SAVINGS

Permian Resources production growth

Al Hosn start-up

Improvement in price realizations

Drilling costs in Wolfcamp A in Delaware basin down over 40% Y/Y

Capital savings re-deployed into additional activity in Permian Basin

~$300 million reduction in capital spending from 2Q 2015

~$600 million of G&A savings expected from FY 2014 to FY 2016

Operating Cash Flow to cover dividend outlays and growth capital program at ~$60/bblrealized oil prices

• Reached an agreement to divest Williston basin assets; expected to close in 4th Quarter

– Due to curtailed spending and nature of unconventional assets, production declined ~25% quarter over quarter, when annualized.

– Production expected to continue to decline given very limited capital investment

• Over the past several years, our efforts at appraising and delineating our acreage in the Permian basin have provided a large inventory of future development locations that are economic at oil prices under $60 barrel.

• With ample takeaway capacity and an extensive midstream business of gathering lines, storage and gas processing, our economies of scale and deep inventory in the Permian basin make it our top priority for capital allocation for the foreseeable future.

Third Quarter 2015 EarningsPortfolio Review – Williston Basin Sale Agreement

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• Continue to pursue strategies to substantially reduce our activities and exposure to our non-core operations in Bahrain, Iraq, Libya and Yemen

• As a result of these actions and the significant decline in oil and gas futures prices, we took impairment charges in 3Q15 for our positions in Iraq and Libya.

• We will comply with our contract terms as we reduce our exposure through negotiations with our partners and host governments and expect capital investments to decline in 2016.

• These actions will improve the profitability and cash flow generation of our Middle East business as we focus on our core assets in Abu Dhabi, Qatar and Oman.

Third Quarter 2015 EarningsPortfolio Review – Non-Core Middle East

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• Capital spending declined by ~$300 million from 2Q15.

• As we capture price savings from suppliers and improve efficiencies, we are able to do more with less spending.

• We expect to exit 2015 at a quarterly spending rate of $1.1 to $1.2 billion.

• If product prices remain at current levels, our 2016 capital will be less than the current run rate.

• Expect to provide guidance on the 2016 capital program in January

2015 Capital Budget and Domestic Drilling Rigs

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Third Quarter 2015 Earnings2015 Capital Program Evolution

0%

25%

50%

75%

100%

1Q15 2Q15 3Q15 4Q15E

CapitalBudgetDomesticDrilling Rigs

Note: 1Q15 is the baseline index; subsequent quarters are a % of 1Q15

• Multiple long-term investments to drive cash flow and earnings growth

– Al Hosn

– Ethylene cracker JV

– Ingleside terminal

– Gas processing

• Capital spending will continue to decline and cash flows and earnings expected to grow as projects start-up.

• Increased flexibility on capital budget in 2016 and 2017

Committed Project Capital($ in millions)

9

Third Quarter 2015 EarningsCommitted Project Capital Declining

$1,300

$800

$500

$100

2014 2015E 2016E 2017E

35 43 62 71 74

2013 2014 1Q15 2Q15 3Q15 4Q15EProduction (MBOED)

Oil NGL Gas

Third Quarter 2015 Earnings Permian Resources Production Growth

10

• Total production grew 51% year-over-year to 116 MBOED.

– Oil production grew 72% year-over-year to 74 MBOD.

• Total production is expected to grow at a ~30% annual growth rate through 2015.

– Oil production is expected to continue to grow at rates higher than total production as we focus drilling on oil.

• Expect to exit 2015 with production of at least 120 MBOED

6475

98109

116 ~118

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15EDrilled 75 85 86 47 51 48Online 71 73 126 71 54 48

0

20

40

60

80

100

120

140

Tota

l Wel

l Cou

ntThird Quarter 2015 EarningsPermian Resources - Activity Summary

11

• Expect 4Q activity to be similar to 3Q levels with lower rig count

44 Hz 56 Hz 61 Hz36 Hz 47 Hz 67 Hz

53 Hz42 Hz 47 Hz 49 Hz 47 Hz45 Hz

$5.3

$2.9 $2.8

$5.6

$3.4 $3.3

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

2014 Current Target

GR

OSS

WEL

L C

OST

$M

M

WELL COSTDelaware Wolfcamp A 4,500‘ HZ

Drilling Completions

43

37

20 19 15

- 5

10 15 20 25 30 35 40 45 50

2014 1Q15 2Q15 3Q15 Best

DRILL DAYSDelaware Wolfcamp A 4,500’ HZ

Third Quarter Earnings 2015 – Permian Resources Manufacturing Mode: Drilling / Completions

Move to Manufacturing Mode Significantly Reduced Well Cost

$10.9

$6.3 $6.1

Rig Release to Rig Release

12

946 

1,310 

1,528 

1,270 

1,711 

1,790 

2015 Avg.

BETTY LOU 1013H

LEIGH STATE 40#11H

Peak 24 Hour 30 Day

Well Performance: Texas Delaware – Wolfcamp A

366

327383

Boepd / 1000’

OXY Focus Acreage

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Third Quarter 2015 EarningsDelaware Basin Recent Performance

208279

82% Oil

82% Oil

• Peck State 258 6H online December 2014 has cumulative oil production of 287 MBO (6 month cumulative oil production of 204 MBO)

• Buzzard State 9H online November 2014 has cumulative oil production of 221 MBO (6 month cumulative oil production of 154 MBO)

280

$3.7 $2.1 $2.1

$5.5

$4.5 $4.1

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

2014 Current Target

GR

OSS

WEL

L C

OST

$M

M

WELL COSTEast Midland Wolfcamp A 7,500' Hz

Drilling Completions

46

31

20 18

15

-

5

10

15

20

25

30

35

40

45

50

2014 1Q15 2Q15 3Q15 Best

DRILL DAYSEast Midland Wolfcamp A 7,500’ Hz

Third Quarter 2015 Earnings – Permian Resources Manufacturing Mode: Drilling / Completions

Move to Manufacturing Mode Significantly Reduced Well Cost

$9.2

$6.6 $6.2

Rig Release to Rig Release

14

938 

1,237 

1,495 

1,165 

1,611 

1,698 

2015 Avg.

YOUNG A2124WA

ADAMS4201WA

Peak 24 Hour 30 Day

Well Performance: Wolfcamp A

OXY Operated Acreage

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Third Quarter 2015 EarningsEast Midland Basin Recent Performance

Boepd / 1000’

178

157

260

200

140

113

90% Oil

89% Oil

• May 1102 WA online 2Q 2015 has four month cumulative oil production of 102 MBO

• Adams 4201 WA online in 2Q 2015 has three month cumulative oil production of 77 MBO• Currently producing 1,400 bopd

$13.20 $13.03

$11.39 $10.87

$-

$5.00

$10.00

$15.00

4Q14 1Q15 2Q15 3Q15

Surface Downhole Supports Energy Other

• Focus on reducing field

operating costs during 2015

− Downhole expense ($/boe)

reduced 33% from 4Q 2014

− Company-operated cash

operating expenses down ~18%

($/boe) from 4Q 2014

16

Third Quarter 2015 Earnings – Permian Resources Cash Operating Expense Reduction

Permian Resources Opex / Boe

17

Third Quarter 2015 EarningsPermian EOR

• Stable and low-decline base production at an advantaged cost

• Permian EOR business remains profitable in the current downturn

• EOR business is expected to generate free cash flow this year in the current oil price environment.

• South Hobbs:

− Started CO2 injection into Phase 1 in September (ahead of schedule)

CO2 Supply & Processing

Third Quarter 2015 EarningsUpdate on Hobbs: CO2 Flood and Expansion Areas

North Hobbs:• Phase 1 added 35 MMBOE (Injection started

in 2003)• Phase 2A Project will develop 13.7 MMBOE at

$13.82 per BOE (Injection Starts in 6/2016)• ~93% oil production

North Hobbs Oil Production

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South Hobbs:• Started CO2 injection into Phase 1 in September

(ahead of schedule)• Phase 1 & 2 will develop 28 MMBOE at $10.60

per BOE• 100% oil production

Third Quarter 2015 EarningsPermian Summary

• Continue to execute focused development strategy in Permian Resources

− Expect to drill ~50 horizontal wells in 4Q15

− Expect to exit 2015 with production of at least 120 MBOED

• EOR business is expected to generate free cash flow this year even in the current oil price environment

• Oxy is well positioned to meet the challenges of lower prices and to grow cash flows.

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147 147 145 145 144 ~144

2013 2014 1Q15 2Q15 3Q15 4Q15EProduction (MBOED)

EOR Resources

64 75 98 109 116

211 222243 254 260 ~262

~118

• Domestic oil production (Bbl/d)

• Total company production (BOED)

• Core earnings**

• Core diluted EPS**

• 3Q15 CFFO before Working Capital

• 3Q15 Capital Expenditures

• Cash balance @ 9/30/2015

Results204,000

12% year / year growth*

689,000

$24 million

$0.03

$1.2 billion

$1.2 billion

$4.3 billion

Third Quarter 2015 EarningsHighlights

20*Excludes California and Hugoton operations. **See Significant Items Affecting Earnings in the Earnings Release Attachments.

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Third Quarter 2015 Earnings Non-Core Items

Impairments ($ millions) After-TaxLibya & Iraq $1,450

Williston 500Domestic Gas Assets 600Other 50Total $2,600

• Oxy follows the Successful Efforts method of accounting where we review our proved oil and gas properties for indications of impairment whenever events or circumstances indicate that the carrying value of the oil and gas properties may not be adequately recovered, such as when there is a significant drop in the futures price curve.

• These actions will improve the profitability and cash flow generation of our oil and gas operations with a more focused business.

Non-Core Impact of Williston, Iraq & Libya($ in millions) FY 2014 YTD 2015

Brent Oil Price ($/bbl) ~$100 / bbl ~$56 / bbl

Cash Flow after Capex ~($340) ~($260)

Production (MBOED) 34 45

324

(14)45

(261)

68 162

2Q15 Sales Price Sales Volumes Lower OperatingExpenses

All Others 3Q15

Third Quarter 2015 EarningsOil & Gas Segment Pre-Tax Core Earnings

3Q15 vs. 2Q15($ in millions)

Core Results• 3Q15 $162 mm• 2Q15 $324 mm• 3Q14 $1.6 B

PRE-TAX

22

68947

658

6 (7)

(15)

2Q15 Permian Other Domestic Colombia MENA 3Q15

Third Quarter 2015 EarningsOil and Gas Total Company Production

Company-wide Oil & Gas Production (MBOED)

• Total company oil and gas production volumes averaged 689,000 BOED, an increase of 31,000 BOE in daily production from 2Q 2015.

23

315

333 (1)3 (3)

332

3Q14 2Q15 Oil NGLs Natural Gas 3Q15

Third Quarter 2015 EarningsOil and Gas Domestic Production

Domestic Oil & Gas Production (MBOED)

• Exceeded our domestic oil production growth guidance with a year over year increase of 22,000 BOD or about 12% led by our Permian Resources assets.

24Note: Excludes California and Hugoton Operations

WorldwideOil ($/bbl)

WorldwideNGLs ($/bbl)

Domestic Nat.Gas ($/mmbtu) WTI NYMEXBrent

Realized Prices Benchmark Prices

3Q15 $47.78 $14.68 $2.24 $46.43 $51.17 $2.78

WTI % 103% 32% 81%*

Brent % 93% 29%

2Q15 $54.55 $18.06 $2.09 $57.94 $63.50 $2.73WTI % 94% 31% 77%*Brent % 86% 28%

3Q14 $94.26 $38.20 $3.74 $97.17 $103.39 $4.17

WTI % 97% 39% 90%*Brent % 91% 37%

Price Sensitivity Pre-tax Income Impact (Quarter)

Oil +/- $1/bbl = +/- $30 mm

NGL +/- $1/bbl = +/- $7 mm

U.S. Nat Gas +/- $0.10/mmbtu = +/- $3 mm

25

Third Quarter 2015 Earnings Oil & Gas Realized Prices

* As a % of NYMEX

136 (42)

(8)

808 174

2Q15 Sales Price Sales Volume / Mix Operations /Manufacturing *

All Others 3Q15

Third Quarter 2015 EarningsChemical Segment Core Earnings

3Q15 vs. 2Q15($ in millions) Guidance

4Q15 expected to be ~$130 mm.Core Results

• 3Q15 $174 mm• 2Q15 $136 mm• 3Q14 $140 mm

PRE-TAX

26* Lower feedstock costs

84

23

(2)

17

(91)

31

2Q15 Pipelines Marketing Gas Plants All Others 3Q15

3Q15 vs. 2Q15($ in millions)Core Results

• 3Q15 $31 mm• 2Q15 $84 mm• 3Q14 $155 mm

PRE-TAX

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Third Quarter 2015 Earnings Midstream & Marketing Segment Core Earnings

Beginning CashBalance12/31/14

CFFO BeforeWorking Capital

Change inWorking Capital

& CapitalAccruals

CapitalExpenditures

Dividends ShareRepurchases

Debt Issuance Ending CashBalance 9/30/15

YTD 2015($ in millions)

$4,300

$3,800

$7,800

3Q15LT Debt / Capital 19%

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Third Quarter 2015 EarningsYTD 2015 Cash Flow

($4,400)

Restricted Cash

$4,000 Restricted Cash$1,765

($2,100)

($1,700)

($600)$1,500

• Expect to receive proceeds from asset sales of ~$650 million in 4Q15

• Total company capital expenditures for the 3Q15 were $1.2 billion and we expect our 4Q15 to be $1.1 to $1.2 billion.

• Oil and Gas spent $3.6 billion YTD, with Permian Resources expenditures comprising 50% of the total, and the remaining $800 million split between Chemicals and Midstream.

• Growth in operating cash flow should help us achieve our goal of being cash flow neutral after capital expenditures and dividends at ~$60 realized oil prices.

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Third Quarter 2015 EarningsCapital Program

1Q15 2Q15 3Q15 4Q15E

Permian Resources

Remaining Oil & Gas

Midstream & Chemicals

$1.7 bn

2015 Capital Budget

Midstream & Chemicals

Permian Resources

Remaining Oil & Gas

~$1.5 bn

Permian Resources

Remaining Oil & Gas

Midstream & Chemicals

~$1.2 bn

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2014 Actual* CRC Spin-Off TargetedReductions

2016 Outlook

• Expect to continue to reduce SG&A costs

− Costs associated with exiting non-core assets

− Elimination of contract workers, replaced with own employees

− Voluntary severance program

− Fewer expat workers− Foregoing salary increases

and capped bonuses− Sale of corporate airplanes

and hangar− Closure and sale of former

California headquarters− Reduction in subscriptions

and renegotiations of contracts and licenses

Annual G&A Expense

($ in millions)

~$1,800 ~$300

~$300

~$1,200

Third Quarter 2015 Earnings Targeted Overhead Reductions

* Amount prior to spin-off of CRC

• 4Q15 US Production Outlook

– Permian Resources of ~118,000 BOED

– Total Domestic of 310,000 – 320,000 BOED

– Growth in Permian with declines in Midcontinent gas production and adjusted for the sale of Williston assets

• 4Q15 International Production Outlook

– Total volumes of 365,000 – 375,000 BOED

– Assumes ~60,000 BOED from Al Hosn

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Third Quarter 2015 Earnings4Q15 Production Outlook

Oil & Gas Segment • 2015 total production is expected to be

between 660,000 – 670,000 BOED.

• Domestic 4Q15 Production

– Total production of 310,000 – 320,000 BOED, adjusted for sale of Williston

– Permian Resources production of ~118,000 BOED

• International 4Q15 Production

– Total production of 365,000 – 375,000 BOED

– Al Hosn production of ~60,000 BOED

• Exploration expense: $20 mm in 4Q15.

Price Sensitivity Pre-tax Income Impact (Quarter)

Oil +/- $1/bbl = +/- $30 mm

NGL +/- $1/bbl = +/- $7 mm

U.S. Nat Gas +/- $0.10/mcf = +/- $3 mm

DD&A – FY 2015• Oil & Gas: ~$16.00 / BOE• Chemicals and Midstream: $625 mm

Chemical Segment• ~$130 mm pre-tax income in 4Q15.

Corporate• FY 2015 Domestic tax rate: 36% • FY 2015 Int'l tax rate: 65%• Interest expense of $55 mm in 4Q15• Expect to receive $650 mm in

proceeds from asset sales in 4Q15

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Third Quarter 2015 Earnings4Q15 & FY 2015 Guidance Summary

THIRD QUARTER 2015 EARNINGS CONFERENCE CALL Q&A