August 14, 2018

Occidental Petroleum Corporation

Permian Resources New MexicoField Tour

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 2017 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. 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 2017 Form 10-K and

other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.

3

• Permian Resources

• Permian EOR

• CCUS Progress and Potential

Occidental Petroleum – Greater Sand Dunes Field Tour

4

0

500

1,000

1,500

2,000

2,500

2016 2018 YTD

0

20

40

60

80

2016 2018 YTD

$-

$2

$4

$6

$8

2016 2018 YTD

Company Operated Annual Average Production

- 23% +30%

Breakeven <$50 WTI Inventory Improvement

Company Operated Operating Costs / BOE Well Productivity

+225%

New Mexico Improvement

Mb

oe

d$

/B

oe

Bo

ed

0

500

1,000

1,500

2016 2018 YTD

Un

de

ve

lop

ed

Dri

llin

g L

oca

tio

ns

+204%

5

Oxy’s Competitive Advantage in Permian Unconventional

Subsurface Characterization

3D Modular Development

Development Scenarios

Vision Well Manufacturing Blueprint

Portfolio Decisions

Hands-Free Operations

Leadership in Full Cycle Returns

Automation and Data Capture

System Integration

Data Analytics

Organization Designed for Integrated Development

Va

lue

Ba

se

dTe

ch

no

logy

+D

eve

lop

me

nt

Sys

tem

Inn

ova

tio

n

6

Enhanced Subsurface Characterization

> Characterize flow units

> Predictive modeling

> Life of field development

> Utilize expansive data integration

> Data analytics

From Appraisal to Permian Leading Well Performance

Ap

pra

isal

> Regional Basin Overview - Geologic Understanding

> Geochemistry of Source Rocks through Rock Samples

> Appraisal & Testing of Bench Opportunities

> Reservoir and Completion Evaluation of Development

Opportunities through Drilling

Static Model• Geology

• Geophysics

• Geochemistry

• Petrophysics

• Geomechanics

• Rock data

• Fluid data

Spacing

Landing

Lateral Length

Stimulation

Well DesignDeve

lop

men

t

Technical Upgrade

Dynamic Model• Production rates

• Pressures

• Flowback and

choke strategy

• Artificial lift

• Stimulation design

Flow Unit

FlowUnit

Flow Unit

FlowUnit

Optimization for Vision

Well Performance

7

Enhanced Subsurface Characterization in Greater Sand Dunes

Oxy’s Basin-Leading Subsurface Capability Drives Customized Development

• Integrated workflows with vast

Permian subsurface data> 10,000 mi2 3D seismic

> 130,000 mi 2D seismic

• Greater Sand Dunes example

> Flow units are spatially

heterogeneous

> Middle limestone present in some

areas allows for additional flow

unit

• Develop each section for

maximum value

Upper Flow Unit

A A’

A A’

A A’

Lower Flow Unit

Seismic cross-section A-A’ showing the stratigraphy

of the Upper and Lower flow units

Upper flow unit seismic map

Lower flow unit seismic map

8

Enhanced Subsurface Characterization in Greater Sand Dunes

Well Landing Optimization to Maximize Section Value

• Customized landing per

section

• Subsurface Integration

> Seismic Data

> Frac and subsurface models

> Geomechanics

> Petrophysics

> Surveillance

• Vision Well

> Customized well designs to

maximize value

Red SectionBlue Section Black Section

1 mile

Seismic cross-section showing the stratigraphy of the Upper and Lower flow units and well landing options in gun barrel view

9

0

50

100

150

200

250

300

0 1 2 3 4 5 6 7

Cu

mu

lati

ve

Oil

Pro

du

cti

on

(M

bo

)

Months

Enhanced Subsurface Characterization in Greater Sand Dunes

Well Landing Optimization to Maximize Section Value

• Landing optimization

> Integrated subsurface workflows

> Vast subsurface data and

analytics

• Improved Results

> 223% increase in average peak

production rates

> 205% increase in well recovery

> 51% reduction in development

cost / boe

1 mile

1H

2H

3H

4H

5H

6H

1H 2H 3H 4H 5H 6H

Flow Unit 1

Original Plan – Pre-Optimization(10K Laterals)

Adjusted Development to

Maximize Section Value (10K Laterals)

Flow Unit 2

Flow Unit 1

Flow Unit 2

Production step-change

from integrated

subsurface work

(3-well average)

Production Results from Landing and

Spacing Optimization

10

Vision Well

Vision Well Process Drives Continuous Improvement

Production Drivers

Design the SystemPrototype & Implement

Optimize & Expand Multivariable Analytics

Proppant/Fluid

Loading

Proppant

SizeInfrastructure

Optimization

Pumping

Pressure

Cluster

Spacing

Artificial Lift

FlowbackWell Spacing/

Landing

Casing Design

Customized well designs utilizing data analytics

reduce development costs and maximize the value

of each section

Optimization of Key Development and

Well Design Variables

Data Analytics & Integrated

Technical Analysis

Oxy’s vision well process removes well productivity

barriers through technical engineering, analytics,

and subsurface analysis

… and many more

11

North Delaware Slope

• All 10 Oxy wells drilled in the last year

are in the top 25 wells for this area

• Competitors pumped 50% more

proppant

• Restarted development in 2018

South Delaware Basin

• Oxy has 14 of the top 25 wells in this area

• Competitors pumped 30% more proppant

• Improved well design in 2018 resulting in

record wells

North Delaware Basin

• Oxy has 12 of the top 25 wells in this area

• Competitors pumped 17% more proppant

• 18 wells in the top 50 best ever Permian wells

• Two well pad that produced over a total of 10,000

boed for 30 days.

Leading Operator in the Permian Basin

Greater Sand Dunes Area

Greater Barilla Draw Area

Turkey Track Development Area

Note: Data sourced from IHS Enerdeq as of 7/31/2018 for the period 07/2017 – 07/2018. Some data for Oxy wells were sourced from internal data as records were not yet available in IHS Enerdeq.

Oxy has 40%+ of the

Top Wells in Each Area

12

1,000

2,000

3,000

July-17 September-17 December-17 March-18 June-18

2,000

4,000

6,000

8,000

10,000

July-17 September-17 December-17 March-18 June-18

Note: Data sourced from IHS Enerdeq as of 7/31/2018 for the period 07/2017 – 07/2018. Data for six Oxy wells were sourced from internal data as records were not yet available in IHS Enerdeq.

Oxy has 25 of the top 50 Wells in the Permian Basin Leading Wells with Less Proppant

Oxy Wells Competitor Wells Oxy Wells Competitor Wells

IP 2

4 B

OP

D

Pro

pp

an

t#

/ft

Oxy Average

Proppant #/ft

Competitor

Average

Proppant #/ft

+34%

Permian Resources Delivers Basin Leading Wells

13

Maximize Portfolio Value and Sustainability

Sequencing Technical Advancement

Portfolio Sequenced Development drives High ROCE

Categorize PortfolioT

ier R

OR

Se

cti

on

Case 2:

Sequencing

Technical

Advancements

Case 1:

Simultaneous

Development

Tier 1 Flow Unit

Tier 2 Flow Unit

Upgrade to Tier 1

Tier 1 Flow Unit

Tier 3 Flow Unit

Tier 1 Flow Unit

Tier 1 Flow Unit

Tier 2 Tier 1 Flow Unit

Tier 3 Tier 1 Flow Unit

Development Timing

14

Area to Modular Section Development• Maximize value through optimizing

pace and sequencing

• Identify uncertainties

> Variability of production results

> Rate of improvement

• Recognize current limitations

> Existing infrastructure capacity and water

network

> Land position

• Realize full cycle returns through

modular field development plans

Mature land position

Bench delineation

Advanced BLM permitting

Fewer unknowns

3

1

Dev elopment Unit 1

Dev elopment Unit 3

Dev elopment Unit 2

Land core-up completed

Learnings from other development

units applied

Vision wells maximizing value

Infrastructure optimized

15

Pa

d D

rill

Multiple 3D Flow Unit Section Development

Maximize margin, EUR and capital efficiencies

• 3D Flow unit understanding enables development without vertical interference

• Horizontal pressurized “Completed Barriers” to minimize frac hits

• Drilled Uncompleted (DUC) “Buffer” eliminates lateral frac to drilling interference

• Accelerated and Optimized: Production, Facilities and EUR

Zip

pe

r Fra

c

Co

mp

lete

d B

arrie

r

Zip

pe

r Fra

c

DU

C “B

uffe

r”

Pro

du

ctio

n

Development Sequence Cross section view

Independent 3D Flow Units

1 2 3 4 5 6

Wolfcamp XY - Phase 2

Optimized Sequence vs Simultaneous Development

Three Section 2nd Bone Spring Development

Example in New Mexico

BO

EP

D

2018

Simultaneous

development

Optimized

development

Production Acceleration+2,000 boepd annual avg production

Facilities Optimization-2,500 bopd, -3,600 BWPD, - 250 MCFPD

2nd Bone Spring -Phase 1

Optimized Sequenced Development (OSD)

Accelerates Production Efficiently

2nd Bone Spring Upper- Phase 1

16

Manufacturing Blueprint

Full Cycle Cost and Time to Market Leadership

• Operationalize section

development plans and

remove limitations/barriers

> Drilling

> Completions

> Facilities and Infrastructure

> Logistics and commercial

strategies

• Concentrated Development

> Repetitive well architecture

> Economies of scale

> Multiple section infrastructure

> Water system integration

Oxy Drilling Dynamics

Strategic sourcing strategy for critical resources

Aventine Logistics and Maintenance Facility

SandStorm trucks and well-site logistics

Simultaneous operations (SIMOPS)

Flowback optimization

Unique water sourcing and recycling program

High Full Cycle Returns and Low

Execution Risk

Plan Drill RR to Frac Frac Flowback Online

17

Manufacturing Blueprint

Operational Excellence Improves Well Productivity and Lowers Cost

• Early adopter of Rotary Steerables

• Oxy Drilling Dynamics

> Unique BHA designs

> Real-time analytics

> Wired drill pipe

> Targeted landing and control

• Ensure wellbore quality and integrity

> Effective stimulation

> Long-term operability

• Unique water programs

• Customized proppant and water

volumes

• Optimized zipper frac equipmentGreen and blue indicate

lower quality cement

Brown indicates high cement quality.

Better cement job improves isolation for

increased frac effectiveness

Cement Bond Logs

5 ½” Production Casing

No rotation With rotation

18

0

250

500

750

1,000

2016 2017 2018

+28%

New Mexico

Feet Drilled per Day• 15 x Slim 10k well designs to generate cost savings of

~ $500,000 per well against 2018 BP ($7,500,000 total

savings to date)

• Drilled Sand Dunes 10k lateral, in 14 days, setting a new record

for Oxy New Mexico

• Record 14 stages/day in May, and record 240 stages per

month for NM frac crew

• New produced water technology reduces costs - targeting

completions savings of ~ $200,000 per well and 95% recycled

water in fracs for NM in 2018

• Investing in infrastructure to allow flexibility of gas uses – lift,

sales, injection

Operational Highlights

Manufacturing Blueprint

19

Operating for Higher Margins

Permian Scale and Operating Capability Reduces Costs

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2014 2015 2016 2017 1H18

New Mexico Failure Frequency

-52%

0

500

1,000

1,500

2,000

Jan Feb Mar Apr May June

1H 2018 Base Optimization Wedge

• Full life-cycle wellbore

planning

• Operational excellence> Lower Costs

> Optimize oil production

> Maximizes Recovery

• Downhole maintenance

and cost reduction> Organizational structure and focus

> Root cause failure analysis

> Chemical program

> Variable speed drives

Flowing Lift Optimization Refrac EOR

We

ll P

rod

ucti

on

Time

Oxy is Focused on the Full Life-cycle of the Well and Reservoir

Timing of EOR can vary based

on subsurface and type of EOR

method implemented

Some EOR methods could be

earlier in the well life-cycle

Fa

ilure

Fre

qu

en

cy

Bo

ed

20

Operating for Higher Margins

Innovative Artificial Lift System Improves Costs and Well Performance

Implemented downhole lift

system to increase life-cycle

well efficiency

• Mitigate slug flow for better reliability

and lower opex

• Eliminate lift changes throughout well

life-cycle

Results

• 80% reduction in bottomhole pressure

vs conventional methods increase

drawdown

• Well runtime increased from 50% to

95%

0%

50%

100%

150%

200%

250%

300%

350%

400%

Well

1

Well

2

Well

3

Well

4

Well

5

Well

6

Well

7

Well

8

Well

9

Well

10

Well

11

Percentage Production Improvement for

Wells with New Lift System Installed

>100% Average Well

Productivity Improvement

Flowing ESP/Gas Lift Beam

Artificial Lift Life Cycle

Typical Unconventional Well Artificial Lift Life Cycle

% P

rod

ucti

on

Im

pro

ve

me

nt

pe

r W

ell

21

Operating for Higher Margins

Second Chances Project – Restimulations Providing High Returns

Modern fracturing technology

and techniques applied to older

wells

• Implement inexpensive casing patch

solution without restricting the

wellbore diameter

• Effectively pump frac stages on older

wells with good pressure isolation

Results

• 95% of sand placed in designed stage

• Significant inventory of restimulation

candidates identified

• Expect 30-40% efficiency gains from

large scale program

Restimulation projects

provide high RORs

0

500

1,000

1,500

2,000

2,500

2010 2011 2012 2013 2014 2015 2016 2017

Industry Average Proppant

Loading in New Mexico

Under-stimulation of older wells

provides significant opportunity for

productivity improvement

Significant Production

Increase Observed

0

200

400

600

800

1,000

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18

Incre

men

tal B

opd

Po

un

ds

of P

roppan

tP

um

pe

d

per

Foot

of

Late

ral

22

• Permian Resources

• Permian EOR

• CCUS Progress and Potential

Occidental Petroleum – Greater Sand Dunes Field Tour

23

Permian EOR Water Floods Permian EOR CO2 Floods

Permian EOR Plants

Permian EOR

• 153.1 Mboed net production*

• 1.1 MM net acres

• ~20k operated wells

• 34 CO2 floods

• 70 water floods

• 13 gas processing plants

• 3 operated CO2 source fields

• 2.6 Bcf CO2 injected daily

Over 2 Bboe Net Resource Potential

~1 Bboe in current 10yr plan @ <$6 F&D

Differentiated Scale and Position

* June 2018 YTD

24

Benefits of EOR Business Unit in Oxy’s Portfolio

• Long-term cash generator

> Low capital intensity growth opportunities

> ~5% base decline

• Provides synergies including organizational capabilities across business units

Recovery of Oil in Place*

Proven History of Maximizing Recovery

Re

co

very

Fa

cto

r (%

)

Reservoir Development Stages

0%

10%

20%

30%

40%

50%

60%

70%

Conventional Reservoirs Unconventional

Reservoirs

Primary

Waterflood

CO2

BO

PD

Low Base Decline

Generates Sustainable FCF

Primary

~15%

Waterflood

~30%

CO2

~15%

*Recovery factors listed are representative and are not specific to a field. Actual recovery factors will vary higher and lower depending on specific reservoir characteristics.

Primary

~6-12%

25

Permian EOR Keys to Success: Long-term Life Cycle

Asset

Quality Capability

Value-Based

Approach

Innovative

Technology

• Technical EOR Expertise

• Infrastructure and CO2 Supply

• Gas Processing

• Automation and Controls

• High-quality Reservoirs

• Contiguous Scale

• Strategic Position

• 1 Bboe < $6/boe F&D

• Subsurface Characterization

• Phased Development Cycles

• Surveillance and Maintenance

• Safety and Environmental

• Centralized Control of Field

and Plants

• Data Automation and Capture

• Data Analytics

• Hands-free Operations

26

0

500

1,000

1,500

2,000

Proven Leader in Maximizing Recovery Across the Permian

<$10 <$6

Permian EOR Net Resource Potential

MM

Boe

CO2 Floods

TZ/ROZ*

Water Floods +

Other Infill Drilling

Opportunities

High-gradable

Inventory

*Transition Zone and Residual Oil Zone

Note: As of 12/31/2017

Permian EOR

Significant opportunity

to grow inventory

> Subsurface characterization

> Operating efficiency

> Technology

Future Development

Cost ($/Boe)

Permian EOR Water Floods

Midland Basin

Central Basin

Platform

Additional

Conventional

Inventory

Permian EOR CO2 Floods

Permian EOR PlantsTotal

Identified

Barrels

27

Unmatched Infrastructure PositionField

• ~20,000 wells

• 1,200+ surface facilities

• 30,000 miles of pipelines

• 230+ pumps for water reinjection

Plants

• 13 gas processing plants

• 6 recompression facilities

• 19 compressor stations

• 920k hp compression

• 1,700 miles of gathering pipelines

• 1,100 miles of DOT pipelines

• Long-term CO2 supply agreements

Integrated Communications

• Microwave backbone across Permian Basin

28

Permian EOR – Maximizing Recovery at High Margins

Field Operating Costs

• Maintenance programs to predict failures and minimize costs

> Less than 25 of 7,000 beam units fail each year

> 20,000 maintenance activities per month

• Field and Plant Automation Results in High Uptime

> Real-time remote monitoring and controls for operations, safety and

environment

> 98% Plant Uptime 2018 YTD

• Surveillance Programs provide opportunities for improvement

Injectant and Energy Costs

• Some contracts tied to WTI

> ~$0.30 change in opex/boe for every $10 change in WTI

• Efforts to offset increasing energy costs include load

shedding during peak cost periods and assessing

solar power

• Pursuing Anthropogenic opportunities for lower cost

injectant opportunities that reduce net emissions

> FEED study with White Energy to capture and transport

anthropogenic CO2 to Permian EOR fields

$0

$2

$4

$6

$8

$10

2018 OL$0

$2

$4

$6

$8

$10

$12

2018 OL

Field Operating Costs Injectant and Energy Costs

2018 2018

Downhole

Maintenance

Supports and

Other

Surface and

Maintenance

Workover

Injectant

Costs

Energy

Oxy’s Scale, Expertise and Infrastructure Position is Advantaged and Enables More Oil at Lower Costs

$/B

oe

$/B

oe

29

0

5

10

15

20

25

30

Jan - Jul 2017 Avg Sep-2017 Jul-2018

Mb

oe

d

SSAU Gross Production

Creating Value at the Seminole San Andres Unit

Increased Production 3,600 Boed or 16%

• Increased plant inlet volume 32%

• Reduced flaring by 60%

• Implemented surveillance workflows

Reduced Redrill Capital Costs by 36% Greater than $7/Boe Opex Reduction

0

50

100

150

200

250

300

350

Prior Operator AFE Oxy Planned Oxy Actual

IP 3

0 B

oe

d

SSAU Redrill Well Productivity

• Savings utilizing Permian scale

• Implemented Oxy well design

• Operating capability improved efficiency

$0.0

$0.5

$1.0

$1.5

Prior Operator AFE Oxy Planned Oxy Actual$

MM

SSAU Redrill Well Cost

$0

$100

$200

$300

Oxy Planned Oxy Actual

$ M

M

SSAU Lift Revision Cost

$0

$10

$20

$30

Prior Operator Opex Oxy Current Opex Oxy Opex Target

Op

ex

$/b

oe

SSAU Opex

~$7.00/Boe reduction to-date

• Optimized Purchased Injectant

• Well Enhancement Execution

• Optimized Resource Deployment

$0

$200

$400

$600

$800

Base Case Target Upside Case

Value of Operating Cost Synergies ($MM PV10)

$5/Boe

$7/Boe

$10/Boe

30

Residual Oil Zone Provides Significant Future Development Potential

Permian EOR ROZ

development is a

vertical expansion of the

CO2 flooded area

Underlies most of our

major EOR properties

ROZ provides high-value

opportunity for Permian

EOR

• Low development cost of ~$4/boe

• Significant resource potential greater

than 500 MMBOE

• New technology to improve economics

under patent and being piloted in the

field

Org. POWCMain Oil Column

POWC

Uplift & Rotation

New Spill Point

RO

Z

RO

Z

ROZ

ROZ

TZTZ

TZ

MOC

MOC

TZ TZ

Org. FWLOrg. FWL

W E

31

• Permian Resources

• Permian EOR

• CCUS Progress and Potential

Occidental Petroleum – Greater Sand Dunes Field Tour

32

Occidental has Utilized and Stored CO2 Safely and Reliably for Over 40 Years

Proven Capability

Capture Technology

Infrastructure

Reservoir + Sequestration

Carbon Capture, Utilization, and Storage

Oxy has a unique

competitive

advantage in the

emerging field of

carbon capture

CO2 Enhanced Oil Recovery (EOR)

using anthropogenic CO2 is a

form of carbon capture,

utilization and storage (CCUS)

technology that results in the

permanent sequestration of CO2

Global EOR Scale & Capability

Permian Basin – CO2 EOR

Colombia

Qatar

Oman

33

Oxy Permian EOR stores ~1 Bcfd CO2 = 18 MM Tonnes Per Year

The IEA assumes ~4 Gigatonnes CO2 per year needs to be sequestered by 2040 =

Over 200 Years of Oxy Permian EOR Injection

0

2

4

6

8

10

2015 2020 2025 2030 2035 2040 2045 2050 2055 2060G

tCO

2C

ap

ture

d a

nd

Sto

red

Pe

r Ye

ar

Key Drivers to Achieving De-carbonization by 2040

EV Deployment40% passenger cars worldwide

Renewables20% electric generation

NuclearCapacity doubles

Biofuels17% of world transport demand

Carbon Capture & Sequestration80% of coal-fired generation capacity equipped

Source: International Energy Agency

CCS in IEA 450 Scenario

International Energy Agency

~4 Giga tonnes CO2 Per Year

~30 Giga tonnes CO2 Cum.

341Source: 2016 Oil & Gas Journal, EOR Survey, adjusted for recent Oxy EOR acquisition

Occidental

Kinder Morgan

DenburyChevron

ExxonAnadarko

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0 5 10 15 20 25 30 35 40

Inje

cti

on

We

lls

CO2 Projects

Production Volumes

CO2 EOR Projects1

Occidental Is The Leader In CO2 Enhanced Oil Recovery and Sequestration

CapabilityOver 1,200 employees with deep history of enhanced oil recovery and sequestration

ReservoirLargest acreage position with the most CO2 and waterfloods

SupplyInject 2.6 Bcfd of naturally occurring CO2

Infrastructure13 gas processing plants and thousands of miles of pipelines

35

CO2 Sequestration Potential from Currently Emitting Sources

> Anthropogenic CO2 sources include power generation, refining and industrial sources

Current strategy targets primarily

ethanol and coal-fired electric

generation plants

Excludes plants with low

utilization rates and high

probabilities of retirement

> Largest potential for anthropogenic CO2 is in Central Texas and Gulf Coast

High concentration of coal-fired

electric generation plants

36

Produced Oil (Red) Sequestered CO2 (Yellow)

How Does Carbon Capture and Sequestration Work?ImpactfulOxy stores the equivalent CO2 emissions of over 4 million cars every year

Over multiple injection cycles, 100% of CO2 is stored in EOR reservoir

ReliableOxy has the first two EPA approved Monitoring, Reporting and Verification Plans with storage capacities over 300 million tonnes of CO2 with substantially more potential

37

Subsurface Containment

Accounting System

Surface Containment

Monitoring, Reporting, and Verification

Measurement System Verifies Containment in Closed Loop System

38

Dedicated business unit

formed to develop carbon

capture, utilization and storage

(CCUS) of anthropogenic CO2

Mission is to accelerate CO2

EOR development through

sourcing of competitively

priced anthropogenic CO2

Sequestration of CO2 in oil

reservoirs incentivized by

extension and increase of

45Q tax credits

Low Carbon Ventures Strategy

Leverage and grow Oxy’s CO2 enhanced oil recovery (EOR) infrastructure and expertise for economic and social benefit

Partner with existing CO2 emitting industrial sources to economically capture CO2 with commercially available technology for Oxy EOR use

Lead and support the development of innovative new carbon capture technologies to drive cost efficiency

Develop and commercialize synergistic new products and technologies using captured CO2

Economically lower Oxy’s carbon footprint from its operations by utilizing renewable power sources

Low Carbon Ventures Team Formed to Capitalize on Strategic EOR Position

Reducing Oxy’s Carbon Footprint While Developing Economic Reserves

39

White Energy & Oxy Oxy’s next step: CO2 capture, utilization and storage project for emissions from two ethanol plants in Texas

Carbon Sequestered

Projects Key Drivers

~1,000,000

Tonnes Per Year

> High CO2 content of emissions from ethanol plant

> Proximity to CO2 transportation infrastructure and reservoirs

> Continued demand for renewable biofuels

Source: White Energy

>200,000

Cars Emissions

Summary

CO2 Source Post-Combustion

CO2 Stream ~97%

Technology Proven; dehydration /compression

Stage Study/Commercial