First Quarter Earnings Conference Call Occidental Petroleum Corporation May 11, 2021
Occidental First Quarter Highlights Financial Results and Guidance 3
First Quarter 2021 Highlights 1.6 B 0.5 B 0.5 B Free Cash Flow Divestitures Balance Sheet Generation Closed Improvement Highest Quarterly Non-Core Minerals Debt Reduction and Free Cash Flow WES Units Cash Preservation Since…
Best-in-Class Capital Intensity 2.9 B of Capital Stabilizes Full Year Production at 1,140 Mboed Leading Capital Intensity: Continues to Improve World-class assets with low breakevens and subsurface expertise to maximize value…
Divestiture Progress 11 10 9 8.7 B Completed 350 MM 285 MM 200 MM 2-3 B Cumulative Asset Sales ( B) 8 700 MM 1.3 B 7 2.4 B 6 260 MM 565 MM 90 MM 70 MM 5 750 MM 200 MM 3.3 B 4 3 Remaining Divestitures 5.5 B 2 2020…
Continuing to Deliver Delivering On Milestones Achieved Next Steps Balance sheet Extended 7 B of near-term improvement debt maturities Ongoing balance sheet 9.6 B of debt repaid improvement through organic free cash flow generation…
Cash Flow Maintain Production Base Current Focus Priorities Debt Reduction Near-term, excess cash flow and divestiture proceeds Sustainable Dividend Medium to be allocated to Term debt reduction Dividend increases Growth…
Occidental First Quarter Highlights Financial Results and Guidance 9
First Quarter 2021 Results Reported Reported Production versus Guidance Midpoint Mboed Reconciliation Adjusted EPS (0.15) Gulf of Mexico: improved well performance and +11 lower than expected downtime Reported diluted EPS (0.36)…
Second Quarter & Full-Year 2021 Guidance Estimates Oil & Gas OxyChem Corporate 2Q21 Production 2Q21 Pre-tax income: 300 MM FY 2021 Domestic tax rate: 22% Total Company: 1,140 1,170 Mboed FY 2021 Pre-tax income: 950 - 1,050 MM FY…
Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 12
International & Gulf of Mexico Milestones 2021 2022 2023 Lucius, N Hadrian, Holstein Caesar-Tonga (CT), Lucius HMW (3 wells), Lucius Fiesta, Cactus CTSSE online Exploration wells, Yellowfin Horn Mountain West (HMW) umbilical,…
Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 15
OxyChem: Market Leading Position OxyChem at a Glance Earnings Highlights Major global exporter of all core products Positive cash flow generation Top tier global producer in every product produced throughout cycle Largest merchant…
2021 Capital Plan 2.9 B Capital Program by Asset Capital Program by Type Facilities 23% 0.1 Midstream & Marketing 0.2 Exploration & Corporate D,C&E 56% 0.3 Oil & Gas 0.3 OxyChem Base Maintenance 10% 0.4 GoM Exploration 6% OBO…
Midstream & Marketing Guidance Reconciliation 1Q21 Guide 1Q21 Act 2Q21 Guide Physical Midstream Business 100 1Q21 income lower due to higher energy costs impacting Domestic gas processing plants related to winter 50 storm Uri.…
Cash Flow Sensitivities Oil & Gas Midstream & Marketing OxyChem Annualized cash flow changes Annualized cash flow changes Annualized cash flow changes 215 MM per 1.00 / bbl 65 MM per 0.25 / bbl 30 MM per 10 / ton change change in oil…
2021 Natural Gas Hedges Two-Way Costless Collar Secures Natural Gas Price Floor of Short Call 2.50 For 630 MMcfd 4.00 3.61 630 MMcfd Hedge Details 3.50 Summary 2021 Long Put 2.50 2021 Settlement Realized Price (/Mcf) 3.00…
Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 21
Leading Delaware Basin Well Performance 6 Month Cumulative Oil Top 100 Wells1 12 Month Cumulative Oil Top 100 Wells2 Oxys subsurface expertise delivers Basin leading wells for less cost: Oxy has 36% of the best wells, while completing…
Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 23
Oxys Combined Integrated Portfolio Oil & Gas OxyChem Oxy Midstream Focused in world class Leading manufacturer of Integrated infrastructure and basins with a history of basic chemicals and marketing provides access to maximizing…
One of the Largest U.S. Acreage Holders 9.5 MM Net Total U.S. Acres Rockies Permian 1.2 MM Acres 2.9 MM Acres Powder River Basin 0.4 MM Permian Unconventional 1.5 MM DJ Basin 0.8 MM Excludes acreage outside of active operating…
U.S. Onshore Overview Rockies Permian 1.2 MM Acres 2.9 MM Acres 1Q21 Net Production Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 271 97 531 457 Rockies & Other Dmstc. 92 92 673 296 Total 363 189 1,204 753…
Gulf of Mexico Overview Gulf of Mexico 0.8 MM Acres MARLIN HORN MOUNTAIN 1Q21 Net Production NANSEN HOLSTEIN BOOMVANG CONSTITUTION Oil (Mbod) 125 CAESAR/TONGA MARCO POLO GUNNISON NGLs (Mbbld) 11 HEIDELBERG LUCIUS Gas…
International Overview U.A.E. 2.5 MM Acres 1Q21 Net Production1 Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 36 2 7 39 Al Hosn 10 18 174 57 Dolphin 6 8 146 38 Oman 64 - 89 79 Algeria Oman Total 116 28…
Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 29
Midland Basin Water Recycling Facility Partnership with an industry-leading 3rd party water midstream company Next generation produced water recycling facility Supports all South Curtis Ranch development Located in Midland Basin at…
New Mexico Water Recycling Program Water infrastructure drives value and environmental benefits New Mexico Recycled Water Usage1 100% Continue to increase the percentage of 90% recycled water used in operations 80% Demonstrating water…
Decarbonizing Operations and Reducing GHG Emissions 32
Oxy Low Carbon Ventures MAJOR INITATIVES Oxy is using our long-standing, industry-leading 01 expertise in carbon management to lower our own CCUS Project Development emissions and accelerate a global low-carbon economy…
Pathway to Achieve Net-Zero 34
Producing a Lower Carbon Barrel of Oil First look at the worlds largest Direct Air Capture plant Oxy Low Carbon Ventures and the management team from Rusheen Capital formed development company 1PointFive 1PointFive licensed technology…
Executive CEO Target Direct Compensation Mix1 90% Variable/At Risk Compensation Program Policies and Practices Pay for performance Act on shareholder feedback Emphasize stock ownership Use relative and absolute 2021 Compensation…
Appendix 2021 Activity Financial Information Oil and Gas Update Asset Overview Environment, Social, and Governance WES 37
WES Operating as an Independent Company Relationship at a Glance Effective Dec. 2019, WESs management team transferred from Oxy to WES; the remaining WES employees transferred in 2020 Rights of WES unitholders to replace WESs general…
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