3 OUTLINE Second Quarter Highlights Financials Closing Remarks
COMPLETE 4 SHAREHOLDER RETURN Increased quarterly common dividend to Repaid 5 B of principal and reduced FRAMEWORK 0.13 per share net debt to < 20 B Shareholder return framework advancing 2022 IN PROGRESS with near-term debt…
HIGHLIGHTS 5 SECOND QUARTER 2022 PERFORMANCE 4.2 B 4.8 B 3.161 Free Cash Flow Debt Adjusted Generation Retired EPS OIL & GAS OXYCHEM 1.1 B2 Enhanced and Highest Earnings in Initiated Share Expanded Over 30 Years…
HIGHLIGHTS 6 OIL & GAS UPDATE Enhanced and expanded Ecopetrol partnership Midland JV capital carry extended through 1Q25 with Ecopetrol earning additional working interest New Delaware Basin JV accelerates development of high-…
HIGHLIGHTS 77 OXYCHEM BATTLEGROUND MEMBRANE CONVERSION Modernization and expansion of the Battleground plant expected to increase cash flow through improved margins and higher product volumes, while enhancing operational…
8 OUTLINE Second Quarter Highlights Financials Closing Remarks
FINANCIALS 9 SECOND QUARTER 2022 RESULTS Reported Production versus Guidance Mboed Reported Midpoint Reconciliation Adjusted diluted EPS1 3.16 GULF OF MEXICO Higher uptime and less weather downtime +4 than expected Reported…
FINANCIALS 10 THIRD QUARTER AND FULL-YEAR 2022 GUIDANCE OIL & GAS OXYCHEM CORPORATE FY 2022 3Q22 Production 3Q22 pre-tax income: 500 MM Domestic tax rate: 22% Total Company: 1,140 - 1,170 Mboed FY 2022 pre-tax income: 2.2 - 2.4 B…
STRONG CASH GENERATION ENABLED RAPID DEBT REDUCTION AND DRIVES RETURN OF CAPITAL B Primary Focus on Debt Reduction Increase Return of Capital 5 16.3 B1 FCF generated Share Repurchases 3 1 Dividend Growth 14.9 B1 Debt retired…
12 OUTLINE Second Quarter Highlights Financials Closing Remarks
13 ZERO IN ON VALUE COMPLEMENTARY SHAREHOLDER STRENGTHENING PATHWAY TO BUSINESSES RETURNS FINANCIAL PROFILE NET ZERO Oil & Gas Sustainable Common Dividend Prioritizing Debt Reduction Direct Air Capture OxyChem Share Repurchase…
14 Appendix
15 APPENDIX Financial Information Oil & Gas Update Asset Overview Environment, Social & Governance
16 Maintain Production Base CONTINUED 2022 Preserve asset base integrity FOCUS and longevity CASH FLOW Debt Reduction PRIORITIES Lower expenses and enhance balance sheet flexibility Excess cash flow continues to be…
FINANCIAL INFORMATION 17 2022 CAPITAL PLAN 3.9 B - 4.3 B CAPITAL PROGRAM BY ASSET CAPITAL PROGRAM BY TYPE Facilities 20% 0.2 Exploration & Corporate 0.3 - 0.5 D,C&E 58% Oil & Gas Base Maintenance 7% Midstream & Marketing 0.3…
FINANCIAL INFORMATION 18 BALANCE SHEET IMPROVEMENT DRIVES SHAREHOLDER VALUE 90 Enterprise Value ( B) PRIORITIZING DEBT REDUCTION 80 Market capitalization becomes a 38% 38% larger percentage of Enterprise 70 Value as debt is reduced…
FINANCIAL INFORMATION 19 CASH FLOW SENSITIVITIES OIL & GAS MIDSTREAM & MARKETING Annualized cash flow changes 225 MM per 1.00 / Annualized cash flow changes 65 MM per 0.25 / bbl bbl change in oil prices change in Midland to MEH…
20 APPENDIX Financial Information Oil & Gas Update Asset Overview Environment, Social & Governance
OIL & GAS UPDATE 21 DOMESTIC ONSHORE ASSETS PERMIAN 2022 ACTIVITY ROCKIES 2022 ACTIVITY 1.9 B - 2.1 B 18 Gross 10 Net 310 - 330 0.4 B 2 Gross 1 Net 75 - 85 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% OBO EOR OBO…
OIL & GAS UPDATE 22 LEADING DELAWARE BASIN WELL PERFORMANCE AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR1 AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR2 Oxy is 32% above the 6-month basin average Oxy is 25% above the 12-month basin…
23 APPENDIX Financial Information Oil & Gas Update Asset Overview Environment, Social & Governance
OXYS COMBINED INTEGRATED PORTFOLIO 24 Oil & Gas OxyChem Oxy Midstream Focused in world class Leading manufacturer of basic Integrated infrastructure and basins with a history of chemicals and significant cash marketing provide…
ONE OF THE LARGEST U.S. ACREAGE HOLDERS 25 9.4 MM Net Total U.S. Acres Rockies Permian 1.2 MM Acres 2.8 MM Acres Powder River Basin 0.4 MM Permian Unconventional 1.4 MM DJ Basin 0.8 MM Excludes acreage outside of active…
U.S. ONSHORE OVERVIEW 26 Rockies Permian 1.2 MM Acres 2.8 MM Acres 2Q22 Net Production Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 291 114 528 493 Rockies & Other Dmstc. 82 100 582 279 Total 373 214 1,110…
GULF OF MEXICO OVERVIEW 27 Gulf of Mexico 0.8 MM Acres MARLIN 2Q22 Net Production HORN MOUNTAIN Oil (Mbod) 122 NANSEN HOLSTEIN NGLs (Mbbld) 11 CONSTITUTION BOOMVANG MARCO POLO CAESAR/TONGA Gas (MMcfd) 81 GUNNISON…
INTERNATIONAL OVERVIEW 28 U.A.E. 2.5 MM Acres 2Q22 Net Production Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 47 4 13 53 Al Hosn 13 23 237 76 Dolphin 6 8 141 37 Oman 50 - 71 62 Total 116 35 462 228…
OXYCHEM 2,400 Pre-Tax Earnings (EBIT)1 29 MARKET LEADING POSITION 2,000 23 owned facilities worldwide 1,600 MM Integrated assets capture benefits 1,200 of favorable market conditions 800 Top tier global producer in every…
MIDSTREAM & MARKETING 30 GUIDANCE RECONCILIATION PHYSICAL MIDSTREAM BUSINESS 2Q22 income above guidance primarily driven 2Q22 Guide 2Q22 Actuals 3Q22 Guide by higher sulfur prices and volumes. 3Q22 200 guidance lower than 2Q22…
31 APPENDIX Financial Information Oil & Gas Update Asset Overview Environment, Social & Governance
PATHWAY TO NET ZERO 32 Oxy has set the following goals, among others, to achieve net zero across our total emissions inventory in accordance with the Paris Agreement1: 2024 2032 2040 2050 BEYOND Reduce total operational…
BUILDING A CCUS PLATFORM ACROSS THE CARBON CAPTURE VALUE CHAIN 33 STRATEGIC INVESTMENT APPROACH Oxy is leveraging its carbon management expertise, experience and infrastructure to accelerate the global development and commercialization…
BUILDING A CCUS PLATFORM ACROSS THE CARBON CAPTURE VALUE CHAIN 34 OLCV TECHNOLOGY, PROJECTS, AND PLATFORMS ZERO-EMISSION CO2 CAPTURE & PIPELINES & CO2 CARBON TRACKING CARBON UTILIZATION & POWER REMOVAL GAS PROCESSING SEQUESTRATION…
CO2 STORAGE 35 HUB DEVELOPMENT CURRENT SUPPORT SCENARIO 3 DEDICATED SEQUESTRATION HUBS Project Tundra EXPECTED TO BE ONLINE BY 2025 Multiple land/pore space access agreements executed with expectation of more than 100,000 net…
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