CAUTIONARY STATEMENTS 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited…
3 OUTLINE 2024 Achievements Fourth Quarter Highlights Strategic Priorities Financials Closing Comments Marco Polo
2024 ACHIEVEMENTS 4 Premier portfolio. Exceptional performance. Outstanding results. Operational Excellence Financial Strength Strategic Advancement Achieved record annual U.S. oil Generated 4.9 B of free cash flow Closed…
2024 ACHIEVEMENTS 5 U.S. ONSHORE OIL & GAS UPDATE OXY EXTENDING U.S. ONSHORE WELL PERFORMANCE LEADERSHIP In Delaware Basin, 2024 wells delivered average 6-month cumulative oil production of 178 Mbo 39% higher than industry average…
6 OUTLINE 2024 Achievements Fourth Quarter Highlights Strategic Priorities Financials Closing Comments Marco Polo
FOURTH QUARTER HIGHLIGHTS 7 MULTI-SEGMENT OUTPERFORMANCE PROPELS STRONG CLOSE TO 2024 Oil & Gas Midstream 1,463 +104 MM Mboed Adjusted Pre-Tax Income Includes Record Quarterly Outperformance U.S. Production Financial Balance…
8 OUTLINE 2024 Achievements Fourth Quarter Highlights Strategic Priorities Financials Closing Comments DAC STRATOS Marco Polo
FOCUS IN 2025 9 Strategic Priorities Reflect Continuation of 2024 Momentum Deleveraging Major Operational & Sustainable Projects Excellence & Dividend Execution Innovation Growth 1.2 B of announced divestitures STRATOS on…
DELIVERING ON 2025 FOCUS ON CONTINUING 10 DEBT REPAYMENT DELEVERAGING MOMENTUM COMMITMENTS 1.2 B Achieved 4.5 B near-term debt repayment target 7 months ahead 0.5 B 4.5 B of schedule Debt Repayments 4.0 B Proceeds from…
2025 FOCUS ON 11 ADVANCING MAJOR PROJECTS STRATOS ON TRACK FOR 2025 START-UP Initial Capacity: Completed construction of Trains 1 & 2 in December 2024 Central processing construction to be complete in 2Q25; commissioning of…
2025 FOCUS ON OPERATIONAL EXCELLENCE & INNOVATION 12 Blending technical expertise with a forward-thinking approach to maximize value Pushing technical limits in Relentless pursuit of Applied AI Center of Pioneering low carbon…
DRIVING VALUE THROUGH CROWNROCK INTEGRATION 13 Enhancing competitive positioning with expanded capabilities Best-of-best practices to provide meaningful CROWNROCK improvement on CrownRock assets in 2025 EXCEEDING EXPECTATIONS 7% well…
2025 CAPITAL PLAN 14 CONTINUING STEADY INVESTMENT PLAN FOR 2025 Investing in short and mid-cycle assets for modest oil growth and full-cycle cash flow resilience 8.0 0.2 7.6 B 7.4 B 0.0 7.4 B (0.1) 6.0 Final full year spend for…
15 OUTLINE 2024 Achievements Fourth Quarter Highlights Strategic Priorities Financials Closing Comments Ingleside Marco Polo
FINANCIALS 16 FOURTH QUARTER 2024 RESULTS Reported Production versus Mboed Reported Guidance Midpoint Reconciliation Adjusted diluted EPS1 0.80 PERMIAN Higher uptime and OBO volumes in the +11 Reported diluted EPS2 (0.32)…
FINANCIALS 17 FIRST QUARTER AND FULL-YEAR 2025 GUIDANCE OIL & GAS 1Q25 FY 2025 MIDSTREAM2 1Q25 FY 2025 Total Company Production (Mboed) 1,370 - 1,410 1,385 - 1,445 Pre-tax Income (170) - (70) MM (250) - (50) MM Permian Production…
18 OUTLINE 2024 Achievements Fourth Quarter Highlights Strategic Priorities Financials Closing Comments Marco Polo
DIFFERENTIATED VALUE PROPOSITION 19 Oxys premier diversified assets and distinguished operational capabilities create a runway for sustainable shareholder value accretion Operational Excellence High Quality Portfolio Low-Carbon…
Appendix
21 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Sustainability Abbreviations and Definitions
FINANCIAL INFORMATION Capital B 2024 Actuals 2025 Plan 22 2025 CAPITAL PLAN Oil & Gas Chemicals 5.3 0.7 5.8 - 6.0 0.9 Sustaining Capital1 Midstream & Corporate 0.3 0.3 Capital of 4.5 B to maintain Energy and Chemicals Subtotal 6.3…
ROCKIES 1Q25 Production Guidance 23 PRODUCTION GUIDANCE 330 325 315 Mboed Boosting margins by 300 (21) 291 switching DJ Basin gas (13) 285 processing to ethane rejection mode, decreasing 270 reported production 4Q24 Production…
2025 ONGOING FOCUS 24 CASH FLOW Maintain Production Base Preserve asset base integrity PRIORITIES and longevity Sustainable & Growing Dividend Apply technical and Through-the-cycle sustainability operational excellence to with…
FINANCIAL INFORMATION 25 CASH FLOW SENSITIVITIES OIL & GAS MIDSTREAM & MARKETING Annualized cash flow changes 260 MM per 1.00 / Annualized cash flow changes 60 MM per 0.25 / bbl bbl change in oil prices change in Midland to MEH…
FINANCIAL INFORMATION 26 DILUTED SHARE COUNT EXAMPLE Basic Shares Outstanding + Incremental Diluted Shares = Total Diluted Outstanding Shares Incremental diluted shares include June 2020 warrants, Berkshire Hathaway warrants, and…
27 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Sustainability Abbreviations and Definitions
OIL & GAS UPDATE 28 DOMESTIC ONSHORE ACTIVITY PLAN UPDATE PERMIAN 2025 ACTIVITY ROCKIES 2025 ACTIVITY 3.7 B 24 Gross 16 Net 500 - 550 0.8 B 3 Gross 2 Net 100 - 120 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% OBO…
HIGH-QUALITY OPERATED INVENTORY INCREASED DESPITE 29 U.S. ONSHORE DRILLING OR DIVESTING 1,200 LOCATIONS DEVELOPMENT…
OIL & GAS UPDATE 30 2024 RESERVES 570 MMboe Organic Reserves Additions Excluding Price Revisions 181% 3-Year Average Reserves Replacement Ratio 11.42 3-Year Average F&D Cost per BOE 573 4,612 3,982 326 217 (486) Organic All-In 69%…
OIL & GAS UPDATE 31 LEADING DELAWARE BASIN WELL PERFORMANCE AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR1 AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR2 Oxy is 46% above the 6-month basin average Oxy is 54% above the 12-month basin…
TOP 10 HORIZONTAL WELLS 32 IN DJ BASIN SINCE 2019 NEW WELL PRODUCTIVITY REACHING NEW HEIGHTS First 6-Month Cumulative Production, Mboe 300 200 100 0 1 2 3 4 5 6 7 8 9 10 SOURCE: ENVERUS PRISM DATA AS OF 10/30/24,…
33 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Sustainability Abbreviations and Definitions
OXYS COMBINED INTEGRATED PORTFOLIO 34 Oil & Gas OxyChem Oxy Midstream Focused in world class Leading manufacturer of Integrated infrastructure and basins with a history of basic chemicals and marketing provide access to maximizing…
OXYCHEM 2,500 Pre-Tax Income 35 MARKET LEADING POSITION 2,000 23 owned facilities worldwide 1,500 MM Integrated assets capture benefits of favorable market conditions 1,000 Top-tier global producer in every principal 500…
OXYCHEM PROJECTS UPDATE 36 BATTLEGROUND MODERNIZATION & EXPANSION PROJECT Modernization and expansion of the Battleground plant expected to increase cash flow through improved margins and higher product volumes, while enhancing…
MIDSTREAM & MARKETING 37 GUIDANCE RECONCILIATION PHYSICAL MIDSTREAM & LCV BUSINESSES 4Q24 Guide 4Q24 Actuals 1Q25 Guide 4Q24 income above guidance primarily 200 due to higher sulfur pricing at Al Hosn; Quarterly Pre-Tax Income (…
ONE OF THE LARGEST U.S. ACREAGE HOLDERS 38 9.3 MM Net Total U.S. Acres ROCKIES 0.7 MM ACRES PERMIAN 2.9 MM ACRES POWDER RIVER UNCONVENTIONAL 0.1 MM POWDER RIVER 1.5 MM DJ BASIN CONVENTIONAL 0.6 MM 1.4 MM Excludes acreage…
U.S. ONSHORE OVERVIEW 39 4Q24 NET PRODUCTION ROCKIES Oil NGLs Gas Total 0.7 MM ACRES (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 416 194 964 771 Rockies & Other Dmstc. 102 106 700 325 Total 518 300 1,664 1,096 OPTIMIZED…
GULF OF AMERICA OVERVIEW 40 ALABAMA GULF OF AMERICA MISSISSIPPI TOTAL ACREAGE 1.1 MM TEXAS LOUISIANA 4Q24 NET PRODUCTION MARLIN Oil (Mbod) 116 HORN MOUNTAIN NGLs (Mbbld) 10 HOLSTEIN Gas (MMcfd) 68 BOOMVANG…
INTERNATIONAL OVERVIEW 41 UAE1 4Q24 NET PRODUCTION 2.5 MM ACRES Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 26 3 20 33 Al Hosn 15 28 290 91 Dolphin 6 8 159 41 Oman 55 - 63 65 ALGERIA OMAN Total 102…
42 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Sustainability Abbreviations and Definitions
43 43 INCORPORATING R&D BREAKTHROUGHS INTO Initial Capacity (250 KTPA capacity) STRATOS Construction underway to complete central processing and supporting infrastructure for full 500 KTPA ahead of commissioning Design…
LOW CARBON VENTURES DAC INVESTMENT PRINCIPLES 44 Developing competitive-returns business with cash flow stability Returns Focused DAC 2+ to meet return threshold for FID Demand-Driven Market demand to drive development pace…
OXY TO UTILIZE NET POWERS 45 TRANSFORMATIONAL TECHNOLOGY FOR CLEANER ENERGY Oxy has 42% equity ownership in NET Power Inc. (NYSE: NPWR) Net Powers patented technology uses natural gas to generate clean, reliable power while…
46 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Sustainability Abbreviations and Definitions
SUSTAINABILITY 47 2024 CLIMATE REPORT: EMISSIONS REDUCTION PROGRESS NOTE: DATA IS FROM 2023, THE LATEST AVAILABLE, AND INCLUDED IN OUR 2024 CLIMATE REPORT PUBLISHED ON OUR WEBSITE
2024 SUSTAINABILITY REPORT: INTEGRATED 48 STRATEGY DELIVERING RESULTS SELECTED HIGHLIGHTS & STATISTICS FROM 2023 BUILDING TO NET ZERO Joint venture agreement with BlackRock with 550 million of committed OXYS PILLARS OF…
WATER STEWARDSHIP 49 IN OIL AND GAS Reduce water withdrawn from freshwater sources 96% of the total water withdrawn by Oxys U.S. oil and gas operations came from non-fresh sources, of which 87% was produced water 460 MM barrels of…
50 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Sustainability Abbreviations and Definitions
ABBREVIATIONS AND DEFINITIONS 51 Abbreviations B Billion F&C Facilities and Construction MM Million BBL Barrel FID Final Investment Decision MMBOE Million Barrels of Oil Equivalent BE Breakeven FY Full Year MMBTU Million British Thermal…
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