ZERO IN ON VALUE 3 Key Takeaways Operational excellence driving 3.0 B CFFO1 delivered by strong operations, company-wide financial results Sustained Delaware drilling efficiencies enabling 2 rig reduction Balance sheet 2.3 B…
4 OUTLINE First Quarter Highlights Debt Reduction Progress Financials Closing Comments Marco Polo
FIRST QUARTER HIGHLIGHTS 5 STRONG OPERATIONAL AND FINANCIAL START TO 2025 Oil & Gas Chemical & Midstream 1,391 +142 MM Mboed Total Combined Adjusted Pre-Tax Company Production Income Outperformance Financial Balance Sheet…
DELAWARE BASIN RIG REDUCTIONS ENABLED BY 6 CONSISTENT DRILLING EFFICIENCY IMPROVEMENTS DELAWARE EXECUTION DELIVERING MORE IN 1Q25 Drilling duration per well improved 17% from 2024, supporting 18% reduction in drilling costs…
OMAN NEW VALUE ENHANCEMENT OPPORTUNITIES 7 BLOCK 53 MUKHAIZNA CONTRACT EXTENSION TO 2050 BLOCK 27 Under advanced negotiations with Oman government BLOCK 30 Expected to deliver significant value while supporting Omans key national…
8 OUTLINE First Quarter Highlights Debt Reduction Progress Financials Closing Comments Marco Polo
DELIVERING ON DELEVERAGING MOMENTUM 9 DEBT REDUCTION CONTINUES 6.8 B of debt repaid in 10 months, 1.8 B 6.8 B reducing annual interest expense by 370 MM 0.5 B Debt Repayments 2.3 B of debt repayments YTD, 4.5 B supported by…
10 OUTLINE First Quarter Highlights Debt Reduction Progress Financials Closing Comments DAC STRATOS Marco Polo
FINANCIALS 11 FIRST QUARTER 2025 RESULTS Reported Reported Production versus Mboed Guidance Midpoint Reconciliation Adjusted diluted EPS1 0.87 ROCKIES +1 Reported diluted EPS1 0.77 New well outperformance CFFO before working…
FINANCIALS 12 SECOND QUARTER AND FULL-YEAR 2025 GUIDANCE OIL & GAS 2Q25 FY 2025 MIDSTREAM2 2Q25 FY 2025 Total Company Production (Mboed) 1,377 - 1,417 1,390 - 1,440 Pre-tax Income (140) - (40) MM (210) - (10) MM Permian Production…
13 OUTLINE First Quarter Highlights Debt Reduction Progress Financials Closing Comments Ingleside Marco Polo
2026 NON-OIL AND GAS CASH FLOW INFLECTION 14 TO IMPROVE RESILIENCY 1.5 B 2027 IMPROVEMENT Poised to benefit from 1.0 B 2026 FCF inflection, through combination of incremental EBITDA and capital roll-off from 1.0 B non-oil and…
DIFFERENTIATED VALUE PROPOSITION 15 Oxys premier diversified assets and distinguished operational capabilities create a runway for sustainable shareholder value accretion Operational Excellence High Quality Portfolio Low-Carbon…
16 Appendix
17 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
2025 ONGOING FOCUS 18 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…
REVISED CAPITAL GUIDANCE 2025 Capital B Original Plan Revised Plan 19 2025 CAPITAL PLAN Oil & Gas Chemicals 5.8 - 6.0 0.9 5.6 - 5.8 0.9 Sustaining Capital1 Midstream & Corporate 0.3 0.3 Capital of 4.5 B to maintain Energy and…
2025 FOCUS ON OPERATIONAL EXCELLENCE & INNOVATION 20 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…
21 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
FINANCIAL INFORMATION 22 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 23 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…
24 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
OIL & GAS UPDATE 25 DOMESTIC ONSHORE ACTIVITY PLAN UPDATE PERMIAN 2025 ACTIVITY ROCKIES 2025 ACTIVITY 3.6 B 22 Gross 15 Net 515 - 565 0.8 B 3 Gross 2 Net 100 - 120 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% OBO…
OIL & GAS UPDATE 26 LEADING DELAWARE BASIN WELL PERFORMANCE AVERAGE 6-MONTH CUMULATIVE OIL BY OPERATOR1 AVERAGE 12-MONTH CUMULATIVE OIL BY OPERATOR2 Oxy is 45% above the 6-month basin average Oxy is 41% above the 12-month basin…
2024 ACHIEVEMENTS 27 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…
HIGH-QUALITY OPERATED INVENTORY INCREASED DESPITE 28 U.S. ONSHORE DRILLING OR DIVESTING 1,200 LOCATIONS DEVELOPMENT…
29 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
OXYS COMBINED INTEGRATED PORTFOLIO 30 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 31 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 32 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 33 PHYSICAL MIDSTREAM & LCV BUSINESSES GUIDANCE RECONCILIATION 1Q25 income approximated guidance; 2Q25 guidance reflects seasonally higher spark 1Q25 Guide 1Q25 Actuals 2Q25 Guide spreads in Power business and…
ONE OF THE LARGEST U.S. ACREAGE HOLDERS 34 9.2 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 35 1Q25 NET PRODUCTION ROCKIES Oil NGLs Gas Total 0.7 MM ACRES (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 404 188 974 754 Rockies & Other Dmstc. 95 77 718 292 Total 499 265 1,692 1,046 OPTIMIZED ADVANCED…
GULF OF AMERICA OVERVIEW 36 ALABAMA GULF OF AMERICA MISSISSIPPI TOTAL ACREAGE 1.0 MM TEXAS LOUISIANA 1Q25 NET PRODUCTION MARLIN Oil (Mbod) 102 HORN MOUNTAIN NGLs (Mbbld) 8 HOLSTEIN Gas (MMcfd) 64 BOOMVANG…
INTERNATIONAL OVERVIEW 37 UAE1 1Q25 NET PRODUCTION 2.5 MM ACRES Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 27 3 17 33 Al Hosn 15 28 284 90 Dolphin 6 8 134 36 Oman 55 - 58 65 ALGERIA OMAN Total 103…
38 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
UNLOCKING LEADING POSITION WITH PELICAN HUB 39 1PointFive signs 25-year carbon offtake agreement with CF Industries-JERA-Mitsui JV Approximately 60 million metric tons of CO2 emissions annually from AGREEMENT HIGHLIGHTS existing…
2025 FOCUS ON 40 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…
41 41 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 42 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…
43 APPENDIX 2025 Initiatives Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
ABBREVIATIONS AND DEFINITIONS 44 Abbreviations AI Artificial Intelligence EOR Enhanced Oil Recovery MM Million B Billion EPA Environmental Protection Agency MMBOE Million Barrels of Oil Equivalent BBL Barrel FPD Feet per Day MMBTU…
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