ZERO IN ON VALUE 3 Key Takeaways Operational excellence on Organizational expertise leading to operational momentum display On track to deliver 2024 plan Exemplary Extending Delaware productivity leadership to secondary…
4 OUTLINE First Quarter Highlights Cash Flow Enhancements Financials Closing Comments Marco Polo
FIRST QUARTER HIGHLIGHTS 5 STRONG EXECUTION ACROSS ALL SEGMENTS Oil & Gas Midstream 1,172 +100 MM Mboed Production Adjusted Pre-Tax Income Outperformance Financial OxyChem 2.4 B 260 MM Operating Cash Flow1 Adjusted…
SUBSURFACE EXPERTISE TURNING SECONDARY 6 HORIZONS INTO TIER 1 OPPORTUNITIES Oxy Delaware Leading the Way Driving Inventory Improvement Secondary Wells Continue Outperformance and Expansion 500 nearly matching Oxys record-…
FIRST QUARTER HIGHLIGHTS 7 OIL & GAS UPDATE NEW WELLS IMPROVING BASIN PERFORMANCE, UNLOCKING INVENTORY Delaware Basin appraisal of secondary Bone Springs horizons drives improving view of development potential with 780 Mbo produced…
8 OUTLINE First Quarter Highlights Cash Flow Enhancements Financials Closing Comments Marco Polo
EXPANDING RESILIENT CASH FLOW, 9 ENHANCING SHAREHOLDER VALUE 1 B of incremental annual FCF expected by 2H 2026 from no-decline components beyond oil and gas 1,000 325 MM OxyChem Plant enhancements and Battleground modernization /…
10 OUTLINE First Quarter Highlights Cash Flow Enhancements Financials Closing Comments Ingleside Marco Polo
FINANCIALS 11 FIRST QUARTER 2024 RESULTS Reported Production versus Mboed Reported Guidance Midpoint Reconciliation ROCKIES Adjusted diluted EPS1 0.63 Strong new well performance, better +14 production uptime, and higher OBO…
FINANCIALS 12 SECOND QUARTER AND FULL-YEAR 2024 GUIDANCE (EXCLUDES ANY CROWNROCK COMPONENTS) OIL & GAS 2Q24 FY 2024 MIDSTREAM2 2Q24 FY 2024 Total Company Production (Mboed) 1,232 - 1,272 1,220 - 1,280 Pre-tax Income (185) - (85) MM…
13 OUTLINE First Quarter Highlights Cash Flow Enhancements Financials Closing Comments Marco Polo
DIFFERENTIATING VALUE CATALYSTS 14 World-class operator with a premier diversified portfolio, driving incremental shareholder value with a trio of enhancements Amplifying oil price leverage via 01 high-margin upstream assets…
15 Appendix
16 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
CROWNROCK DAWSON BORDEN 1717 UPDATE MARTIN HOWARD Transaction Summary NM TX Purchase Price: 12.0 B1 2024E Production: 170 Mboed2 Undeveloped Locations: 1,700 STERLING MIDLAND Effective Date: January 1, 2024 GLASSCOCK…
2024 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…
SHAREHOLDER RETURN PRIORITIES 19 Divestiture proceeds1 and ECF after Retire debt Sustainable and common dividend allocated to debt opportunistically growing dividend reduction until principal…
FINANCIAL INFORMATION 20 CASH FLOW SENSITIVITIES OIL & GAS MIDSTREAM & MARKETING Annualized cash flow changes 230 MM per 1.00 / Annualized cash flow changes 65 MM per 0.25 / bbl bbl change in oil prices change in Midland to MEH…
FINANCIAL INFORMATION 21 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…
CAPITAL BUDGET FEB 2024 Capital B 2023 Actuals 2024 Plan 22 2024 CAPITAL PLAN Oil & Gas2 Chemicals 5.0 0.5 4.8 5.0 0.7 Sustaining Capital1 Midstream & Corporate 0.3 0.3 400 MM change from 2023: Energy and Chemicals Subtotal 5.8…
23 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
OIL & GAS UPDATE 24 DOMESTIC ONSHORE ASSETS PERMIAN 2024 ACTIVITY ROCKIES 2024 ACTIVITY 2.6 B 21 Gross 10 Net 380 - 420 0.9 B 2 Gross 2 Net 160 180 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% OBO OBO 100% EOR…
TOP-TIER WELL PERFORMANCE DELAWARE CONTINUES TO IMPROVE 25 BASIN WELL 500 PRODUCTIVITY 450 Superior-quality 400 inventory combined with subsurface expertise 350 Cumulative Mboe drives continuous 300 improvement and value 250…
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 64% above the 6-month basin average Oxy is 49% above the 12-month basin…
TOP 10 HORIZONTAL WELLS 27 IN DELAWARE BASIN CONTINUING TO RAISE THE BAR WITH INDUSTRY-LEADING WELLS First 6-Month Cumulative Production, Mboe 0 250 500 750 1,000 1 2 3 4 5 6 7 8 9 10 SOURCE: ENVERUS PRISM…
WELL DESIGN DRIVING MAJOR DJ BASIN WELL PRODUCTIVITY GAINS 28 PRODUCTIVITY 300 Data-driven well design 250 and operational expertise drive continuous Cumulative Mboe improvement and value 200 1 Year Cumulative 150 Improvement…
TECHNICAL EXCELLENCE DRIVING MIDLAND WELL STEP-CHANGE IN PERFORMANCE 29 PRODUCTIVITY 300 Subsurface 250 characterization, operational focus, and Cumulative Mboe optimized DSU design 200 catalysts for elevated performance 150…
HIGH-GRADED U.S. Onshore Unconventional Gross Operated Inventory 30 U.S. ONSHORE 12,000 CrownRock 10,800 PORTFOLIO 10,000 Oxy Permian Unconventional 7,600 8,000 Rockies Acquisition of CrownRock 6,000 6,000 will increase Oxys sub-…
31 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
OXYS COMBINED INTEGRATED PORTFOLIO 32 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…
OXYCHEM 2,500 Pre-Tax Income1 33 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 product 500…
OXYCHEM PROJECTS UPDATE 34 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 35 GUIDANCE RECONCILIATION PHYSICAL MIDSTREAM & LCV BUSINESSES 1Q24 Guide 1Q24 Actuals 2Q24 Guide 1Q24 income below guidance primarily 200 due to losses on equity investments; Quarterly Pre-Tax Income (…
ONE OF THE LARGEST U.S. ACREAGE HOLDERS 36 9.5 MM Net Total U.S. Acres ROCKIES 1.0 MM ACRES PERMIAN 2.8 MM ACRES POWDER RIVER UNCONVENTIONAL 0.3 MM POWDER RIVER 1.4 MM DJ BASIN CONVENTIONAL 0.7 MM 1.4 MM Excludes acreage…
U.S. ONSHORE OVERVIEW 37 1Q24 NET PRODUCTION ROCKIES Oil NGLs Gas Total 1.0 MM ACRES (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 323 136 645 567 Rockies & Other Dmstc. 89 100 584 286 Total 412 236 1,229 853 OPTIMIZED ADVANCED…
GULF OF MEXICO OVERVIEW 38 ALABAMA GULF OF MEXICO MISSISSIPPI TOTAL ACREAGE 1.1 MM TEXAS LOUISIANA 1Q24 NET PRODUCTION MARLIN Oil (Mbod) 75 HORN MOUNTAIN NGLs (Mbbld) 6 HOLSTEIN CONSTITUTION Gas (MMcfd) 55…
INTERNATIONAL OVERVIEW 39 U.A.E.1 1Q24 NET PRODUCTION 2.5 MM ACRES Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 25 4 14 31 Al Hosn 16 27 295 92 Dolphin 6 7 140 36 Oman 59 - 63 70 ALGERIA OMAN Total…
40 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
LOW CARBON VENTURES 41 EMERGING LOW-CARBON BUSINESSES COMMERCIALIZING CCUS AND DAC DECARBONIZATION SOLUTIONS Expected 2024 Net Capital Expenditures1 600 MM Continued construction of STRATOS (DAC 1); expected to be commercially…
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 Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
ABBREVIATIONS AND DEFINITIONS 44 Abbreviations B Billion DOE Department of Energy LCV Low Carbon Ventures BBL Barrel DSU Drilling Spacing Unit MBO Thousand Barrels of Oil BE Breakeven EBITDA Earnings Before Interest, Tax, Depreciation,…
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