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…
ZERO IN ON VALUE 3 Key Takeaways Operational excellence driving 3.1 B CFFO1 delivered by strong operations, company-wide financial results Raised full-year guidance across all segments CrownRock Production exceeding early…
4 OUTLINE Third Quarter Highlights Oil & Gas Update DAC Projects Status Debt Reduction Financials Closing Comments Marco Polo
THIRD QUARTER HIGHLIGHTS 5 STRONG PERFORMANCE ACROSS ALL SEGMENTS DRIVES FINANCIAL SUCCESS Oil & Gas Midstream 1,412 +145 MM Mboed Adjusted Pre-Tax Income Includes Record Quarterly Outperformance U.S. Production Financial…
6 OUTLINE Third Quarter Highlights Oil & Gas Update DAC Projects Status Debt Reduction Financials Closing Comments Marco Polo
THIRD QUARTER HIGHLIGHTS 7 U.S. ONSHORE OIL & GAS UPDATE OXY EXTENDING U.S. ONSHORE WELL PERFORMANCE LEADERSHIP 6 well Wolfcamp XY / A development in New Mexico produced 1.2 MMBO in 90 days Average Oil / 1000 35% better than…
9 CROWNROCK INTEGRATION HITTING THE GROUND RUNNING DELIVERING FROM DAY 1 EFFICIENCY OPPORTUNITIES IDENTIFIED CROWNROCK PRODUCTION EXCEEDING EXPECTATIONS +5 Outstanding team and asset performance Mboed 3Q24 guidance…
10 OUTLINE Third Quarter Highlights Oil & Gas Update DAC Projects Status Debt Reduction Financials Closing Comments DAC STRATOS Marco Polo
11 DAC PROJECTS ADVANCING STRATOS construction on track; R&D advancing in parallel Initial capacity of 250 KTPA expected operational mid-2025 Integrating accelerated R&D breakthroughs from Carbon Engineerings Innovation Centre…
12 12 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…
13 OUTLINE Third Quarter Highlights Oil & Gas Update DAC Projects Status Debt Reduction Financials Closing Comments Marco Polo
CONTINUING RAPIDLY DELEVERAGING USING 14 SUCCESS IN DEBT FREE CASH FLOW AND REPAYMENTS DIVESTITURE PROCEEDS 0.5 B Nearly 90% of near-term 4.5 B 4.5 1.7 B 4.0 B debt repayments target met within two months Debt Repayments (…
15 OUTLINE Third Quarter Highlights Oil & Gas Update DAC Projects Status Debt Reduction Financials Closing Comments Ingleside Marco Polo
FINANCIALS 16 THIRD QUARTER 2024 RESULTS Reported Production versus Reported Mboed Guidance Midpoint Reconciliation Adjusted diluted EPS1 1.00 PERMIAN Strong new well performance in Delaware and Midland Basins (including…
FINANCIALS 17 FOURTH QUARTER GUIDANCE RAISING FULL YEAR GUIDANCE FOR ALL THREE BUSINESS SEGMENTS OIL & GAS 4Q24 MIDSTREAM2 4Q24 Total Company Production (Mboed) 1,430 - 1,470 Pre-tax Income (200) - (100) MM Permian Production (Mboed)…
18 OUTLINE Third Quarter Highlights Oil & Gas Update DAC Projects Status Debt Reduction 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…
20 Appendix
21 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
PERMIAN 4Q24 Production Guidance 22 PRODUCTION GUIDANCE 800 +9 760 Mboed Oxy unconventional and 748 +3 750 CrownRock assets contributing to improved 2024 Permian production 700 outlook Prior Implied 4Q24 4Q24 Incremental…
2024 ONGOING FOCUS 23 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 24 Divestiture proceeds1 and ECF after Retire debt Sustainable and common dividend allocated to debt opportunistically growing dividend reduction until principal…
FINANCIAL INFORMATION 25 CASH FLOW SENSITIVITIES SENSITIVITIES INCLUDE ANNUALIZED AUG-DEC CROWNROCK IMPACT OIL & GAS MIDSTREAM & MARKETING Annualized cash flow changes 260 MM per 1.00 / Annualized cash flow changes 65 MM per 0.25 /…
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 Abbreviations and Definitions
OIL & GAS UPDATE 28 DOMESTIC ONSHORE ACTIVITY PLAN UPDATE PERMIAN 2024 ACTIVITY1 ROCKIES 2024 ACTIVITY 3.0 B 23 Gross 12 Net 470 - 510 0.9 B 2 Gross 2 Net 160 180 Capex Rigs Rigs Wells Online Capex Rigs Rigs Wells Online 100% OBO…
SUBSURFACE EXPERTISE TURNING SECONDARY 29 HORIZONS INTO TIER 1 OPPORTUNITIES Oxy Delaware Leading the Way Driving Inventory Improvement Secondary Wells Continue Outperformance and Expansion 500 nearly matching Oxys record-…
OIL & GAS UPDATE 30 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 31 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,…
32 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
OXYS COMBINED INTEGRATED PORTFOLIO 33 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 34 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…
MIDSTREAM & MARKETING 35 GUIDANCE RECONCILIATION PHYSICAL MIDSTREAM & LCV BUSINESSES 3Q24 Guide 3Q24 Actuals 4Q24 Guide 3Q24 income above guidance primarily 200 due to timing of LCV activity; 4Q24 Quarterly Pre-Tax Income (…
ONE OF THE LARGEST U.S. ACREAGE HOLDERS 36 9.4 MM Net Total U.S. Acres ROCKIES 0.8 MM ACRES PERMIAN 2.9 MM ACRES POWDER RIVER UNCONVENTIONAL 0.1 MM POWDER RIVER 1.5 MM DJ BASIN CONVENTIONAL 0.7 MM 1.4 MM Excludes acreage…
U.S. ONSHORE OVERVIEW 37 3Q24 NET PRODUCTION ROCKIES Oil NGLs Gas Total 0.8 MM ACRES (Mbod) (Mbbld) (MMcfd) (Mboed) Permian 402 186 848 729 Rockies & Other Dmstc. 94 112 691 321 Total 496 298 1,539 1,050 OPTIMIZED…
GULF OF MEXICO OVERVIEW 38 ALABAMA GULF OF MEXICO MISSISSIPPI TOTAL ACREAGE 1.1 MM TEXAS LOUISIANA 3Q24 NET PRODUCTION MARLIN Oil (Mbod) 115 HORN MOUNTAIN NGLs (Mbbld) 9 HOLSTEIN CONSTITUTION Gas (MMcfd) 69…
INTERNATIONAL OVERVIEW 39 UAE1 3Q24 NET PRODUCTION 2.5 MM ACRES Oil NGLs Gas Total (Mbod) (Mbbld) (MMcfd) (Mboed) Algeria & Other Intl. 26 2 20 31 Al Hosn 15 27 292 91 Dolphin 6 8 152 39 Oman 55 - 57 65 ALGERIA OMAN Total 102…
40 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
LOW CARBON VENTURES DAC INVESTMENT PRINCIPLES 41 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 42 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…
43 APPENDIX Financial Information Oil & Gas Update Asset Overview Low Carbon Ventures Abbreviations and Definitions
ABBREVIATIONS AND DEFINITIONS 44 Abbreviations B Billion FID Final Investment Decision MM Million BBL Barrel FT Feet MMBO Million Barrels of Oil BO Barrel of Oil FY Full Year MMBTU Million British Thermal Units CCUS Carbon Capture,…
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