OCCIDENTAL PETROLEUM CORP /DE/ (Form: 8-K, Received: 05/05/2026 16:17:55)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 5, 2026

OCCIDENTAL PETROLEUM CORPORATION

(Exact Name of Registrant as Specified in its Charter)


Delaware	1-9210	95-4035997
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


5 Greenway Plaza, Suite 110 Houston, Texas			77046
(Address of Principal Executive Offices)			(Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 215-7000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.20 par value	OXY	New York Stock Exchange
Warrants to Purchase Common Stock, $0.20 par value	OXY WS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this report and in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


			Exhibit No.			Description

			99.1			Press Release dated May 5 , 2026.
			104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: May 5, 2026	OCCIDENTAL PETROLEUM CORPORATION
	By:	/s/ Christopher O. Champion
	Name:	Christopher O. Champion
	Title:	Vice President, Chief Accounting Officer and Controller


			PRESS RELEASE

Occidental Announces 1st Quarter 2026 Results

•Advanced debt reduction priorities, repaying $7.1 billion of principal debt through May 5 and reducing principal debt to $13.3 billion, and progressing towards $10.0 billion milestone

•Strong operational performance from continuing operations drove $1.4 billion of operating cash flow and $3.2 billion of operating cash flow before working capital

•Capital expenditures of $1.6 billion, noncontrolling interest contributions of $50 million, and free cash flow before working capital from continuing operations of $1.7 billion

•Total company production of 1,426 Mboed exceeded the high end of guidance

•Midstream and marketing pre-tax adjusted income exceeded the high end of guidance

•Reported EPS of $3.13; adjusted EPS from continuing operations of $1.06

HOUSTON — May 5, 2026 — Occidental (NYSE: OXY) today announced results for the first quarter of 2026, including net income attributable to common stockholders of $3.2 billion, or earnings per diluted share (EPS) of $3.13, and adjusted income from continuing operations attributable to common stockholders of $1.1 billion, or adjusted EPS from continuing operations of $1.06. The difference between net income attributable to common stockholders and adjusted income attributable to common stockholders is mainly comprised of the gain on the sale of OxyChem within discontinued operations, partially offset by the impact of derivatives losses and early debt redemption premiums.

“Our first quarter results reflect our strong operational performance and the outstanding work of our teams executing across our portfolio. Even with the challenges in the Middle East, everyone - from our staff to our partners and host governments - has remained committed to safety, asset reliability and disciplined execution,” said President and Chief Executive Officer Vicki Hollub. “Over the past decade, we have made deliberate, strategic decisions that have transformed Occidental’s portfolio into the most resilient, competitive, and high-quality portfolio in our history. That foundation supported our first quarter performance. We further advanced our deleveraging program, reduced costs, improved efficiency, and delivered better outcomes with fewer resources. These results demonstrate Occidental’s ability to generate value, strengthen our balance sheet, and maintain leadership through market cycles.”

First quarter operating cash flow from continuing operations of $1.4 billion included a use of working capital of $1.8 billion, which was mainly driven by higher receivables resulting from the sharp increase in commodity prices in March, together with typical seasonal first quarter cash requirements for employee benefits, interest payments and property taxes.

QUARTERLY RESULTS

Oil and Gas

Pre-tax income from oil and gas for the first quarter of 2026 totaled $1.0 billion, compared to $0.7 billion for the fourth quarter of 2025. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower crude oil volumes. First quarter average WTI and Brent marker prices were $71.93 per barrel and $77.93 per barrel, respectively. Average worldwide realized crude oil prices increased by 18% from the previous quarter

to $69.91 per barrel, while average worldwide realized natural gas liquids prices increased by 14% to $18.99 per barrel. Average domestic realized gas prices fell by 10% to $1.01 per thousand cubic feet (Mcf).

Total global production for the first quarter of 2026 averaged 1,426 thousand barrels of oil equivalent per day (Mboed). This surpassed the high end of guidance led by contributions from the Permian, Rockies and Gulf of America business units.

Midstream and Marketing

Midstream and marketing reported a pre-tax loss of $87 million for the first quarter of 2026, compared to pre-tax income of $204 million in the previous quarter. Excluding items affecting comparability, the midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvements were attributed to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn. WES equity method investment income for the first quarter was $138 million.

Supplemental Non-GAAP Measures

This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted selling, general and administrative (SG&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income - continuing operations and a reconciliation to net income (loss), along with operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted SG&A, other operating and non-operating expenses and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted SG&A, other operating and non-operating expenses may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

About Occidental

Occidental is an international energy company that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.

Forward-Looking Statements

This press release 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 to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,”

“would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “guidance,” “priority,” “focus,” “assumption,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statement as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events (such as in Latin America); inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses, including retained liabilities and indemnification obligations associated with the chemical business; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as the sale of OxyChem, Occidental’s low-carbon ventures businesses and announced greenhouse gas emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates, deductions, incentives or credits; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts


Media			Investors
Eric Moses			Babatunde A. Cole
713-497-2017			713-552-8811
eric_moses@oxy.com			investors@oxy.com


Occidental Petroleum Corporation
First Quarter 2026
Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights

2.Items Affecting Comparability Detail

•Before Tax Allocations

•After Tax Allocations

3.Segment Results

a.Reported and Adjusted Segment Results

b.Reconciliation of EPS and Summary of I ncome Taxes for Adjusted Results

4.Consolidated Condensed Statements of Operations

5.Consolidated Condensed Balance Sheets

6.Consolidated Condensed Statements of Cash Flows

a.Consolidated Condensed Statements of Cash Flows

b.Detail of Free Cash Flow (non-GAAP), Capital Expenditures, Net of Noncontrolling Interest (non-GAAP) and Depreciation, Depletion and Amortization

7.Oil & Gas Net Production Volumes Per Day by Geographic Locations

•MBOE/D

•By Commodity

8.Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations

•MBOE/D

•Realized Prices and Related Index Prices

9.Oil and Gas Metrics

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights


	2025																2026
Quarterly	Qtr 1			Qtr 2			Qtr 3			Qtr 4				TY			Qtr 1			Qtr 2			Qtr 3			Qtr 4			YTD
Net Income ($ millions)
Reported income attributable to common stockholders	$	766		$	288		$	661		$	(68)			$	1,647		$	3,175		$	—		$	—		$			$	3,175
Reported EPS - Diluted ($/share)	$	0.77		$	0.26		$	0.65		$	(0.07)			$	1.61		$	3.13		$	—		$	—		$	—		$	3.13
Effective tax rate - Reported income - Continuing Operations (%)	29		%	40		%	28		%	43		%	(a)	33		%	39		%	—		%	—		%	—		%	39		%

Adjusted income attributable to common stockholders (Non-GAAP) (b)	$	860		$	396		$	649		$	315			$	2,220		$	1,070		$	—		$	—		$			$	1,070
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)	$	0.87		$	0.39		$	0.64		$	0.31			$	2.21		$	1.06		$	—		$	—		$	—		$	1.06
Effective tax rate - Adjusted income - Continuing Operations (%)	29		%	36		%	29		%	35		%		31		%	26		%	—		%	—		%	—		%	26		%

Average Shares Outstanding - Reported Income and Adjusted Income
Basic (millions)	941.3			985.1			986.4			988.0				975.5			989.8			—									989.8
Diluted (millions)	982.9			1,010.4			1,003.1			1,002.9				1,000.1			1,006.9			—									1,006.9

Daily Production Volumes
Total US (MBOE/D)	1,167			1,167			1,227			1,246				1,202			1,206			—									1,206
US Oil (MBBL/D)	601			604			634			636				620			612			—									612
Worldwide Production (MBOE/D)	1,391			1,400			1,465			1,481				1,434			1,426			—									1,426
Worldwide Sales (MBOE/D)	1,391			1,397			1,468			1,480				1,434			1,428			—									1,428

Commodity Price Realizations
Worldwide Oil ($/BBL)	$	71.07		$	63.76		$	64.78		$	59.22			$	64.60		$	69.91		$	—		$			$			$	69.91
Worldwide NGL ($/BBL)	$	25.94		$	20.71		$	19.60		$	16.68			$	20.60		$	18.99		$	—		$			$			$	18.99
Domestic Gas ($/MCF)	$	2.42		$	1.33		$	1.48		$	1.12			$	1.58		$	1.01		$	—		$			$			$	1.01

Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) (d)
Operating cash flow before working capital (Non-GAAP)	$	2,771		$	2,408		$	2,949		$	2,545			$	10,673		$	3,251		$	—		$	—		$	—		$	3,251
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)	$	(1,619)		$	(1,654)		$	(1,473)		$	(1,481)			$	(6,227)		$	(1,504)		—			—			—			(1,504)
Free Cash Flow Before Working Capital (Non-GAAP)	$	1,152		$	754		$	1,476		$	1,064			$	4,446		$	1,747		$	—		$	—		$	—		$	1,747

	2025																2026
Year-to-date	Mar			Jun			Sep			Dec							Mar			Jun			Sep			Dec
Net Income ($ millions)
Reported income attributable to common stockholders	$	766		$	1,054		$	1,715		$	1,647						$	3,175
Reported EPS - Diluted ($/share)	$	0.77		$	1.03		$	1.68		$	1.61						$	3.13
Effective tax rate on reported income-Continuing Operations (%)	29		%	33		%	31		%	33		%					39		%
Effective tax rate on reported income-Continuing & Discontinued Operations (%)	29		%	32		%	30		%	35		%					24		%

Adjusted income attributable to common stockholders (Non-GAAP) (b)	$	860		$	1,256		$	1,905		$	2,220						$	1,070
Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)	$	0.87		$	1.25		$	1.90		$	2.21						$	1.06
Effective tax rate on adjusted income-Continuing Operations (%)	29		%	31		%	31		%	31		%					26		%

Average Shares Outstanding - Reported Income
Basic (millions)	941.3			963.5			971.2			975.5							989.8
Diluted (millions)	982.9			997.0			999.1			1,000.1							1,006.9

Average Shares Outstanding - Adjusted Income
Basic (millions)	941.3			963.5			971.2			975.5							989.8
Diluted (millions)	982.9			997.0			999.1			1,000.1							1,006.9

Daily Production Volumes
Total US (MBOE/D)	1,167			1,167			1,187			1,202							1,206
US Oil (MBBL/D)	601			603			614			620							612
Worldwide Production (MBOE/D)	1,391			1,395			1,419			1,434							1,426
Worldwide Sales (MBOE/D)	1,391			1,394			1,416			1,434							1,428

Commodity Price Realizations
Worldwide Oil ($/BBL)	$	71.07		$	67.37		$	66.46		$	64.60						$	69.91
Worldwide NGL ($/BBL)	$	25.94		$	23.29		$	21.99		$	20.60						$	18.99
Domestic Gas ($/MCF)	$	2.42		$	1.88		$	1.74		$	1.58						$	1.01

Free Cash Flow - Continuing Operations ($ millions) (Non-GAAP) (d)
Operating cash flow before working capital (Non-GAAP)	$	2,771		$	5,179		$	8,128		$	10,673						$	3,251		$	3,251		$	3,251		$	3,251
Less: Capital expenditures, net of noncontrolling interest (Non-GAAP)	(1,619)			(3,273)			(4,746)			(6,227)							(1,504)			(1,504)			(1,504)			(1,504)
Free Cash Flow Before Working Capital (Non-GAAP)	$	1,152		$	1,906		$	3,382		$	4,446						$	1,747		$	1,747		$	1,747		$	1,747

(a) Percentage impacted by reported net loss.
(b) See schedule 3a for non-GAAP reconciliation.
(c) See schedule 3b for non-GAAP reconciliation.
(d) See schedule 6b for non-GAAP reconciliation.

SCHEDULE 2

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(amounts in millions)


	2025										2026
Before Tax Allocations	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
Oil & Gas
Domestic
Crude oil derivative losses	$	—	$	—	$	—	$	—	$	—	$	(339)							$	(339)
Losses on sales of assets and other, net	—		—		(52)		(47)		(99)		(30)								(30)
Legal reserves and other	—		(65)		—		(40)		(105)		—								—
Asset impairments and other charges, net	—		—		—		(6)		(6)		—								—
Total Domestic	—		(65)		(52)		(93)		(210)		(369)		—		—		—		(369)
International
Gains on sale of assets and other, net	—		—		30		—		30		—								—
Total International	—		—		30		—		30		—		—		—		—		—
Total Oil and Gas	—		(65)		(22)		(93)		(180)		(369)		—		—		—		(369)

Midstream & Marketing
Derivative gains (losses), net (a)	(84)		95		(31)		(9)		(29)		(409)								(409)
Gains (losses) on sales of assets and other, net	—		—		—		301		301		(164)								(164)
Asset impairments and other charges (a)	—		(162)		—		(325)		(487)		(105)								(105)
Equity method investments fair value gains	—		—		61		—		61		—								—
Total Midstream & Marketing	(84)		(67)		30		(33)		(154)		(678)		—		—		—		(678)

Corporate
Early debt extinguishment (b)	—		—		—		20		20		(237)								(237)
Early retirement costs	—		—		—		(39)		(39)		(15)								(15)
Acquisition-related costs	(6)		(6)		(1)		—		(13)		—								—
Total Corporate	(6)		(6)		(1)		(19)		(32)		(252)		—		—		—		(252)




State tax rate revaluation	—		—		—		(10)		(10)		—								—
Income tax impact on items affecting comparability	19		30		5		32		86		281								281
Income (loss) from continuing operations	(71)		(108)		12		(123)		(290)		(1,018)		—		—		—		(1,018)
Discontinued operations, net of taxes	(23)		—		—		(260)		(283)		3,123								3,123
Total	$	(94)	$	(108)	$	12	$	(383)	$	(573)	$	2,105	$	—	$	—	$	—	$	2,105

	2025										2026
After Tax Allocations	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
Oil & Gas
Domestic
Crude oil derivative losses	$	—	$	—	$	—	$	—	$	—	$	(266)							$	(266)
Losses on sales of assets and other, net	—		—		(41)		(37)		(78)		(24)								(24)
Legal reserves and other	—		(51)		—		(31)		(82)		—								—
Asset impairments and other charges, net	—		—		—		(5)		(5)		—								—
Total Domestic	—		(51)		(41)		(73)		(165)		(290)		—		—		—		(290)
International
Gains on sale of assets and other, net	—		—		30		—		30		—								—
Total International	—		—		30		—		30		—		—		—		—		—
Total Oil and Gas	—		(51)		(11)		(73)		(135)		(290)		—		—		—		(290)

Midstream & Marketing
Derivative gains (losses), net (a)	(66)		74		(24)		(7)		(23)		(320)								(320)
Gains (losses) on sales of assets and other, net	—		—		—		236		236		(128)								(128)
Asset impairments and other charges (a)	—		(127)		—		(254)		(381)		(82)								(82)
Equity method investments fair value gains	—		—		48		—		48		—								—
Total Midstream & Marketing	(66)		(53)		24		(25)		(120)		(530)		—		—		—		(530)

Corporate
Early debt extinguishment (b)	—		—		—		16		16		(186)								(186)
Early retirement costs	—		—		—		(31)		(31)		(12)								(12)
Acquisition-related costs	(5)		(4)		(1)		—		(10)		—								—
Total Corporate	(5)		(4)		(1)		(15)		(25)		(198)		—		—		—		(198)

State tax rate revaluation	—		—		—		(10)		(10)		—								—

Income (loss) from continuing operations	(71)		(108)		12		(123)		(290)		(1,018)		—		—		—		(1,018)
Discontinued operations, net of taxes	(23)		—		—		(260)		(283)		3,123								3,123
Total	$	(94)	$	(108)	$	12	$	(383)	$	(573)	$	2,105	$	—	$	—	$	—	$	2,105
(a) 2025 Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.
(b) Included debt issuance costs in interest and debt expense, net.

SCHEDULE 3a

Occidental Petroleum Corporation

Reported and Adjusted Segment Results

(amounts in millions, except per share and effective tax rate amounts)


	2025															2026
Reported Income	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2		Qtr 3		Qtr 4		YTD
Domestic	$	1,332		$	518		$	881		$	324		$	3,055		$	703								$	703
International	365			416			419			331			1,531			314									314
Total Oil & Gas	1,697			934			1,300			655			4,586			1,017			—		—		—		1,017
Midstream & Marketing	(72)			39			81			204			252			(87)									(87)
Segment income	1,625			973			1,381			859			4,838			930			—		—		—		930
Corporate
Interest	(310)			(271)			(266)			(232)			(1,079)			(432)									(432)
Other	(138)			(142)			(130)			(221)			(631)			(108)									(108)
Income from continuing operations before taxes	1,177			560			985			406			3,128			390			—		—		—		390
Taxes
Federal and state	(200)			(23)			(120)			(94)			(437)			(19)									(19)
International	(147)			(199)			(159)			(79)			(584)			(135)									(135)
Income from continuing operations	830			338			706			233			2,107			236			—		—		—		236
Less: Net income attributable to noncontrolling interest	(9)			(10)			(12)			(12)			(43)			(14)									(14)
Less: Preferred stock dividends and redemption premiums	(170)			(170)			(169)			(170)			(679)			(170)									(170)
Net income from continuing operations attributable to common stockholders	651			158			525			51			1,385			52			—		—		—		52
Discontinued operations, net of taxes	115			130			136			(119)			262			3,123									3,123
Net income attributable to common stockholders	$	766		$	288		$	661		$	(68)		$	1,647		$	3,175		$	—	$	—	$	—	$	3,175
Reported diluted income per share	$	0.77		$	0.26		$	0.65		$	(0.07)		$	1.61		$	3.13		$	—	$	—	$	—	$	3.13
Effective Tax Rate - Continuing Operations	29		%	40		%	28		%	43		%	33		%	39		%							39		%

Items Affecting Comparability
Domestic	$	—		$	(65)		$	(52)		$	(93)		$	(210)		$	(369)		$	—	$	—	$	—	$	(369)
International	—			—			30			—			30			—			—		—		—		—
Total Oil & Gas	—			(65)			(22)			(93)			(180)			(369)			—		—		—		(369)
Midstream & Marketing	(84)			(67)			30			(33)			(154)			(678)			—		—		—		(678)
Segment income (loss)	(84)			(132)			8			(126)			(334)			(1,047)			—		—		—		(1,047)
Corporate
Interest	—			—			—			20			20			(237)			—		—				(237)
Other	(6)			(6)			(1)			(39)			(52)			(15)							—		(15)
Income (loss) from continuing operations before taxes	(90)			(138)			7			(145)			(366)			(1,299)			—		—		—		(1,299)
Taxes
Federal and state	19			30			5			22			76			281			—		—		—		281
International	—			—			—			—			—			—			—		—		—		—
Income (loss) from continuing operations	(71)			(108)			12			(123)			(290)			(1,018)			—		—		—		(1,018)
Less: Net income attributable to noncontrolling interest	—			—			—			—			—			—			—		—		—		—
Less: Preferred stock redemption premiums	—			—			—			—			—			—			—		—		—		—
Net Income (loss) from continuing operations attributable to common stockholders	(71)			(108)			12			(123)			(290)			(1,018)			—		—		—		(1,018)
Discontinued operations, net of taxes	(23)			—			—			(260)			(283)			3,123			—		—		—		3,123
Net income (loss) attributable to common stockholders	$	(94)		$	(108)		$	12		$	(383)		$	(573)		$	2,105		$	—	$	—	$	—	$	2,105

Adjusted Income (Non-GAAP) (a)
Domestic	$	1,332		$	583		$	933		$	417		$	3,265		$	1,072		$	—	$	—	$	—	$	1,072
International	365			416			389			331			1,501			314			—		—		—		314
Total Oil & Gas	1,697			999			1,322			748			4,766			1,386			—		—		—		1,386
Midstream & Marketing	12			106			51			237			406			591			—		—		—		591
Adjusted segment income	1,709			1,105			1,373			985			5,172			1,977			—		—		—		1,977
Corporate
Interest	(310)			(271)			(266)			(252)			(1,099)			(195)			—		—		—		(195)
Other	(132)			(136)			(129)			(182)			(579)			(93)			—		—		—		(93)
Adjusted income from continuing operations before taxes	1,267			698			978			551			3,494			1,689			—		—		—		1,689
Taxes
Federal and state	(219)			(53)			(125)			(116)			(513)			(300)			—		—		—		(300)
International	(147)			(199)			(159)			(79)			(584)			(135)			—		—		—		(135)
Adjusted income from continuing operations	901			446			694			356			2,397			1,254			—		—		—		1,254
Less: Net income attributable to noncontrolling interest	(9)			(10)			(12)			(12)			(43)			(14)			—		—		—		(14)
Less: Preferred stock dividends	(170)			(170)			(169)			(170)			(679)			(170)			—		—		—		(170)
Adjusted income from continuing operations attributable to common stockholders	722			266			513			174			1,675			1,070			—		—		—		1,070
Adjusted diluted earnings per share (Non-GAAP) - Continuing Operations	$	0.14		$	0.13		$	0.51		$	0.17		$	1.67		$	1.06								$	1.06
Effective Tax Rate - Continuing Operations	29		%	36		%	29		%	35		%	31		%	26		%							26		%

(a) Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measures. Occidental defines adjusted income - continuing operations as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 3b

Occidental Petroleum Corporation

Reconciliation of EPS and Summary of Income Taxes for Adjusted Results

(amounts in millions, except per share and effective tax rate amounts)


	2025										2026
RECONCILIATION OF EARNINGS PER SHARE	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
Reported Diluted Earnings Per Share (GAAP)	$	0.77	$	0.26	$	0.65	$	(0.07)	$	1.61	$	3.13							$	3.13
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic	$	—	$	(0.05)	$	(0.04)	$	(0.07)	$	(0.16)	$	(0.37)							$	(0.37)
International	—		—		0.03		—		0.03		—								—

Midstream & Marketing	(0.07)		(0.06)		0.02		(0.02)		(0.13)		(0.67)								(0.67)
Corporate
Interest	—		—		—		0.02		0.02		(0.24)								(0.24)
Other	(0.01)		—		—		(0.03)		(0.04)		(0.01)								(0.01)
Taxes	—		—		—		(0.01)		(0.01)		0.28								0.28
Adjustment to diluted average shares for adjusted income & Warrant Inducements	—		(0.02)		—		(0.01)		(0.03)		—								—
Discontinued operations, net of taxes	(0.02)		—		—		(0.26)		(0.28)		3.08								3.08
Total After-Tax Adjustments for Items Affecting Comparability	$	(0.10)	$	(0.13)	$	0.01	$	(0.38)	$	(0.60)	$	2.07	$	—	$	—	$	—	$	2.07

Adjusted diluted earnings per share (Non-GAAP) - Continuing Operations	$	0.14	$	0.13	$	0.51	$	0.17	$	1.67	$	1.06							$	1.06

Average Diluted Shares Outstanding - Reported (millions)	982.9		1,010.4		1,003.1		1,002.9		1,000.1		1,006.9		0.0		0.0		0.0		1,006.9
Average Diluted Shares Outstanding - Adjusted (millions) (Non-GAAP)	982.9		1,010.4		1,003.1		1,002.9		1,000.1		1,006.9		0.0		0.0		0.0		1,006.9

ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
Current	$	(286)	$	(183)	$	31	$	(159)	$	(597)	$	(318)							$	(318)
Deferred	(80)		(69)		(315)		(36)		(500)		(117)								(117)
TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS	$	(366)	$	(252)	$	(284)	$	(195)	$	(1,097)	$	(435)	$	—	$	—	$	—	$	(435)

Non-GAAP Measure. Adjusted income - continuing operations is a non-GAAP measures. Occidental defines adjusted income - continuing operations as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income - continuing operations is not considered to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 4

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(amounts in millions, except per-share amounts)


	2025										2026
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas	$	5,683	$	5,009	$	5,404	$	4,806	$	20,902	$	4,975							$	4,975
Midstream & Marketing	173		390		265		451		1,279		397								397
Eliminations	(152)		(141)		(150)		(145)		(588)		(142)								(142)
Total	5,704		5,258		5,519		5,112		21,593		5,230		—		—		—		5,230
Interest, dividends and other income	53		48		60		58		219		81								81
Gains (losses) on sale of assets and other, net	(19)		(5)		34		253		263		(202)								(202)
Total	5,738		5,301		5,613		5,423		22,075		5,109		—		—		—		5,109

COSTS AND OTHER DEDUCTIONS
Oil and gas lease operating expense	1,217		1,135		1,174		1,155		4,681		1,118								1,118
Transportation and gathering expense	452		448		476		460		1,836		421								421
General and administrative expense	241		257		238		250		986		245								245
Other operating and non-operating expense	326		445		357		428		1,556		356								356
Taxes other than on income	264		269		248		249		1,030		259								259
Depreciation, depletion and amortization	1,804		1,823		1,947		1,959		7,533		1,794								1,794
Asset impairments and other charges	—		—		—		60		60		120								120
Acquisition-related costs	6		6		1		—		13		—								—
Exploration expense	55		83		66		45		249		110								110
Interest and debt expense, net	310		271		266		232		1,079		432								432
Total	4,675		4,737		4,773		4,838		19,023		4,855		—		—		—		4,855
INCOME BEFORE INCOME TAXES AND OTHER ITEMS	1,063		564		840		585		3,052		254		—		—		—		254
OTHER ITEMS
Income (loss) from equity investments and other	114		(4)		145		(179)		76		136								136
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	1,177		560		985		406		3,128		390		—		—		—		390
Income tax expense	(347)		(222)		(279)		(173)		(1,021)		(154)								(154)
INCOME FROM CONTINUING OPERATIONS	830		338		706		233		2,107		236		—		—		—		236
Discontinued operations, net of taxes	115		130		136		(119)		262		3,123								3,123
NET INCOME	945		468		842		114		2,369		3,359		—		—		—		3,359
Less: Net income attributable to noncontrolling interest	(9)		(10)		(12)		(12)		(43)		(14)								(14)
Less: Preferred stock dividend	(170)		(170)		(169)		(170)		(679)		(170)								(170)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	766	$	288	$	661	$	(68)	$	1,647	$	3,175	$	—	$	—	$	—	$	3,175

EARNINGS PER SHARE
Income from continuing operations	$	0.69	$	0.14	$	0.53	$	0.05	$	1.38	$	0.05							$	0.05
Discontinued operations, net	0.12		0.13		0.14		(0.12)		0.27		3.14								3.14
BASIC EARNINGS PER COMMON SHARE	$	0.81	$	0.27	$	0.67	$	(0.07)	$	1.65	$	3.19	$	—	$	—	$	—	$	3.19

Income from continuing operations	$	0.65	$	0.13	$	0.51	$	0.05	$	1.35	$	0.05							$	0.05
Discontinued operations, net	0.12		0.13		0.14		(0.12)		0.26		3.08								3.08
DILUTED EARNINGS PER COMMON SHARE	$	0.77	$	0.26	$	0.65	$	(0.07)	$	1.61	$	3.13	$	—	$	—	$	—	$	3.13

DIVIDENDS PER COMMON SHARE	$	0.24	$	0.24	$	0.24	$	0.24	$	0.96	$	0.26							$	0.26

AVERAGE COMMON SHARES OUTSTANDING
BASIC	941.3		985.1		986.4		988.0		975.5		989.8								989.8
DILUTED	982.9		1,010.4		1,003.1		1,002.9		1000.1		1006.9								1006.9

INCOME TAX BENEFIT (EXPENSE) - CONTINUING OPERATIONS	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
CURRENT
Federal	$	(330)	$	(57)	$	20	$	60	$	(307)	$	10							$	10
State and local	(13)		(4)		6		11		—		2								2
International	(129)		(173)		(153)		(132)		(587)		(116)								(116)
Total	(472)		(234)		(127)		(61)		(894)		(104)		—		—		—		(104)
DEFERRED
Federal	139		39		(142)		(135)		$	(99)	(28)								$	(28)
State and local	4		(1)		(4)		(30)		(31)		(3)								(3)
International	(18)		(26)		(6)		53		3		(19)								(19)
Total	125		12		(152)		(112)		(127)		(50)		—		—		—		(50)
TOTAL INCOME TAX EXPENSE - CONTINUING OPERATIONS	$	(347)	$	(222)	$	(279)	$	(173)	$	(1,021)	$	(154)	$	—	$	—	$	—	$	(154)

ADJUSTED SG&A, OTHER OPERATING AND NON-OPERATING EXPENSES (NON-GAAP)
General and administrative expense	$	241	$	257	$	238	$	250	$	986	$	245	$	—	$	—	$	—	$	245
Other operating and non-operating expense	326		445		357		428		1,556		356		—		—		—		356
Total SG&A, Other Operating and Non-Operating Expenses (GAAP)	567		702		595		678		2,542		601		—		—		—		601
Less: Items Affecting Comparability	—		(65)		—		—		(65)		—		—		—		—		—
Adjusted SG&A, Other Operating and Non-Operating Expenses (NON-GAAP) (a)	$	567	$	637	$	595	$	678	$	2,477	$	601	$	—	$	—	$	—	$	601
(a) Non-GAAP Measures. Adjusted SG&A, other operating and non-operating expenses is a non-GAAP measure. Occidental defines adjusted SG&A, other operating and non-operating expenses as the sum of selling, general and administrative expense and other operating and non-operating expense less items affecting comparability.

SCHEDULE 5

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(amounts in millions)


	2025								2026
	MAR		JUN		SEP		DEC		MAR		JUN		SEP		DEC
CURRENT ASSETS
Cash and cash equivalents	$	2,604	$	2,314	$	2,141	$	1,968	$	3,811
Trade receivables, net	2,858		2,718		2,489		2,575		3,677
Joint interest receivables	657		638		667		684		791
Inventories	1,751		1,493		1,720		1,823		1,862
Other current assets	541		561		589		601		933
Assets held for sale	1,305		1,253		1,206		1,176		—
Total current assets	9,716		8,977		8,812		8,827		11,074		—		—		—

INVESTMENTS IN UNCONSOLIDATED ENTITIES	2,616		2,450		2,505		2,475		2,341

PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	132,792		134,215		135,670		137,753		138,123
Accumulated depreciation, depletion and amortization	(68,239)		(69,835)		(72,337)		(74,110)		(75,007)
Net property, plant and equipment	64,553		64,380		63,333		63,643		63,116		—		—		—

NON-CURRENT ASSETS HELD FOR SALE	4,587		4,829		5,005		5,344		—
OPERATING LEASE ASSETS	733		962		952		908		890
OTHER LONG-TERM ASSETS	2,762		2,762		2,865		2,989		3,043
TOTAL ASSETS	$	84,967	$	84,360	$	83,472	$	84,186	$	80,464	$	—	$	—	$	—

CURRENT LIABILITIES
Current maturities of long-term debt	$	1,557	$	433	$	1,613	$	1,773	$	424
Accounts payable	3,432		3,474		3,200		3,285		3,776
Accrued liabilities	3,921		3,961		3,896		3,592		4,953
Liabilities held for sale	713		696		712		778		—
Total current liabilities	9,623		8,564		9,421		9,428		9,153		—		—		—

LONG-TERM DEBT, NET	24,038		23,343		20,825		20,623		15,247

DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,263		5,245		5,402		5,636		5,033
Asset retirement obligations	3,733		3,703		3,732		4,172		4,128
Non-current liabilities held for sale	351		382		397		418		—
Other deferred credits and liabilities	6,854		6,947		6,929		7,311		7,343
Total deferred credits and other liabilities	16,201		16,277		16,460		17,537		16,504		—		—		—
EQUITY
Preferred stock, $1.00 per share par value	8,287		8,287		8,287		8,287		8,287
Common stock, $0.20 per share par value	234		243		243		243		244
Treasury stock	(15,597)		(15,597)		(15,597)		(15,597)		(15,676)
Additional paid-in capital	19,892		20,849		20,926		21,008		21,077
Retained earnings	21,726		21,776		22,198		21,891		24,806
Accumulated other comprehensive income (loss)	170		164		204		202		194
Total stockholder’s equity	34,712		35,722		36,261		36,034		38,932		—		—		—
Noncontrolling interest	393		454		505		564		628
Total equity	35,105		36,176		36,766		36,598		39,560		—		—		—

TOTAL LIABILITIES AND EQUITY	$	84,967	$	84,360	$	83,472	$	84,186	$	80,464	$	—	$	—	$	—

SCHEDULE 6a

Occidental Petroleum Corporation

Consolidated Condensed Statements of Cash Flows

(amounts in millions)


	2025										2026
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD
CASH FLOW FROM OPERATING ACTIVITIES
Net income	$	945	$	468	$	842	$	114	$	2,369	$	3,359	$	—	$	—	$	—	$	3,359
Adjustments to reconcile net income to net cash from operating activities:
Discontinued operations, net	(115)		(130)		(136)		119		(262)		(3,123)								(3,123)
Depreciation, depletion and amortization	1,804		1,823		1,947		1,959		7,533		1,794								1,794
Deferred income tax provision (benefit)	(125)		(12)		152		112		127		50								50
Asset impairments and other charges	—		—		—		21		21		105								105
Losses (gains) on sales of assets and other, net	19		5		(34)		(253)		(263)		202								202
Undistributed losses from equity investments	46		183		33		357		619		31								31
Dry hole expense	17		46		36		10		109		77								77
Other noncash charges to income, net	180		25		109		106		420		756								756
Changes in operating assets and liabilities:
(Increase) decrease in trade receivables	(19)		140		226		(95)		252		(1,101)								(1,101)
(Increase) decrease in inventories	—		286		(211)		(63)		12		(26)								(26)
(Increase) decrease in joint interest receivables and other current assets	(3)		29		(100)		12		(62)		(285)								(285)
Increase (decrease) in accounts payable and accrued liabilities	(766)		108		(439)		133		(964)		(482)								(482)
Increase (decrease) in current domestic and foreign income taxes	49		(242)		22		(134)		(305)		35								35
Operating cash flow from continuing operations	2,032		2,729		2,447		2,398		9,606		1,392		—		—		—		1,392
Operating cash flow from discontinued operations	116		231		343		236		926		(111)								(111)
Net cash provided by operating activities	2,148		2,960		2,790		2,634		10,532		1,281		—		—		—		1,281

CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(1,682)		(1,705)		(1,512)		(1,528)		(6,427)		(1,554)								(1,554)
Change in capital accrual	50		(24)		(68)		74		32		(25)								(25)
Purchases of assets, businesses and equity investments, net	(52)		(56)		(123)		(49)		(280)		(25)								(25)
Proceeds from sale of assets and equity investments, net	1,306		144		780		48		2,278		57								57
Equity investments and other, net	(75)		(74)		(60)		(77)		(286)		(66)								(66)
Investing cash flow from continuing operations	(453)		(1,715)		(983)		(1,532)		(4,683)		(1,613)		—		—		—		(1,613)
Investing cash flow from discontinued operations	(278)		(284)		(276)		(278)		(1,116)		9,461								9,461
Net cash provided (used) by investing activities	(731)		(1,999)		(1,259)		(1,810)		(5,799)		7,848		—		—		—		7,848

FINANCING CASH FLOW
Payments of debt	(518)		(1,762)		(1,304)		(170)		(3,754)		(6,903)								(6,903)
Cash dividends paid on common and preferred stock	(380)		(398)		(408)		(408)		(1,594)		(409)								(409)
Purchases of treasury stock	—		—		—		—		—		(56)								(56)
Proceeds from issuance of common stock	25		906		17		18		966		95								95
Contributions from noncontrolling interests	63		51		39		47		200		50								50
Deferred payments for purchases of assets and businesses	—		—		—		(417)		(417)		—								—
Other financing, net	(118)		(40)		(37)		(41)		(236)		(105)								(105)
Financing cash flow from continuing operations	(928)		(1,243)		(1,693)		(971)		(4,835)		(7,328)		—		—		—		(7,328)
Financing cash flow from discontinued operations	(4)		—		(2)		(3)		(9)		—								—
Net cash used by financing activities	(932)		(1,243)		(1,695)		(974)		(4,844)		(7,328)		—		—		—		(7,328)

Increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents	485		(282)		(164)		(150)		(111)		1,801		—		—		—		1,801
Cash and cash equivalents and restricted cash and restricted cash equivalents - beginning of period	2,157		2,642		2,360		2,196		2,157		2,046		3,847		3,847		3,847		2,046
Cash and cash equivalents and restricted cash and cash equivalents - end of period	$	2,642	$	2,360	$	2,196	$	2,046	$	2,046	$	3,847	$	3,847	$	3,847	$	3,847	$	3,847

SCHEDULE 6b

Occidental Petroleum Corporation

Detail of Free Cash Flow, Capital Expenditures and Depreciation, Depletion and Amortization

(amounts in millions)


	2025										2026
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY
Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP)
Operating cash flow from continuing operations (GAAP)	$	2,032	$	2,729	$	2,447	$	2,398	$	9,606	$	1,392	$	—	$	—	$	—	$	1,392
Plus: Working capital and other, net - continuing operations	739		(321)		502		147		1,067		1,859		—		—		—		1,859
Operating cash flow from continuing operations before working capital (Non-GAAP)	2,771		2,408		2,949		2,545		10,673		3,251		—		—		—		3,251
Less: Capital expenditures, net of noncontrolling interest - continuing operations (Non-GAAP)	(1,619)		(1,654)		(1,473)		(1,481)		(6,227)		(1,504)		—		—		—		(1,504)
Free Cash Flow Before Working Capital - Continuing Operations (Non-GAAP)	$	1,152	$	754	$	1,476	$	1,064	$	4,446	$	1,747	$	—	$	—	$	—	$	1,747

Capital Expenditures, Net of Noncontrolling Interest - Continuing Operations (Non-GAAP)
Oil & Gas	$	(1,546)	$	(1,517)	$	(1,299)	$	(1,253)	$	(5,615)	$	(1,380)	$	—	$	—	$	—	$	(1,380)
Midstream & Marketing	(129)		(168)		(187)		(236)		(720)		(165)		—		—		—		(165)
Corporate	(7)		(20)		(26)		(39)		(92)		(9)		—		—		—		(9)
Total Capital Expenditures - Continuing Operations (GAAP)	(1,682)		(1,705)		(1,512)		(1,528)		(6,427)		(1,554)		—		—		—		(1,554)
Contributions from noncontrolling interests	63		51		39		47		200		50		—		—		—		50
Capital Contributions, Net of Noncontrolling Interest - Continuing Operations (Non-GAAP)	(1,619)		(1,654)		(1,473)		(1,481)		(6,227)		(1,504)		—		—		—		(1,504)

Depreciation, Depletion and Amortization - Continuing Operations
Oil & Gas
United States	$	1,582	$	1,590	$	1,703	$	1,725	$	6,600	$	1,560	$	—	$	—	$	—	$	1,560
International	120		128		139		128		515		130		—		—		—		130
Midstream & Marketing	73		74		74		73		294		71		—		—		—		71
Corporate	29		31		31		33		124		33		—		—		—		33
Depreciation, Depletion and Amortization - Continuing Operations	$	1,804	$	1,823	$	1,947	$	1,959	$	7,533	$	1,794	$	—	$	—	$	—	$	1,794

Non-GAAP Measures. Operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are non-GAAP measures. Occidental defines operating cash flow before working capital - continuing operations as operating cash flow less working capital from continuing operations. Capital expenditures, net of noncontrolling interest - continuing operations is defined as capital expenditures from continuing operations less contributions from noncontrolling interest. Free cash flow before working capital - continuing operations is defined as operating cash flow before working capital - continuing operations less capital expenditures, net of noncontrolling interest - continuing operations. These non-GAAP measures are not meant to disassociate those items from management’s performance, but rather are meant to provide useful information to investors interested in comparing Occidental’s performance between periods. Reported operating cash flow and capital expenditures are considered representative of management’s performance over the long term, and operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations and free cash flow before working capital - continuing operations are not considered to be alternatives to reported operating cash flow and capital expenditures in accordance with GAAP.

SCHEDULE 7

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographic Locations

TOTAL REPORTED PRODUCTION


	2025					2026
REPORTED NET MBOE VOLUMES PER DAY:	Qtr 1	Qtr 2	Qtr 3	Qtr 4	TY	Qtr 1	Qtr 2	Qtr 3	Qtr 4	YTD
United States
Permian	754	770	800	818	786	787				787
Rockies & Other Domestic	292	272	288	284	284	281				281
Gulf of America	121	125	139	144	132	138				138
Total	1,167	1,167	1,227	1,246	1,202	1,206	—	—	—	1,206

International
Algeria & Other International	33	31	30	31	31	28				28
Al Hosn	90	84	93	91	89	86				86
Dolphin	36	42	41	41	40	35				35
Oman	65	76	74	72	72	71				71
Total	224	233	238	235	232	220	—	—	—	220

TOTAL REPORTED PRODUCTION	1,391	1,400	1,465	1,481	1,434	1,426	—	—	—	1,426

REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian	404	410	422	427	416	408				408
Rockies & Other Domestic	95	88	95	88	92	88				88
Gulf of America	102	106	117	121	112	116				116
Total	601	604	634	636	620	612	—	—	—	612
NGL (MBBL)
Permian	188	196	208	213	201	204				204
Rockies & Other Domestic	77	74	80	79	78	78				78
Gulf of America	8	9	10	10	9	10				10
Total	273	279	298	302	288	292	—	—	—	292
Natural Gas (MMCF)
Permian	974	982	1,019	1,069	1,011	1,052				1,052
Rockies & Other Domestic	718	659	678	700	686	687				687
Gulf of America	64	60	73	78	68	74				74
Total	1,756	1,701	1,770	1,847	1,765	1,813	—	—	—	1,813

International
Oil (MBBL)
Algeria and Other International	27	26	25	26	26	23				23
Al Hosn	15	14	16	16	15	14				14
Dolphin	6	7	6	6	6	6				6
Oman	55	66	65	63	62	62				62
Total	103	113	112	111	109	105	—	—	—	105
NGL (MBBL)
Algeria and Other International	3	3	2	2	3	2				2
Al Hosn	28	26	29	28	27	27				27
Dolphin	8	8	8	8	8	7				7
Total	39	37	39	38	38	36	—	—	—	36
Natural Gas (MMCF)
Algeria and Other International	17	14	16	15	15	14				14
Al Hosn	284	263	296	285	283	268				268
Dolphin	134	162	159	159	154	137				137
Oman	58	60	57	55	56	55				55
Total	493	499	528	514	508	474	—	—	—	474

SCHEDULE 8

Occidental Petroleum Corporation

Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographic Locations


	2025															2026
NET SALES MBOE VOLUMES PER DAY:	Qtr 1			Qtr 2			Qtr 3			Qtr 4			TY			Qtr 1			Qtr 2	Qtr 3	Qtr 4	YTD

United States	1,167			1,167			1,227			1,246			1,202			1,206						1,206

International
Algeria and Other International	34			31			30			30			31			30						30
Al Hosn	90			84			93			91			90			86						86
Dolphin	36			42			41			41			40			35						35
Oman	64			73			77			72			71			71						71
Total	224			230			241			234			232			222			—	—	—	222

TOTAL REPORTED SALES	1,391			1,397			1,468			1,480			1,434			1,428			—	—	—	1,428

REALIZED PRICES
United States
Oil ($/BBL)	$	70.80		$	62.83		$	64.55		$	58.28		$	64.01		$	70.31					$	70.31
NGL ($/BBL)	$	25.67		$	20.05		$	18.98		$	15.79		$	19.96		$	18.45					$	18.45
Natural Gas ($/MCF)	$	2.42		$	1.33		$	1.48		$	1.12		$	1.58		$	1.01					$	1.01

International
Oil ($/BBL)	$	72.59		$	68.88		$	66.03		$	64.68		$	67.93		$	67.59					$	67.59
NGL ($/BBL)	$	27.85		$	25.72		$	24.40		$	23.78		$	25.43		$	23.52					$	23.52
Natural Gas ($/MCF)	$	1.90		$	1.90		$	1.89		$	1.87		$	1.89		$	1.93					$	1.93

Total Worldwide
Oil ($/BBL)	$	71.07		$	63.76		$	64.78		$	59.22		$	64.60		$	69.91					$	69.91
NGL ($/BBL)	$	25.94		$	20.71		$	19.60		$	16.68		$	20.60		$	18.99					$	18.99
Natural Gas ($/MCF)	$	2.30		$	1.46		$	1.57		$	1.29		$	1.65		$	1.20					$	1.20

Index Prices
WTI Oil ($/BBL)	$	71.42		$	63.74		$	64.93		$	59.14		$	64.81		$	71.93					$	71.93
Brent Oil ($/BBL)	$	74.89		$	66.59		$	68.14		$	63.09		$	68.18		$	77.93					$	77.93
NYMEX Natural Gas ($/MCF)	$	3.62		$	3.68		$	3.28		$	3.61		$	3.55		$	3.93					$	3.93

Percentage of Index Prices
Worldwide Oil as a percentage of WTI	100		%	100		%	100		%	100		%	100		%	97		%	#DIV/0!	#DIV/0!	#DIV/0!	97		%
Worldwide Oil as a percentage of Brent	95		%	96		%	95		%	94		%	95		%	90		%	#DIV/0!	#DIV/0!	#DIV/0!	90		%
Worldwide NGL as a percentage of WTI	36		%	32		%	30		%	28		%	32		%	26		%	#DIV/0!	#DIV/0!	#DIV/0!	26		%
Worldwide NGL as a percentage of Brent	35		%	31		%	29		%	26		%	30		%	24		%	#DIV/0!	#DIV/0!	#DIV/0!	24		%
Domestic Natural Gas as a percentage of NYMEX	67		%	36		%	45		%	31		%	45		%	26		%	#DIV/0!	#DIV/0!	#DIV/0!	26		%

SCHEDULE 9

Occidental Petroleum Corporation

Oil & Gas Metrics


	2025										2026
	Qtr 1		Qtr 2		Qtr 3		Qtr 4		TY		Qtr 1		Qtr 2		Qtr 3		Qtr 4		YTD

Lease operating expenses ($/BOE)
United States	$	9.05	$	8.55	$	8.11	$	7.77	$	8.35	$	7.85							$	7.85
International	$	13.20	$	10.82	$	11.65	$	12.26	$	11.97	$	13.30							$	13.30
Total Oil and Gas	$	9.72	$	8.93	$	8.69	$	8.48	$	8.94	$	8.70							$	8.70

Transportation costs ($/BOE)
United States	$	3.73	$	3.65	$	3.49	$	3.44	$	3.58	$	3.46							$	3.46
Total Oil and Gas	$	3.25	$	3.17	$	3.03	$	3.01	$	3.11	$	3.04							$	3.04

Taxes other than on income ($/BOE)
United States	$	2.42	$	2.43	$	2.12	$	2.09	$	2.26	$	2.27							$	2.27
Total Oil and Gas	$	2.07	$	2.07	$	1.80	$	1.79	$	1.93	$	1.96							$	1.96

DD&A expense ($/BOE)
United States	$	15.06	$	14.98	$	15.08	$	15.05	$	15.05	$	14.37							$	14.37
International	$	5.93	$	6.10	$	6.27	$	5.98	$	6.07	$	6.51							$	6.51
Total Oil and Gas	$	13.59	$	13.52	$	13.63	$	13.62	$	13.59	$	13.15							$	13.15

G&A and other operating expenses ($/BOE)	$	2.61	$	3.58	$	2.56	$	2.80	$	2.88	$	2.79							$	2.79

Exploration Expense ($ millions)
United States	$	18	$	62	$	39	$	18	$	137	$	78							$	78
International	37		21		27		27		112		32								32
Total Exploration Expense	$	55	$	83	$	66	$	45	$	249	$	110	$	—	$	—	$	—	$	110

Capital Expenditures ($ millions)
Permian	$	(900)	$	(907)	$	(812)	$	(748)	$	(3,367)	$	(721)							$	(721)
Rockies & Other Domestic	(236)		(206)		(169)		(207)		(818)		(195)								(195)
Gulf of America	(220)		(189)		(89)		(18)		(516)		(147)								(147)
International	(111)		(125)		(125)		(144)		(505)		(141)								(141)
Exploration Drilling	(79)		(90)		(104)		(136)		(409)		(176)								(176)
Total Oil and Gas	$	(1,546)	$	(1,517)	$	(1,299)	$	(1,253)	$	(5,615)	$	(1,380)	$	—	$	—	$	—	$	(1,380)