First Quarter

Earnings Conference CallOccidental Petroleum Corporation

May 6, 2020

2

Cautionary Statements

Forward-Looking StatementsThis 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 to statements about Occidental

Petroleum Corporation’s (“Occidental”) expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, many of

which involve factors or circumstances that are beyond Occidental’s control. Actual results may differ from anticipated results, sometimes materially, and reported or expected results should not be considered an indication

of future performance. Factors that could cause actual results to differ include, but are not limited to: the extent to which Occidental is able to successfully integrate Anadarko Petroleum Corporation (“Anadarko”), manage

expanded operations and realize the anticipated benefits of combining Occidental and Anadarko; the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in

response to the pandemic; 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,

repay or refinance debt and the impact of changes to Occidental’s credit ratings; assumptions about energy markets and fluctuations in global and local commodity and commodity-futures prices; supply and demand

considerations for, and the prices of, Occidental’s products and services; actions by OPEC and non-OPEC oil producing countries; results from operations and competitive conditions; unexpected changes in costs;

availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects,

capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties and liabilities associated with acquired and divested properties and businesses; risks associated with acquisitions, mergers and joint

ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties about the estimated

quantities of oil, natural gas and natural gas liquids 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 or 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; general economic conditions, including slowdowns, domestically or internationally, and volatility

in the securities, capital or credit markets; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; adverse tax consequences; governmental actions and political

conditions and events; legislative or regulatory changes; environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including

remedial actions); asset and goodwill impairments; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-

attacks or insurgent activity; the creditworthiness and performance of our counterparties; failure of risk management; Occidental’s ability to retain and hire key personnel; reorganization or restructuring of Occidental’s

operations; changes in tax rates; and actions by third parties that are beyond Occidental's control. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,”

“intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place

undue reliance on these forward-looking statements, which speak only as of the date of this presentation. 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. Other factors that could cause actual results to differ from those described in any forward-looking statement appear in Part I, Item 1A “Risk

Factors” of Occidental’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”), and in Occidental’s other filings with the U.S. Securities and Exchange Commission (the “SEC”).

Use of non-GAAP Financial InformationThis presentation includes non-GAAP financial measures. Where available, reconciliations to comparable GAAP financial measures can be found on Occidental's website at www.oxy.com.

Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being

estimates of proved reserves may include "potential" reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. U.S.

investors are urged to consider closely the oil and gas disclosures in our 2019 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.

3

Occidental • First Quarter Highlights

• Financial Results and Guidance

• Closing Remarks

4

First Quarter 2020 Highlights

Flow Assurance

& Optionality

Strong Operational

Excellence Across

All Business Units

Additional Capex

& Operating

Reductions

1.4MMboed

31Mboed Midpoint

Guidance Beat

50%+ Capex Reduction

$1.2 B of Cost

Reductions

>600 MbodExport Capacity

>800 MbodPipeline Capacity

to the Gulf Coast

5

Quick and Decisive Action Taken

Rapid Cost Reduction

• Reservoir management expertise

• Well and lease profitability

analysis

• Operating initiatives:

> Evaluate alternative

operating methods

> Protect reservoir integrity

> Injection optimization

> Rationalize well maintenance

and workovers

> Maintain flexibility to ramp up

production when appropriate

Low Oil Price

Resilience

Base Management

• $1.2 B in additional operating and

corporate costs savings identified

• Lowering 2Q 2020 domestic opex to

$6.25/boe

• Cost savings:

> Significant contractor reductions

> Operational improvements

> Deploy surplus equipment

> Utilizing automation to work

remotely

> Compensation, bonus, and

subsidies reductions

> Hiring freeze

Lowering

Cash Flow

Neutrality

Moderate 25% Base Decline

6

Enhancing Our Financial Resilience

1Opex and overhead 2Overhead is defined as SG&A, other operating expenses, and exploration overhead 3Percentage reduction uses midpoint of original 2020 Capital budget of $5.2 B to $5.4 B 4Brent prices <$45.00 5As of 4/30/2020 6Cash and cash equivalents of $860 MM and restricted cash and cash equivalents of $185 MM as of 04/30/2020 7Excludes 2036 Zero-Coupon notes

putable for $992 MM in October 2020

Cost Savings Moderate Activity Cash Generation Maximize Liquidity

Long-Term Value Creation

Remains Intact

Synergy Capture Complete1

Additional $1.2 B

Operating and Corporate

Cost Reductions

Optimizing Overhead2

~$400 MM Quarterly Run-Rate

Shutting in Non-Economic

Production

Reduced 2020 Capital

Budget Over 50%3

$2.4 B – $2.6 B

Substantial Activity

Reduction

Over 70% of Capital

Synergies Captured

Improving Cash Flow

Neutrality

Retained Significant

Upside Potential

Asset Divestiture Proceeds

Hedged Position Expected

to Generate $1.1 B4

Available Liquidity $5 B Credit Facility Available5

~$1.0 B of Cash6

No Debt Maturities

in 20207

$7 B Debt Repaid

April 2020 Preferred

Dividend Paid in Common

Stock

$$

7

Occidental • First Quarter Highlights

• Financial Results and Guidance

• Closing Remarks

8

2021-2022 Debt Management Options

• Apply FCF and asset divestitures proceeds to debt reduction

• Exchange debt / extend maturities

• Refinance debt / access capital markets

1Cash and cash equivalents of ~$860 MM and restricted cash and cash equivalents of ~$185 MM as of 04/30/2020 2As of 04/30/2020 3Excludes 2036 Zero-Coupon notes putable for $992 MM in October 2020

Debt Management

Free Cash Flow

• Improving cash flow neutrality

• Paying Preferred in shares increases

FCF by $200 MM quarterly

Cash on Balance Sheet

• ~$1.0 B Cash and cash equivalents

as of April 30, 20201

Bank Credit Facility

• $5 B in Credit facility availability2

Outstanding Debt

$0.0

$6.4

$4.7

$1.2

$3.9

$0.8

$3.4

$0.9$0.3

$1.9

$0.1

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Near-Term Debt Maturities ($ B)

3

9

First Quarter 2020 Results

1Excludes discontinued operations (Algeria and Ghana) 2Cash and cash equivalents of ~$2.02 B and

restricted cash and cash equivalents of ~$242 MM as of 03/31/2020

Note: See the reconciliations to comparable GAAP financial measures on our website

Reported

Adjusted EPS ($0.52)

Reported diluted EPS ($2.49)

1Q20 CFFO before working capital

Excluding 1Q20 merger related costs

$1.4 B

$1.6 B

1Q20 Capital expenditures1 $1.3 B

Dividend payments on common stock $0.7 B

Cash balance as of 03/31/20202 $2.3 B

Total continuing operations production (Mboed) 1,416

Total Permian Resources production (Mboed) 474

1Q20 Reported versus Guidance Midpoint

ReconciliationMboed

Rockies: improved base performance, higher OBO

and royalty production+16

Permian Resources: improved time-to-market,

higher uptime, and better well performance+13

GoM: higher than expected uptime +1

International: higher Oman production from better

well performance and PSC Impacts+1

+31

10

Second Quarter 2020 Guidance Estimates

Oil & Gas

Production1

• Total Company: 1,340 - 1,400 Mboed

• Permian Resources: 432 - 442 Mboed

• Additional Domestic: 622 - 662 Mboed

• International2: 286 - 296 Mboed

Production Costs

• Domestic Oil & Gas: $6.25/boe

OxyChem

$80 MM pre-tax income

Marketing & Midstream3

($310) - ($350) MM pre-tax income

• Midland - MEH spread of

$2.05 / Bbl.

Corporate

Domestic tax rate: 22%

International tax rate: 45%

Interest expense: ~$350 MM4

Total Company capex: $500 MM

Exploration Expense5

~$30 MM

DD&A

Oil & Gas: ~$15.60 / boe

OxyChem and Midstream: ~$170 MM

1Includes expected shut-ins of ~45 Mboed for OPEC+ production cuts and economic reasons, does not include any potential storage or flow-related shut-ins 2Includes estimated Algerian

production for Q2 of 35 – 40 Mboed 3Midstream excludes WES equity income 4Interest expense excludes interest income 5Exploration expense includes exploration overhead

11

Occidental • First Quarter Highlights

• Financial Results and Guidance

• Closing Remarks

12

Core Differentiators

Diversified

Portfolio• 14 assets across 6 different countries

• Integrated businesses

• Attractive exploration opportunities

Long-Term

Sustainability

2020+

Carbon Reduction

Leadership• Leader in carbon capture utilization and

sequestration (CCUS) development

• World’s largest handler of CO2 for EOR

• Leader in Permian emissions intensity

• Innovation through commercial partnerships

Low Cost

Operator• Best in class operator with top wells

• Safety performance leadership

• Unmatched reservoir characterization

and subsurface ability

• Infrastructure advantage to realize lower

operating costs

Decades of High

Return Inventory• Flexibility to adjust spending and

production

• Dominant positions in prolific basins

• Low decline international assets

13

Appendix

• 2020 Budget

• Synergy Capture Update

• Financial Information

• Well Performance

• Asset Overview

• Governance

14

$2.2

$0.9

$0.9

$0.3

$0.7

$0.4

$0.5

$0.2

$0.4

$0.2

$0.3

$0.2

$0.2

$0.2

$0.1

$0.1

Original 2020 Guidance Current 2020 Guidance

2020 Capital Program by Asset 2020 Capital Budget

Protecting Asset

Integrity

Key Program Highlights

• Revised 2020 capital budget demonstrates commitment to achieving cash flow neutrality

• 2020 capital budget reflects synergy capture and additional spending reduction

• 2020 capital budget represents over 50% reduction

• 2020 base decline of 25%

Note: Capital spending excludes Ghana

Marketing & Midstream

Exploration & Corporate

OxyChem

Permian EOR

GoM

International

Rockies

Permian Resources

$5.2 - 5.4 B

$2.4 - 2.6 B

15

0%

25%

50%

75%

100%

Net Capex by

Type

Gross Operated

Rigs

Total Net Rigs Wells Online

Reduced Activity – Domestic Unconventional Assets

1Gross company operated wells online

Rockies2Q – 4Q Activity

Facilities

TX

Delaware

$0.1 B

Capex

~0 Gross

Rigs

10 – 15

Wells Online

~0 Net

Rigs

Growth

Capex

Permian Resources2Q – 4Q Activity

Drilling

and

Completion

New

Mexico

TX

Delaware

DevelopmentSustaining

Capex

Growth

CapexOBO

Base Maint

Powder

River

BasinPowder

River Basin

DJ BasinDrilling

and

Completion

Facilities

New

Mexico

TX

Delaware

Development

Appraisal

$0.3 B

Capex

~2 Gross

Rigs

35 – 45

Wells Online

~2 Net

Rigs

Sustaining

Capex

Growth

Capex

0%

25%

50%

75%

100%

Net Capex by

Type

Gross Operated

Rigs

Total Net Rigs Wells Online

Drill

Complete

& Equip

Facilities

OBO

Base Maint

TX

Delaware

DJ Basin

TX

Delaware

OBO Midland

TX

Delaware

1 1

1Q 2020 $0.6 B 14 rigs 10 rigs 80 wells

TY 2020 $0.9 B 5 rigs 4 rigs 115 - 125 wells

1Q 2020 $0.2 B 3 rigs 2 rigs 64 wells

TY 2020 $0.3 B 1 rig 1 rig 74 - 79 wells

Drill

Complete

& Equip

16

Appendix

• 2020 Budget

• Synergy Capture Update

• Financial Information

• Well Performance

• Asset Overview

• Governance

17

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2018

Combined

Overhead

Overhead

Synergies

2020 Initial

Budget

Additional

Savings

2020 Current

Outlook

1Overhead is defined as SG&A (~$1.2 B), other operating expense (~$1.8 B) and exploration overhead (~$0.1 B)

Overhead and Opex Cost Savings

Overhead Savings

• Employee/Contractor Savings $1,100 MM

• Asset Rationalization $165 MM

• Real Estate and Other $235 MM

$1,500 MM

$3.1 B

$1.6 B

$0.9 B

1

$0.6 B

$2.2 B

Improved operational efficiency

Procurement and supply chain integration

Curtailing uneconomic production

Maintenance optimization

$200 MM

Opex Synergies

+

$600 MM of

Additional Opex

Savings

$1.1 B Synergy Target Achieved + $1.2 B of Additional Cost Savings in 2020

18

Cash Conservation

Increasing re-use of equipment and materials

Optimizing testing specifications and procedures to

maximize equipment life

Ensuring transparency of equipment and material

inventory across organization

Optimizing maintenance activities

Rationalize well maintenance and workovers

Predictive versus time based maintenance

Utilizing real time data for enhanced performance

monitoring

Lowering energy consumption through equipment

performance and operational optimization

Calibrating equipment to run at maximum efficiency

Adjusting demand timing in areas with dynamic utility

pricing to lower average $/kWh

Increasing operational efficiency – understanding

every dollar spent and eliminating waste

Replacing rental equipment with owned

Optimizing logistics leveraging GIS data

Utilizing new technologies to internalize 3rd party services

Optimizing chemical usage

Adjusting contract support for activity level

Backfilling contract labor with employees

Curtailing uneconomic barrels safely and efficiently

Dynamic modeling of well economics to quickly respond to

lower prices

CO2 injection optimization

Quickly Responding to Lower Oil Prices

19

Appendix

• 2020 Budget

• Synergy Capture Update

• Financial Information

• Well Performance

• Asset Overview

• Governance

20

2020 Oil Hedges

Note: As of December 31, 2019

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

$25 $35 $45 $55 $65 $74.16 $85

Brent ($/bbl)

Re

alize

d P

rice

($

/b

bl)

Long Put

$55

Short Put

$45

Short Call

$74.16 Details

Three-Way Costless Collar

Realized

$74.16

Realized

$55

Realized BrentRealized Brent + $10

2020 Settlement

Three-way collars (Oil MBBL/day)

Average price per barrel (Brent oil pricing)

Ceiling sold price (call)

Floor purchase price (put)

Floor sold price (put)

2021 Settlement

Call options sold (Oil MBBL/day)

Average price per barrel (Brent oil pricing)

Ceiling sold price (call)

350

$74.16

$55.00

$45.00

350

$74.16

Summary December 2019 derivative instruments

2020 Settlement

Three-way collars (Oil MBBL/day)

Average price per barrel (Brent oil pricing)

Ceiling sold price (call)

Floor purchase price (put)

Floor sold price (put)

2021 Settlement

Call options sold (Oil MBBL/day)

Average price per barrel (Brent oil pricing)

Ceiling sold price (call)

350

$74.16

$55.00

$45.00

350

$74.16

Summary December 2019 derivative instruments

Enhances Monthly Cash Flow by ~$106 MM

When Brent Averages <$45 in a Calendar Month

21

Appendix

• 2020 Budget

• Synergy Capture Update

• Financial Information

• Well Performance

• Asset Overview

• Governance

22

Rapid Value Capture – Silvertip – TX Delaware

Demonstrated Life of Field Value Creation

Developing the best wells for lower cost

10,000' Silvertip Well APC Baseline Oxy Design

Proppant Loading 2,500#/ft. 2,150#/ft.

Pump rates 60-70 bpm 120 bpm

Stages pumped 3 per day 8 – 10 per day

Two-well frac duration 24 days 16 days

Clean-out duration 3 – 5 days <1 day

Optimized operational practices to

improve uptime and recover down

production more quickly

First Silvertip well with Oxy engineered

flowback 150 day cum of 361 Mbo (489

Mboe) vs. APC average of ~150 Mbo

Reduced obligation well count and

5,000’ well count significantly from

original 2020 plan

Optimized landings to improve

productivity and limit interference

Shifted spacing to avoid over

capitalization and vertical stacking

of wellbores

Drilled new record 10,000’ well in

15.2 days, beating previous APC

record by >7 days and previous Oxy

record by >4 days

Oxy’s average of all Wolfcamp

10,000' wells drilled in Silvertip

averaged 24 days, ~4 days faster

than APC’s 2019 average

ProductionCompletionSubsurface Drilling

Previous

layout

Oxy

design

14% improvement in drill days $2.4 MM savings per wellExpect to recover 7% more oil per

section with 14% fewer wells23% reduction in downtime from 3Q

2019 to March 2020

3rd BSS

Wolfcamp X

Wolfcamp Y

Wolfcamp A

3rd BSS

Wolfcamp X

Wolfcamp Y

Wolfcamp A

Silvertip Gun Barrel Illustration

Jul

'19

Aug

'19

Sep

'19

Oct

'19

Nov

'19

Dec

'19

Jan

'20

Feb

'20

Mar

'20

Total Hours of Downtime

APC 2019 Oxy Post-Close

Silvertip 10,000' Drilling Days

Recent completions of five well

development in Silvertip using Oxy’s

casing design resulted in total savings

of $2.4 MM per well

Higher pump rates allow better

stimulation, faster stage execution

Successful trial of E-Frac on six-well

pad, significant reduction in diesel

usage

Lower cost materials and services through strategic sourcing

23

0

50

100

150

200

250

300

350

400

0 90 180 270 360

Permian Resources Hz Unconventional Well PerformanceBasin Leading Improvement in Well Performance

• 4D Frac Modeling

• Seismic and

Geomechanical

Characterization

• Customized Section

Development

• Next Generation

Well Designs

• Tier 1 Investment

Strategy

2015

2016

2017

2018

Note: Data includes all Oxy horizontal Permian unconventional wells online in each year and horizontal wells from Legacy APC acreage with Oxy’s Atlas casing design in 2020

Cu

mu

lati

ve M

bo

e

Days

2019

1st Year Cum Improvement

+163% from 2015 to 2019

+17% from 2018 to 2019

90 Day Cum Improvement

+299% from 2015 to 2020

+20% from 2019 to 2020

2020

24

Leading Delaware Basin Well Performance

12 Month Cumulative Oil Top 100 Wells26 Month Cumulative Oil Top 100 Wells1 12 Month Cumulative Oil Top 100 Wells26 Month Cumulative Oil Top 100 Wells1

Oxy has >20% of the best wells, while drilling less than

7% of total Delaware Basin wells

Oxy’s subsurface expertise delivers Basin leading wells

for less cost:

Competitors use 26% more proppant: >$500 M

1Source: IHS Enerdeq as of 4/13/2020, horizontals >500ft online since January 2018 with 6 month oil production available. Peers in Top 100 include: Legacy APC, BTA OIL, CXO, DVN, EOG, FANG, Kaiser-Francis, RDS,

XEC, XOM2Source: IHS Enerdeq as of 4/13/2020, horizontals >500ft online since January 2018 with 12 month oil production available. Peers in Top 100 include: Legacy APC, BP, BTA OIL, Colgate, CXO, DVN, EOG, FANG, JAG,

PDC, RDS, XEC, XOM

0

5

10

15

20

25

30

35

OX

Y

Pe

er

1

Pe

er

2

Pe

er

3

Pe

er

4

Pe

er

5

Le

ga

cy

AP

C

Pe

er

6

Pe

er

7

Pe

er

8

Pe

er

9

# o

f To

p 1

00

We

lls in

th

e D

ela

wa

re B

asin

0

5

10

15

20

25

OX

Y

Pe

er

1

Pe

er

2

Pe

er

3

Pe

er

4

Pe

er

5

Le

ga

cy

AP

C

Pe

er

6

Pe

er

7

Pe

er

8

Pe

er

9

Pe

er

10

Pe

er

11

Pe

er

12

# o

f To

p 1

00

We

lls in

th

e D

ela

wa

re B

asin

25

Appendix

• 2020 Budget

• Synergy Capture Update

• Financial Information

• Well Performance

• Asset Overview

• Governance

26

Largest U.S. Acreage Holder

Rockies

1.5 MM Acres

Powder River Basin – 0.4 MM

DJ Basin – 0.9 MMExcludes acreage outside of active operating

areas

Uinta Basin 0.2 MM

Permian

3.1 MM Acres

Permian Unconventional – 1.7 MM

Permian Conventional – 1.4 MM

Gulf of Mexico

1.0 MM Acres

Other Onshore

2.4 MM Acres

Land Grant

7.0 MM Acres1

• Fee ownership of oil and gas mineral and

hard rock minerals

• Some surface ownership

• Enhances economic returns for oil and

gas development

• No lease expirations

• Royalty revenue from 3rd partiesOther Onshore US consists of legacy

acreage and fee minerals outside of Oxy's

core operated areas

Note: As of 2019. Acreage totals only include oil and gas minerals. Oxy has ~2 MM net acres on federal land with ~1 MM onshore and ~1 MM offshore. Total Permian Resources acreage on federal land is ~270 M.1Includes 0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the DJ acreage total above.

14.4 MM Net Total U.S. Acres

27

U.S. Onshore Overview

1Includes 0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the Rockies acreage total

Note: Acreage amounts presented on this slide are net acres

1Q20 Net ProductionOil

(MBOED)

NGLs

(MBBLD)

Gas

(MMCFD)Total

Permian Resources 273 101 600 474

Permian EOR 115 30 33 151

DJ Basin 121 79 756 326

Other Domestic 17 8 216 61

Total 526 218 1,605 1,012

Rockies

1.5 MM Acres

Land Grant

7.0 MM Acres1

Permian

3.1 MM Acres

28

Gulf of Mexico Overview

Note: Acreage amounts presented on this slide are net acres

Gulf of Mexico

1.0 MM Acres

1Q20 Net Production

Total

Oil (MBOED) 136

NGLs (MBBLD) 12

Gas (MMCFD) 90

Total 163

29

International Overview

1Excludes production from discontinued operations as of 03/31/2020

Note: Acreage amounts presented on this slide are gross acres

1Q20 Net Production1

Oil

(MBOED)

NGLs

(MBBLD)

Gas

(MMCFD)Total

Latin America 33 - 8 34

Al Hosn 13 25 234 77

Dolphin 6 8 155 40

Oman 67 - 139 90

Total 119 33 536 241

Colombia

2.0 MM Acres

U.A.E.

1.5 MM Acres

Oman

6.0 MM Acres

Algeria

0.5 MM Acres

30

Algeria Overview

• Generates significant free cash flow at low prices

• Substantial remaining field life in world class

reservoirs: 2.5+ B bbls of liquids produced to date

• Strong 30+ year relationship with Algeria

• 472,000 gross acres in the Berkine Basin

• 2020 Full Year Capex of $30 MM

• 1Q 2020 Net Production of 54 Mboepd1

1Algeria production not included in total 1Q 2020 continuing operations production

Oxy WI Block

Unitized Field Boundary

Oil Field

Gas/Condensate

Export Pipeline

BLOCK 404A

BLOCK 208

Central Storage

31

Appendix

• 2020 Budget

• Synergy Capture Update

• Financial Information

• Well Performance

• Asset Overview

• Governance

32

Highly Skilled and Diverse Board Provides Strategic Oversight

Independence1

Years of Service

Diversity1

Focused on Creating Shareholder Value Six new directors added since 2019 Annual Meeting,

demonstrating the Board’s commitment to refreshment

Board-recommended charter amendments for vote at the

2020 Annual Meeting include governance-related proposals to:

Lower the threshold ownership requirement to call a special

meeting from 25% to 15% of shares outstanding

Lower the threshold ownership requirement to request a record

date to take action by written consent from 20% to 15% of shares

outstanding

Board adopted a limited duration stockholder rights plan

Long history of returning cash to shareholders

Annual board strategic reviews

Actively engage with shareholders

Track record of responsiveness

Focused on emerging industry risks and opportunities

Dedicated to environmental and sustainability matters

Meaningful director stock ownership guidelines

10 of 11

Nominees are

Independent

5

2 2 2

0-2 3-5 6-8 9+

# of Years of Service

1

10 of 11

Nominees are

Independent

10 of 11

Nominees are

Independent

27%

Diverse

1Based on 2020 Annual Meeting nominees