OCCIDENTAL PETROLEUM CORPORATION

Stephen I. ChazenChief Executive Officer

Howard WeilMarch 22, 2016

Large Integrated MajorsCompany Market Cap ($B)XOM $350CVX $182RDS $160TOT $111BP $97ENI $49

Characteristics• Low or no growth• Higher returns• Stronger B/S; lower risk• Free cash flow• Consistent dividend growth

Why own Oxy?

Independent E&PsCompany Market Cap ($B)COP $53EOG $42APC $25PXD $23APA $19MRO $8

Characteristics• Generally higher growth• Lower returns• Weaker B/S; higher risk• Little or no free cash flow• Little or no dividends• Moving from gassy to oily

Oxy has positive elements of both groups, appealing to investors who seek a combination of moderate growth, above average returns and consistent dividend growth.

Oxy Uniquely

Positioned

$54 billion

2Updated as of 3/17/2016

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Keys to Success

Balance Sheet Strength• Ended 2015 with $4.4 Billion

cash• Debt of $8.3 Billion (25%

debt to capitalization ratio)

Diverse Portfolio• Long life cash flow assets• Significant growth potential

• 5% – 8 % long-term• Flexibility to ramp activity

up or down depending on market conditions

Talent Optimization• Maintain and continue to

develop staff• Increase use of advanced

technology and data analytics

Returns-Focused Strategy• Invest in projects that

generate long-term value with returns above cost of capital • Domestic +15% / Intern. +20%

• Leverage fast growth shale with low-decline EOR

Cash Flow Priorities

1. Base/Maintenance Capital

2. Dividends

3. Growth Capital

4. Share Repurchase

5. Acquisitions

4

History Of Returning Cash To Shareholders

5

Period ending 2015 Cash DividendsShare

Repurchases Combined

3 – years $6.0 $4.0 $10.1

5 – years $9.6 $4.9 $14.5

10 – years $14.2 $9.1 $23.3

($ in Billions)

– Additionally, over the 10 years ending 2015:• We reinvested $54 billion of capital in the business;• We made cash acquisitions of $25 billion;• Our long-term debt increased by only $5.5 billion.

– We spun off California Resources Corp. to Oxy shareholders in 2014 valued at ~$2.3 billion.

• S&P Rating affirmed at single A with stable outlook. Moody’s lowered only one notch (A2 to A3)

• Financial flexibility to invest through the cycle and return cash to shareholders

• Annualized cash flow changes ~$100 million for a ~$1.00 / barrel change in realized oil prices

• Annualized cash flow changes ~$40 million for a ~$0.50 / Mmbtu change in realized natural gas prices

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2016E Sources & Uses of Cash

2016 Illustrative Sources and Uses of Cash

$9.2 bn

$6.0 bn

Oil and Gas Focus Areas

Latin America

• Leading position in the Permian Basin

• Permian Resources is a growth driver

• Al Hosn Project, Oman and Qatar

• Additional opportunities for growth with partner countries

• Highest margin operations in Colombia.

• Additional opportunities for moderate growth with partner.

Oxy will be positioned to grow

• Oil production• Earnings & Cash Flow

per share• ROCE• Dividend stream

OxyChemHigh FCF, moderate growth business.

Oxy MidstreamIntegrated pipeline and marketing business to maximize realizations.

Oxy Runs A Focused Business

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MENA

United States

EOR Business• 2015 Production - 145 MBOEPD• 1 million net acres• 1.9 Billion BOE remaining in reserves

and resourcesResources (Unconventional)• 2015 Production – 110 BMOEPD• 1.5 million net acres• 8,500 identified well locationsMidstream• 12 processing plants• 1,900 miles of pipeline

– CO2 pipelines– Oil infrastructure and pipelines– Marketing business

Permian Basin Is The Core Domestic Asset

Oxy Acreage

Oil Pipelines

CO2 Pipelines

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Infrastructure difficult to duplicate

Given the current oil price environment, we will focus on investment to achieve four core goals:

Accelerate geoscience, characterization and modeling programs to enhance recovery, productivity and field economic returns

Minimize base decline and set up major growth programs in both Resources and EOR segments

Focus efforts on game changing technologies and applications

Accelerate continued improvements in execution and cost

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2016 Permian Strategy

• 2016 activity focused on core locations with minimal infrastructure investments

• Analyze appraisal data to support future development and initiate seed projects for long term growth in EOR

• Reduce rig count in Permian to 2-4 rigs

• Technical staff and engineers will focus on long-term projects, enhancing base production, and preparing full field development plans for to ramp up activity when oil prices recover.

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147 147 145 144 143

64 75110 118 ~123

2013 2014 2015 4Q15 1H16EProduction (MBOED)

EOR Resources

211

255 261

222

~266

Permian Summary

Cumulative % of total 3.1 million

BOEPD

Oxy is the Largest Permian Basin Producer

11Source: Wood Mackenzie, 9/23/15, Company Net Working Interest Production Rates

-

50

100

150

200

250

300

350

NET

MB

OEP

D O

PER

ATED

PR

OD

UC

TIO

N Gas Liquids Average

10% 50% 75%

• 1.0 million net acres

• Shift more capital to longer-cycle EOR to take advantage of lower cost of materials and services

• Inventory includes projects that have F&D costs of $3-$12/BOE

• Incremental production will come on line in 6-18 months after the start of CO2 injection

• Debottlenecking and bolt-on equipment to existing infrastructure will increase CO2injection capacity by 25% over the next 5 years

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Permian EOR Strategy

CO2 Supply & Processing

13

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0 5 10 15 20 25 30 35 40

Number of Projects

ChevronApache

Kinder Morgan

Exxon

Occidental

Size of bubble = CO2 EOR Production VolumeU.S. CO2 EOR Projects

Num

ber o

f Inj

ectio

n W

ells

DenburyAnadarko

Hess

EOR Survey

• Inject 1.9 billion cubic feet a day• Operate 31 CO2 EOR projects

World Leader in CO2 Enhanced Oil Recovery

Source: Oil & Gas Journal 2012 Biennial EOR Survey

Permian EOR

ROZ Projects development cost ranges from $3 - $7 per BOE

“Stranded Oil in the Residual Oil Zone by L. Stephen Melzer, Advanced Resources International and the U.S.

Department of Energy, February 2006.14

South HobbsResidual Oil Zone (“ROZ”) Potential:

• Four pattern to begin in 2016.• Full ROZ expansion:

– ~50 patterns; 80 MMBOE

Permian EOR can operate at cash costs as low as $22 per BOE

Sensitive to O&G Prices Partially Discretionary

$14.1

$4.7

$4.7

$4.0

$2.7

$0

$5

$10

$15

$20

$25

$30

$35

Well, SurfMaint

Injectant Energy Taxes SG&A

$ / B

OE

2015 Permian EOR Cost Structure$55 WTI, $3.00 NYMEX

$10.8

$4.0

$2.2

$3.2$1.8

$0

$5

$10

$15

$20

$25

$30

$35

Well, SurfMaint

Injectant Energy Taxes SG&A

$ / B

OE

2015 Permian EOR Cost Structure$35 WTI, $2.00 NYMEX

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Permian EOR Cost Structure

• 1.5 million net acre position

• Shorter cycle – faster growth

• Significant improvements in capital execution efficiency and reduction in operating expenses

• Will run 2-4 drilling rigs in development areas– Maintain momentum with

efficiency improvements– Continue to optimize ultimate

recoveries• Integrate seismic with data

analytics from producing wells to further evaluate inventory

Permian Resources Summary

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2016 Focus Areas

• Total of ~8,500 locations in horizontal inventory

• ~3,400 total locations economic at less than $60 / barrel which is an increase of approximately 700 locations from previous version

• ~350 locations economic below $40 / barrel

Continuing to lower economic hurdle points through reservoir characterization and optimization, improved productivity, reduced well costs, and faster time to market

Drilling Inventory Based on Q4 Costs

Better Well Productivity and

Lower Cost

4%

14%

40%

48%

60%

100%

Permian Resources – Drilling Inventory

17

18

• Total production grew 40% year-over-year to 118 MBOED. – Oil production grew 49%

year-over-year to 76 MBOD

– Oil production is expected to continue to grow at rates higher than total production

• Reached goal of 120 MBOED in November, one year and one month ahead of original goal

35 4371 76

2013 2014 2015 4Q15 1H16EProduction (MBOED)

Oil NGL Gas

75

110118 ~123

Permian Resources Production Growth

64

$13.20 $13.03

$11.39 $10.87

$9.73

$-

$5.00

$10.00

$15.00

4Q14 1Q15 2Q15 3Q15 4Q15

Surface Downhole Supports Energy Other

• Focus on reducing field

operating costs during 2015

• Downhole expense ($/boe)

reduced 34% from 4Q14

• Company operated

operating expense down

~30% ($/boe) from 4Q14

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Permian Resources Cost Reduction

Permian Resources Operating Costs / BOE

43 37

20 19 17 14

2014 1Q15 2Q15 3Q15 4Q15 Best

$5.3 $2.9 $2.6

$5.6

$3.2 $2.8

2014 Current Best

DrillingCompletions

$10.9

$6.2 $5.5

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Permian Resources – Manufacturing Mode

Delaware Wolfcamp A 4,500’ HZ

WEL

L C

OST

$M

MD

RIL

LIN

G D

AYS

46

31

20 18 17 13

2014 1Q15 2Q15 3Q15 4Q15 Best

East Midland Wolfcamp A 7,500’ HZ

$3.7 $2.3 $1.9

$5.5

$3.7 $3.4

2014 Current Best

DrillingCompletions

$6.0$5.3

$9.2

WEL

L C

OST

$M

MD

RIL

LIN

G D

AYS

Maintenance Sustaining Growth

2015 2016E

$5.6

$2.8 - $3.0

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2016 Capital Budget($ in bln)

• Carefully reduce activity levels without harming the strong progress on growth prospects

• Fund only those opportunities that exceed hurdle rates of return

• 2016 plan approximates expected cash from operations at around current prices

• Majority of the program will be allocated to the Permian Basin and to completing long-term projects in Chemicals and Midstream

• In Permian Resources, drilling activity focused in the Midland and Delaware near existing infrastructure, to achieve higher returns

• In Permian EOR, a modest increase for building out facilities and systems to handle and inject greater quantities of CO2, with 1-2 year production response time

2016 Capital Outlook

• Multiple long-term investments to drive cash flow and earnings growth

– Al Hosn

– Ethylene cracker JV

– Ingleside terminal

– Gas processing

• Capital spending will continue to decline and cash flows and earnings expected to grow as projects start-up.

• Increased flexibility on capital budget in 2016 and 2017

Committed Project Capital($ in millions)

22

$1,300

$800

$500

$100

2014 2015 2016E 2017E

Committed Project Capital Declining

23

$15.64

$13.73 ~$13.00

2014 2015 2016Estimate

Domestic Production Costs($/boe)

Overhead (SG&A)($ millions)

$1,503

$1,270

~$1,150

2014 2015 2016 Estimate

Improved Cost Structure

• Expect continued improvement in cost structure

– Strategic Initiatives

– Lower workovers

– Lower downhole maintenance

– Lower energy costs

• A key to long term success is to take advantage of this downturn to improve our future:– Major cost structure changes

– Further advances in improved recovery

– Investment in people

– Portfolio expansion

• Diverse portfolio– Two businesses in one of the best basins in the world

– Long life, low decline, value adding, cash flow generating assets

– Flexibility to ramp up or down depending on market conditions

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Summary – Key to Success / Strengths

• Data Analytics

• Technology (new or different)

• Technical excellence of our people

Cautionary StatementPortions of this presentation contain forward-looking statements and involve risks and uncertainties that couldmaterially affect expected results of operations, liquidity, cash flows and business prospects. 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 theprospective nature of events or outcomes generally indicate forward-looking statements. Factors that maycause Occidental's results of operations and financial position to differ from expectations include but are notlimited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’sproducts; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring ofOccidental's operations; not successfully completing, or any material delay of, field developments, expansionprojects, capital expenditures, efficiency projects, acquisitions or dispositions; lower-than-expectedproduction from development projects or acquisitions; exploration risks; general economic slowdownsdomestically or internationally; political conditions and events; liability under environmental regulationsincluding remedial actions; litigation; disruption or interruption of production or manufacturing or facilitydamage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber attacks orinsurgent activity; failure of risk management; changes in law or regulations; or changes in tax rates. Youshould not place undue reliance on these forward-looking statements, which speak only as of the date of thispresentation. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affectOccidental’s results of operations and financial position appear in Part 1, Item 1A “Risk Factors” ofOccidental's 2015 Form 10-K.

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