Form 8-K

8-K — OCCIDENTAL PETROLEUM CORP /DE/

Accession: 0001628280-26-030567

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000797468

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — oxy-20260505.htm (Primary)

EX-99.1 (oxyex9913-31x26earningsrel.htm)

GRAPHIC (imagea.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: oxy-20260505.htm · Sequence: 1

oxy-20260505

0000797468FALSE00007974682026-05-052026-05-050000797468us-gaap:CommonStockMember2026-05-052026-05-050000797468oxy:WarrantsToPurchaseCommonStockMember2026-05-052026-05-05

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

EX-99.1

Filename: oxyex9913-31x26earningsrel.htm · Sequence: 2

Document

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 Income 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.

(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)

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