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Occidental Announces 3rd Quarter 2020 Results

•Exceeded $2.0 billion 2020 divestiture target
•Raised $5.0 billion in senior unsecured debt, retired $5.0 billion of near-term maturities and reduced outstanding debt by $1.3 billion year-to-date
•Exceeded global production guidance and continued to deliver operational excellence
–Production of 1,237 Mboed from continuing operations, exceeding midpoint of guidance by 12 Mboed despite a more active than expected offshore storm season
–Permian Resources exceeded high-end of guidance producing 420 Mboed
–Development activity increased with exceptional performance on cost, efficiency and productivity
•Continued to demonstrate low-cost leadership with overhead of $400 million and domestic operating expenses of $5.38 per BOE
HOUSTON — November 9, 2020 — Occidental (NYSE:OXY) today announced a net loss attributable to common stockholders for the third quarter of 2020 of $3.8 billion, or $4.07 per diluted share, and an adjusted loss attributable to common stockholders of $783 million, or $0.84 per diluted share. Third quarter after-tax items affecting comparability included a write-down of approximately $2.4 billion related to Occidental's equity investment in Western Midstream Partners, LP (WES) and $700 million of losses associated with the announced divestitures of onshore Colombia and mineral and surface acreage in Wyoming, Colorado and Utah.

“We delivered improved operating cash flow in the third quarter and achieved the highest quarterly free cash flow since 2011, driven by the strong performance of our businesses and our laser focus on margin preservation, reflecting our leadership as a low-cost operator,” said President and Chief Executive Officer Vicki Hollub. “We continued to advance our divestiture program, exceeding our $2.0 billion plus target for 2020, with additional transactions anticipated as we continue our deleveraging progress.”










QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax loss on continuing operations for the third quarter was $1.1 billion, compared to a pre-tax loss of $7.7 billion for the second quarter of 2020. The third quarter results included pre-tax losses of $795 million associated with the announced divestitures of onshore Colombia and mineral and surface acreage in Wyoming, Colorado and Utah. Excluding items affecting comparability, third quarter oil and gas results improved over the second quarter due to higher commodity prices, partially offset by lower volumes. For the third quarter of 2020, average WTI and Brent marker prices were $40.93 per barrel and $43.37 per barrel, respectively. Average worldwide realized crude oil prices increased by 67 percent from the prior quarter to $38.67 per barrel. Average worldwide realized NGL prices increased by 91 percent from the prior quarter to $14.85 per barrel of oil equivalent (BOE). Average domestic realized gas prices increased by 31 percent from the prior quarter to $1.18 per Mcf.

Despite a disruptive domestic Gulf of Mexico storm season, total average daily global production of 1,237 thousand of barrels of oil equivalent per day (Mboed) for the third quarter exceeded the midpoint of guidance by 12 Mboed. Permian Resources exceeded the high end of guidance by 3 percent with production of 420 Mboed. International average daily production volumes of 277 Mboed came in at the high end of guidance.

OxyChem
Chemical pre-tax income of $178 million for the third quarter exceeded guidance by 23 percent. Compared to prior quarter income of $108 million, the improvement in third quarter income resulted primarily from improved realized caustic soda and PVC prices, along with higher chlorovinyl sales volumes.

Midstream and Marketing
Midstream and marketing pre-tax loss for the third quarter was $2.8 billion, compared to a loss of $7 million for the second quarter of 2020. Excluding items affecting comparability, which included the write-down of Occidental's equity-method investment in WES, midstream and marketing pre-tax third quarter results did not materially change from the second quarter. Excluding WES equity income, midstream and marketing pre-tax loss for the third quarter was $143 million.





Supplemental Non-GAAP Measure
This press release refers to adjusted income (loss) and free cash flow, supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). Definitions of adjusted income (loss) and a reconciliation to net income (loss) along with free cash flow 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 (loss) and free cash flow 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 with operations in the United States, Middle East, Africa and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon dioxide management to advance a lower-carbon world. Visit oxy.com for more information.

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, and they include, but are 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,” “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 legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.




Although Occidental believes that the expectations reflected in any of our forward-looking statements are reasonable, actual 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: 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 the Organization of the Petroleum Exporting Countries (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, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deepwater and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including remedial actions); asset 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 hire and retain key personnel;



reorganization or restructuring of Occidental’s operations; changes in tax rates; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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Contacts
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Melissa E. Schoeb
Jeff Alvarez
713-366-5615
713-215-7864
melissa_schoeb@oxy.com
jeff_alvarez@oxy.com




Occidental Petroleum Corporation
3rd Quarter 2020
Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights
2.Items Affecting Comparability Detail
•Before Tax Allocations
•After Tax Allocations    
3.Segment Results Before Tax Allocations
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
4.Segment Results After Tax Allocations
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reconciliation - Diluted EPS
5.Consolidated Condensed Statements of Operations
6.Consolidated Condensed Balance Sheets
7.Consolidated Condensed Statements of Cash Flows
•Detail of Capital Expenditures and Depreciation, Depletion and Amortization
8.Oil & Gas Net Production Volumes Per Day
•MBOE/D
•By Commodity
9.Oil & Gas Net Sales Volumes Per Day and Realized Prices
•MBOE/D
•Realized Prices and Related Index Prices
10.Oil and Gas Metrics




SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights

20192020
QuarterlyQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Net Income (Loss) ($ millions)
Reported income (loss) attributable to common stockholders$631 $635 $(912)$(1,339)$(985)$(2,232)$(8,353)$(3,778)$(14,363)
Reported EPS - Diluted ($/share)$0.84 $0.84 $(1.08)$(1.50)$(1.22)$(2.49)$(9.12)$(4.07)$(15.72)
Effective tax rate on reported income (loss) (%)26 %33 %(28)%(19)%243 %1 %18 %10 %13 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$631 $729 $93 $(269)$1,184 $(467)$(1,612)$(783)$(2,862)
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$0.84 $0.97 $0.11 $(0.30)$1.45 $(0.52)$(1.76)$(0.84)$(3.13)
Effective tax rate on adjusted income (loss) (%)26 %30 %55 %92 %40 %(14)%15 %8 %11 %
Average Shares Outstanding
Basic (millions)748.9 748.3 845.7 894.9 809.5 896.7 915.5 929.3 913.9 
Diluted (millions)750.5 749.5 845.7 894.9 809.5 896.7 915.5 929.3 913.9 
Daily Production Volumes
Total US (MBOE/D)421 446 835 1,145 714 1,175 1,116 960 1,083 
US Oil (MBBL/D)277 289 486 642 425 662 603 508 591 
Worldwide - Reported (MBOE/D)719 741 1,155 1,491 1,029 1,498 1,438 1,269 1,401 
Worldwide - Continuing Operations (MBOE/D)667 689 1,112 1,460 985 1,470 1,406 1,237 1,370 
Worldwide Sales - Continuing Operations (MBOE/D)661 692 1,114 1,458 985 1,467 1,416 1,228 1,370 
Commodity Price Realizations
Worldwide oil ($/BBL)$52.62 $58.91 $56.43 $56.72 $56.32 $46.97 $23.17 $38.67 $36.44 
Worldwide NGL ($/BBL)$18.14 $18.00 $15.02 $18.11 $17.20 $13.09 $7.79 $14.85 $11.84 
Domestic gas ($/MCF)$1.36 $0.23 $1.25 $1.61 $1.31 $1.18 $0.90 $1.18 $1.09 
Cash Flows - Continuing Operations ($ millions)
Operating cash flow before working capital (Non-GAAP)(c)$1,832 $1,771 $390 $2,316 $6,309 $1,484 $587 $1,644 $3,715 
Working capital changes(884)242 2,122 (453)1,027 (189)(222)(829)(1,240)
Operating cash flow$948 $2,013 $2,512 $1,863 $7,336 $1,295 $365 $815 $2,475 
Capital expenditures$(1,259)$(1,211)$(1,717)$(2,180)$(6,367)$(1,300)$(375)$(246)$(1,921)
20192020
Year-to-dateMarJunSepDecMarJunSepDec
Net Income (Loss) ($ millions)
Reported income (loss) attributable to common stockholders$631 $1,266 $354 $(985)$(2,232)$(10,585)$(14,363)
Reported EPS - Diluted ($/share)$0.84 $1.68 $0.45 $(1.22)$(2.49)$(11.68)$(15.72)
Effective tax rate on reported income (loss) (%)32 %30 %55 %243 %1 %15 %13 %
Adjusted income (loss) attributable to common stockholders (Non-GAAP)(a)$631 $1,360 $1,453 $1,184 $(467)$(2,079)$(2,862)
Adjusted EPS - Diluted (Non-GAAP) ($/share)(b)$0.84 $1.80 $1.85 $1.45 $(0.52)$(2.29)$(3.13)
Effective tax rate on adjusted income (loss) (%)26 %29 %33 %40 %(14)%11 %11 %
Average Shares Outstanding
Basic (millions)748.9 748.7 781.1 809.5 896.7 906.2 913.9 
Diluted (millions)750.5 750.0 782.2 809.5 896.7 906.2 913.9 
Daily Production Volumes
Total US (MBOE/D)421 434 569 714 1,175 1,146 1,083 
US Oil (MBBL/D)277 283 351 425 662 633 591 
Worldwide - Reported (MBOE/D)719 730 874 1,029 1,498 1,468 1,401 
Worldwide - Continuing Operations (MBOE/D)667 678 825 985 1,470 1,438 1,370 
Worldwide Sales - Continuing Operations (MBOE/D)661 676 824 985 1,467 1,441 1,370 
Commodity Price Realizations
Worldwide oil ($/BBL)$52.62 $55.86 $56.10 $56.32 $46.97 $35.52 $36.44 
Worldwide NGL ($/BBL)$18.14 $18.07 $16.64 $17.20 $13.09 $10.43 $11.84 
Domestic gas ($/MCF)$1.36 $0.77 $1.05 $1.31 $1.18 $1.04 $1.09 
Cash Flows - Continuing Operations ($ millions)
Operating cash flows before working capital (Non-GAAP)(c)$1,832 $3,603 $3,993 $6,309 $1,484 $2,071 $3,715 
Working capital changes(884)(642)1,480 1,027 (189)(411)(1,240)
Operating cash flow$948 $2,961 $5,473 $7,336 $1,295 $1,660 $2,475 
Capital expenditures$(1,259)$(2,470)$(4,187)$(6,367)$(1,300)$(1,675)$(1,921)
(a) See schedule 3 for non-GAAP reconciliation.
(b) See schedule 4 for non-GAAP reconciliation.
(c) See schedule 7 for non-GAAP reconciliation.




SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)

20192020
Before Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset impairments $— $— $(285)$(3)$(288)$(282)$(5,514)$(21)$(5,817)
Asset sales gains (losses), net— — — 475 475 — 14 (439)(425)
Rig termination and others— — — — — (35)(3)(23)(61)
Oil collars MTM— — 75 (182)(107)952 5 110 1,067 
Total Domestic— — (210)290 80 635 (5,498)(373)(5,236)
Foreign
Asset impairments — — (40)1 (39)(264)(931)— (1,195)
Asset sales gains (losses), net— — — — — — — (356)(356)
Rig termination and others— — — — — — (6)(4)(10)
Total Foreign— — (40)1 (39)(264)(937)(360)(1,561)
Total Oil and Gas— — (250)291 41 371 (6,435)(733)(6,797)
Chemical
No items affecting comparability— — — — — — — — — 
Total Chemical— — — — — — — — — 
Midstream & Marketing
Asset sales gains (losses), net— — 111 3 114 — — (46)(46)
WES stand up and other asset impairments— — — (1,002)(1,002)(1,458)(7)(2,729)(4,194)
Interest rate swap MTM, net— — — 30 30 — — — — 
Total Midstream & Marketing— — 111 (969)(858)(1,458)(7)(2,775)(4,240)
Corporate
Anadarko acquisition-related costs — (50)(924)(673)(1,647)(148)(149)(5)(302)
Bridge loan financing fees— (57)(65)— (122)— — — — 
Acquisition-related pension & termination benefits— — 20 17 37 — 114 — 114 
Interest rate swap MTM, net— — (53)175 122 (669)4 88 (577)
Other charges and asset impairments— — — (22)(22)— — — — 
Warrants gains MTM— — 20 61 81 84 (79)— 5 
Total Corporate— (107)(1,002)(442)(1,551)(733)(110)83 (760)
Valuation allowance on tax assets— — — — — — — (37)(37)
State tax rate revaluation— — (23)5 (18)— — — — 
Income taxes— 13 174 58 245 55 1,226 387 1,668 
Loss from continuing operations— (94)(990)(1,057)(2,141)(1,765)(5,326)(3,075)(10,166)
Net loss attributable to noncontrolling interests— — — (13)(13)— — — — 
Discontinued operations, net of taxes (a)
— — (15)— (15)— (1,415)80 (1,335)
Total$— $(94)$(1,005)$(1,070)$(2,169)$(1,765)$(6,741)$(2,995)$(11,501)
20192020
After Tax AllocationsQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic
Asset impairments $— $— $(223)$(1)$(224)$(219)$(4,299)$(17)$(4,535)
Asset sales gains (losses), net— — — 369 369 — 11 (342)(331)
Rig termination and others— — — — — (27)5 (18)(40)
Oil collars MTM— — 58 (141)(83)741 4 85 830 
Total Domestic— — (165)227 62 495 (4,279)(292)(4,076)
Foreign
Asset impairments — — (40)1 (39)(264)(931)— (1,195)
Asset sales gains (losses), net— — — — — — — (356)(356)
Rig termination and others— — — — — — (6)(4)(10)
Total Foreign— — (40)1 (39)(264)(937)(360)(1,561)
Total Oil and Gas— — (205)228 23 231 (5,216)(652)(5,637)
Chemical
No items affecting comparability— — — — — — — — — 
Total Chemical— — — — — — — — — 
Midstream & Marketing
Asset sales gains (losses), net — — 87 2 89 — — (50)(50)
WES stand up and other asset impairments— — — (997)(997)(1,443)(6)(2,402)(3,851)
Interest rate swap MTM, net— — — 26 26 — — — — 
Total Midstream & Marketing— — 87 (969)(882)(1,443)(6)(2,452)(3,901)
Corporate
Anadarko acquisition-related costs — (50)(792)(514)(1,356)(115)(117)(3)(235)
Bridge loan financing fees— (44)(51)— (95)— — — — 
Acquisition-related pension & termination benefits— — 16 13 29 — 89 — 89 
Interest rate swap MTM, net— — (42)137 95 (522)3 69 (450)
Other charges and asset impairments— — — (18)(18)— — — — 
Warrants gains MTM— — 20 61 81 84 (79)— 5 
Total Corporate— (94)(849)(321)(1,264)(553)(104)66 (591)
Valuation allowance on tax assets— — — — — — — (37)(37)
State tax rate revaluation— — (23)5 (18)— — — — 
Loss from continuing operations— (94)(990)(1,057)(2,141)(1,765)(5,326)(3,075)(10,166)
Net loss attributable to noncontrolling interests— — — (13)(13)— — — — 
Discontinued operations, net of taxes — — (15)— (15)— (1,415)80 (1,335)
Total$— $(94)$(1,005)$(1,070)$(2,169)$(1,765)$(6,741)$(2,995)$(11,501)
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.



SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)

20192020
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$54 $153 $(79)$710 $838 $233 $(6,841)$(885)$(7,493)
Foreign454 596 391 410 1,851 40 (860)(158)(978)
Exploration(24)(23)(44)(78)(169)(37)(33)(29)(99)
Total Oil & Gas484 726 268 1,042 2,520 236 (7,734)(1,072)(8,570)
Chemical265 208 207 119 799 186 108 178 472 
Midstream & Marketing279 331 400 (769)241 (1,287)(7)(2,791)(4,085)
Segment income (loss)1,028 1,265 875 392 3,560 (865)(7,633)(3,685)(12,183)
Corporate
Interest (83)(143)(360)(416)(1,002)(352)(310)(353)(1,015)
Other(89)(181)(1,089)(845)(2,204)(821)(241)(20)(1,082)
Income (loss) from continuing operations before taxes856 941 (574)(869)354 (2,038)(8,184)(4,058)(14,280)
Taxes
Federal and state(74)(38)181 (35)34 90 1,577 511 2,178 
Foreign(151)(268)(344)(132)(895)(65)(109)(108)(282)
Income (loss) from continuing operations631 635 (737)(1,036)(507)(2,013)(6,716)(3,655)(12,384)
Discontinued operations, net of taxes— — (15)— (15)— (1,415)80 (1,335)
Net income (loss)631 635 (752)(1,036)(522)(2,013)(8,131)(3,575)(13,719)
Less: Net loss attributable to noncontrolling interests— — (42)(103)(145)— — — — 
Less: Preferred stock dividends— — (118)(200)(318)(219)(222)(203)(644)
Net income (loss) attributable to common stockholders$631 $635 $(912)$(1,339)$(985)$(2,232)$(8,353)$(3,778)$(14,363)
Reported diluted earnings per share$0.84 $0.84 $(1.08)$(1.50)$(1.22)$(2.49)$(9.12)$(4.07)$(15.72)
Effective Tax Rate26 %33 %(28)%(19)%243 %1 %18 %10 %13 %
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$— $— $(210)$290 $80 $635 $(5,498)$(373)$(5,236)
Foreign— — (40)1 (39)(264)(937)(360)(1,561)
Exploration— — — — — — — — — 
Total Oil & Gas— — (250)291 41 371 (6,435)(733)(6,797)
Chemical— — — — — — — — — 
Midstream & Marketing— — 111 (969)(858)(1,458)(7)(2,775)(4,240)
Segment income (loss)— — (139)(678)(817)(1,087)(6,442)(3,508)(11,037)
Corporate
Interest — (57)(65)— (122)— — — — 
Other— (50)(937)(442)(1,429)(733)(110)83 (760)
Income (loss) from continuing operations before taxes— (107)(1,141)(1,120)(2,368)(1,820)(6,552)(3,425)(11,797)
Taxes
Federal and state— 13 151 63 227 55 1,226 350 1,631 
Foreign— — — — — — — — — 
Income (loss) from continuing operations — (94)(990)(1,057)(2,141)(1,765)(5,326)(3,075)(10,166)
Discontinued operations, net of taxes— — (15)— (15)— (1,415)80 (1,335)
Net income (loss)— (94)(1,005)(1,057)(2,156)(1,765)(6,741)(2,995)(11,501)
Less: Net loss attributable to noncontrolling interests— — — (13)(13)— — — — 
Less: Preferred stock dividends— — — — — — — — — 
Net income (loss) attributable to common stockholders$— $(94)$(1,005)$(1,070)$(2,169)$(1,765)$(6,741)$(2,995)$(11,501)
Adjusted Income (Loss) (Non-GAAP) (a)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$54 $153 $131 $420 $758 $(402)$(1,343)$(512)$(2,257)
Foreign454 596 431 409 1,890 304 77 202 583 
Exploration(24)(23)(44)(78)(169)(37)(33)(29)(99)
Total Oil & Gas484 726 518 751 2,479 (135)(1,299)(339)(1,773)
Chemical265 208 207 119 799 186 108 178 472 
Midstream & Marketing279 331 289 200 1,099 171 — (16)155 
Adjusted segment income (loss)1,028 1,265 1,014 1,070 4,377 222 (1,191)(177)(1,146)
Corporate
Interest (83)(86)(295)(416)(880)(352)(310)(353)(1,015)
Other(89)(131)(152)(403)(775)(88)(131)(103)(322)
Adjusted income (loss) from continuing operations before taxes856 1,048 567 251 2,722 (218)(1,632)(633)(2,483)
Taxes
Federal and state(74)(51)30 (98)(193)35 351 161 547 
Foreign(151)(268)(344)(132)(895)(65)(109)(108)(282)
Adjusted income (loss)631 729 253 21 1,634 (248)(1,390)(580)(2,218)
Less: Net loss attributable to noncontrolling interests— — (42)(90)(132)— — — — 
Less: Preferred stock dividends— — (118)(200)(318)(219)(222)(203)(644)
Adjusted income (loss) attributable to common stockholders$631 $729 $93 $(269)$1,184 $(467)$(1,612)$(783)$(2,862)
Adjusted diluted earnings per share (Non-GAAP)$0.84 $0.97 $0.11 $(0.30)$1.45 $(0.52)$(1.76)$(0.84)$(3.13)
Effective Tax Rate26 %30 %55 %92 %40 %(14)%15 %8 %11 %
(a) Non-GAAP Measure Adjusted income is a non-GAAP measure. Occidental defines adjusted income 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 is not considered to be an alternative to net income reported in accordance with GAAP.




SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)

20192020
Reported Income (Loss)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$42 $119 $(63)$554 $652 $182 $(5,336)$(690)$(5,844)
Foreign248 351 165 179 943 (85)(926)(233)(1,244)
Exploration(22)(21)(40)(72)(155)(32)(26)(26)(84)
Total Oil & Gas268 449 62 661 1,440 65 (6,288)(949)(7,172)
Chemical205 159 161 83 608 142 82 137 361 
Midstream & Marketing227 274 352 (809)44 (1,306)2 (2,455)(3,759)
Segment income (loss)700 882 575 (65)2,092 (1,099)(6,204)(3,267)(10,570)
Corporate
Interest (83)(130)(295)(416)(924)(352)(310)(353)(1,015)
Other(89)(181)(1,024)(845)(2,139)(641)(235)(20)(896)
Taxes103 64 7 290 464 79 33 (15)97 
Income (loss) from continuing operations631 635 (737)(1,036)(507)(2,013)(6,716)(3,655)(12,384)
Discontinued operations, net of taxes— — (15)— (15)— (1,415)80 (1,335)
Net income (loss)631 635 (752)(1,036)(522)(2,013)(8,131)(3,575)(13,719)
Less: Net loss attributable to noncontrolling interests— — (42)(103)(145)— — — — 
Less: Preferred stock dividends— — (118)(200)(318)(219)(222)(203)(644)
Net income (loss) attributable to common stockholders$631 $635 $(912)$(1,339)$(985)$(2,232)$(8,353)$(3,778)$(14,363)
Reported diluted earnings per share$0.84 $0.84 $(1.08)$(1.50)$(1.22)$(2.49)$(9.12)$(4.07)$(15.72)
Items Affecting ComparabilityQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$— $— $(165)$227 $62 $495 $(4,279)$(292)$(4,076)
Foreign— — (40)1 (39)(264)(937)(360)(1,561)
Exploration— — — — — — — — — 
Total Oil & Gas— — (205)228 23 231 (5,216)(652)(5,637)
Chemical— — — — — — — — — 
Midstream & Marketing— — 87 (969)(882)(1,443)(6)(2,452)(3,901)
Segment loss— — (118)(741)(859)(1,212)(5,222)(3,104)(9,538)
Corporate
Interest — (44)(51)— (95)— — — — 
Other— (50)(798)(321)(1,169)(553)(104)66 (591)
Taxes— — (23)5 (18)— — (37)(37)
Loss from continuing operations— (94)(990)(1,057)(2,141)(1,765)(5,326)(3,075)(10,166)
Discontinued operations, net of taxes— — (15)— (15)— (1,415)80 (1,335)
Net loss— (94)(1,005)(1,057)(2,156)(1,765)(6,741)(2,995)(11,501)
Less: Net loss attributable to noncontrolling interests— — — (13)(13)— — — — 
Less: Preferred stock dividends— — — — — — — — — 
Net loss attributable to common stockholders$— $(94)$(1,005)$(1,070)$(2,169)$(1,765)$(6,741)$(2,995)$(11,501)
Adjusted Income (Loss) (Non-GAAP)Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
Domestic$42 $119 $102 $327 $590 $(313)$(1,057)$(398)$(1,768)
Foreign248 351 205 178 982 179 11 127 317 
Exploration(22)(21)(40)(72)(155)(32)(26)(26)(84)
Total Oil & Gas268 449 267 433 1,417 (166)(1,072)(297)(1,535)
Chemical205 159 161 83 608 142 82 137 361 
Midstream & Marketing227 274 265 160 926 137 8 (3)142 
Segment income 700 882 693 676 2,951 113 (982)(163)(1,032)
Corporate
Interest (83)(86)(244)(416)(829)(352)(310)(353)(1,015)
Other(89)(131)(226)(524)(970)(88)(131)(86)(305)
Taxes103 64 30 285 482 79 33 22 134 
Adjusted income (loss)631 729 253 21 1,634 (248)(1,390)(580)(2,218)
Less: Adjusted loss attributable to noncontrolling interests— — (42)(90)(132)— — — — 
Less: Preferred stock dividends— — (118)(200)(318)(219)(222)(203)(644)
Adjusted income (loss) attributable to common stockholders$631 $729 $93 $(269)$1,184 $(467)$(1,612)$(783)$(2,862)
Adjusted diluted earnings per share (Non-GAAP)$0.84 $0.97 $0.11 $(0.30)$1.45 $(0.52)$(1.76)$(0.84)$(3.13)
Reconciliation - Diluted Earnings Per Share
Reported Diluted Earnings Per Share (GAAP)$0.84 $0.84 $(1.08)$(1.50)$(1.22)$(2.49)$(9.12)$(4.07)$(15.72)
After-Tax Adjustments for Items Affecting Comparability
Oil & Gas
Domestic$— $— $(0.19)$0.25 $0.08 $0.55 $(4.67)$(0.32)$(4.46)
Foreign— — (0.05)— (0.05)(0.29)(1.02)(0.39)(1.71)
Exploration— — — — — — — — — 
Chemical— — — — — — — — — 
Midstream & Marketing— — 0.10 (1.09)(1.09)(1.61)(0.01)(2.64)(4.27)
Corporate
Interest — (0.06)(0.06)— (0.12)— — — — 
Other— (0.07)(0.94)(0.36)(1.44)(0.62)(0.11)0.07 (0.65)
Taxes— — (0.03)0.01 (0.02)— — (0.04)(0.04)
Discontinued Operations— — (0.02)— (0.02)— (1.55)0.09 (1.46)
Net loss attributable to noncontrolling interests— — — (0.01)(0.01)— — — — 
Total After-Tax Adjustments for Items Affecting Comparability$— $(0.13)$(1.19)$(1.20)$(2.67)$(1.97)$(7.36)$(3.23)$(12.59)
Adjusted Diluted Earnings Per Share (Non-GAAP)$0.84 $0.97 $0.11 $(0.30)$1.45 $(0.52)$(1.76)$(0.84)$(3.13)
Average Diluted Shares Outstanding (millions)750.5749.5845.7894.9809.5896.7915.5929.3913.9
The difference between reported average diluted shares outstanding and adjusted average diluted shares outstanding is immaterial and does not impact the calculation of adjusted earnings per share. As such, adjusted earnings per share is calculated as adjusted income (loss) divided by reported average diluted shares outstanding.



SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)

20192020
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
REVENUES AND OTHER INCOME
Net sales
Oil & Gas$2,351 $2,718 $3,993 $4,879 $13,941 $5,060 $2,040 $2,989 $10,089 
Chemical 1,059 998 1,071 974 4,102 962 846 937 2,745 
Midstream & Marketing816 909 1,163 1,244 4,132 790 204 364 1,358 
Eliminations(222)(205)(368)(469)(1,264)(199)(162)(182)(543)
Total4,004 4,420 5,859 6,628 20,911 6,613 2,928 4,108 13,649 
Interest, dividends and other income78 41 56 42 217 34 33 21 88 
(Losses) gains on sale of assets, net7 15 128 472 622 7 15 (846)(824)
Total4,089 4,476 6,043 7,142 21,750 6,654 2,976 3,283 12,913 
COSTS AND OTHER DEDUCTIONS
Oil and gas operating expense645 717 974 946 3,282 1,069 631 656 2,356 
Transportation expense31 33 221 350 635 565 367 343 1,275 
Chemical and midstream costs of sales669 636 741 745 2,791 612 577 618 1,807 
Purchased commodities365 431 441 442 1,679 393 214 333 940 
Selling, general and administrative 140 163 245 345 893 264 225 166 655 
Other operating and non-operating expense238 260 362 561 1,421 197 114 231 542 
Taxes other than on income111 123 244 362 840 225 68 180 473 
Depreciation, depletion and amortization973 1,031 1,767 2,369 6,140 2,309 2,119 1,915 6,343 
Asset impairments and other charges— — 325 1,036 1,361 1,803 6,470 2,723 10,996 
Anadarko acquisition-related costs— 50 924 673 1,647 148 149 5 302 
Exploration expense36 35 63 113 247 37 33 29 99 
Interest and debt expense, net98 153 381 434 1,066 352 310 353 1,015 
Total3,306 3,632 6,688 8,376 22,002 7,974 11,277 7,552 26,803 
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS783 844 (645)(1,234)(252)(1,320)(8,301)(4,269)(13,890)
OTHER ITEMS
Gains (losses) on interest rate swaps and warrants, net— — (33)266 233 (585)(76)88 (573)
Income (loss) from equity investments73 97 104 99 373 (133)193 123 183 
Total73 97 71 365 606 (718)117 211 (390)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES856 941 (574)(869)354 (2,038)(8,184)(4,058)(14,280)
Income tax (expense) benefit(225)(306)(163)(167)(861)25 1,468 403 1,896 
INCOME (LOSS) FROM CONTINUING OPERATIONS631 635 (737)(1,036)(507)(2,013)(6,716)(3,655)(12,384)
Discontinued operations, net of taxes— — (15)— (15)— (1,415)80 (1,335)
NET INCOME (LOSS)631 635 (752)(1,036)(522)(2,013)(8,131)(3,575)(13,719)
Less: Net loss attributable to noncontrolling interests — — (42)(103)(145)— — — — 
Less: Preferred stock dividend— — (118)(200)(318)(219)(222)(203)(644)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$631 $635 $(912)$(1,339)$(985)$(2,232)$(8,353)$(3,778)$(14,363)
EARNINGS PER SHARE
BASIC EARNINGS PER COMMON SHARE
Income (loss) from continuing operations$0.84 $0.84 $(1.06)$(1.50)$(1.20)$(2.49)$(7.58)$(4.16)$(14.26)
Discontinued operations, net— — (0.02)— (0.02)— (1.54)0.09 (1.46)
BASIC EARNINGS PER COMMON SHARE $0.84 $0.84 $(1.08)$(1.50)$(1.22)$(2.49)$(9.12)$(4.07)$(15.72)
DILUTED EARNINGS PER COMMON SHARE $0.84 $0.84 $(1.08)$(1.50)$(1.22)$(2.49)$(9.12)$(4.07)$(15.72)
DIVIDENDS PER COMMON SHARE$0.78 $0.78 $0.79 $0.79 $3.14 $0.79 $0.01 $0.01 $0.81 
AVERAGE COMMON SHARES OUTSTANDING
BASIC748.9 748.3 845.7 894.9 809.5 896.7 915.5 929.3 913.9 
DILUTED750.5 749.5 845.7 894.9 809.5 896.7 915.5 929.3 913.9 









SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)

20192020
MARJUNSEPDECMARJUNSEPDEC
CURRENT ASSETS
Cash and cash equivalents $1,752 $1,751 $4,840 $3,032 $2,021 $1,011 $1,896 
Restricted cash and restricted cash equivalents— — 467 485 269 124 51 
Trade receivables, net5,310 5,273 5,854 6,373 2,458 2,359 2,083 
Inventories1,484 1,582 1,744 1,581 1,567 1,477 1,660 
Assets held for sale— — 4,195 3,870 3,606 1,412 3,559 
Other current assets724 819 1,853 1,432 2,398 2,054 1,445 
Total current assets9,270 9,425 18,953 16,773 12,319 8,437 10,694 
INVESTMENTS IN UNCONSOLIDATED ENTITIES 1,725 1,777 3,684 6,389 6,050 6,128 3,125 
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment75,813 77,004 138,834 124,267 125,388 125,523 120,459 
Accumulated depreciation, depletion and amortization(43,913)(44,889)(46,865)(42,037)(44,615)(52,919)(52,038)
Net property, plant and equipment31,900 32,115 91,969 82,230 80,773 72,604 68,421 
OPERATING LEASE ASSETS684 681 1,107 1,411 1,216 1,129 1,196 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 793 765 1,269 2,527 1,285 1,154 998 
INTANGIBLES, NET 8 7 2,387 — — — — 
GOODWILL - WES Midstream— — 6,074 — — — — 
TOTAL ASSETS$44,380 $44,770 $125,443 $109,330 $101,643 $89,452 $84,434 
CURRENT LIABILITIES
Current maturities of long-term debt$116 $116 $31 $51 $2,464 $2,460 $2,558 
Current operating lease liabilities240 252 474 579 461 420 459 
Accounts payable5,261 5,445 6,826 7,050 3,888 3,034 2,682 
Accrued liabilities 1,920 2,067 5,311 5,447 3,504 3,215 3,470 
Accrued income taxes— — 1,036 — — — — 
Liabilities of assets held for sale— — 1,920 1,718 1,589 790 1,331 
Total current liabilities7,537 7,880 15,598 14,845 11,906 9,919 10,500 
LONG-TERM DEBT, NET
Long-term debt, net - Occidental10,203 10,155 39,946 38,537 36,058 36,034 35,899 
Long-term debt, net - WES Midstream— — 7,637 — — — — 
Total long-term debt, net10,203 10,155 47,583 38,537 36,058 36,034 35,899 
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes 918 950 9,920 9,717 9,403 7,887 7,508 
Asset retirement obligations 1,430 1,433 4,187 4,411 4,454 4,316 4,135 
Pension and postretirement obligations816 819 1,940 1,823 1,983 1,816 1,728 
Environmental remediation reserves755 764 905 1,035 1,017 1,000 975 
Operating lease liabilities465 445 695 872 784 740 786 
Other 1,020 977 3,610 3,858 4,743 4,394 3,043 
Total deferred credits and other liabilities5,404 5,388 21,257 21,716 22,384 20,153 18,175 
EQUITY
Preferred stock, $1.00 per share par value — — 9,762 9,762 9,762 9,762 9,762 
Common stock, $.20 per share par value179 179 209 209 210 213 216 
Treasury stock(10,653)(10,653)(10,653)(10,653)(10,653)(10,657)(10,657)
Additional paid-in capital8,083 8,157 14,867 14,955 15,081 16,235 16,505 
Retained earnings23,795 23,848 22,227 20,180 17,229 8,105 4,317 
Accumulated other comprehensive loss(168)(184)(332)(221)(334)(312)(283)
Total stockholder's equity 21,236 21,347 36,080 34,232 31,295 23,346 19,860 
Noncontrolling interest— — 4,925 — — — — 
Total equity21,236 21,347 41,005 34,232 31,295 23,346 19,860 
TOTAL LIABILITIES AND EQUITY$44,380 $44,770 $125,443 $109,330 $101,643 $89,452 $84,434 




SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)

20192020
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
OPERATING CASH FLOW FROM CONTINUING OPERATIONS
Net income (loss)$631 $635 $(752)$(1,036)$(522)$(2,013)$(8,131)$(3,575)$(13,719)
Depreciation, depletion and amortization (see detail below)973 1,031 1,767 2,369 6,140 2,309 2,119 1,915 6,343 
Deferred income tax provision (benefit) 10 37 (1,097)23 (1,027)(218)(1,525)(374)(2,117)
Asset impairments and other non-cash charges218 68 472 960 1,718 1,406 8,124 3,678 13,208 
Operating cash flow from continuing operations before
working capital (NON-GAAP) (see below)		1,832 1,771 390 2,316 6,309 1,484 587 1,644 3,715 
Working capital changes(884)242 2,122 (453)1,027 (189)(222)(829)(1,240)
Operating cash flow from continuing operations (GAAP)948 2,013 2,512 1,863 7,336 1,295 365 815 2,475 
INVESTING CASH FLOW FROM CONTINUING OPERATIONS
Capital expenditures (see detail below)(1,259)(1,211)(1,717)(2,180)(6,367)(1,300)(375)(246)(1,921)
Payments for purchases of assets and businesses(69)(7)(27,850)(162)(28,088)(35)(13)(54)(102)
Sales of assets, net16 16 4,777 1,334 6,143 112 69 12 193 
Changes in capital accrual(51)(57)(20)(121)(249)(435)(307)17 (725)
Other investing activities (52)(29)(59)(151)(291)142 61 (15)188 
Investing cash flow from continuing operations(1,415)(1,288)(24,869)(1,280)(28,852)(1,516)(565)(286)(2,367)
FINANCING CASH FLOW FROM CONTINUING OPERATIONS
Cash dividends paid(591)(587)(588)(858)(2,624)(913)(714)(7)(1,634)
Purchases of treasury stock(237)— — — (237)— — (4)(4)
Proceeds from debt - Occidental— (108)21,665 — 21,557 — — 4,956 4,956 
Proceeds from debt - WES Midstream— — 1,240 219 1,459 — — — — 
Payments of debt - Occidental— — (4,949)(2,010)(6,959)— — (4,615)(4,615)
Payments of debt - WES Midstream— — (1,000)— (1,000)— — — — 
WES Midstream distribution to noncontrolling interests— — (127)(130)(257)— — — — 
Proceeds from issuance of preferred stock— (50)10,000 — 9,950 — — — — 
Other financing activities14 19 (8)282 307 (106)(217)(27)(350)
Financing cash flow from continuing operations(814)(726)26,233 (2,497)22,196 (1,019)(931)303 (1,647)
Cash Flow From Discontinued Operations— — (262)123 (139)30 (20)29 39 
Increase (decrease) in cash and cash equivalents and
restricted cash and restricted cash equivalents		(1,281)(1)3,614 (1,791)541 (1,210)(1,151)861 (1,500)
Cash and cash equivalents and restricted cash and
restricted cash equivalents - beginning of period		3,033 1,752 1,751 5,365 3,033 3,574 2,364 1,213 3,574 
Cash and cash equivalents and restricted cash and
cash equivalents - end of period		$1,752 $1,751 $5,365 $3,574 $3,574 $2,364 $1,213 $2,074 $2,074 
Capital ExpendituresQtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas(1,180)(1,115)(1,469)(1,748)(5,512)(1,244)(317)(186)(1,747)
Chemical(38)(54)(56)(119)(267)(41)(41)(55)(137)
Midstream & Marketing(26)(26)(161)(248)(461)(13)(16)(2)(31)
Corporate (15)(16)(31)(65)(127)(2)(1)(3)(6)
Total Capital Expenditures$(1,259)$(1,211)$(1,717)$(2,180)$(6,367)$(1,300)$(375)$(246)$(1,921)
Depreciation, Depletion and Amortization Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Oil & Gas
United States$570 $615 $1,217 $1,712 $4,114 $1,881 $1,764 $1,563 $5,208 
Latin America26 37 37 34 134 45 37 43 125 
Middle East & Africa199 200 257 249 905 197 169 139 505 
Chemical89 92 93 94 368 90 86 90 266 
Midstream & Marketing79 76 147 261 563 80 74 78 232 
Corporate 10 11 16 19 56 16 (11)2 7 
Total Depreciation, Depletion and Amortization$973 $1,031 $1,767 $2,369 $6,140 $2,309 $2,119 $1,915 $6,343 
Adjusted Operating Cash Flow From Continuing Operations Before Working Capital (Non-GAAP)Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3
Operating cash flow from continuing operations (GAAP)$2,512 $1,863 $4,375 $1,295 $365 $815 
Plus: Working capital and other, net(2,122)453 (1,669)189 222 829 
Operating cash flow from continuing operations
before working capital (Non-GAAP)		390 2,316 2,706 1,484 587 1,644 
Add back impacts from:
Tax impact on divestitures880 (643)237 — — — 
Anadarko acquisition-related costs 924 673 1,597 148 149 5 
Adjusted operating cash flow from continuing operations
before working capital (Non-GAAP)		$2,194 $2,346 $2,871 $1,632 $736 $1,649 
Free Cash Flow (Non-GAAP)Qtr 3
Operating cash flow from continuing operations (GAAP)$815 
Plus: Working capital and other, net829 
Operating cash flow from continuing operations
before working capital (Non-GAAP)		1,644 
Less: Capital Expenditures (GAAP)(246)
Free Cash Flow (Non-GAAP)$1,398 




SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION

20192020
REPORTED NET MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States
Permian Resources 261 289 390 476 355 474 465 420 453 
Permian EOR156 153 154 153 154 151 141 134 142 
DJ Basin— — 163 314 120 326 312 276 304 
Gulf of Mexico— — 90 141 58 163 142 109 138 
Other Domestic4 4 38 61 27 61 56 21 46 
Total421 446 835 1,145 714 1,175 1,116 960 1,083 
Latin America 33 35 33 35 34 34 34 34 34 
Middle East / Africa
Algeria— — 32 62 24 54 40 41 45 
Al Hosn82 82 80 83 82 77 80 76 78 
Dolphin40 40 44 43 42 40 49 46 45 
Oman91 86 88 92 89 90 87 80 85 
Total213 208 244 280 237 261 256 243 253 
TOTAL CONTINUING OPERATIONS PRODUCTION667 689 1,112 1,460 985 1,470 1,406 1,237 1,370 
DISCONTINUED AND EXITED OPERATIONS52 52 43 31 44 28 32 32 31 
TOTAL REPORTED PRODUCTION719 741 1,155 1,491 1,029 1,498 1,438 1,269 1,401 
REPORTED NET PRODUCTION
VOLUMES PER DAY BY COMMODITY:
United States
Oil (MBBL)
Permian Resources157 170 221 273 207 273 258 222 250 
Permian EOR118 117 116 117 117 115 105 102 108 
DJ Basin— — 64 120 46 121 107 81 102 
Gulf of Mexico— — 75 117 48 136 118 91 115 
Other Domestic2 2 10 15 7 17 15 12 16 
Total277 289 486 642 425 662 603 508 591 
NGL (MBBL)
Permian Resources49 58 88 106 74 101 108 99 103 
Permian EOR30 29 30 29 30 30 27 27 28 
DJ Basin— — 38 73 28 79 78 76 78 
Gulf of Mexico— — 7 10 4 12 10 8 10 
Other Domestic— — 5 9 4 8 7 2 5 
Total79 87 168 227 140 230 230 212 224 
Natural Gas (MMCF)
Permian Resources330 364 488 580 442 600 596 593 598 
Permian EOR46 44 45 41 44 33 51 32 38 
DJ Basin— — 364 727 275 756 763 716 745 
Gulf of Mexico— — 50 86 34 90 83 57 77 
Other Domestic13 11 138 223 98 216 204 41 151 
Total389 419 1,085 1,657 893 1,695 1,697 1,439 1,609 
Latin America
Oil (MBBL)32 34 32 34 33 33 33 33 33 
Natural Gas (MMCF)7 7 8 8 8 8 7 7 7 
Middle East / Africa
Oil (MBBL)
Algeria— — 31 56 22 50 37 38 42 
Al Hosn14 14 14 14 14 13 14 13 13 
Dolphin6 7 7 7 7 6 8 8 7 
Oman68 65 66 67 66 67 65 61 64 
Total88 86 118 144 109 136 124 120 126 
NGL (MBBL)
Algeria— — 1 6 2 4 3 3 3 
Al Hosn26 26 25 26 26 25 25 24 25 
Dolphin8 8 8 8 8 8 10 9 9 
Total34 34 34 40 36 37 38 36 37 
Natural Gas (MMCF)
Al Hosn250 251 246 257 251 234 244 233 237 
Dolphin154 152 171 166 161 155 188 176 173 
Oman140 125 133 152 138 139 132 111 127 
Total544 528 550 575 550 528 564 520 537 




SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations

20192020
NET SALES MBOE VOLUMES PER DAY:Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
United States 421 446 835 1,145 714 1,175 1,116 960 1,083 
Latin America 28 38 36 33 34 36 31 37 35 
Middle East / Africa
Algeria— — 32 62 24 50 50 31 43 
Al Hosn82 82 80 83 82 77 80 76 78 
Dolphin39 41 44 43 42 40 49 46 45 
Oman91 85 87 92 89 89 90 78 86 
Total212 208 243 280 237 256 269 231 252 
TOTAL CONTINUING OPERATIONS SALES661 692 1,114 1,458 985 1,467 1,416 1,228 1,370 
DISCONTINUED AND EXITED OPERATIONS52 52 43 31 44 28 28 28 28 
TOTAL REPORTED SALES713 744 1,157 1,489 1,029 1,495 1,444 1,256 1,398 
REALIZED PRICES
United States
Oil ($/BBL)$48.38 $55.14 $54.90 $56.00 $54.31 $45.71 $21.27 $38.22 $35.27 
NGL ($/BBL)$16.79 $16.28 $13.91 $17.25 $16.03 $11.98 $7.22 $14.62 $11.19 
Natural Gas ($/MCF)$1.36 $0.23 $1.25 $1.61 $1.31 $1.18 $0.90 $1.18 $1.09 
Latin America
Oil ($/BBL)$55.52 $62.66 $54.98 $54.96 $57.26 $47.20 $24.02 $41.26 $38.20 
Natural Gas ($/MCF)$7.37 $7.01 $7.05 $6.69 $7.01 $6.62 $6.31 $4.16 $5.76 
Middle East / Africa
Oil ($/BBL)$60.50 $65.83 $61.74 $60.24 $62.03 $53.28 $31.42 $39.88 $41.51 
NGL ($/BBL)$21.30 $22.50 $20.41 $23.02 $21.85 $20.32 $11.23 $16.24 $15.79 
Total Worldwide
Oil ($/BBL)$52.62 $58.91 $56.43 $56.72 $56.32 $46.97 $23.17 $38.67 $36.44 
NGL ($/BBL)$18.14 $18.00 $15.02 $18.11 $17.20 $13.09 $7.79 $14.85 $11.84 
Natural Gas ($/MCF)$1.55 $1.03 $1.38 $1.63 $1.45 $1.32 $1.10 $1.31 $1.24 
Index Prices
WTI Oil ($/BBL)$54.90 $59.82 $56.45 $56.96 $57.03 $46.17 $27.85 $40.93 $38.32 
Brent Oil ($/BBL)$63.90 $68.32 $62.01 $62.50 $64.18 $50.95 $33.26 $43.37 $42.53 
NYMEX Natural Gas ($/MCF)$3.24 $2.67 $2.27 $2.50 $2.67 $2.05 $1.77 $1.94 $1.92 
Percentage of Index Prices
Worldwide oil as a percentage of WTI96 %98 %100 %100 %99 %102 %83 %94 %95 %
Worldwide oil as a percentage of Brent82 %86 %91 %91 %88 %92 %70 %89 %86 %
Worldwide NGL as a percentage of WTI33 %30 %27 %32 %30 %28 %28 %36 %31 %
Worldwide NGL as a percentage of Brent28 %26 %24 %29 %27 %26 %23 %34 %28 %
Domestic gas as a percentage of NYMEX42 %9 %55 %64 %49 %58 %51 %61 %57 %




SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics

20192020
Qtr 1Qtr 2Qtr 3Qtr 4TYQtr 1Qtr 2Qtr 3Qtr 4YTD
Lease operating expenses ($/BOE)
United States$11.83 $11.16 $8.45 $6.84 $8.71 $6.70 $4.69 $5.38 $5.62 
Latin America$14.00 $9.94 $14.58 $14.68 $13.18 $12.30 $5.85 $11.65 $10.15 
Middle East / Africa$9.73 $9.59 $10.39 $8.38 $9.51 $9.88 $7.61 $7.87 $8.45 
Total Oil and Gas$11.14 $10.55 $9.11 $7.32 $9.07 $7.39 $5.27 $6.04 $6.26 
Transportation costs ($/BOE)
United States$0.07 $0.07 $2.97 $3.92 $2.48 $4.21 $3.41 $3.66 $3.77 
Total Oil and Gas$0.42 $0.43 $2.38 $3.24 $2.00 $3.52 $2.83 $3.02 $3.13 
Taxes other than on income ($/BOE)
United States$2.79 $2.89 $2.40 $2.32 $2.50 $1.65 $0.63 $1.70 $1.31 
Total Oil and Gas$1.68 $1.76 $2.20 $2.48 $2.13 $1.66 $0.54 $1.56 $1.24 
DD&A expense ($/BOE)
United States$15.04 $15.16 $15.84 $16.23 $15.78 $17.72 $17.23 $17.73 $17.55 
Latin America$10.38 $10.58 $11.00 $11.37 $10.85 $13.76 $12.98 $12.40 $13.04 
Middle East / Africa$8.40 $8.44 $10.11 $9.53 $9.15 $8.48 $6.89 $6.58 $7.33 
Total Oil and Gas$12.40 $12.58 $14.31 $14.82 $13.85 $16.01 $15.17 $15.48 $15.56 
G&A and other operating expenses ($/BOE)$4.00 $3.54 $3.68 $3.64 $3.72 $2.34 $2.14 $2.33 $2.29 
O&G MTM (Gain) Loss - Collars and CO2 ($ millions)$(69)$3 $(64)$145 $15 $(870)$(54)$(135)$(1,059)
Exploration Expense ($ millions)
United States$16 $15 $31 $37 $99 $21 $22 $15 $58 
Latin America1 9 7 28 45 (3)1 4 2 
Middle East / Africa19 11 25 48 103 19 10 10 39 
Total Exploration Expense$36 $35 $63 $113 $247 $37 $33 $29 $99 
Capital Expenditures ($ millions)
Permian Resources$(775)$(747)$(905)$(887)$(3,314)$(604)$(101)$(55)$(760)
Permian EOR(133)(135)(121)(116)(505)(92)(21)(10)(123)
DJ Basin— — (110)(210)(320)(164)(11)(18)(193)
Gulf of Mexico— — (47)(140)(187)(102)(40)(21)(163)
Other Domestic(6)(5)(24)(46)(81)(30)(9)(7)(46)
Latin America(34)(35)(49)(55)(173)(25)(9)(3)(37)
Middle East & Africa(155)(153)(138)(133)(579)(127)(98)(74)(299)
Exploration Drilling(77)(40)(75)(161)(353)(100)(28)2 (126)
Total Oil and Gas$(1,180)$(1,115)$(1,469)$(1,748)$(5,512)$(1,244)$(317)$(186)$— $(1,747)