OCCIDENTAL PETROLEUM CORPORATION

First Quarter 2016 Earnings Conference CallMay 5, 2016

2

Cautionary Statements

Forward-Looking Statements

Portions of this presentation contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. Factors that could cause results to differ include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental's products; higher-than-expected costs; the regulatory approval environment; reorganization or restructuring of Occidental's operations, not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; 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; failure of risk management; changes in law or regulations; or changes in tax rates. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Occidental does not undertake any obligation to update any forward looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part I, Item 1A “Risk Factors” of the 2015 Form 10-K.

Use of non-GAAP Financial Information

This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures on the “Investors” section of our website.

• Full-cycle cost leadership

Cost structure continues to improve

• Optimal capital allocation

On track for ~$3 billion 2016 capital budget

• Superior balance sheet

Extended debt maturities, $3.2 billion of cash

• Operational excellence

Increased production guidance due to improved well productivity and base production management

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First Quarter 2016Key Messages

4

First Quarter 2016Core Production Growth

* Ongoing operations; excludes Williston, Piceance, Iraq, Bahrain, Yemen production volumes

371

397

1Q2015 1Q2016

Total Oil Production*(MBOD)

Total Company Production*(MBOED)

531

590

1Q2015 1Q2016

• Expect continued improvement in cost structure

– Strategic Initiatives

– Lower workovers

– Lower downhole maintenance

– Lower energy costs

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First Quarter 2016Improved Cost Structure

$13.36

$10.28

1Q15 1Q16

Production Costs*($/boe)

Overhead (SG&A)($ in millions)

$1,270

$1,088

2015 1Q16 Annualized

* Ongoing operations; excludes Williston, Piceance, Iraq, Bahrain, Yemen production volumes

~565585 – 600

Core Assets2015

Other DomesticDecline

PermianResources

Growth

Al HosnFull Capacity

Block 62 OmanStart-up

2016 CoreProduction

Outlook

• Increased FY 2016 production guidance from 570 - 585 to 585 - 600 MBOED • Expect total production from core assets to grow 4% - 6% over 2015 levels

– The increase in guidance is due to better than expected well performance in the Permian and base production management

– Modest increase in Permian Resources and flat Permian EOR

4 – 6% Core AssetsProduction

Growth in 2016

Company-wide Oil & Gas Production from Core Assets (MBOED)

6

First Quarter 20162016 Production Outlook Increased

Note: Core assets exclude Bahrain, Iraq, Yemen, Williston and Piceance Basins

• On track to meet ~$3 billion capital budget

• Shifting capital to longer duration projects in Permian EOR to modify and expand CO2 processing facilities

• Permian Resources development in fields with existing infrastructure

• Ingleside ethylene cracker remains on schedule and on budget

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First Quarter 2016 EarningsCapital Program

1Q16 2Q16E 3Q16E 4Q16E

Permian Resources

Remaining Oil & Gas

Midstream & Chemicals

$687

2016 Capital Budget($ in millions)

• Total oil production (Bbl/d)

• Total ongoing production (BOED)

• Core results**

• Core diluted EPS**

• 1Q16 CFFO before Working Capital & Other

• 1Q16 Capital Expenditures

• Cash balance @ 3/31/2016

Results397,000

7% year / year growth*

590,000

($426) million

($0.56)

$822 million

$687 million

$3.2 billion

First Quarter 2016Core Results

8*Excludes Williston, Piceance, Iraq, Bahrain, Yemen

**See Significant Items Affecting Earnings in the Earnings Release Attachments.

680

12 (17)

(18)

4Q15 Permian Natural Gas Decline &Piceance Sale

Al Hosn WarrantyShutdown

1Q16

657

First Quarter 2016Oil and Gas Total Company Production - Reported

Company-wide Oil & Gas Production* (MBOED)

• In 1Q 2016, total company oil and gas production volumes averaged 657,000 BOED, a decrease of

23,000 BOE in daily production from 4Q 2015 due to planned maintenance, natural gas declines and

sale of Piceance basin assets

9* Reported production

59712 (3) (16)

4Q15 Permian Other Domestic MENA 1Q16

First Quarter 2016Oil and Gas Total Company Production – Ongoing Operations

Company-wide Oil & Gas Core Production* (MBOED)

• In 1Q 2016, total company oil and gas production volumes averaged 590,000 BOED, a decrease of 7,000 BOE in daily production from 4Q 2015.

10*Core production excludes Williston, Piceance, Iraq, Bahrain, Yemen production volumes

590

290

298

7 (1) 3 307

1Q15 4Q15 Oil NGLs Natural Gas 1Q16

First Quarter 2016Oil and Gas Domestic Production

Domestic Oil & Gas Production* (MBOED)

• Domestic oil production grew 7,000 Bbls/D in 1Q 2016 with Permian Resources up 8,000 Bbls/D.

11*Core production excludes Williston and Piceance production volumes

WorldwideOil ($/bbl)

WorldwideNGLs ($/bbl)

Domestic Nat.Gas ($/mmbtu) WTI NYMEXBrent

Realized Prices Benchmark Prices

1Q16 $29.42 $10.86 $1.50 $33.45 $35.08 $2.07

WTI % 88% 32% 73%*

Brent % 84% 31%

4Q15 $38.68 $14.02 $1.75 $42.18 $44.71 $2.44WTI % 92% 33% 72%*Brent % 87% 31%

1Q15 $48.50 $17.96 $2.49 $48.63 $55.17 $3.07

WTI % 100% 37% 81%*Brent % 88% 33%

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First Quarter 2016Oil & Gas Realized Prices

* As a % of NYMEX

Beginning CashBalance12/31/15

CFFO BeforeWorking Capital

Change inWorking Capital

& Other

CapitalExpenditures

Dividends Debt Retirement Asset SaleProceeds,Ecuador &

Other

Ending CashBalance 3/31/16

1Q 2016($ in millions)

$3,180

$820

$4,400

1Q16Debt / Capital 24%

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First Quarter 2016YTD 2016 Cash Flow

($690)

($680)

($570)

($700) $600

1,4501,250

0

500

1,000

1,500

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2045

2046

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First Quarter 2016Debt Maturity Schedule

$ million Retired / Called maturitiesNew Issuances

• New issuances extended the dollar-weighted average maturity of debt by over 5 years.

Rating OutlookS&P A Stable

Fitch A Stable

Moody’s A3 Stable

• Oxy issued $2.75 billion of senior notes in April 2016, including a 10-year tranche ($1.15 billion) with a coupon of 3.40%.

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3.04% 3.33% 3.40%4.15% 4.45%

4.95%5.55% 5.85%

Comp1

Comp2

OXY Comp3

Comp4

Comp5

Comp6

Comp7

First Quarter 2016Recent Issuances of Ten-Year Bonds

Note: Peer companies include APC, COP, CVX, DVN, EOG, PXD, XOM.

T +130 T +97 T +155T +200 T +225 T +312

T +362 T +362

• On track to meet ~$3 billion 2016 budget.

• Total company capital expenditures for the 1Q16 were $687 million, and we expect our quarterly expenditures to ramp down through the year following a modest uptick in the 2Q16.

• Oil and Gas spent $0.5 billion during 1Q16, with Permian Resources expenditures comprising 32% of the total, and the remaining split between Chemicals and Midstream.

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First Quarter 2016 EarningsCapital Program

Permian Resources

Remaining Oil & Gas

Midstream & Chemicals

1Q16 2Q16E 3Q16E 4Q16E

Permian Resources

Remaining Oil & Gas

$687

2016 Capital Budget($ in millions)

Midstream & Chemicals

17

First Quarter 2016Total Spend per BOE

~$40.00

2014 2015 2016E

Total Spend per BOE = Capital Spending + G&A + All Operating Costs

Global Oil & Gas Sales Volumes

• Internal performance metric to focus on operational efficiency, especially in consideration of the sharp decline in commodity prices.

• Portion of senior management’s incentive compensation is directly aligned with this performance metric

• Focuses on efficiency, financial returns, and free cash flow generation.

• Designed to help manage the reduction in overall spending while rewarding production growth.

• FY 2016 Total Production Outlook – Core Assets (Excludes Iraq, Bahrain, Yemen, Williston & Piceance)

– Total volumes of 585,000 – 600,000 BOED

• 2Q16 Total Production Outlook – Core Assets (Excludes Iraq, Bahrain, Yemen, Williston & Piceance)

– Total production of 600,000 – 610,000 BOED

– Domestic production flat at ~307,000 BOED

– Permian Resources & Permian EOR flat versus 1Q16

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First Quarter 2016FY 2016 Production Outlook – Core Assets

Oil & Gas Segment

• FY 2016E Total Production – Core Assets– 585,000 – 600,000 BOED

• 2Q16E Production – Core Assets– Total production of 600,000 – 610,000 BOED– Permian Resources & EOR production flat

Cash Flow Sensitivities

• A $1 / bbl change in WTI oil price affects annual operating cash flows by ~$100 million

• A $0.50 / Mmbtu change in domestic natural gas prices affects annual operating cash flows by ~$50 million

DD&A – FY 2016E• Oil & Gas: ~$15.00 / BOE• Chemicals and Midstream: $670 mm

Exploration Expense• ~$25 mm in 2Q16E

Chemical Segment• ~$100 mm pre-tax income in 2Q16E

Corporate• FY 2016E Domestic tax rate: 36% • FY 2016E Int'l tax rate: 76%• Interest expense of $80 mm in 2Q16E

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First Quarter 20161Q16 & FY 2016 Guidance Summary

First Quarter 2016 Earnings Permian Resources Production

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• Total production grew 31% year-over-year to 128 MBOED.

– Oil production grew 35% year-over-year to 84 MBOD.

• We have leveraged and extended our industry leading practices from our EOR business to drive improvements in base management to minimize decline.

6475

110118

128

35  43 71  76  84 

2013 2014 2015 4Q15 1Q16 2Q16EProduction (MBOED)

Oil NGL Gas

Well Performance: Texas Delaware – Wolfcamp A

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First Quarter Earnings 2016 – TX Delaware Basin Recent Performance

• Continue to test more aggressive completions− Tighter cluster spacing

− Higher clusters per stage

− Increased proppant concentration

• Initial results positive, continuing to evaluate and test new trials

• Tailoring completion design with geology across the field

OXY Operated Acreage

190249

Boepd / 1000’

69% Oil

84% Oil

491306

296205255191

Optimization Efforts: Wolfcamp A

76% Oil

475354

First Quarter Earnings 2016 – Permian Resources Manufacturing Mode: Drilling / Completions

Move to Manufacturing Mode Significantly Reduced Well Cost

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$5.3 $3.6 $2.9 $2.7

$5.6

$4.1

$3.4 $2.7

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

2014 2015 Current Best

GR

OSS

WEL

L C

OST

$M

M

WELL COSTDelaware Wolfcamp A 4,500‘ HZ

Drilling Completions

43

25

19

13

-

5

10

15

20

25

30

35

40

45

50

2014 2015 1Q16 Best

DRILL DAYSDelaware Wolfcamp A 4,500’ HZ

$10.9

$7.7

$6.3

Rig Release to Rig Release

$5.4

Well Performance: New Mexico 2nd Bone Spring

OXY Operated Acreage

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First Quarter Earnings 2016 – Southeast New Mexico Recent Performance

• Cedar Canyon 27 Fed Com 7H three month cumulative

production of 135 Mboe – 81% oil

• Cedar Canyon 28 Fed Com 7H three month cumulative

production of 129 Mboe – 82% oil

262393

Boepd / 1000’

525401

391292

266192

364274

82% Oil

82% Oil

80% Oil

Completion optimization efforts have significantly increased value

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First Quarter Earnings 2016 – Southeast New Mexico Recent Performance

• Increased proppant to 1,500 lbs/ft

− Testing up to 2,000 lbs/ft

• Evaluating cluster spacing and fluid design

• Monitoring cumulative production results of

recently drilled extended laterals

• Preparing to transition to produced water base

fluid in development areas to decrease costs82% Oil

Offsetting increased completion costs with continued drilling efficiencies

New Design – 4 Wells 78% Oil

Old Design – 8 Wells 83% Oil

• Decreased drilling cost/lateral ft by greater than 20% from 2015

• Current drilling, completion and hookup cost $5.9mm

• Expect to realize continued savings - 2H 2016 target well cost $5.5mm

Well Performance: East Midland - Wolfcamp A

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First Quarter Earnings 2016 – East Midland Basin Recent Performance

• Adams 4231WA six month cumulative production

of 220 Mboe – 91% oil

We believe it’s the most productive well drilled in Howard County in recent history

• May 1102WA six month cumulative production of

146 Mboe – 85% oil

OXY Operated Acreage

Boepd / 1000’

89% Oil

77% Oil

170148

129

140115

110

184148

First Quarter Earnings 2016 – Permian Resources Manufacturing Mode: Drilling / Completions

Move to Manufacturing Mode Significantly Reduced Well Cost

26

$3.7 $2.4 $2.3 $1.9

$5.5

$4.6 $3.8

$3.4

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

2014 2015 Current Best

GR

OSS

WEL

L C

OST

$M

M

WELL COSTEast Midland Wolfcamp A 7,500' Hz

Drilling Completions

46

19 16

11

- 5

10 15 20 25 30 35 40 45 50

2014 2015 1Q16 Best

DRILL DAYSEast Midland Wolfcamp A 7,500’ Hz

$9.2

$7.1$6.1

Rig Release to Rig Release

$5.3

• Extensive base surveillance and monitoring

− Re-deployed engineers from Houston to field offices

− Maximizing knowledge of the reservoirs from current producers to enhance

future production and reserves for new wells

• Increased activity around well enhancement, capital workovers, and lift revisions

− High return, quick payback projects with low development cost

− Expecting more than 5 mboed annual average uplift from base optimization

activities

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First Quarter Earnings 2016 – Permian Resources Base Management and Surveillance

Focus on maximizing production from existing wells

• Continued focus on reducing

field operating costs during

2016

− Downhole expense $/boe

reduced 36% from Q1 2015

− Company operated operating

expense down ~37% ($/boe)

from Q1 2015

28

First Quarter Earnings 2016 – Permian Resources Continued Opex Reduction

$13.02

$11.41 $10.87

$9.74 $8.72

$-

$5.00

$10.00

$15.00

1Q15 2Q15 3Q15 4Q15 1Q16

Permian Resources Opex/BOE

Surface Downhole Supports Energy Other

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First Quarter 2016Permian EOR

• Stable and low-decline base production at an advantaged cost

• Permian EOR business remains profitable in the current downturn

• EOR business expected to generate free cash flow this year in the current oil price environment

• South Hobbs:

− Started CO2 injection into Phase 1 in September 2015 (ahead of schedule)

CO2 Supply & Processing

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0 5 10 15 20 25 30 35 40

Num

ber o

f Inj

ectio

n W

ells

Number of Projects

Denbury

Chevron

Apache

Anadarko

Oxy

Kinder Morgan

Hess

Exxon

Size of bubble = CO2 EOR Production Volume

All of Oxy’s CO2 operations

are in the Permian Basin

• Oxy is the largest handler of CO2 in the Permian- Injects 1.9 billion cubic feet a day- Operates 31 CO2 EOR projects Source: Oil & Gas Journal 2014 Biennial EOR Survey

First Quarter 2016World Leader in Enhanced Oil Recovery

U.S. CO2 EOR Projects

30

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

$/BO

E

Supports & Other Energy

Injectant Expense Surface Ops and Maint

Wrkovr / Well Enhncmnt Downhole Maint

31

First Quarter 2016Permian EOR

Cash Operating Expense ($/BOE)

• Improvement in well maintenance job productivity sustained into Q1

• Surface costs negatively impacted by severe weather in January

• Lowered injectant costs while maintaining injection volumes

$20.82 $20.03$18.16 $18.36

$16.46 $16.49

Main Oil Column CO2 Flood:

• Started CO2 injection into Phase 1 in September 2015 (ahead of schedule)

• Phase 1 and Phase 2 will develop 28 MMBOE at just over $10 / BOE

32

Residual Oil Zone (“ROZ”) Potential:

• Four pattern initial development to begin in 2016

• Full ROZ expansion ~50 patterns; 80 MMBOE

Waterflood

Phase 1 & 2 CO2 Flood

ROZ Initial Development

First Quarter 2016South Hobbs: CO2 Flood and Expansion Areas

South Hobbs ROZ

33

• The ROZ development is a vertical expansion of the CO2 flooded interval. • Utilize work-over rigs to drill the extra depth into additional CO2 floodable sections of

the reservoir. • The ROZ underlies most of our major EOR properties with current projects in South

Hobbs and West Seminole and can be developed between $3 and $7 per BOE.

First Quarter 2016Residual Oil Zone Development

ResidualOil Zone

Main OilColumn

GeologicSeal

Water Zone

OriginalProducer

DeepenedROZ

Producer

OriginalInjector New ROZ

Injector

DeepenedROZ

Injector

Producing OilWater Contact

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

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

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

Focus resources on game changing technologies and applications

Accelerate continued improvements in execution and cost

Expect to operate 4 - 5 rigs in the Permian over the remainder of the year

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First Quarter 20162016 Permian Strategy

FIRST QUARTER 2016 EARNINGS CONFERENCE CALL Q&A