Post on 01-Jun-2020
First Quarter
Earnings Conference CallOccidental Petroleum Corporation
May 6, 2020
2
Cautionary Statements
Forward-Looking StatementsThis presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental
Petroleum Corporation’s (“Occidental”) expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, many of
which involve factors or circumstances that are beyond Occidental’s control. Actual results may differ from anticipated results, sometimes materially, and reported or expected results should not be considered an indication
of future performance. Factors that could cause actual results to differ include, but are not limited to: the extent to which Occidental is able to successfully integrate Anadarko Petroleum Corporation (“Anadarko”), manage
expanded operations and realize the anticipated benefits of combining Occidental and Anadarko; the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in
response to the pandemic; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets,
repay or refinance debt and the impact of changes to Occidental’s credit ratings; assumptions about energy markets and fluctuations in global and local commodity and commodity-futures prices; supply and demand
considerations for, and the prices of, Occidental’s products and services; actions by OPEC and non-OPEC oil producing countries; results from operations and competitive conditions; unexpected changes in costs;
availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects,
capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties and liabilities associated with acquired and divested properties and businesses; risks associated with acquisitions, mergers and joint
ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties about the estimated
quantities of oil, natural gas and natural gas liquids reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future
streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling or other operational risks; disruptions to, capacity constraints in, or other limitations
on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility
in the securities, capital or credit markets; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; adverse tax consequences; governmental actions and political
conditions and events; legislative or regulatory changes; environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including
remedial actions); asset and goodwill impairments; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-
attacks or insurgent activity; the creditworthiness and performance of our counterparties; failure of risk management; Occidental’s ability to retain and hire key personnel; reorganization or restructuring of Occidental’s
operations; changes in tax rates; and actions by third parties that are beyond Occidental's control. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,”
“intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place
undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-
looking statement, as a result of new information, future events or otherwise. Other factors that could cause actual results to differ from those described in any forward-looking statement appear in Part I, Item 1A “Risk
Factors” of Occidental’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”), and in Occidental’s other filings with the U.S. Securities and Exchange Commission (the “SEC”).
Use of non-GAAP Financial InformationThis presentation includes non-GAAP financial measures. Where available, reconciliations to comparable GAAP financial measures can be found on Occidental's website at www.oxy.com.
Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being
estimates of proved reserves may include "potential" reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. U.S.
investors are urged to consider closely the oil and gas disclosures in our 2019 Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and through our website, www.oxy.com.
3
Occidental • First Quarter Highlights
• Financial Results and Guidance
• Closing Remarks
4
First Quarter 2020 Highlights
Flow Assurance
& Optionality
Strong Operational
Excellence Across
All Business Units
Additional Capex
& Operating
Reductions
1.4MMboed
31Mboed Midpoint
Guidance Beat
50%+ Capex Reduction
$1.2 B of Cost
Reductions
>600 MbodExport Capacity
>800 MbodPipeline Capacity
to the Gulf Coast
5
Quick and Decisive Action Taken
Rapid Cost Reduction
• Reservoir management expertise
• Well and lease profitability
analysis
• Operating initiatives:
> Evaluate alternative
operating methods
> Protect reservoir integrity
> Injection optimization
> Rationalize well maintenance
and workovers
> Maintain flexibility to ramp up
production when appropriate
Low Oil Price
Resilience
Base Management
• $1.2 B in additional operating and
corporate costs savings identified
• Lowering 2Q 2020 domestic opex to
$6.25/boe
• Cost savings:
> Significant contractor reductions
> Operational improvements
> Deploy surplus equipment
> Utilizing automation to work
remotely
> Compensation, bonus, and
subsidies reductions
> Hiring freeze
Lowering
Cash Flow
Neutrality
Moderate 25% Base Decline
6
Enhancing Our Financial Resilience
1Opex and overhead 2Overhead is defined as SG&A, other operating expenses, and exploration overhead 3Percentage reduction uses midpoint of original 2020 Capital budget of $5.2 B to $5.4 B 4Brent prices <$45.00 5As of 4/30/2020 6Cash and cash equivalents of $860 MM and restricted cash and cash equivalents of $185 MM as of 04/30/2020 7Excludes 2036 Zero-Coupon notes
putable for $992 MM in October 2020
Cost Savings Moderate Activity Cash Generation Maximize Liquidity
Long-Term Value Creation
Remains Intact
Synergy Capture Complete1
Additional $1.2 B
Operating and Corporate
Cost Reductions
Optimizing Overhead2
~$400 MM Quarterly Run-Rate
Shutting in Non-Economic
Production
Reduced 2020 Capital
Budget Over 50%3
$2.4 B – $2.6 B
Substantial Activity
Reduction
Over 70% of Capital
Synergies Captured
Improving Cash Flow
Neutrality
Retained Significant
Upside Potential
Asset Divestiture Proceeds
Hedged Position Expected
to Generate $1.1 B4
Available Liquidity $5 B Credit Facility Available5
~$1.0 B of Cash6
No Debt Maturities
in 20207
$7 B Debt Repaid
April 2020 Preferred
Dividend Paid in Common
Stock
$$
7
Occidental • First Quarter Highlights
• Financial Results and Guidance
• Closing Remarks
8
2021-2022 Debt Management Options
• Apply FCF and asset divestitures proceeds to debt reduction
• Exchange debt / extend maturities
• Refinance debt / access capital markets
1Cash and cash equivalents of ~$860 MM and restricted cash and cash equivalents of ~$185 MM as of 04/30/2020 2As of 04/30/2020 3Excludes 2036 Zero-Coupon notes putable for $992 MM in October 2020
Debt Management
Free Cash Flow
• Improving cash flow neutrality
• Paying Preferred in shares increases
FCF by $200 MM quarterly
Cash on Balance Sheet
• ~$1.0 B Cash and cash equivalents
as of April 30, 20201
Bank Credit Facility
• $5 B in Credit facility availability2
Outstanding Debt
$0.0
$6.4
$4.7
$1.2
$3.9
$0.8
$3.4
$0.9$0.3
$1.9
$0.1
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Near-Term Debt Maturities ($ B)
3
9
First Quarter 2020 Results
1Excludes discontinued operations (Algeria and Ghana) 2Cash and cash equivalents of ~$2.02 B and
restricted cash and cash equivalents of ~$242 MM as of 03/31/2020
Note: See the reconciliations to comparable GAAP financial measures on our website
Reported
Adjusted EPS ($0.52)
Reported diluted EPS ($2.49)
1Q20 CFFO before working capital
Excluding 1Q20 merger related costs
$1.4 B
$1.6 B
1Q20 Capital expenditures1 $1.3 B
Dividend payments on common stock $0.7 B
Cash balance as of 03/31/20202 $2.3 B
Total continuing operations production (Mboed) 1,416
Total Permian Resources production (Mboed) 474
1Q20 Reported versus Guidance Midpoint
ReconciliationMboed
Rockies: improved base performance, higher OBO
and royalty production+16
Permian Resources: improved time-to-market,
higher uptime, and better well performance+13
GoM: higher than expected uptime +1
International: higher Oman production from better
well performance and PSC Impacts+1
+31
10
Second Quarter 2020 Guidance Estimates
Oil & Gas
Production1
• Total Company: 1,340 - 1,400 Mboed
• Permian Resources: 432 - 442 Mboed
• Additional Domestic: 622 - 662 Mboed
• International2: 286 - 296 Mboed
Production Costs
• Domestic Oil & Gas: $6.25/boe
OxyChem
$80 MM pre-tax income
Marketing & Midstream3
($310) - ($350) MM pre-tax income
• Midland - MEH spread of
$2.05 / Bbl.
Corporate
Domestic tax rate: 22%
International tax rate: 45%
Interest expense: ~$350 MM4
Total Company capex: $500 MM
Exploration Expense5
~$30 MM
DD&A
Oil & Gas: ~$15.60 / boe
OxyChem and Midstream: ~$170 MM
1Includes expected shut-ins of ~45 Mboed for OPEC+ production cuts and economic reasons, does not include any potential storage or flow-related shut-ins 2Includes estimated Algerian
production for Q2 of 35 – 40 Mboed 3Midstream excludes WES equity income 4Interest expense excludes interest income 5Exploration expense includes exploration overhead
11
Occidental • First Quarter Highlights
• Financial Results and Guidance
• Closing Remarks
12
Core Differentiators
Diversified
Portfolio• 14 assets across 6 different countries
• Integrated businesses
• Attractive exploration opportunities
Long-Term
Sustainability
2020+
Carbon Reduction
Leadership• Leader in carbon capture utilization and
sequestration (CCUS) development
• World’s largest handler of CO2 for EOR
• Leader in Permian emissions intensity
• Innovation through commercial partnerships
Low Cost
Operator• Best in class operator with top wells
• Safety performance leadership
• Unmatched reservoir characterization
and subsurface ability
• Infrastructure advantage to realize lower
operating costs
Decades of High
Return Inventory• Flexibility to adjust spending and
production
• Dominant positions in prolific basins
• Low decline international assets
13
Appendix
• 2020 Budget
• Synergy Capture Update
• Financial Information
• Well Performance
• Asset Overview
• Governance
14
$2.2
$0.9
$0.9
$0.3
$0.7
$0.4
$0.5
$0.2
$0.4
$0.2
$0.3
$0.2
$0.2
$0.2
$0.1
$0.1
Original 2020 Guidance Current 2020 Guidance
2020 Capital Program by Asset 2020 Capital Budget
Protecting Asset
Integrity
Key Program Highlights
• Revised 2020 capital budget demonstrates commitment to achieving cash flow neutrality
• 2020 capital budget reflects synergy capture and additional spending reduction
• 2020 capital budget represents over 50% reduction
• 2020 base decline of 25%
Note: Capital spending excludes Ghana
Marketing & Midstream
Exploration & Corporate
OxyChem
Permian EOR
GoM
International
Rockies
Permian Resources
$5.2 - 5.4 B
$2.4 - 2.6 B
15
0%
25%
50%
75%
100%
Net Capex by
Type
Gross Operated
Rigs
Total Net Rigs Wells Online
Reduced Activity – Domestic Unconventional Assets
1Gross company operated wells online
Rockies2Q – 4Q Activity
Facilities
TX
Delaware
$0.1 B
Capex
~0 Gross
Rigs
10 – 15
Wells Online
~0 Net
Rigs
Growth
Capex
Permian Resources2Q – 4Q Activity
Drilling
and
Completion
New
Mexico
TX
Delaware
DevelopmentSustaining
Capex
Growth
CapexOBO
Base Maint
Powder
River
BasinPowder
River Basin
DJ BasinDrilling
and
Completion
Facilities
New
Mexico
TX
Delaware
Development
Appraisal
$0.3 B
Capex
~2 Gross
Rigs
35 – 45
Wells Online
~2 Net
Rigs
Sustaining
Capex
Growth
Capex
0%
25%
50%
75%
100%
Net Capex by
Type
Gross Operated
Rigs
Total Net Rigs Wells Online
Drill
Complete
& Equip
Facilities
OBO
Base Maint
TX
Delaware
DJ Basin
TX
Delaware
OBO Midland
TX
Delaware
1 1
1Q 2020 $0.6 B 14 rigs 10 rigs 80 wells
TY 2020 $0.9 B 5 rigs 4 rigs 115 - 125 wells
1Q 2020 $0.2 B 3 rigs 2 rigs 64 wells
TY 2020 $0.3 B 1 rig 1 rig 74 - 79 wells
Drill
Complete
& Equip
16
Appendix
• 2020 Budget
• Synergy Capture Update
• Financial Information
• Well Performance
• Asset Overview
• Governance
17
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2018
Combined
Overhead
Overhead
Synergies
2020 Initial
Budget
Additional
Savings
2020 Current
Outlook
1Overhead is defined as SG&A (~$1.2 B), other operating expense (~$1.8 B) and exploration overhead (~$0.1 B)
Overhead and Opex Cost Savings
Overhead Savings
• Employee/Contractor Savings $1,100 MM
• Asset Rationalization $165 MM
• Real Estate and Other $235 MM
$1,500 MM
$3.1 B
$1.6 B
$0.9 B
1
$0.6 B
$2.2 B
Improved operational efficiency
Procurement and supply chain integration
Curtailing uneconomic production
Maintenance optimization
$200 MM
Opex Synergies
+
$600 MM of
Additional Opex
Savings
$1.1 B Synergy Target Achieved + $1.2 B of Additional Cost Savings in 2020
18
Cash Conservation
Increasing re-use of equipment and materials
Optimizing testing specifications and procedures to
maximize equipment life
Ensuring transparency of equipment and material
inventory across organization
Optimizing maintenance activities
Rationalize well maintenance and workovers
Predictive versus time based maintenance
Utilizing real time data for enhanced performance
monitoring
Lowering energy consumption through equipment
performance and operational optimization
Calibrating equipment to run at maximum efficiency
Adjusting demand timing in areas with dynamic utility
pricing to lower average $/kWh
Increasing operational efficiency – understanding
every dollar spent and eliminating waste
Replacing rental equipment with owned
Optimizing logistics leveraging GIS data
Utilizing new technologies to internalize 3rd party services
Optimizing chemical usage
Adjusting contract support for activity level
Backfilling contract labor with employees
Curtailing uneconomic barrels safely and efficiently
Dynamic modeling of well economics to quickly respond to
lower prices
CO2 injection optimization
Quickly Responding to Lower Oil Prices
19
Appendix
• 2020 Budget
• Synergy Capture Update
• Financial Information
• Well Performance
• Asset Overview
• Governance
20
2020 Oil Hedges
Note: As of December 31, 2019
$25
$30
$35
$40
$45
$50
$55
$60
$65
$70
$75
$80
$25 $35 $45 $55 $65 $74.16 $85
Brent ($/bbl)
Re
alize
d P
rice
($
/b
bl)
Long Put
$55
Short Put
$45
Short Call
$74.16 Details
Three-Way Costless Collar
Realized
$74.16
Realized
$55
Realized BrentRealized Brent + $10
2020 Settlement
Three-way collars (Oil MBBL/day)
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)
Floor purchase price (put)
Floor sold price (put)
2021 Settlement
Call options sold (Oil MBBL/day)
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)
350
$74.16
$55.00
$45.00
350
$74.16
Summary December 2019 derivative instruments
2020 Settlement
Three-way collars (Oil MBBL/day)
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)
Floor purchase price (put)
Floor sold price (put)
2021 Settlement
Call options sold (Oil MBBL/day)
Average price per barrel (Brent oil pricing)
Ceiling sold price (call)
350
$74.16
$55.00
$45.00
350
$74.16
Summary December 2019 derivative instruments
Enhances Monthly Cash Flow by ~$106 MM
When Brent Averages <$45 in a Calendar Month
21
Appendix
• 2020 Budget
• Synergy Capture Update
• Financial Information
• Well Performance
• Asset Overview
• Governance
22
Rapid Value Capture – Silvertip – TX Delaware
Demonstrated Life of Field Value Creation
Developing the best wells for lower cost
10,000' Silvertip Well APC Baseline Oxy Design
Proppant Loading 2,500#/ft. 2,150#/ft.
Pump rates 60-70 bpm 120 bpm
Stages pumped 3 per day 8 – 10 per day
Two-well frac duration 24 days 16 days
Clean-out duration 3 – 5 days <1 day
Optimized operational practices to
improve uptime and recover down
production more quickly
First Silvertip well with Oxy engineered
flowback 150 day cum of 361 Mbo (489
Mboe) vs. APC average of ~150 Mbo
Reduced obligation well count and
5,000’ well count significantly from
original 2020 plan
Optimized landings to improve
productivity and limit interference
Shifted spacing to avoid over
capitalization and vertical stacking
of wellbores
Drilled new record 10,000’ well in
15.2 days, beating previous APC
record by >7 days and previous Oxy
record by >4 days
Oxy’s average of all Wolfcamp
10,000' wells drilled in Silvertip
averaged 24 days, ~4 days faster
than APC’s 2019 average
ProductionCompletionSubsurface Drilling
Previous
layout
Oxy
design
14% improvement in drill days $2.4 MM savings per wellExpect to recover 7% more oil per
section with 14% fewer wells23% reduction in downtime from 3Q
2019 to March 2020
3rd BSS
Wolfcamp X
Wolfcamp Y
Wolfcamp A
3rd BSS
Wolfcamp X
Wolfcamp Y
Wolfcamp A
Silvertip Gun Barrel Illustration
Jul
'19
Aug
'19
Sep
'19
Oct
'19
Nov
'19
Dec
'19
Jan
'20
Feb
'20
Mar
'20
Total Hours of Downtime
APC 2019 Oxy Post-Close
Silvertip 10,000' Drilling Days
Recent completions of five well
development in Silvertip using Oxy’s
casing design resulted in total savings
of $2.4 MM per well
Higher pump rates allow better
stimulation, faster stage execution
Successful trial of E-Frac on six-well
pad, significant reduction in diesel
usage
Lower cost materials and services through strategic sourcing
23
0
50
100
150
200
250
300
350
400
0 90 180 270 360
Permian Resources Hz Unconventional Well PerformanceBasin Leading Improvement in Well Performance
• 4D Frac Modeling
• Seismic and
Geomechanical
Characterization
• Customized Section
Development
• Next Generation
Well Designs
• Tier 1 Investment
Strategy
2015
2016
2017
2018
Note: Data includes all Oxy horizontal Permian unconventional wells online in each year and horizontal wells from Legacy APC acreage with Oxy’s Atlas casing design in 2020
Cu
mu
lati
ve M
bo
e
Days
2019
1st Year Cum Improvement
+163% from 2015 to 2019
+17% from 2018 to 2019
90 Day Cum Improvement
+299% from 2015 to 2020
+20% from 2019 to 2020
2020
24
Leading Delaware Basin Well Performance
12 Month Cumulative Oil Top 100 Wells26 Month Cumulative Oil Top 100 Wells1 12 Month Cumulative Oil Top 100 Wells26 Month Cumulative Oil Top 100 Wells1
Oxy has >20% of the best wells, while drilling less than
7% of total Delaware Basin wells
Oxy’s subsurface expertise delivers Basin leading wells
for less cost:
Competitors use 26% more proppant: >$500 M
1Source: IHS Enerdeq as of 4/13/2020, horizontals >500ft online since January 2018 with 6 month oil production available. Peers in Top 100 include: Legacy APC, BTA OIL, CXO, DVN, EOG, FANG, Kaiser-Francis, RDS,
XEC, XOM2Source: IHS Enerdeq as of 4/13/2020, horizontals >500ft online since January 2018 with 12 month oil production available. Peers in Top 100 include: Legacy APC, BP, BTA OIL, Colgate, CXO, DVN, EOG, FANG, JAG,
PDC, RDS, XEC, XOM
0
5
10
15
20
25
30
35
OX
Y
Pe
er
1
Pe
er
2
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3
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4
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5
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cy
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9
# o
f To
p 1
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We
lls in
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ela
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asin
0
5
10
15
20
25
OX
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# o
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25
Appendix
• 2020 Budget
• Synergy Capture Update
• Financial Information
• Well Performance
• Asset Overview
• Governance
26
Largest U.S. Acreage Holder
Rockies
1.5 MM Acres
Powder River Basin – 0.4 MM
DJ Basin – 0.9 MMExcludes acreage outside of active operating
areas
Uinta Basin 0.2 MM
Permian
3.1 MM Acres
Permian Unconventional – 1.7 MM
Permian Conventional – 1.4 MM
Gulf of Mexico
1.0 MM Acres
Other Onshore
2.4 MM Acres
Land Grant
7.0 MM Acres1
• Fee ownership of oil and gas mineral and
hard rock minerals
• Some surface ownership
• Enhances economic returns for oil and
gas development
• No lease expirations
• Royalty revenue from 3rd partiesOther Onshore US consists of legacy
acreage and fee minerals outside of Oxy's
core operated areas
Note: As of 2019. Acreage totals only include oil and gas minerals. Oxy has ~2 MM net acres on federal land with ~1 MM onshore and ~1 MM offshore. Total Permian Resources acreage on federal land is ~270 M.1Includes 0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the DJ acreage total above.
14.4 MM Net Total U.S. Acres
27
U.S. Onshore Overview
1Includes 0.6 MM Land Grant minerals associated with core DJ operating areas which is also included in the Rockies acreage total
Note: Acreage amounts presented on this slide are net acres
1Q20 Net ProductionOil
(MBOED)
NGLs
(MBBLD)
Gas
(MMCFD)Total
Permian Resources 273 101 600 474
Permian EOR 115 30 33 151
DJ Basin 121 79 756 326
Other Domestic 17 8 216 61
Total 526 218 1,605 1,012
Rockies
1.5 MM Acres
Land Grant
7.0 MM Acres1
Permian
3.1 MM Acres
28
Gulf of Mexico Overview
Note: Acreage amounts presented on this slide are net acres
Gulf of Mexico
1.0 MM Acres
1Q20 Net Production
Total
Oil (MBOED) 136
NGLs (MBBLD) 12
Gas (MMCFD) 90
Total 163
29
International Overview
1Excludes production from discontinued operations as of 03/31/2020
Note: Acreage amounts presented on this slide are gross acres
1Q20 Net Production1
Oil
(MBOED)
NGLs
(MBBLD)
Gas
(MMCFD)Total
Latin America 33 - 8 34
Al Hosn 13 25 234 77
Dolphin 6 8 155 40
Oman 67 - 139 90
Total 119 33 536 241
Colombia
2.0 MM Acres
U.A.E.
1.5 MM Acres
Oman
6.0 MM Acres
Algeria
0.5 MM Acres
30
Algeria Overview
• Generates significant free cash flow at low prices
• Substantial remaining field life in world class
reservoirs: 2.5+ B bbls of liquids produced to date
• Strong 30+ year relationship with Algeria
• 472,000 gross acres in the Berkine Basin
• 2020 Full Year Capex of $30 MM
• 1Q 2020 Net Production of 54 Mboepd1
1Algeria production not included in total 1Q 2020 continuing operations production
Oxy WI Block
Unitized Field Boundary
Oil Field
Gas/Condensate
Export Pipeline
BLOCK 404A
BLOCK 208
Central Storage
31
Appendix
• 2020 Budget
• Synergy Capture Update
• Financial Information
• Well Performance
• Asset Overview
• Governance
32
Highly Skilled and Diverse Board Provides Strategic Oversight
Independence1
Years of Service
Diversity1
Focused on Creating Shareholder Value Six new directors added since 2019 Annual Meeting,
demonstrating the Board’s commitment to refreshment
Board-recommended charter amendments for vote at the
2020 Annual Meeting include governance-related proposals to:
Lower the threshold ownership requirement to call a special
meeting from 25% to 15% of shares outstanding
Lower the threshold ownership requirement to request a record
date to take action by written consent from 20% to 15% of shares
outstanding
Board adopted a limited duration stockholder rights plan
Long history of returning cash to shareholders
Annual board strategic reviews
Actively engage with shareholders
Track record of responsiveness
Focused on emerging industry risks and opportunities
Dedicated to environmental and sustainability matters
Meaningful director stock ownership guidelines
10 of 11
Nominees are
Independent
5
2 2 2
0-2 3-5 6-8 9+
# of Years of Service
1
10 of 11
Nominees are
Independent
10 of 11
Nominees are
Independent
27%
Diverse
1Based on 2020 Annual Meeting nominees