Barclays 2017 CEO Energy-Power ConferenceOccidental Petroleum CorporationSeptember 6, 2017

Vicki HollubChief Executive Officer

2

Forward-Looking StatementsPortions 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; 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; reorganization or restructuring of Occidental's operations; 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 2016 Form 10-K.

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

Cautionary Statements

3

Occidental Petroleum• Value Proposition

• Portfolio Optimization

• Path to Cash Flow Neutrality and Breakeven

• Sustainability With High Quality Assets

• Model

4

2016 ROCE* Oxy’s Unique Value Proposition

Upside in rising oil price environment and downside protection during falling oil price environment

Focus on value based growth

Top quartile returns

Consistent Dividend Growth• Growing dividend with strong yield

• Value protection in down cycle

• Promotes capital allocation discipline

Moderate Value-Based Growth

• 5 – 8% average production growth through oil & gas development

• Above cost-of-capital returns (ROE and ROCE)

• Return Targets*: Domestic – 15+% International – 20+%

Strong Balance Sheet

• Maintain ample cash balance and additional sources of liquidity

• Low debt-to-capital ratio

• Income-producing assets

*Return targets based on moderate commodity prices.

5

1. Base/Maintenance Capital

2. Dividends

3. Growth Capital

4. Acquisitions

5. Share Repurchases

Subject to Returns and Market Conditions

Cash Flow Priorities Favor Dividends

Dividends promote capital allocation discipline

6

$0.50 $0.52 $0.55 $0.65 $0.80 $0.94 $1.21 $1.31 $1.47 $1.84 $2.16 $2.56 $2.88 $2.97 $3.02 $3.08$0.50 $1.02 $1.57 $2.22 $3.02

$3.96$5.17

$6.48$7.95

$9.79

$11.95

$14.51

$17.39

$20.36

$23.38

$26.44

$0.00

$4.00

$8.00

$12.00

$16.00

$20.00

$24.00

$28.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17Ann.

Annual Dividends PaidCumulative Dividends Paid

6Note: Dividends paid as per the Record Date

Delivering Consistent Annual Dividend Growth

($/share)2002 – 2016: Oxy dividend CAGR 13% vs S&P CAGR 7%

7*Pro forma for ongoing operations (excludes operations sold or exited)

0

100

200

300

400

500

600

700

2011 2012 2013 2014 2015 2016

Mbo

ed

Ongoing Company Excluding Permian Resources Permian Resources

438 435 428 440528

575

Ongoing Total Company Production CAGR 6%*

Permian Resources 16% CAGR

Value Growth - Production Growth Since 2011

8*Competitors ROCE represents a simple average of APA, APC, COP, CVX, DVN, EOG, HES, MRO and XOM

(30%)

(20%)

(10%)

00%

10%

20%

30%

2008 2009 2010 2011 2012 2013 2014 2015 2016

Competitors ROCE*OXY ROCE

Value Growth - Annual ROCE for Oxy vs. Average of Competitors

2008 – 2013Oxy Average ROCE 15%

9

2013Actual

Cali-fornia

2013 Excl.California

OtherUS

MENA 2013Adjusted

PermianRes.

Al Hosn OtherInternational

South Texas 2016Ongoing

High-MarginProduction

Growth Goal

Cash FlowBreakeven

at $50 WTI*

Divested assets that did not generate competitive corporate returns or free cash flow

Investing in assets with higher cash margin and lower capital intensity Growth target - 80 MBOEPD

Prod

uctio

n (M

boed

))

South Texas Gas propertiesDecline since 2013: 17 Mboed2016 Production: 27 Mboed (11% oil production)

763 (154)

609 (62)(79)

46859

64 28 (44) 57580 655

Set to generate both returns to shareholders and value-based growth

*Cash Flow Breakeven after Dividend and Growth Capital. Slide not updated for transactions announced on June 19, 2017.

Value Growth - Multi-year Returns Focused Portfolio Optimization

2013 Cali-fornia

South Texas

Al Hosn

PermianResources

2013 Adjusted

MENAOther U.S.

2013 exc.California

OtherInt.

2016 HighMarginGrowth

Cash FlowBreakEven

10

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2Q17 CFFOAdjusted to

$40 WTI

Chemicals Midstream &Marketing

71 MboedPermian

ResourcesProduction

OtherImprovements

Cash FlowNeutral at $40

WTI

Increase inCash Flow at

$50 WTI

Cash FlowBreakeven with5%-8% Growth

at $50 WTI

$3.3 $3.5 $3.7$4.3 $4.5

Current Dividend

$2.4

Sustaining Capital$2.3

$120 MM per $1 Change in WTI

Current Dividend

$2.4

Sustaining Capital$2.1

Cash Flow Breakeven at $50:Dividend + 5% – 8% Production Growth $5.7 $5.7

Ope

ratin

g Ca

sh F

low

($ B

n) Growth Capital$1.0

Cash Flow Neutral at $40:Dividend with Flat Production

Seminole-San Andres Acquisition +

Chemicals

Pathway to Cash Flow Breakeven at Low Oil Prices

$4.5

11

$0.2$0.2

$0.3

$0.7

0.0

0.2

0.4

0.6

0.8

Category 1 Category 2 Category 3 Category 4Chemicals Midstream Permian Resources Production

Achieving Goals to Cash Flow Neutrality at $40

Ethylene cracker achieved full quarter of operating income with first cash distribution expected in 3Q17

Marketing differential improved substantially

Added 9 Mboed of high-margin Permian Resources production

Chemicals market fundamentally improving

Announced cash-neutral Permian transactions

Other Improvements

Annualized Cash Flow From Operations Improvements ($ Bn)Breakeven PlanAchieved since 1Q17

SeminoleAcquisition

Chemicals

12

Ample Liquidity to Fulfill Plan Even at $40 WTI

Cash flow outspend through the completion of our plan is covered by available liquidity, including:

• Current cash balance: $2.2 Bn

• Portfolio management: $0.5 - $2.0 Bn

• PAGP units: $0.7 Bn

• Undrawn revolving credit facility: $2.0 Bn

We do not anticipate increasing debt levels to achieve plan

Cash Flows Through End of 2018 at $40 WTI

Operating Cash Flow

$B

n

6.0

5.0

4.0

3.0

2.0

1.0

0.0

(1.0)

(2.0)

(3.0)

(4.0)

Remaining 20172018

Dividend Payments

Capital Program

Cash Flow Deficit

Available Liquidity

Cash Balance

PAGP

Portfolio Management

$3.6 -$3.9 Bn

13*Competitor Peers include APC, CVX, CXO, DVN, EOG, HES, MRO, PXD. Excludes APA, COP, XOM due to negative F&D.

2016 F&D (Organic) $/Boe19.27

17.19

13.3711.73 11.41

9.59

6.86 6.51 6.45

0

5

10

15

20

1 2 3 4 5 6 7 8 OXY

$/B

oe

Competitor Peers*

Value Growth – Significantly Reduced Development Cost

14

(30%)

(20%)

(10%)

0%

10%

HES DVN CXO APC MRO APA EOG COP PXD OXY CVX XOM

*Calculated based on public information and on a consistent basisCompanies listed alphabetically : APA, APC, COP, CVX, CXO, DVN, EOG, HES, MRO, PXD, XOM

Value Growth

Focus on value driven growth - Top quartile returns

Positioned to return to double digit returns

2016 ROCE*

15

Oil and Gas Core Areas

• Leading position in the Permian• Permian Resources is a growth driver

United States

Latin America• Highest margin operations in Colombia• Opportunities for moderate growth with partners

Middle East• Focus areas – Oman, Qatar, and UAE• Opportunities for growth with partner countries

Focused Businesses

OxyChem

High free cash flow, moderate growth business

Midstream

Integrated infrastructure and marketing business to maximize realizations

16

Permian Resources• Significant acreage & growth

potential in all development areas

• ~637,000 net acres within the Delaware and Midland Basin boundaries

• NM Delaware Basin 290,000

• TX Delaware Basin** 150,000

• Midland Basin* * 210,000

Total ~650,000

NetAcres*Resources Basin Development Areas

• Central Basin Platform 215,000

• New Mexico NW Shelf 150,000

• Emerging Unconventional 50,000

• Continuing Evaluation 335,000

Total ~750,000

NetAcres*

Other Resources Unconventional Areas

• Resources – Unconventional Areas 1.4• Enhanced Oil Recovery Areas 1.1

Oxy Permian Total ~2.5MM

NetAcres*Business Area Acreage

Permian Resources Acreage Permian EOR Acreage

NM Delaware Basin

TX Delaware Basin

Midland Basin

Central BasinPlatform

New Mexico NW Shelf

*Includes surface and minerals.**Adjustment for transactions of 13,000 net acres announced 6/19/2017 where Oxy divested non-strategic acreage in Andrews, Martin and Pecos Counties and added incremental acreage in a new development area in Glasscock County.

2Q Permian Resources Transactions** (13,000)

Updated Resources Basin Acreage ~637,000

• ~302,000 net acres associated with 11,325 wells in unconventional development inventory

• Divested acres offset with additional acres evaluated in 1H17

17

0

500

1,000

1,500

2,000

2,500

3,000

4Q16 <$50BE

Drilled 1H17 DemonstratedCapex

Efficiency

DemonstratedWell

Performance

LandImprovement

EvaluatedNew Acreage

2Q17 <$50BE

Added 400 Hz Locations <$50 BreakevenReached <$50 inventory additions goal since 4Q16

• + 400 locations YTD

• + 3.5 MM feet of total horizontal lateral

• Increased <$50 average length from 8,400’ to 8,600’

• Cost and well performance improvements are sustainable

• Executed 7,000 net acres of trades to enable longer laterals

• Evaluated ~15,000 net acres of new development areas

2,500

2,855

16 years of inventory <$50 breakeven with 10 rigs

Midland Basin

Texas Delaware

Basin

New Mexico

Delaware Basin

Breakeven defined as positive NPV 10

Und

evel

oped

Dril

ling

Loca

tions 45

155 45100

100

18

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Breakeven <$50

Breakeven <$60

Breakeven <$70

AdditionalInventory

2Q17Normalized to

7,100'

4Q16

Added ~20 Rig Years of Activity to <$50 Inventory

2,855

4,250

5,725

11,325 11,650

Permian Resources Inventory 2Q17• + 400 locations BE <$50

> ~300 in New Mexico

> Replaced inventory from divestitures

• + 3.0 MM ft of horizontal lateral footage to inventory

> Increased average length from 7,100 ft to 7,500 ft

Midland Basin

Texas Delaware

Basin

New Mexico

Delaware Basin

*2Q 2017 increased lateral length adjustment to normalize current inventory to 7,100’. **Breakeven defined as positive NPV 10

11,963*

Und

evel

oped

Dril

ling

Loca

tions

19

2015 &2016 Avg

2017 FacilitesReduction

SubsurfaceEngineering

LongerLaterals

2018 2019

*Calculated using estimated total year capex (drilling, completions, hookup, facilities, infrastructure, capital workovers, maintenance, seismic). Annual wedge represents the new production added in each year from the capital program (excludes base production)** Other capex includes seismic, science, and maintenance capex.

Permian Resources Capital Intensity Improves through 2019

All-In Capital IntensityAnnual Capex $MM / Annual Wedge Mboed*

$54MM

$33MM2018 & 2019

$27MM – $23MM

• 2017 to 2019 – Value-based Development reduces capital intensity

> Facilities, infrastructure and other** 23% to <15% of

capital budget

> New Mexico wells ~30% to ~55% of total well count

> Effective lateral length from 7,700 ft to 8,600 ft for

wells drilled

• Future intensity improvement opportunities

> Well productivity

> Additional capital efficiency

> SL2 in secondary benches

> Maintenance & logistics hub

> Water recycling

10% improvement in well productivity or capital costs reduces capital intensity by $2MM

$42MM

2H 2017 Rig Ramp

Subsurface Characterization

20

Seminole-San Andres Further Strengthens Our Leading Position in EOR

*Source: 2014 Oil & Gas Journal, EOR Survey, adjusted for recent Oxy EOR acquisition

Occidental

Kinder Morgan

DenburyChevron

Exxon Anadarko

Whiting

Resolute

0500

1,0001,5002,0002,5003,0003,500

0 5 10 15 20 25 30 35 40

Inje

ctio

n W

ells

CO2 Projects

Gas EOR Projects*

$0

$200

$400

$600

$800

Base Case Target Upside Case

Value of Operating Cost Synergies ($MM PV10)

$5/Boe

$7/Boe

$10/Boe

• Seminole-San Andres is now our largest operated CO2project in the Permian

> San Andres reservoir is world-class

> Oxy now operates 34 CO2 projects in the Permian Basin

• Scale in the Permian provides operating cost savings and production reliability opportunities:

> Base case savings ($5/Boe): improved well maintenance, automation, and commercial scale for supply chain and logistics

> Target savings ($7/Boe): improved plant reliability

> Upside savings ($10/Boe): asset performance at parity with our Denver Unit

• Additional opportunities: D&C cost improvement, plant expansion to accelerate growth, and re-drill and ROZ potential

Production Volumes

21

0

500

1,000

1,500

2,000

Proven Leader in Maximizing Recovery Across the Permian

<$10 <$6

Permian EOR Net Resource Potential

MM

BO

E CO2 Floods

TZ/ROZ*Water Floods +

Other Infill Drilling

Opportunities

High-gradable Inventory

*Transition Zone and Residual Oil Zone

Permian EOR

• Seminole San Andres Unit adds low F&D inventory

> ~100 MMboe at < $6.00 future development cost

• Significant opportunity to improve and grow new inventory

> Subsurface characterization

> Operating efficiency

> Technology

Future Development Cost ($/BOE)

Permian EOR Water Floods

Midland Basin

Central BasinPlatform

Additional Conventional

Inventory

SSAU Acquisition

Permian EOR CO2 Floods

Permian EOR Plants

SSAU

Total Identified Barrels

22

Oman: Assisted with the discovery and started development of Safah Field in

1982. A 15 year contract extension was signed for Block 9 this year. Blocks 27

and 53 expire in 2035. Block 62 expires in 2028.

Oman: Assisted with the discovery and started development of Safah Field in 1982. A 15 year contract extension was signed for Block 9 this year. Blocks 27 and 53 expire in 2035. Block 62 expires in 2028.

Colombia: Discovered giant Cano Limon field in the early 1980’s. Several contracts that currently range from 6 years up to the economic life of field.

Long term contracts

with upside potential

Longest Legacy International Operations: Colombia and Oman

23

ISND and ISSD: Offshore development in Qatar. ISND contract for 25 years initiated in 1994. ISSD contract expires in 2022.

Dolphin: Premier transborder pipeline delivering gas from Qatar to Abu Dhabi and Oman. Agreement was initiated in 2007 for a 25 year term.

Al Hosn: 30 year joint venture with the Abu Dhabi National Oil Company, (“ADNOC”) began in 2011 to develop the giant sour gas field in Abu Dhabi. Largest ultra sour gas plant in the world. Al Hosn is a world-scale mega-project.

Additional Core Middle East Assets

24Source: Factset, 08/24/17

0.1%0.5%

0.8% 0.8%

1.8%2.0% 2.2%

2.4% 2.5% 2.6%

4.0% 4.1%

5.2%

5.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

PXD APC DVN EOG MRO SP50010 YearTreasury

COP APA HES XOM CVX OXY TOT

Integrated O&GIndependent E&P

2002 – 2016 Average Oxy Dividend Yield

Dividend yield should revert close to historical levels as we execute plan to a lower cash flow breakeven

Current Dividend Yield vs. Competitors

25Source: Factset, 08/24/2017

Company Market Cap ($Bn)XOM $323RDS $227CVX $202TOT $109BP $114ENI $56

Characteristics• Low or no growth• Higher returns• Stronger Balance Sheet• Lower risk• Free cash flow• Consistent dividend growth

Company Market Cap ($Bn)COP $53EOG $49APC $24PXD $22DVN $16APA $15

Characteristics• Generally higher growth• Lower returns• Weaker Balance Sheet • Higher risk• Little or no free cash flow• Little or no dividends• Moved from gassy to oily

Oxy Uniquely

Positioned

$46 Bn Market Cap

Independent E&PsLarge Integrated Majors

Unique Investment Proposition

26

2016 ROCE* Consistent Dividend Growth

• Oxy dividend CAGR doubled S&P CAGR since 2002

• Highest yield vs. US peers

• Historical dividend yield of 2.85%

Moderate Value-Based Growth

• Averaged better than 5% production growth

• Upper quartile ROCE

• Portfolio optimization complete for stronger future returns

Strong Balance Sheet

SuccessfulValue Proposition

Oxy has delivered positive results on each component of our value proposition

• 2Q17 cash balance of $2.2 Bn

• Received tax refund of $750 million during 2Q17

• Low debt-to-capital ratio

• Historical net debt-to-capital ratio of 11%

• “A” level credit rating from Moody’s, S&P and Fitch

Q&A