Occidental Petroleum — Third Quarter 2026 Earnings Summary

Financial Performance

• Gulf of America net sales volumes for the three months ended September 30, 2026, were 110 million barrels of oil equivalent per day (Mboed).
• Domestic lease operating costs for the period were $8.54 per barrel of oil equivalent (boe).
• Total company production oil content was 48.8% of total production.
• Average diluted shares outstanding for the third quarter of 2026 were 1,012.8 million shares.
• Crude oil collar settlements negatively impacted operating cash flow before working capital by $94 million.
• Average realized oil prices were $85.93 per barrel in the United States, $85.80 per barrel internationally, and $85.91 per barrel worldwide.
• Average realized NGL prices were $24.10 per barrel in the United States, $29.11 per barrel internationally, and $24.63 per barrel worldwide.
• Average realized natural gas prices were $1.61 per Mcf in the United States, $2.00 per Mcf internationally, and $1.69 per Mcf worldwide.
• Worldwide oil realized prices represented 100% of the average WTI index price and 94% of the average Brent index price.
• Worldwide NGL realized prices represented 29% of the average WTI index price.
• Domestic natural gas realized prices represented 54% of the average NYMEX index price.
• Average index prices for the period were $85.79 per barrel for WTI oil, $91.62 per barrel for Brent oil, and $2.97 per Mcf for NYMEX gas.

Business Segments and Product Lines

• Total company production for the third quarter of 2026 remained within Occidental's guidance range.
• Production at certain Gulf of America facilities was temporarily curtailed in September due to a third-party gas pipeline constraint and maintenance activities.
• Production has been partially restored, with remaining impacted production expected to return as the third-party gas pipeline constraint is resolved.

Risks and Challenges

• The company faces risks related to supply and demand considerations, commodity pricing fluctuations, and actions by OPEC and non-OPEC producers.
• Operational risks include disruptions to pipeline systems, capacity constraints, and potential delays in field developments or capital expenditures.
• Financial risks include indebtedness, the need to generate sufficient cash flows to fund operations, and the impact of interest rate increases or credit rating changes.
• Regulatory and geopolitical risks involve government actions, tariff increases, trade uncertainties, war, and political conditions.
• Environmental and safety risks include liabilities under HSE laws, climate change regulations, and potential accidents or chemical releases.
• The document notes that actual outcomes may differ materially from estimates due to factors such as economic slowdowns, inflation, and market volatility.

Other Key Points

• This document is a preliminary summary of earnings considerations and is not a comprehensive estimate of third-quarter 2026 earnings or a substitute for final financial reporting.
• The summary does not account for all adjustments and charges required to fully reflect changes in industry conditions.
• The document contains forward-looking statements subject to risks and uncertainties that could cause results to differ from expectations.
• Occidental does not undertake any obligation to update forward-looking statements unless legally required.
• Additional information regarding risks and factors affecting results can be found in Occidental's filings with the U.S. Securities and Exchange Commission, including the 2025 Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.