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Occidental Petroleum Corporation
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Q2 2024 Earnings Conference Call Presentation
| Vicki Hollub | Page 6 of 11 |
May 24, 2025
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"Q2 2024 Earnings Conference Call Presentation"
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U.S. ONSHORE OIL & GAS UPDATE OXY EXTENDING U.S. ONSHORE WELL PERFORMANCE LEADERSHIP ? Highest quarterly U.S. Onshore production in four years ? Industry-leading 2023 through YTD 2024 well productivity: ? Average Delaware 12-, 6-, and 3-month cumulative oil >45% above basin average ? Average Powder River 12- and 6-month cumulative oil >40% above basin average DELAWARE SECONDARY DEVELOPMENT DRIVES HIGHER ASSET RETURNS ? 12-month cumulative boe from Oxy’s 2023 Delaware secondary horizons >30% more productive than industry average primary and secondary Delaware wells ? Secondary horizons utilizing existing infrastructure improving asset returns OPERATIONAL EXECUTION DRIVES CAPITAL EFFICIENCY ? Expanded design enhancements and efficient execution leading to ~10% unconventional well cost improvements across all U.S. Onshore basins compared to 1H23 ? Facility design and execution improvements lowering per well F&C costs >15% vs. 2023 ? Drilled 3-mile TX Delaware well in less than 13 days, 24% faster than previous record 6 SECOND QUARTER HIGHLIGHTS