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Occidental Petroleum Corporation
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Q4 2024 Earnings Conference Call Presentation
| Vicki Hollub | Page 5 of 11 |
December 20, 2025
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"Q4 2024 Earnings Conference Call Presentation"
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U.S. ONSHORE OIL & GAS UPDATE OXY EXTENDING U.S. ONSHORE WELL PERFORMANCE LEADERSHIP ? In Delaware Basin, 2024 wells delivered average 6-month cumulative oil production of ~178 Mbo – ~39% higher than industry average ? In DJ Basin, 2024 wells delivered average 6-month cumulative oil equivalent production of ~130 Mboe – ~37% higher than industry average ? In Powder River Basin, 2024 wells delivered average 6-month cumulative oil production of ~110 Mbo – ~24% higher than industry average CROWNROCK TEAMS CONTINUING CULTURE OF RELENTLESS OPTIMIZATION ? Steady 5-rig program enabled >8% reduction in drilling days per well and ~8% reduction in well costs versus 2023 ? Improvements in frac mobilization logistics and pumping hours per day led to reduction in completions cost per foot of 18% from 2023 ? Maintained ~97% operability on base production OPERATIONAL EXECUTION DRIVES COST EFFICIENCY ? Reduced well costs ~12% across all unconventional basins compared to 2023 ? Permian Unconventional drilling cycle times ~11% faster than 2023 5 2024 ACHIEVEMENTS NOTE: THIRD-PARTY PRODUCTION DATA SOURCED FROM ENVERUS PRISM AS OF 1/31/25. INDUSTRY AVERAGES INCLUDE