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Focus Discipline Performance B:16.9375 in T:16.6875 in Focus Discipline Performance Occidental Petroleum Corporation 2018 Annual Report OCCIDENTAL PETROLEUM CORPORATION | PETROLEUM CORPORATION OCCIDENTAL T:10.75 in T:10.75 B:11 in 2018 ANNUAL REPORT 5 Greenway Plaza, Suite 110 Houston, Texas 77046-0521 (713) 215-7000 19030007_1_OXY_AR_2018_Cover_Flat_r26.indd 1 3/14/19 10:54 AM 8.25 in 8.25 in 0.1875 in B:16.9375 in T:16.6875 in Partner of Choice® Additional Information At Occidental, what we do is important — and how we do it is even more so. Our mission is to develop energy — safely, responsibly and profitably — to maximize shareholder value and remain a partner of choice for our stakeholders. Occidental Petroleum Corporation (NYSE: OXY) is an international oil and gas exploration and production company with operations Auditors Annual Certifications in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental’s midstream and marketing segment purchases, markets, gathers, KPMG LLP Occidental has filed the certifications of the chief processes, transports and stores hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls. Houston, Texas executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act of 2002 Occidental is committed to conducting its business in a manner that safeguards the environment, protects the safety and health of employees and neighboring communities, and upholds high standards of social responsibility throughout its worldwide operations. as Exhibits 31.1 and 31.2 to its 2018 Annual Report Transfer Agent and Registrar on Form 10-K filed with the Securities and Exchange Commission. In addition, in 2018, Occidental EQ Shareowner Services Selected Financial Data submitted to the NYSE a certificate of the chief P.O. Box 64874 executive officer stating that she is not aware of (in millions, except per-share amounts) St. Paul, MN 55164-0874 As of and for the years ended December 31, 2018 2017 2016 2015 2014 any violation by the company of the NYSE corporate Toll free – (877) OXY-8166 RESULTS OF OPERATIONS(a) governance listing standards. International callers – (651) 450-4064 Net sales $ 17,824 $ 12,508 $ 10,090 $ 12,480 $ 19,312 www.shareowneronline.com Income (loss) from continuing operations $ 4,131 $ 1,311 $ (1,002 ) $ (8,146) $ (130 ) Net income (loss) attributable to common stock $ 4,131 $ 1,311 $ (574 ) $ (7,829) $ 616 Current News and General Information in T:10.75 Basic earnings (loss) per common share from continuing operations $ 5.40 $ 1.71 $ (1.31 ) $ (10.64) $ (0.18 ) B:11 in Basic earnings (loss) per common share $ 5.40 $ 1.71 $ (0.75) $ (10.23) $ 0.79 Diluted earnings (loss) per common share $ 5.39 $ 1.70 $ (0.75) $ (10.23) $ 0.79 Stock Exchange Listing Information about Occidental, including news releases FINANCIAL POSITION(a) and investor packages, is available at www.oxy.com. Occidental’s common stock is listed on the New York Total assets $ 43,854 $ 42,026 $43,109 $43,409 $ 56,237 Follow us: Long-term debt, net $ 10,201 $ 9,328 $ 9,819 $ 6,855 $ 6,816 Stock Exchange (NYSE). The symbol is OXY. Stockholders’ equity $ 21,330 $ 20,572 $21,497 $24,350 $ 34,959 MARKET CAPITALIZATION(b) $ 45,998 $ 56,357 $54,437 $51,632 $ 62,119 CASH FLOW FROM CONTINUING OPERATIONS Dividend Reinvestment Plan Operating: Cash flow from continuing operations $ 7,669 $ 4,861 $ 2,520 $ 3,251 $ 8,879 Investing: Occidental stockholders owning at least 25 shares Capital expenditures $ (4,975 ) $ (3,599 ) $ (2,717 ) $ (5,272 ) $ (8,930 ) of common or preferred stock registered in their This Annual Report is printed on Forest Stewardship Cash provided (used) by all other investing activities, net $ 1,769 $ 520 $ (2,026) $ (148 ) $ 2,678 ® Financing: name are eligible to purchase additional shares of Council -certified paper that contains wood from Cash dividends paid $ (2,374 ) $ (2,346 ) $ (2,309 ) $ (2,264 ) $ (2,210 ) common stock under the Dividend Reinvestment well-managed forests, controlled sources and Purchases of treasury stock $ (1,248 ) $ (25) $ (22 ) $ (593 ) $ (2,500 ) Cash provided by all other financing activities, net $ 520 $ 28 $ 1,529 $ 1,515 $ 6,403 Plan by investing dividends on the greater of recycled wood or fiber. DIVIDENDS PER COMMON SHARE $ 3.10 $ 3.06 $ 3.02 $ 2.97 $ 2.88 25 shares or 10 percent of their share balance of WEIGHTED AVERAGE BASIC SHARES common or preferred stock and making optional OUTSTANDING (MILLIONS) 762 765 764 766 781 cash investments of up to $10,000 per month. Note: The statements of income and cash flows related to California Resources have been treated as discontinued operations for all periods presented. The assets and liabilities of California Resources Information may be obtained from: EQ Shareowner were removed from Occidental’s consolidated balance sheet as of November 30, 2014. (a) See the MD&A section of this report and the Notes to Consolidated Financial Statements for information regarding acquisitions and dispositions, discontinued operations Services at www.shareowneronline.com. and other items affecting comparability. (b) Market capitalization is calculated by multiplying the year-end total shares of common stock outstanding, net of shares held as treasury stock, by the year-end closing stock price. ON THE COVER: Occidental’s Safah Field operations in Oman 19030007_1_OXY_AR_2018_Cover_Flat_r26.indd 2 3/14/19 10:54 AM 8.25 in 8.25 in 0.1875 in INSIDE FRONT COVER SPINE INSIDE BACK COVER United States 57% of worldwide production 372,000 BOEPD of production 1.711 billion BOE of proved reserves Occidental’s Permian Basin operations in Texas International 43% of worldwide production 286,000 BOEPD of production 1.041 billion BOE of proved reserves Occidental’s Safah Field operations in Oman 19030007_1_OXY_AR_2018_Interior_r25.indd 1 3/14/19 10:57 AM Focus. Discipline. Performance. Looking back on 2018, I’m pleased with the significant oil-and-gas basins in the world. Our unique portfolio of progress we made in strengthening Occidental’s long-term unconventional and conventional acreage differentiates us financial and business outlook. We completed our strategic from competitors. Our Permian Resources business adds cash flow breakeven plan six months ahead of schedule and unconventional, short-cycle production at high rates, while now have the ability to cover the dividend and production- our Permian Enhanced Oil Recovery (EOR) business provides sustaining capital at a $40 West Texas Intermediate (WTI) reliable production and steady cash flow. Our midstream price per barrel of oil, and add meaningful production growth and marketing segment is complementary to and supports at $50 WTI. This achievement reflects the strength of our upstream operations, providing an integrated business from integrated business model, combined with our team’s focus point of production to point of sale. on financial discipline and operational excellence. Permian Resources delivered 40 percent of the top 50 wells Outstanding performance across our businesses fueled in the basin, based on 24-hour initial production rates, the record free cash flow, and the return of more than most of any operator, despite drilling less than 5 percent $3.6 billion to shareholders through share repurchases of total wells. As the largest user of carbon dioxide (CO2) and our sector-leading dividend. We delivered a for EOR in the basin, Permian EOR continued to maximize 14 percent return on capital employed and a 27 percent recovery and deliver significant free cash flow. Permian cash cash return on capital employed1— among the best operating costs were the lowest level this decade, supported in our peer group. Our solid balance sheet once again by our long-term investments. One example is Aventine, our received A ratings from the major credit rating agencies. integrated logistics-and-maintenance hub in New Mexico, which began operations in 2018. These are significant accomplishments, but we must do more to maximize shareholder return. We remain laser-focused on Our international assets continue to be a significant driver financial discipline and industry-leading performance, striving of free cash flow and long-term, low-decline growth to ensure every dollar we spend delivers the most value. opportunities. Our core operations are in Oman, the United Arab Emirates (UAE) and Colombia — countries where we We are committed to disciplined capital allocation and have decades of experience, valuable partnerships and best- have set the 2019 budget at $4.5 billion, 10 percent in-class regional geological knowledge. The Government less than the previous year, with additional value-based of Oman granted Occidental three new exploration blocks production growth. Our goal is to invest in projects that adjacent to our current operations and infrastructure, more create long-term value, targeting returns well above than doubling our land position to 6 million gross acres. the cost of capital employed. We continue to focus on In Colombia, we sanctioned a new steamflood project in delivering industry-leading returns across our integrated the Teca-Cocorná Field and acquired six new prospective businesses and returning capital to shareholders through blocks near areas where we have operational experience, our dividend and share repurchases. increasing our gross acreage to approximately 2 million. In the UAE, we improved the capacity at Al Hosn Gas, our joint In 2018, the Board of Directors increased the dividend venture with Abu Dhabi National Oil Company (ADNOC), by for the 16th consecutive year, returning $2.4 billion to 11 percent with a minimal investment. In January 2019, we our shareholders. This February, the Board affirmed an were awarded a 35-year concession by ADNOC to explore annualized dividend rate of $3.12 per share, and we and develop Block 3, which covers 1.5 million gross acres expect to continue funding the dividend from cash flow and is adjacent to Al Hosn Gas.
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