OXYOccidental Petroleum

Occidental’s The Company’s level of indebtedness, including indebtedness incurred in connection with the CrownRock Acquisition, could increase its vulnerability may make it more vulnerable to adverse changes in general economic or industry conditions and industry conditions, economic downturns and adverse developments in its businesses or could limit Occidental’s flexibility in planning for or reacting the Company’s ability to changes in its businesses and respond to changing business conditions. Periodically, the industries in which it operates. From time to time, Occidental Company has relied on access to capital markets for funding. Occidental’s ability The Company’s future access to obtain additional financing capital markets and/or availability at favorable terms or refinancing at all will be subject to a number of factors, including general economic and market conditions such as rising interest rates, inflation or unstable or illiquid market conditions, Occidental’s performance, investor sentiment, risks impacting financial institutions and or the credit markets more broadly and Occidental’s and/or the Company’s performance, credit ratings or ability to meet existing debt compliance requirements. Occidental’s ability to access obligations. The Company is regularly evaluated by the major credit rating agencies based on numerous factors, including its financial strength, conditions affecting the oil and capital markets may be restricted at gas industry and commodity price outlooks. Any downgrade or announcement of a time when it would like, potential downgrade of the Company’s credit ratings could increase costs associated with indebtedness or need, impair the Company’s access to those markets, which could constrain its flexibility to react additional indebtedness, financial assurance or other forms of liquidity and such events may occur at unfavorable times due to changing economic and business conditions. If Occidental the Company is unable to generate sufficient funds from its operations or complete planned divestitures on favorable terms terms, or at all all, to satisfy fund its capital requirements, including its existing debt obligations, or to raise additional capital on acceptable terms, Occidental’s businesses, the Company’s financial condition, results of operations, cash flows and/or stock price could be adversely affected. In addition, Occidental is regularly evaluated by the major rating agencies based on a number of factors, including its financial strength and conditions affecting the oil and gas industry generally. Occidental and other industry companies have had their ratings reduced in the past due to negative commodity price outlooks. These major rating agencies are now considering environmental, social and governance (ESG) attributes when assessing credit profiles. While these assessments have limited impact today, they have the potential to pressure credit ratings over time. Any downgrade in Occidental’s credit rating or announcement that its credit rating is under review for possible downgrade could increase the cost associated with any additional indebtedness Occidental incurs or limit or impair Occidental’s access to additional indebtedness, financial assurance, or other forms of liquidity. As of the date of this filing, Occidental’s long-term debt was rated BBB- by Fitch Ratings, Baa3 by Moody’s Investors Service and BB+ by Standard and Poor’s.

Actual outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's the Company’s sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's Occidental’s filings with the SEC. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and definitions, assumptions, data sources and estimates or measurements that are subject to change in the future, including through rulemaking or guidance. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s the Company’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s the Company’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s the Company’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s the Company’s products and services; actions by OPEC and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental's the Company’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events (such as in Latin America); inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's the Company’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental's the Company’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; businesses, including retained liabilities and indemnification obligations associated with the chemical business; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s the Company’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s the Company’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s the Company’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; HSE risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes regimes, and deep-water and onshore drilling and permitting regulations; Occidental's the Company’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's the OxyChem Transaction, the Company’s low-carbon ventures businesses or and announced GHG emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, epidemics and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental's the Company’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s the Company’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s the Company’s operations; changes in state, federal or international tax rates; rates, deductions, incentives or credits; and actions by third parties that are beyond Occidental's the Company’s control.

Occidental, its subsidiaries, or both, have The Company has indemnified various parties against specified liabilities those parties might incur in the future in connection with purchases and other transactions that they have entered into with Occidental or its subsidiaries. the Company. These indemnities usually are contingent upon the other party incurring liabilities that reach specified thresholds. As of December 31, 2024, Occidental is not aware of circumstances that it believes would reasonably be expected to lead to The Company reserves for indemnity claims that would result when a payment for such claims is probable and estimable. As discussed in payments materially Note 4 - Acquisitions, Divestitures and Other Transactions, The Company is providing indemnification to Berkshire Hathaway for retained liabilities in excess of reserves. the OxyChem Transaction.

Certain subsidiaries of Occidental incur environmental liabilities and expenditures that relate to current operations and are expensed or capitalized by such subsidiaries as appropriate. Certain subsidiaries also incur The Company incurs environmental liabilities and expenditures with respect to both current operations and remediation of existing conditions from alleged past practices at Third-Party, Currently Operated, and Closed or Non-operated Sites, which categories may include NPL sites. Those environmental Environmental liabilities and related charges and expenses for estimated remediation costs from alleged past practices and related charges and expenses are recorded when environmental remediation efforts are probable and the costs can be reasonably estimated. Occidental Environmental expenditures related to current operations are expensed or capitalized as appropriate. The Company discloses such remediation liabilities of its subsidiaries on a consolidated basis. In determining the environmental remediation liability and the range of reasonably possible additional losses, Occidental the Company refers to currently available information, including relevant past experience, remedial objectives, available technologies, applicable laws and regulations and cost-sharing arrangements. These environmental remediation liabilities are based on management’s estimate of the most likely cost to be incurred using the most cost-effective technology reasonably expected to achieve the remedial objective. Occidental The Company periodically reviews these environmental remediation liabilities and adjusts them as new information becomes available. Occidental’s subsidiaries The Company generally record records reimbursements or recoveries of environmental remediation costs in income when received, or when receipt of recovery is highly probable.