Occidental Petroleum Corp.

Strong Q2 execution + cash flow delivered - Production 1.43 MM BOE/day, exceeding the midpoint of guidance by 23k BOE/day. - Adjusted EPS $2.40; reported EPS $2.75 (difference driven by marketing/crude hedges mark-to-market and equity investment dilution gains). - Generated ~$3B free cash flow in the quarter (highest since Q3 2022), driven by strong ops, cost discipline, and higher commodity prices. - Ended quarter with ~$4.2B unrestricted cash (financial flexibility).

Dividend increased; clear capital allocation priorities - Quarterly dividend raised 8% to $0.28/share, supported by balance sheet progress and cash flow durability. - Capital priorities emphasized as: (1) sustainable dividend + (2) deleveraging, with share repurchases opportunistic. - Communication from management: continuous/large buybacks are lower priority until the preferred equity redemption in Aug 2029.

Key forecast: ~$4B annual sustainable cash flow improvement by 2030 - Plan targets +$4B annual sustainable cash flow by 2030 vs 2025 (~95% annualized growth). - Management claims no required production growth for baseline delivery; ~85% of the improvement expected even at lower oil prices (durability via structural changes, not just commodity tailwinds). - Expected attribution/milestones: - > $1.2B of free cash flow improvement in 2026 (vs 2025), with ongoing execution already “in flight”. - ~$900M lower sustaining capital by 2030 via capital efficiency + reduced decline rate (decline rate target ~25% → ~20% by 2030). - Corporate savings from deleveraging: interest run-rate improvements and expected principal debt milestone (principal debt to $10B, with interest expense guidance roughly $740M lower vs 2025 once fully realized). - Low Carbon Ventures (LCV) capital roll-off: ~$400M fully rolls off starting next year as Stratos moves from development to operations.