OCCIDENTAL PETROLEUM CORP /DE/

ENVIRONMENTAL EXPENDITURES

Environmental expenditures relate to the prevention, monitoring, control, treatment or abatement of waste, spills, emissions or releases to air, water or land from the Company’s operations. These activities are generally integrated with ongoing operations or development projects and therefore are estimated using definitions and guidelines established by the American Petroleum Institute. The Company estimated the environmental expenditures to be approximately $874 million in 2025 compared to $663 million in 2024. Included in these expenditures were $402 million and $222 million in 2025 and 2024, respectively, related to longer-lived improvements in properties currently operated by the Company. They also included $472 million of operating expenses in 2025 and $441 million in 2024, which are incurred on a continual basis. While the Company does not expect these costs to fluctuate significantly in the near term, changes in environmental regulations may increase these costs. The environmental expenditures do not include litigation-related costs, including fines, penalties or settlements, the Company’s investments in low-carbon ventures, costs incurred to satisfy asset retirement obligations, or remediation expenses.

The Company’s remediation expenses related to ongoing operations, which are not included in the expenditures above, were $18 million in 2025 and $20 million in 2024. For discontinued operations, these costs were $64 million in 2025 and $56 million in 2024.

For additional information on the Company’s Environmental Liabilities and Expenditures, see the information in Note 11 - Environmental Liabilities and Expenditures in the Notes to Consolidated Financial Statements in Part II Item 8 of this Form 10-K.