OCCIDENTAL PETROLEUM CORP /DE/

This section highlights certain important information presented in this proxy statement and is intended to assist you in

evaluating the matters to be voted on at the meeting. We encourage you to read the proxy statement in its entirety

before you cast your vote. For more information regarding Occidental’s 2025 performance, please review Occidental’s

Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the Annual Report).

Agenda Items and Voting Recommendations

Election of DirectorsThe Corporate Governance and Nominating Committee recommended to the Board, and the Board approved, the nomination of the 10 persons whose biographies appear on pages 14-18 to serve for a one-year term ending at the 2027 Annual Meeting of Shareholders (2027 Annual Meeting), but in any event, until his or her successor is elected and qualified, unless ended earlier due to his or her death, resignation, disqualification or removal from office.

Advisory Vote to Approve Named Executive Officer CompensationThe executive compensation program for the named executive officers (NEOs) includes many best-practice features that are intended to enhance the alignment of compensation with the interests of Occidental’s shareholders. The executive compensation program is described in the Compensation Discussion and Analysis (CD&A) section beginning on page 35 of this proxy statement.

Ratification of Selection of KPMG as Occidental’s Independent AuditorThe Audit Committee has selected KPMG LLP as Occidental’s independent auditor to audit the consolidated financial statements of Occidental and its consolidated subsidiaries for the year ending December 31, 2026. As a matter of good corporate governance, the Board submits the selection of the independent auditor to our shareholders for ratification.

Director Nominees and Composition Highlights

Our Board’s director nominees bring varying perspectives to the boardroom by virtue of their diverse backgrounds and experiences,

qualifications, skills and tenures on the Board. To better convey the well-roundedness of our Board’s director nominees, we have included

a skills matrix on page 19 that identifies the core competencies of each of our Board’s director nominees that contributed to his or her

nomination to the Board.

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INDEPENDENCE

TENURE

10 years

0-5 years

9 of 10

Nominees are

Independent

Average

8.9 years

6-10 years

Corporate Governance Highlights

(1)For more information, see “Corporate Governance—Director Selection and Recruitment—Proxy Access for Shareholder-Nominated Director Candidates”

on page 24.

Executive Compensation Program Summary

The Compensation Committee strives to maintain a competitive compensation program that will attract, retain and motivate outstanding

executives by providing incentives to reward them for superior performance that supports Occidental’s long-term strategic objectives,

across the commodity price cycle.

The primary elements of our executive compensation program consist of base salary, an annual cash incentive (ACI) award and long-term

incentive (LTI) awards. Our CEO’s compensation is heavily weighted toward long-term incentive awards, of which 60% were conditioned

on Occidental’s three-year relative total shareholder return (TSR) and absolute cash return on capital employed (CROCE) performance.

Allocation of Direct Compensation Elements

A substantial majority of named executive officer (NEO) compensation is dependent on performance.90% of Ms. Hollub’s (and an average

of 84% of the other NEOs’) target direct compensation opportunity is variable, or at risk. The ultimate value of at-risk compensation is

primarily dependent on company performance outcomes and Occidental’s stock price performance.

CEO TARGET DIRECT COMPENSATION MIX(1)

Base

Salary

ACI

Award

RSU

Award

TSR

Award

CROCE

Award

Fixed

Variable / At Risk

Cash

Stock Awards

(1)Target direct compensation is composed of base salary, target ACI award opportunity, and the target value of LTI awards.

Performance-Driven ACI Award Program

10% Sustainability

►Maintained sustainability metrics to promote near-term execution of Occidental’s sustainability strategy►Restructured this component to focus on emissions reduction efforts; aligned Low Carbon Ventures efforts (5%) with our Strategic / Innovation goals

70% Financial

►Maintained substantial weighting in support of strong near-term financial performance ►Replaced CROCE metric with free cash flow before working capital for the 2025 ACI award in response to shareholder and other stakeholder feedback regarding the recent use of CROCE as a metric for both the ACI and LTI awards

ACI Award

Program

Highlights

20% Strategic / Innovation

►Added strategy and innovation metrics to emphasize annual strategic and technological goals important to Occidental without reducing the weighting of the financial metrics ►Comprised of performance metrics to improve unconventional reservoir recovery and project inventory, support the development/deployment of AI applications and advance Occidental’s carbon management platform

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Highlights of Executive Compensation Program

Policies and Practices

The 2025 executive compensation program for the NEOs includes many best-practice features that are intended to enhance thealignment

of compensation with the interests of Occidental’s shareholders.

WHAT WE DO✓Pay for Performance.✓Listen to Shareholder Feedback.✓Clawback in the Event of Misconduct.✓Emphasize Stock Ownership With Ownership Guidelines and Holding Requirements.✓Monitor Compensation Program for Risk.✓Use Double-Trigger Equity Vesting for Equity Awards.✓Use Relative and Absolute Performance Measures for Equity Awards.

WHAT WE DON’T DO✗No Dividend Equivalents on Unvested Performance Awards.✗No Hedging or Derivative Transactions of Company Equity Securities.✗No Golden Parachute Payments.✗No Repricing of Stock Options.

Say-on-Pay Vote

At the 2021, 2022, 2023, 2024 and 2025 annual meetings, Occidental’s Say-on-Pay (SOP) vote received support from greater than 94% of the total votes cast—with support at approximately 97% for four of those five meetings. The Compensation Committee views these results as a strong endorsement by shareholders of the current structure of the company’s executive compensation program. Through shareholder engagement, shareholders and other stakeholders have continued to express support for having a significant portion of CEO and other NEO compensation be variable, or at risk, and for enhancements to our proxy statement disclosure on compensation-related matters. Such feedback prompted disclosure of the threshold and maximum targets for the 2025 ACI award financial metrics.Given the strong level of support shown, the Compensation Committee did not make any changes to the 2025 compensation program in specific response to the SOP vote. The Compensation Committee values shareholder feedback and, equipped with such feedback, will strive to continue to enhance alignment of executive compensation with the interests of Occidental’s shareholders.

>94%

Shareholder Support for SOPOver Past 5 Years

Shareholder Engagement

Occidental is committed to regular and transparent communication and engagement with its shareholders and other stakeholders.

Meaningful Dialogue with Shareholders. Occidental uses engagement with shareholders, as well as other stakeholders, to have

meaningful dialogue on governance, sustainability and other matters. During our recent series of off-season engagements in the fall/winter,

we discussed a range of governance-related items, including Board oversight of risk and strategy.

We also continued to discuss climate and sustainability matters, including updates on STRATOS, our direct air capture facility in the

Permian Basin, as well as our sustainability practices and reporting. These conversations give us a better understanding of shareholder

and stakeholder interests and have helped inform our sustainability strategy and enhance climate-related disclosures.

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