OCCIDENTAL PETROLEUM CORP /DE/

CONSOLIDATED RESULTS OF OPERATIONS AND ITEMS AFFECTING COMPARABILITY

The following table sets forth earnings of each operating segment and corporate items:

(a)Refer to the Items Affecting Comparability table which sets forth items affecting the Company's earnings that vary widely and unpredictably in nature, timing and amount.

ITEMS AFFECTING COMPARABILITY

The following table sets forth items affecting the comparability of the Company's earnings that vary widely and unpredictably in nature, timing and amount:

(a)Includes amounts from income from equity investments and other in the Consolidated Condensed Statements of Operations.

Excluding the impact of items affecting comparability, net income for the three months ended March 31, 2026, compared to the three months ended December 31, 2025, increased due to higher realized crude oil prices in the oil and gas segment and higher crude margins due to the timing impact of crude sales and higher gas margins from transportation capacity optimizations in the midstream and marketing segment, partially offset by lower domestic crude oil sales volumes in the oil and gas segment.

Excluding the impact of items affecting comparability, net income for the three months ended March 31, 2026, compared to the same period in 2025, reflected higher gas margins from transportation capacity optimization in the Permian, higher margins related to the timing impact of crude sales, lower long-haul crude transportation costs, and higher sulfur prices at Al Hosn in the midstream and marketing segment as well as lower interest expense due to the early redemption of long-term debt, partially offset by lower realized prices across all commodities in the oil and gas segment.

SELECTED STATEMENTS OF OPERATIONS ITEMS

Net sales of $5.2 billion increased for the three months ended March 31, 2026, compared to $5.1 billion for the three months ended December 31, 2025, primarily due to higher oil prices, partially offset by lower sales volumes in the oil and gas segment.

Gains (losses) on sales of assets and other, net were a loss of $202 million and a gain of $253 million for the three months ended March 31, 2026 and December 31, 2025, respectively. The loss on sale of assets and other net for the three months ended March 31, 2026 reflected a $186 million loss on the divestiture of non-core proved and unproved royalty and mineral interests and certain gas processing plants in the Permian Basin. The gain on sale of assets and other, net for the three months ended December 31, 2025 included a gain of $301 million from an ownership reduction in WES following an acquisition made by WES.

Interest and debt expense, net increased to $432 million for the three months ended March 31, 2026, compared to $232 million for the three months ended December 31, 2025, primarily due to premiums paid on early debt extinguishment.

Income from equity investments and other increased to $136 million for the three months ended March 31, 2026, compared to a loss of $179 million for the three months ended December 31, 2025, primarily due to the $401 million impairment loss on the investment in NET Power recorded during the three months ended December 31, 2025.

Income from discontinued operations, net of taxes increased to $3.1 billion for the three months ended March 31, 2026, compared to a loss of $119 million for the three months ended December 31, 2025, primarily due to the gain on the OxyChem Transaction, which closed on January 2, 2026.

Net sales of $5.2 billion decreased for the three months ended March 31, 2026, compared to $5.7 billion for the same period in 2025, primarily due to lower realized prices across all commodities and derivative losses on the crude oil collars in the oil and gas segment.

Income from discontinued operations, net of taxes of $3.1 billion increased for the three months ended March 31, 2026, compared to $115 million for the same period in 2025, primarily due to the gain on the OxyChem Transaction.