Occidental Petroleum : ESG Report

CONTRIBUTING TO SOCIETY: OXY SUSTAINABILITY REPORT

CONTENTS

Introduction: A Sustainable Energy Leader	3
Statement From the CEO	4
Performance Highlights and
Progress on Our Commitments	5
About This Report	7
Stakeholder Engagement	8

PRINCIPLES OF GOVERNANCE	Sustainability Strategy	10
	Board of Directors	11
	Corporate Governance	12
	Risk Management and Strategic Planning	13
	Business Ethics and Code of Business Conduct	14
	Public Policy Engagement and Lobbying	15
PLANET	Approach to Environmental Stewardship	18
	Climate Policy Positions	19
	Climate Strategy: Pathway to Net-Zero	20
	Greenhouse Gas Emissions, Methane and Flaring	23
	Energy Utilization and Efficiency	26
	Water Stewardship	28
	Spill Prevention and Waste Management	32
	Biodiversity, Land Use and Remediation	33
PEOPLE	Advancing Human Capital	37
	Diversity, Inclusion and Belonging	38
	Workforce Development and Learning	39
	Health, Safety and Well-Being	41
	Operational Management System	43
	Product Stewardship	46
	Human Rights	47
PROSPERITY	Community and Social Investment	49
	Community Partnerships and Engagement	50
	Industry Engagement and Leadership	53
	Local Supply Chain Management	54
APPENDICES	Oxy 2020 Annual ESG Performance Indicators	56
	Notes Concerning Forward-Looking Statement
	and GHG Emissions Estimates	61
	Independent Assurance Statement re Scope
	1 and 2 GHG Emissions	63
	2020 EEO-1 Report on U.S. Employees	64
	Glossary of Terms	65

INTRODUCTION:

1. SUSTAINABLE ENERGY LEADER

Oxy's integrated business model unifies our talented, diverse workforce with best-in-class assets and industry leadership to advance a low-carbon future. Founded in 1920, Oxy's success is built on technical expertise, business acumen, strong partnerships and our proven ability to deliver lasting results. Oxy is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil producers in the U.S., including leading positions in the Permian and Denver-Julesburg Basins, and offshore in the Gulf of Mexico. Our midstream and marketing segment purchases, markets, gathers, processes, transports, and stores oil, condensate, natural gas liquids, natural gas, carbon dioxide (CO2), and power. Our chemical subsidiary, OxyChem, is a leading manufacturer of chlorine, caustic soda, caustic potash, PVC resins and chlorinated organics - key building blocks to life-enhancing products such as pharmaceuticals, water treatment chemicals, building materials and plastics. Our Oxy Low Carbon Ventures (OLCV) subsidiary is advancing leading- edge technologies, products and services that economically grow our business while reducing greenhouse gas (GHG) emissions.

We conduct our business in a manner that safeguards our employees and contractors, benefits neighboring communities, strengthens regional economies and advances innovative solutions to global environmental challenges. Our employees drive our commitment to serve as an innovative and sustainable leader in the effort to accelerate the successful transition to a low-carbon future.

We take great pride in our constructive engagement with investors, customers, non-profit organizations, host governments and communities throughout our operations. Oxy continually evaluates ways that we can integrate sustainability throughout the company, improve our programs and performance, and transparently share our progress with stakeholders. We invite you to explore the content featured throughout this Sustainability Report and additional information available at Oxy.com.

CONTRIBUTING TO SOCIETY: OXY 2021 SUSTAINABILITY REPORT

3

STATEMENT FROM THE CEO

Sustainability is a guiding principle at Oxy, influencing the way we operate our businesses, empower our employees, engage with our stakeholders and contribute to society.

We believe our service as a leader in promoting the sustainability of the broader world around us is integral to our long-term success. Our Board of Directors, management team and talented workforce share this vision.

We continue to make meaningful progress on our environmental, social and governance (ESG) commitments and efforts to develop products, services and solutions that improve lives, advance an inclusive and equitable low-carbon future, and support the United Nations Sustainable Development Goals (SDGs). Oxy was the first U.S. oil and gas company to endorse the World Economic Forum's Stakeholder Capitalism Metrics, a global ESG framework that promotes transparency with investor and stakeholder engagement.

We were also the first U.S. oil and gas company to establish goals to achieve net-zero GHG emissions for our total carbon inventory in Scope 1, 2 and 3, including in our operations and energy use before 2040 and in the use of our sold products before 2050. Oxy's commitment to the Paris Agreement is evident in our ambitious interim targets to achieve significant GHG emission reductions in our operations by 2024, to lower carbon and methane intensities of our products by 2025, to end routine gas flaring by 2030, and to facilitate the storage and utilization in our value chain of large quantities of carbon dioxide captured from the atmosphere or industrial sources by 2032.

To achieve these goals, our employees are deploying new ideas, practices and technologies to enhance the safety, efficiency and environmental quality of our operations. At the same time, we are leveraging our 50 years of carbon management expertise with innovative partnerships and leading-edge technologies to benefit our company and society. Oxy's pathway to net zero prioritizes sustained investment in our people and communities. Our Diversity, Inclusion and Belonging program guides our recruitment, development and retention of the best talent in a competitive marketplace. We value the communities where we live and work, with active outreach to understand local interests and needs, obtain feedback about our operations, and promote shared prosperity.

"Oxy is committed to contributing to society through ESG leadership that advances a more sustainable and equitable world."

I want to thank the Sustainability and Shareholder Engagement Committee of our Board of Directors, which oversees our sustainability-related policies and active stakeholder dialogue. With their support, our management team engages with shareholders and diverse organizations including the U.N.-sponsored Oil and Gas Methane Partnership 2.0, the Oil and Gas Climate Initiative (OGCI) and the CCS+ Initiative. In accordance with the Energy Transition Principles and Methane Guiding Principles, we have published our Climate Policy Positions and our Climate Advocacy and Engagement on our company website.

Oxy is committed to contributing to society through ESG leadership that advances a more sustainable and equitable world. We will do this with the support of our Board, the creativity and vision of our employees and with guidance from you, our stakeholders. We look forward to working together.

Vicki Hollub

President and CEO

CONTRIBUTING TO SOCIETY: OXY 2021 SUSTAINABILITY REPORT

4

PERFORMANCE HIGHLIGHTS AND PROGRESS ON

OUR COMMITMENTS

We believe our core differentiators-anindustry-leading portfolio, track record of operational excellence, and strategy to achieve net-zero GHG emissions-enable us to deliver long-term enterprise value and demonstrate our commitment to environmental stewardship. Safety is integral to our company's culture and we had our best ever safety performance in 2020. Our safety record is exemplary in the oil and gas and chemical industries and in comparison even to office-based occupations.

We were pleased to be ranked among Fortune's Most Admired Companies in the Mining, Crude-Oil Production category in 2021. Oxy has made the list every reported year since 2008, and has achieved the number 1 ranking 11 times.

In November 2021, Oxy was recognized by the Transition Pathway Initiative (TPI) as one of only three global oil and gas firms to have set emissions reduction targets which are ambitious enough to reach net-zero by 2050 and to align with TPI's 1.5°C benchmark.

In December 2021, Oxy became the first U.S. upstream oil and gas company to incorporate an ESG performance metric into its credit facilities, including its $4 billion revolving credit facility and $400 million receivables securitization facility. Oxy worked closely with the Sustainability Structuring Agents and other members of our bank group to develop an appropriate metric that aligns with the shared net-zero goals of Oxy and our lenders.

OxyChem is a four-time winner of the American Chemistry Council's (ACC's) top safety performance award in recognition of OxyChem's outstanding achievements in environmental, health, safety and security performance.

OxyChem is helping address the global clean water crisis. Through our partnership with Water Mission, approximately 1 million people in vulnerable developing countries have gained access to safe drinking water, made hygienic with OxyChem's ACL® products. This industry-leading sustainability partnership was honored in 2020 with the prestigious Sustainability Leadership Award from the ACC.

OxyChem is proud to be a founding member of the Alliance to End Plastic Waste, which seeks to eliminate plastic waste in the environment and to develop and promote solutions for used plastics by helping to enable a circular economy. This global effort consists of companies in the plastics value chain, including chemical and plastic manufacturers, consumer goods companies, retailers, and waste management companies.

To further our sustainability vision, OxyChem joined Operation Clean Sweep Blue, a product stewardship program designed to manage plastic resins so that they do not enter the environment, including waterways.

CONTRIBUTING TO SOCIETY: OXY 2021 SUSTAINABILITY REPORT

5