OXY

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PRESS RELEASE

Occidental Announces 2nd Quarter 2026 Results

•Increased quarterly dividend by an additional 8% this year to $0.28 per share, payable October 15, 2026, to stockholders of record as of September 10, 2026

•Reduced principal debt by $1.9 billion to $11.8 billion, advancing toward the $10.0 billion milestone

•Generated $5.1 billion of operating cash flow from continuing operations and $4.6 billion of operating cash flow before working capital

•Delivered $3.0 billion of free cash flow before working capital from continuing operations, the highest level since the third quarter of 2022, with capital expenditures of $1.6 billion

•Produced 1,433 Mboed globally, exceeding the high end of guidance

•Midstream and marketing pre-tax adjusted income exceeded the high end of guidance

•Reported EPS of $2.75; adjusted EPS from continuing operations of $2.40

HOUSTON — August 5, 2026 — Occidental (NYSE: OXY) today announced results for the second quarter of 2026, including net income attributable to common stockholders of $2.8 billion, or earnings per diluted share (EPS) of $2.75, and adjusted income attributable to common stockholders of $2.4 billion, or adjusted EPS from continuing operations of $2.40.

"Our second quarter results demonstrate the strength of Oxy's resources and the competitive advantages that position us for continued value creation,” said Richard Jackson, President and Chief Executive Officer. “We are unlocking more from our assets through our industry-leading advanced recovery capabilities and differentiated value-based development approach. At the same time, we remain focused on executing from a strong balance sheet, organically improving our resources and continuing to deliver cost efficiencies. Through consistent execution on these priorities, we expect to generate significant free cash flow growth by 2030 and sustainable long-term value for our shareholders."

QUARTERLY RESULTS

Oil and Gas

Pre-tax income from oil and gas totaled $2.8 billion for the second quarter of 2026, compared to $1.0 billion for the first quarter of 2026. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower domestic natural gas prices. Second quarter average WTI and Brent marker prices were $92.79 per barrel and $97.06 per barrel, respectively. Average worldwide realized crude oil prices increased 38% from the previous quarter to $96.78 per barrel. Average worldwide realized natural gas liquids prices increased 30% to $24.64 per barrel. Average domestic realized gas prices were negative $1.48 per thousand cubic feet (Mcf).

Total global production averaged 1,433 thousand barrels of oil equivalent per day (Mboed) for the second quarter of 2026, exceeding the high end of guidance, with the Permian and Gulf of America business units outperforming.

Midstream and Marketing

Midstream and marketing reported pre-tax income of $1.3 billion for the second quarter of 2026, compared to a pre-tax loss of $87 million in the previous quarter. Excluding items affecting comparability, midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvement was driven by higher crude margins related to the timing of crude sales and higher gas margins from transportation capacity optimizations. WES equity method investment income for the second quarter was $149 million.

Supplemental Non-GAAP Measures

This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted general and administrative (G&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income - continuing operations and a reconciliation to net income (loss), along with operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted G&A, other operating and non-operating expenses and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental's definition of adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted G&A

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Exhibit 99.1

Second Quarter 2026 Earnings Considerations

Occidental Petroleum Corporation ("Occidental") is providing the following summary of earnings considerations that management believes will impact results for the second quarter of 2026. The summary is intended only to provide information regarding current estimates of these factors. It is not comprehensive of all results for and changes that have occurred in the second quarter of 2026 and is not an estimate of the second quarter of 2026 earnings for Occidental. Further, this summary may not account for all adjustments and charges required to fully reflect changes in industry conditions, is preliminary and is subject to finalization of Occidental's financial reporting process for the second quarter of 2026.

Average Diluted Shares Outstanding

Average diluted shares outstanding for the second quarter of 2026 were 1,012.2 million shares.

Cash Flow related to Crude Oil Collars

Crude oil collar settlements for the second quarter of 2026 negatively impacted operating cash flow before working capital by $156 million.

Realizations

The following table presents information about Occidental's average realized prices and index prices:

Three months ended June 30, 2026

Average Realized Prices

Oil ($/Bbl)

United States$96.93

International$95.83

Total Worldwide$96.78

NGL ($/Bbl)

United States$23.79

International$33.49

Total Worldwide$24.64

Natural Gas ($/Mcf)

United States$(1.48)

International$1.95

Total Worldwide$(0.80)

Average Index Prices

WTI oil ($/Bbl)$92.79

Brent oil ($/Bbl)$97.06

NYMEX gas ($/Mcf)$2.89

Average Realized Prices as Percentage of Average Index Prices

Worldwide oil as a percentage of average WTI104 %

Worldwide oil as a percentage of average Brent100 %

Worldwide NGL as a percentage of average WTI27 %

Domestic natural gas as a percentage of average NYMEX(51)%

Forward-Looking Statements

The Second Quarter 2026 Earnings Considerations ("Earnings Considerations") contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental's expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as "estimate," "will," "may," "intend," "believe," "subject to," "expect," "could," "project" or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the Earnings Considerations unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Actual outcomes or results, including the impact of the Earnings Considerations, may differ from anticipated results or estimates, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental's indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental's ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental's credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental's products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and event

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PRESS RELEASE

Occidental Announces 1st Quarter 2026 Results

•Advanced debt reduction priorities, repaying $7.1 billion of principal debt through May 5 and reducing principal debt to $13.3 billion, and progressing towards $10.0 billion milestone

•Strong operational performance from continuing operations drove $1.4 billion of operating cash flow and $3.2 billion of operating cash flow before working capital

•Capital expenditures of $1.6 billion, noncontrolling interest contributions of $50 million, and free cash flow before working capital from continuing operations of $1.7 billion

•Total company production of 1,426 Mboed exceeded the high end of guidance

•Midstream and marketing pre-tax adjusted income exceeded the high end of guidance

•Reported EPS of $3.13; adjusted EPS from continuing operations of $1.06

HOUSTON — May 5, 2026 — Occidental (NYSE: OXY) today announced results for the first quarter of 2026, including net income attributable to common stockholders of $3.2 billion, or earnings per diluted share (EPS) of $3.13, and adjusted income from continuing operations attributable to common stockholders of $1.1 billion, or adjusted EPS from continuing operations of $1.06. The difference between net income attributable to common stockholders and adjusted income attributable to common stockholders is mainly comprised of the gain on the sale of OxyChem within discontinued operations, partially offset by the impact of derivatives losses and early debt redemption premiums.

“Our first quarter results reflect our strong operational performance and the outstanding work of our teams executing across our portfolio. Even with the challenges in the Middle East, everyone - from our staff to our partners and host governments - has remained committed to safety, asset reliability and disciplined execution,” said President and Chief Executive Officer Vicki Hollub. “Over the past decade, we have made deliberate, strategic decisions that have transformed Occidental’s portfolio into the most resilient, competitive, and high-quality portfolio in our history. That foundation supported our first quarter performance. We further advanced our deleveraging program, reduced costs, improved efficiency, and delivered better outcomes with fewer resources. These results demonstrate Occidental’s ability to generate value, strengthen our balance sheet, and maintain leadership through market cycles.”

First quarter operating cash flow from continuing operations of $1.4 billion included a use of working capital of $1.8 billion, which was mainly driven by higher receivables resulting from the sharp increase in commodity prices in March, together with typical seasonal first quarter cash requirements for employee benefits, interest payments and property taxes.

QUARTERLY RESULTS

Oil and Gas

Pre-tax income from oil and gas for the first quarter of 2026 totaled $1.0 billion, compared to $0.7 billion for the fourth quarter of 2025. Excluding items affecting comparability, the increase was primarily driven by higher realized crude oil prices, partially offset by lower crude oil volumes. First quarter average WTI and Brent marker prices were $71.93 per barrel and $77.93 per barrel, respectively. Average worldwide realized crude oil prices increased by 18% from the previous quarter

to $69.91 per barrel, while average worldwide realized natural gas liquids prices increased by 14% to $18.99 per barrel. Average domestic realized gas prices fell by 10% to $1.01 per thousand cubic feet (Mcf).

Total global production for the first quarter of 2026 averaged 1,426 thousand barrels of oil equivalent per day (Mboed). This surpassed the high end of guidance led by contributions from the Permian, Rockies and Gulf of America business units.

Midstream and Marketing

Midstream and marketing reported a pre-tax loss of $87 million for the first quarter of 2026, compared to pre-tax income of $204 million in the previous quarter. Excluding items affecting comparability, the midstream and marketing results exceeded the high end of guidance. Quarter-over-quarter improvements were attributed to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn. WES equity method investment income for the first quarter was $138 million.

Supplemental Non-GAAP Measures

This press release refers to adjusted income - continuing operations, operating cash flow before working capital - continuing operations, capital expenditures, net of noncontrolling interest - continuing operations, free cash flow before working capital - continuing operations and adjusted selling, general and administrative (SG&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measur