On this page of StockholderLetter.com we present the latest annual shareholder letter from OCCIDENTAL PETROLEUM CORP /DE/ — ticker symbol OXY. Reading current and past OXY letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT
2025 AND YEAR-TO-DATE ACHIEVEMENTS FINANCIAL Generated $4.3 B of free cash flow before working capital1 Completed the OxyChem divestiture Reduced principal debt to ~$13.8 B2 Increased quarterly dividend by >18%3 OPERATIONAL Achieved record annual production of 1.43 million BOEPD4 Reduced capital and operating costs by $575 MM5 Expanded Oxy s resource base by 2.5 B to ~16.5 B barrels of oil equivalent HEALTH, SAFETY, ENVIRONMENTAL AND SUSTAINABILITY Achieved best employee safety performance ever with 0.07 TRIR6 Sustained zero routine flaring in U.S. oil and gas operations Implemented emissions reduction projects involving hundreds of facilities and wells and thousands of pieces of equipment across Oxy s oil and gas operations ABOUT US Oxy is an international energy company that produces, markets and transports oil and natural gas to maximize value and provide resources fundamental to life. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Oxy primarily operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com. 1 For a reconciliation to the most comparable GAAP financial measure of operating cash flow, see the final page of this report. 2 As of 3/19/2026. 3 Since 1/1/2025; with a >44% increase since Oxy announced it was acquiring CrownRock, L.P. 4 Barrels of oil equivalent per day. 5 Compared to original fiscal year 2025 guide. 6 otal Recordable Injury Rate (TRIR) per 200,000 employee work hours for the year ended December 31, 2025; excludes OxyChem safety T performance, which would have resulted in a TRIR of 0.14 (also a company record).
LETTER FROM THE CEO 2025 was a transformational year for Oxy. Through disciplined execution, operational excellence, strategically reshaping our portfolio and strengthening our balance sheet we have worked to build a stronger, more resilient company that is positioned to perform across evolving industry dynamics and deliver increased value to shareholders. Operational performance was a clear differentiator throughout the year. We delivered record annual production of 1.43 million barrels of oil equivalent (BOE) per day, exceeding the high end of our guidance while spending $300 million less in oil and gas capital and reducing operating expenses by $275 million, achieving our lowest lease operating expense per BOE since 2021. Importantly, our employees achieved these outcomes while establishing a new safety performance record, a testament to our culture of delivering results while striving to work safely and responsibly. Underpinned by high-quality resources, we believe our portfolio has never been stronger. Through a series of strategic asset acquisitions and divestitures that we began in 2015, which culminated with the sale of OxyChem earlier this year, we have built a differentiated asset base anchored by world-class U.S. unconventional resources, complemented by high-margin, lower decline domestic conventional, Gulf of America and international assets, and enhanced by decades of leadership in advanced recovery. This combination helps provide both flexibility and resilience across commodity cycles and positions Oxy to generate sustainable free cash flow across a range of pricing environments. Our portfolio offers more than 30 years of low-cost development runway with a total resource base of approximately 16.5 billion BOE compared to 8.1 billion BOE in 2015. Eighty three percent of our current production and almost 88% of our total resource base is in the United States significantly lowering geopolitical risk. Each year we have continued to extend and improve organically. We strive to add at least as many reserves as we produce. At the end of 2025, Oxy s worldwide proved reserves totaled 4.6 billion BOE. Proved reserve additions included extensions and discoveries totaling 340 million BOE, mainly in the Permian Basin, and additions 1 from infill development projects of 115 million BOE, primarily in the Permian and DJ Basins. This resulted in a 107% organic reserves replacement ratio and a 98% all-in reserves replacement ratio.1 We continue to advance technologies that extend resource life and improve capital efficiency. In the Permian Basin, we are deepening reservoir characterization and advancing unconventional enhanced oil recovery. In the Gulf of America and across our international portfolio, advanced seismic and data analytics are furthering reliability and unlocking new development opportunities. In Algeria, we completed the country s largest seismic acquisition, providing a rich dataset to support future development and recovery optimization. STRATOS, our industrial-scale Direct Air Capture facility, is expected to be online this year and the technology will play a strategic role in securing long-term, reliable CO2 supply to support enhanced oil recovery and future carbon management opportunities. Together, these efforts are expected to lower decline rates, reduce sustaining capital, and enhance long-term value. Production and operational reliability were equally strong across our global footprint. In 2025, our teams delivered industry-leading well performance across all of our U.S. onshore basins. We achieved record production at Al Hosn, record uptimes in Algeria, the Gulf of America, Al Hosn, and U.S. onshore EOR operations, and strong 1 For a reconciliation to the most comparable GAAP financial measure, see the final page of this report. base production delivery that contributed meaningfully to our full-year production outperformance. Our Midstream business also delivered exceptional results, exceeding original guidance driven by effective gas marketing optimization in the Permian and higher sulfur prices at Al Hosn. These operational outcomes translated directly into financial strength. We generated $4.3 billion in free cash flow before working capital in 20251, despite oil prices that were on average approximately 14 percent lower than in 2024. Strengthening the balance sheet remained a top priority. During 2025, we repaid $4 billion of debt, and with the completion of the OxyChem transaction earlier this year, our principal debt now stands at approximately $13.8 billion, about $4.2 billion lower than prior to the CrownRock acquisition. Over the past 20 months, we have retired over $15 billion of debt, materially improving our leverage profile and financial flexibility. Looking ahead, our priorities are clear and consistent building on the progress we made last year. First, we plan to maintain our production base through safe, reliable operations. Second, delivering a sustainable and growing dividend remains central to our strategy. Third, we will continue to strengthen our financial position and deliver value to our shareholders. To deliver these priorities, we can now focus on what our teams do best: applying innovative technologies and processes to develop our robust portfolio. For years, this approach has driven meaningful gains in capital efficiency, improved recovery, lowered operating costs and decreased our base decline. Much of this progress has come from advances in subsurface, drilling and completions combined with greater use of AI in our models and operations. Few industries stand to benefit more from AI than oil and gas, given the tremendous volume of data associated with the complexity of our work. This creates opportunities that we are advancing through our AI Center of Excellence and an Operations SWAT Team, addressing longer-term studies and near-term operational application, respectively. We look forward to the new discoveries and achievements our teams will accomplish and convert to increase shareholder value in the coming years. I am deeply grateful to our teams for their relentless drive to improve performance while also delivering record safety results. I also thank our Board of Directors for their guidance and our shareholders for their continued support. Together, we are well-positioned for the years ahead. Vicki Hollub President and Chief Executive Officer
BOARD OF DIRECTORS AND MANAGEMENT JACK B. MOORE 3,4 VICKI HOLLUB VICKY A. BAILEY 2,5 ANDREW GOULD 1,2,5 Independent Chairman since 2022 Director since 2015 Director since 2022 Director since 2020 Director since 2016 President and Chief Executive Officer, Oxy Former Assistant Secretary, Domestic Policy and International Affairs, U.S. Dept. of Energy Former Chairman and Chief Executive Officer, Schlumberger Former President and Chief Executive Officer, Cameron International President, Anderson Stratton International, LLC CARLOS M. GUTIERREZ 1,2,5 WILLIAM R. KLESSE 3,4 CLAIRE O NEILL 2,5 AVEDICK B. POLADIAN 1,2,3 Director since 2009 Director since 2013 Director since 2023 Director since 2008 Former U.S. Secretary of Commerce Former Chief Executive Officer and Chairman of the Board, Valero Energy Former Member of Parliament and Minister for Energy and Clean Growth (UK Govt) Former Executive Vice President and Chief Operating Officer, Lowe Enterprises Co-Founder and Former Executive Chairman and CEO, EmPath, Inc. KENNETH B. ROBINSON 1,3,4 ROBERT M. SHEARER 1,4,5 Director since 2023 Director since 2019 Former Senior Vice President of Audit and Controls, Exelon Corporation Former Managing Director, BlackRock Advisors, LLC COMMITTEES OF THE BOARD 1 Audit Committee: Kenneth B. Robinson, Chair 4 Environmental, Health and Safety Committee: William R. Klesse, Chair 2 Corporate Governance and Nominating Committee: Andrew F. Gould, Chair 5 Sustainability and Shareholder Engagement Committee: Vicky A. Bailey, Chair 3 Executive Compensation Committee: Avedick B. Poladian, Chair
PRESIDENT AND CHIEF EXECUTIVE OFFICER Vicki Hollub SENIOR VICE PRESIDENTS AND KEY DIVISIONAL EXECUTIVES Richard Jackson Senior Vice President and Chief Operating Officer Sunil Mathew Senior Vice President and Chief Financial Officer Kenneth Dillon Senior Vice President and President International Oil and Gas Operations Jeff Simmons Senior Vice President, Subsurface Technology and Chief Petrotechnical Officer Robert Peterson Senior Vice President Sylvia Kerrigan Senior Vice President and Chief Legal Officer Rick Callahan President and General Manager, Low Carbon Ventures and Energy Services Peter (Jeff) Bennett Senior Vice President, Commercial Development VICE PRESIDENTS Jennifer Buchanan Vice President, Tax Jaime Casas Vice President and Treasurer Christopher Champion Vice President, Chief Accounting Officer and Controller Ioannis (Yanni) Charalambous Vice President and Chief Information Officer Nicole Clark Vice President, Corporate Secretary, Chief Compliance Officer and Deputy General Counsel Babatunde Cole Vice President, Investor Relations Ian Davis Vice President, Government Relations Thomas Janiszewski Vice President, Land, Regulatory, Government Relations and Corporate Affairs Darin Moss Vice President, Human Resources Karen Sinard Vice President, Environmental and Sustainability Christianne Clancy Vice President, Business Development and Corporate Planning Eric Moses Vice President, Corporate Affairs Megan Wiesmann Vice President, Internal Audit
 • shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 OXY Stockholder Letter
 • stockholder letter icon 3/21/2024 OXY Stockholder Letter
 • stockholder letter icon 3/20/2025 OXY Stockholder Letter
 • stockholder letter icon More "Oil & Gas Exploration & Production" Category Stockholder Letters
 • Benford's Law Stocks icon OXY Benford's Law Stock Score = 89


OXY Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT

2025 AND YEAR-TO-DATE ACHIEVEMENTS
FINANCIAL
    Generated $4.3 B of free cash flow before working capital1
    Completed the OxyChem divestiture
    Reduced principal debt to ~$13.8 B2
    Increased quarterly dividend by >18%3
OPERATIONAL
    Achieved record annual production of 1.43 million BOEPD4
    Reduced capital and operating costs by $575 MM5
    Expanded Oxy   s resource base by 2.5 B to ~16.5 B barrels of oil equivalent
HEALTH, SAFETY, ENVIRONMENTAL AND SUSTAINABILITY
    Achieved best employee safety performance ever with 0.07 TRIR6
    Sustained zero routine flaring in U.S. oil and gas operations
    Implemented emissions reduction projects involving hundreds of facilities and wells
and thousands of pieces of equipment across Oxy   s oil and gas operations
ABOUT US
Oxy is an international energy company that produces, markets and transports oil and natural gas to maximize
value and provide resources fundamental to life. The company leverages its global leadership in carbon
management to advance lower-carbon technologies and products. Headquartered in Houston, Oxy primarily
operates in the United States, the Middle East and North Africa. To learn more, visit oxy.com.
1
For a reconciliation to the most comparable GAAP financial measure of operating cash flow, see the final page of this report.
2
As of 3/19/2026.
3
Since 1/1/2025; with a >44% increase since Oxy announced it was acquiring CrownRock, L.P.
4
Barrels of oil equivalent per day.
5
Compared to original fiscal year 2025 guide.
6
  otal Recordable Injury Rate (TRIR) per 200,000 employee work hours for the year ended December 31, 2025; excludes OxyChem safety
T
performance, which would have resulted in a TRIR of 0.14 (also a company record).

LETTER FROM THE CEO
2025 was a transformational year for Oxy. Through disciplined
execution, operational excellence, strategically reshaping our
portfolio and strengthening our balance sheet we have worked
to build a stronger, more resilient company that is positioned
to perform across evolving industry dynamics and deliver
increased value to shareholders.
Operational performance was a clear differentiator throughout
the year. We delivered record annual production of 1.43 million
barrels of oil equivalent (BOE) per day, exceeding the high end of
our guidance while spending $300 million less in oil and gas capital
and reducing operating expenses by $275 million, achieving our
lowest lease operating expense per BOE since 2021. Importantly,
our employees achieved these outcomes while establishing a new
safety performance record, a testament to our culture of delivering
results while striving to work safely and responsibly.
Underpinned by high-quality resources, we believe our portfolio
has never been stronger. Through a series of strategic asset
acquisitions and divestitures that we began in 2015, which
culminated with the sale of OxyChem earlier this year, we have
built a differentiated asset base anchored by world-class U.S.
unconventional resources, complemented by high-margin, lower
decline domestic conventional, Gulf of America and international
assets, and enhanced by decades of leadership in advanced
recovery. This combination helps provide both flexibility and
resilience across commodity cycles and positions Oxy to generate
sustainable free cash flow across a range of pricing environments.
Our portfolio offers more than 30 years of low-cost development
runway with a total resource base of approximately 16.5 billion BOE
compared to 8.1 billion BOE in 2015. Eighty three percent of our
current production and almost 88% of our total resource base is
in the United States   significantly lowering geopolitical risk. Each
year we have continued to extend and improve organically. We
strive to add at least as many reserves as we produce. At the
end of 2025, Oxy   s worldwide proved reserves totaled 4.6 billion
BOE. Proved reserve additions included extensions and discoveries
totaling 340 million BOE, mainly in the Permian Basin, and additions
1
from infill development projects of 115 million BOE, primarily
in the
Permian and DJ Basins. This resulted in a 107% organic reserves
replacement ratio and a 98% all-in reserves replacement ratio.1
We continue to advance technologies that extend resource life and
improve capital efficiency. In the Permian Basin, we are deepening
reservoir characterization and advancing unconventional enhanced
oil recovery. In the Gulf of America and across our international
portfolio, advanced seismic and data analytics are furthering
reliability and unlocking new development opportunities. In Algeria,
we completed the country   s largest seismic acquisition, providing
a rich dataset to support future development and recovery
optimization. STRATOS, our industrial-scale Direct Air Capture
facility, is expected to be online this year and the technology will
play a strategic role in securing long-term, reliable CO2 supply to
support enhanced oil recovery and future carbon management
opportunities. Together, these efforts are expected to lower decline
rates, reduce sustaining capital, and enhance long-term value.
Production and operational reliability were equally strong across
our global footprint. In 2025, our teams delivered industry-leading
well performance across all of our U.S. onshore basins. We achieved
record production at Al Hosn, record uptimes in Algeria, the Gulf of
America, Al Hosn, and U.S. onshore EOR operations, and strong
1
  For a reconciliation to the most comparable GAAP financial measure,
see the final page of this report.
base production delivery that contributed meaningfully to our
full-year production outperformance. Our Midstream business
also delivered exceptional results, exceeding original guidance
driven by effective gas marketing optimization in the Permian
and higher sulfur prices at Al Hosn.
These operational outcomes translated directly into financial
strength. We generated $4.3 billion in free cash flow before
working capital in 20251, despite oil prices that were on average
approximately 14 percent lower than in 2024.
Strengthening the balance sheet remained a top priority. During
2025, we repaid $4 billion of debt, and with the completion of
the OxyChem transaction earlier this year, our principal debt
now stands at approximately $13.8 billion, about $4.2 billion lower
than prior to the CrownRock acquisition. Over the past 20 months,
we have retired over $15 billion of debt, materially improving our
leverage profile and financial flexibility.
Looking ahead, our priorities are clear and consistent   building
on the progress we made last year. First, we plan to maintain
our production base through safe, reliable operations. Second,
delivering a sustainable and growing dividend remains central to
our strategy. Third, we will continue to strengthen our financial
position and deliver value to our shareholders.
To deliver these priorities, we can now focus on what our teams
do best: applying innovative technologies and processes to
develop our robust portfolio. For years, this approach has driven
meaningful gains in capital efficiency, improved recovery, lowered
operating costs and decreased our base decline. Much of this
progress has come from advances in subsurface, drilling and
completions combined with greater use of AI in our models and
operations. Few industries stand to benefit more from AI than oil
and gas, given the tremendous volume of data associated with
the complexity of our work. This creates opportunities that we are
advancing through our AI Center of Excellence and an Operations
   SWAT    Team, addressing longer-term studies and near-term
operational application, respectively. We look forward to the new
discoveries and achievements our teams will accomplish and
convert to increase shareholder value in the coming years.
I am deeply grateful to our teams for their relentless drive
to improve performance while also delivering record safety
results. I also thank our Board of Directors for their guidance
and our shareholders for their continued support.
Together, we are well-positioned
for the years ahead.
Vicki Hollub
President and
Chief Executive Officer

BOARD OF DIRECTORS AND MANAGEMENT
JACK B. MOORE 3,4
VICKI HOLLUB
VICKY A. BAILEY 2,5
ANDREW GOULD 1,2,5
Independent Chairman since 2022
Director since 2015
Director since 2022
Director since 2020
Director since 2016
President and Chief Executive
Officer, Oxy
Former Assistant Secretary, Domestic
Policy and International Affairs,
U.S. Dept. of Energy
Former Chairman and Chief
Executive Officer, Schlumberger
Former President and Chief
Executive Officer,
Cameron International
President, Anderson Stratton
International, LLC
CARLOS M. GUTIERREZ 1,2,5
WILLIAM R. KLESSE 3,4
CLAIRE O   NEILL 2,5
AVEDICK B. POLADIAN 1,2,3
Director since 2009
Director since 2013
Director since 2023
Director since 2008
Former U.S. Secretary of Commerce
Former Chief Executive Officer
and Chairman of the Board, Valero
Energy
Former Member of Parliament and
Minister for Energy and Clean Growth
(UK Govt)
Former Executive Vice President
and Chief Operating Officer, Lowe
Enterprises
Co-Founder and Former Executive
Chairman and CEO, EmPath, Inc.
KENNETH B. ROBINSON 1,3,4
ROBERT M. SHEARER 1,4,5
Director since 2023
Director since 2019
Former Senior Vice President
of Audit and Controls, Exelon
Corporation
Former Managing Director,
BlackRock Advisors, LLC
COMMITTEES OF THE BOARD
1
Audit Committee: Kenneth B. Robinson, Chair
4
 Environmental, Health and Safety Committee: William R. Klesse, Chair
2
 Corporate Governance and Nominating Committee: Andrew F. Gould, Chair
5
 Sustainability and Shareholder Engagement Committee: Vicky A. Bailey, Chair
3
Executive Compensation Committee: Avedick B. Poladian, Chair

PRESIDENT AND CHIEF EXECUTIVE OFFICER
Vicki Hollub
SENIOR VICE PRESIDENTS AND KEY DIVISIONAL EXECUTIVES
Richard Jackson Senior Vice President and Chief Operating Officer
Sunil Mathew Senior Vice President and Chief Financial Officer
Kenneth Dillon Senior Vice President and President International Oil and Gas Operations
Jeff Simmons Senior Vice President, Subsurface Technology and Chief Petrotechnical Officer
Robert Peterson Senior Vice President
Sylvia Kerrigan Senior Vice President and Chief Legal Officer
Rick Callahan President and General Manager, Low Carbon Ventures and Energy Services
Peter (Jeff) Bennett Senior Vice President, Commercial Development
VICE PRESIDENTS
Jennifer Buchanan Vice President, Tax
Jaime Casas Vice President and Treasurer
Christopher Champion Vice President, Chief Accounting Officer and Controller
Ioannis (Yanni) Charalambous Vice President and Chief Information Officer
Nicole Clark Vice President, Corporate Secretary, Chief Compliance Officer and Deputy General Counsel
Babatunde Cole Vice President, Investor Relations
Ian Davis Vice President, Government Relations
Thomas Janiszewski Vice President, Land, Regulatory, Government Relations and Corporate Affairs
Darin Moss Vice President, Human Resources
Karen Sinard Vice President, Environmental and Sustainability
Christianne Clancy Vice President, Business Development and Corporate Planning
Eric Moses Vice President, Corporate Affairs
Megan Wiesmann Vice President, Internal Audit


shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 

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