1) Strategy & Leadership Transition - Vicki Hollub will retire as President and CEO on June 1, 2026, with Richard Jackson succeeding her. - The leadership transition aims to maintain the momentum of Occidental's strategic transformation over the past decade. - The company emphasizes a focus on execution, free cash flow improvement, and leveraging its high-quality resource base for sustainable growth.

2) Financial & Segment Results - Q1 2026 adjusted earnings were $1.06 per diluted share, with reported earnings at $3.13 per diluted share, driven by operational execution and higher commodity prices. - Free cash flow before working capital reached approximately $1.7 billion, a 52% increase YoY, with unrestricted cash exceeding $3.8 billion. - Production averaged 1.426 million BOE per day, exceeding guidance by 21 thousand BOE per day, primarily due to strong domestic performance.

3) Operational Performance & Cost Efficiency - The company achieved a domestic lease operating expense of $7.85 per BOE, a 5% improvement compared to guidance, aided by maintenance optimization. - Significant progress in cost savings, with $2 billion achieved since 2023 and an additional $500 million targeted for 2026. - The Gulf Of America team reported a record topside uptime of 98% in Q1, contributing to strong base production performance.

4) Challenges & Market Conditions - Ongoing geopolitical tensions in the Middle East have created operational constraints and volatility in global markets. - The company anticipates modest impacts on production due to these geopolitical factors and strategic EOR portfolio optimization. - Despite these challenges, Occidental remains focused on maintaining strong operational performance and financial discipline.

5) Guidance & Outlook - Full-year production guidance has been adjusted to 1.44 million BOE per day, reflecting anticipated impacts from Middle East disruptions and EOR portfolio changes. - The company targets principal debt reduction to $10 billion, with plans to reassess capital allocation strategies post-reduction. - Occidental aims to sustain dividends at lower oil prices while positioning for growth and share repurchases at higher prices.

Bottom line: Occidental Petroleum is well-positioned for sustainable growth through disciplined execution and a strong resource base, despite current geopolitical challenges. The leadership transition is expected to maintain strategic focus on free cash flow generation and operational excellence, providing a solid foundation for shareholder value creation.