Permian Field Tour. Occidental Petroleum Corporation. October 11, 2017
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1 Permian Field Tour Occidental Petroleum Corporation October 11, 2017
2 Permian Field Tour Permian Resources Permian EOR 2
3 Technology + Innovation Value Based Development System Oxy s Competitive Advantage in Permian Unconventional Subsurface Characterization Vision Well 3D Modular Development Development Scenarios Portfolio Decisions Organization Designed for Integrated Development Manufacturing Blueprint Automation and Data Capture System Integration Data Analytics Hands-Free Operations Leadership in Full Cycle Returns 3
4 Subsurface Characterization Adds Value Landing + Stimulation + Spacing Optimization 2 nd Bone Spring Net Sand Thickness and Middle Carbonate Outline Middle Carb. Outline A A Extensive subsurface characterization & expertise > Seismic integration > Data acquisition > Models Customized designs based on unique subsurface attributes > Sweet spots > Frac barriers > Landing zones Capture resource potential at the highest value Schematic Representation of 2 nd Bone Spring Sand Well Placement A A Seismic Interpretation of Middle Carbonate Inside 2 nd Bone Spring Sand A A 4
5 Challenging the Vision Well Adds Value Production drivers Discover recipe for play-leading wells Apply data analytics to identify production drivers > Subsurface > Completion Design > Choke and lift optimization Design the system to test hypothesis Implement and confirm results Continue to push expectations Surveillance Vision Well Data analytics Implement Design the system 5
6 Cumulative Oil Production Mbo Customized Vision Wells Increase Well Productivity 2 nd Bone Spring Landing and Frac Optimization 2 nd Bone Spring Productivity Improvement nd BS Carbonate Recent 7, nd BS No Carbonate 4, Normalized Day 2 nd BS Carbonate 4,500
7 Modular Development Adds Value Maximize value through optimizing pace and sequencing Identify Uncertainties: > Variability of production results > Rate of improvement Recognize Current Limitations > Existing infrastructure capacity and water network > Land position Realize full cycle returns through modular field development plans
8 Modular Development Adds Value Maximize value through optimizing pace and sequencing Identify Uncertainties: > Variability of production results > Rate of improvement Recognize Current Limitations > Existing infrastructure capacity and water network > Land position Realize full cycle returns through modular field development plans Mature land position Bench delineation Advanced BLM permitting Fewer unknowns 2 8
9 Modular Development Adds Value Maximize value through optimizing pace and sequencing Identify Uncertainties: > Variability of production results > Rate of improvement Recognize Current Limitations > Existing infrastructure capacity and water network > Land position Realize full cycle returns through modular field development plans Land unitization complete Appraisal wells complete Optimized well designs 1 Infrastructure sized for plan New technologies implementable Detailed operations blueprint 2 9
10 Modular Development Adds Value Maximize value through optimizing pace and sequencing Identify Uncertainties: > Variability of production results > Rate of improvement Recognize Current Limitations > Existing infrastructure capacity and water network > Land position Realize full cycle returns through modular field development plans 4 Land core-up completed Learnings from other development units applied 4 Vision wells maximizing value Infrastructure optimized
11 Net Present Value Optimizing Development Scenarios Adds Value Vision Value Vision wells Acreage improvements Oxy s Competitive Advantage Scale + Position Hands Free Operations Higher operability Lower OPEX Initial Value Appraisal and SSC Modular Development Pace to implement learning and technology Optimized Well Design Productivity Well cost Lift design Time Optimized Infrastructure Balance infrastructure capacity and pace Value Based Development Organizational Capability Integrated Technology Optimized Pace + Sequencing = Leadership in Full Cycle Returns
12 Permian Field Tour Permian Resources Permian EOR 12
13 Permian EOR 146 Mboed net production* Differentiated Scale and Position Over 2 Bboe Net Resource Potential ~1 Bboe at <$6 F&D 1.1 MM net acres ~20k operated wells 34 CO 2 floods 70 water floods 13 gas processing plants 3 operated CO 2 source fields 2.4 Bcf injected daily * 2Q 2017 Net Production; does not include Seminole San Andres Acquisition Permian EOR Water Floods Permian EOR Plants Permian EOR CO 2 Floods 13
14 BOPD Recovery Factor (%) Benefits of EOR Business Unit in Oxy s Portfolio Long-term cash generator > Low capital intensity growth opportunities > Less than 5% base decline Provides synergies including organizational capabilities across business units Primary Proven History of Maximizing Recovery Reservoir Development Stages Waterflood CO 2 Low Base Decline Generates Sustainable FCF 70% 60% 50% 40% 30% 20% 10% 0% Recovery of Oil in Place* CO 2 ~15% Waterflood ~30% Primary ~15% Conventional Reservoirs Primary ~6-12% Unconventional Reservoirs *Recovery factors listed are representative and are not specific to a field. Actual recovery factors will vary higher and lower depending on specific reservoir characteristics. 14
15 Permian EOR Keys to Success: Long-term Life Cycle High-quality Reservoirs Contiguous Scale Strategic Position 1 Bboe < $6/boe F&D Asset Quality Capability Technical EOR Expertise Infrastructure and CO 2 Supply Gas Processing Automation and Controls Centralized Control of Field and Plants Data Automation and Capture Data Analytics Hands-free Operations Innovative Technology Value-Based Approach Subsurface Characterization Phased Development Cycles Surveillance and Maintenance Safety and Environmental 15
16 Unmatched Infrastructure Position Field ~20,000 wells 1,200+ surface facilities 30,000 miles of pipelines 230+ pumps for water reinjection Plants 13 gas processing plants 9 recompression facilities 920k hp compression 1,600 miles of gathering pipelines 1,100 miles of DOT pipelines Long-term CO 2 supply agreements Integrated Communications Microwave backbone across Permian Basin 16
17 Permian EOR Maintenance Value-based, Full Cycle Approach Annual Beam Unit Reliability 20,000 maintenance activities per month supported by: > Right-sized programs > Computerized Management System > Total cost life-cycle approach 99.6% 99.7% 99.8% 99.8% 99.9% Less than 20 of 7,000+ Beam Units Fail Each Year Drone and Infrared Camera Inspections Safer Faster Cheaper Effective Detect Hot Spots at Plants Detect Solids in Tanks 17
18 Field Automation Results in Higher Uptime Real-time remote monitoring and controls for operations, safety and environment Well Data Drilling & Completions Empowering Employees With Mobile Access to Data Manage by exception Artificial lift and injection optimization using Nexus Facilities Data Oxy internally developed software ~1.9+ MM data tags Workover Data Refresh rate every 2 minutes Unlimited data store Digital Well File Central repository for all well information 18
19 Permian EOR Plant Automation Empowering Employees 98% uptime 2017 YTD Mobile devices monitor realtime trends of process variables Full access to all graphics and trends 19
20 Permian EOR Reservoir Surveillance Best-in-Class Reservoir Management Daily and Periodic Integrated Multifunctional Well and Pattern Reviews Maximize value and results in Well Enhancement and Field Development Opportunities Daily Diagnostics Multifunctional Reviews Identifying Opportunities Execution of High Value Program Opportunity Identification & Ranking Artificial Lift Optimization = 4X Oil Production Increase 20
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