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Occidental (OXY) Announces 1st Quarter 2022 Results
By: OXY | May 10, 2022

• Repaid $3.3 billion of debt, representing 12% of total outstanding principal
• Earnings per diluted share of $4.65 and adjusted earnings per diluted share of $2.12
• Cash flow from continuing operations of $3.2 billion and cash flow from continuing operations before working capital of $4.2 billion
• Capital spending of $858 million, resulting in record quarterly free cash flow before working capital of over $3.3 billion
• OxyChem generated record quarterly pre-tax earnings of $671 million; total year pre-tax earnings guidance increased to between $2.1 billion to $2.4 billion
• Midstream exceeded quarterly guidance with adjusted pre-tax earnings of $148 million; total year pre-tax earnings guidance increased to between $175 million to $275 million

HOUSTON — May 10, 2022 — Occidental (NYSE:OXY) today announced net income attributable to common stockholders for the first quarter of 2022 of $4.7 billion, or $4.65 per diluted share, and adjusted income attributable to common stockholders of $2.1 billion, or $2.12 per diluted share, compared to net income attributable to common stockholders for the fourth quarter of 2021 of $1.3 billion, or $1.37 per diluted share, and adjusted income attributable to common stockholders of $1.4 billion, or $1.48 per diluted share. First quarter after-tax items affecting comparability of $2.5 billion included a non-cash tax benefit of $2.6 billion related to a post-Anadarko acquisition reorganization of legal entities, $98 million of gains related to the sale of non-core domestic onshore oil and gas leases, partially offset by $49 million of derivative losses and $51 million of Anadarko acquisition-related costs.

“We are pleased with our employees' outstanding performance in the first quarter in meeting our production guidance and, in accordance with our full-year capital plan, preparing our global operations to deliver increased barrels of oil and natural gas to the market for the remainder of the year," said President and Chief Executive Officer Vicki Hollub. "Our OxyChem business delivered its
third consecutive record quarterly earnings, as our employees continued to meet the increasing demand for the basic chemicals many take for granted but are vital to ensuring the safety of drinking water, manufacturing of medications and enhancing our quality of life.”

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