Oil & Gas: Key performance indicators & metrics

The Company seeks to meet its strategic goals by continually measuring its success against key performance indicators that drive total stockholder return. In addition to efficient capital allocation and deployment discussed below in the section titled “ Oil and Gas Segment - Business Strategy ,” the Company believes its most significant performance indicators are:

OPERATIONAL

■ Total spend per barrel - In 2026, the Company will continue our emphasis on controlling total costs from a per-barrel perspective. Total spend per barrel is the sum of capital spending, general and administrative expenses, other operating and non-operating expenses and oil and gas lease operating costs divided by global oil, NGL and natural gas sales volumes.

■ Daily production - the Company seeks to maximize field operability and minimize production down-time.

OXY 2025 FORM 10-K

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MANAGEMENT’S DISCUSSION AND ANALYSIS

FINANCIAL

■ CROCE - CROCE is calculated as (i) the cash flows from operating activities, before changes in working capital, plus distributions from WES classified as investing cash flows, divided by (ii) the average of the opening and closing balances of total equity plus total debt.

■ FCF - FCF is calculated as the cash flows from operating activities, before changes in working capital, less the Company’s capital expenditures, net of contributions from noncontrolling interests.

■ Financial Leverage- Reduce debt to achieve metrics consistent with an investment grade credit rating.

SUSTAINABILITY AND ENVIRONMENTAL

■ Interim targets to advance the goal of net-zero operational and energy use emissions before 2040, with an ambition to achieve before 2035.

■ Milestones in specific carbon removal and CCUS projects that advance a net-zero total emissions inventory, including use of sold products, with an ambition to achieve before 2050.

■ Facilitate deployment of carbon removal, CCUS and other solutions to advance total carbon impact past 2050.