Occidental aims to maximize shareholder returns through a combination of a sustainable and growing dividend, enhancing its asset base, advancing low-carbon solutions, further reducing financial leverage, and strengthening its U.S. onshore portfolio.

Occidental believes the CrownRock Acquisition will deliver immediate and significant free cash flow accretion and improve scale in the Midland Basin.

Occidental intends to repay at least $4.5 billion of debt within twelve months of closing the acquisition with proceeds from the divestiture program and excess cash flows.

Occidental set new operational records and efficiency benchmarks in the Permian, Rockies, Gulf of Mexico, Oman and UAE.

In 2023, the Company focused on reducing incident severity, enhancing contractor safety programs and harmonizing safety systems, programs and tools.

Occidental works to manage inflation impacts by capitalizing on operational efficiencies, locking in pricing on longer term contracts and working closely with vendors to secure the supply of critical materials.

Occidental's businesses are subject to, and may be adversely affected by, the actions and decisions of many federal, state, local and international governments and political interests.

Continuing political, social and industry attention to climate change has resulted in both existing and pending international agreements and national, regional and local legislation and regulatory programs to reduce GHG emissions.

Information and industrial control technology system failures, network disruptions and breaches of data security could disrupt Occidental's operations.

As a producer of oil, NGL and natural gas, Occidental competes with numerous other domestic and international public, private and government producers.

Occidental believes that its core competencies in CO2 separation, transportation, use, recycling and storage in EOR provide a competitive advantage over its peers as the world transitions to a less carbon-intensive economy and seeks to remove CO2 from the atmosphere.

OxyChem's competitive strategy is to be a low-cost producer of its products in order to compete on price.

In 2024, Occidental will continue to focus on controlling total costs from a per-barrel perspective.

Occidental seeks to maximize field operability and minimize production down-time.

The oil and gas segment strives to achieve low development and operating costs to maximize full-cycle value of the assets through cost-reduction efficiencies and innovative technologies to reduce carbon emissions.

Leveraging Occidental's carbon management expertise, OLCV primarily focuses on advancing carbon removal and CCUS projects, including developing and commercializing DAC technology.

In 2023, Occidental acquired Carbon Engineering, a developer of DAC technology.

Occidental entered into a joint venture with BlackRock on the construction of STRATOS, Occidental's first large-scale DAC facility in Ector County, Texas.

Occidental's shareholder return priorities aim to provide a growing sustainable dividend and reduce outstanding debt principal to below $15 billion before resuming share repurchases.

Occidental expects to fund the cash portion of the consideration by incurring up to $9.1 billion of third-party indebtedness and the issuance of approximately $1.7 billion of common equity.

In 2024, Occidental plans to spend $4.8 billion to $5.0 billion to develop its oil and gas assets, excluding amounts associated with the CrownRock Acquisition.

Occidental's strategies seek to advance its goals of achieving net-zero emissions from its operations and energy use before 2040, with an ambition to do so before 2035.

Occidental's strategies seek to advance its goals of achieving net-zero emissions from its total carbon inventory, including the use of its sold products, with an ambition to do so before 2050.

Occidental is a signatory to the Oil and Gas Decarbonization Charter and committed funding to the World Bank's Global Flaring and Methane Reduction Partnership, both announced at the UN's COP28 Climate Change Conference.

It is expected that the price of oil will be volatile for the foreseeable future given the current geopolitical risks, evolving macro-economic environment that impacts energy demand, future supply actions by OPEC and non-OPEC oil producing countries, the Russia-Ukraine war and conflicts in the Middle East, and the Biden Administration's management of the U.S. Strategic Petroleum Reserve.

Occidental's operations, financial condition, cash flows and levels of expenditures are highly dependent on oil prices and, to a lesser extent, NGL and natural gas prices, Midland-to-Gulf-Coast oil spreads, chemical product prices and inflationary pressures in the macro-economic environment.

Occidental's midstream and marketing businesses operate in competitive and highly regulated markets. Occidental competes for capacity and infrastructure for the gathering, processing, transportation, storage and delivery of its products.