The Company conducts its operations through various subsidiaries and affiliates. The Company has made its disclosures in accordance with United States generally accepted accounting principles as they apply to interim reporting and has condensed or omitted, as permitted by the rules and regulations of the SEC, certain information and disclosures normally included in Consolidated Financial Statements and the notes thereto. These unaudited Consolidated Condensed Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2025 Form 10-K.

In the opinion of the Company's management, the accompanying unaudited Consolidated Condensed Financial Statements in this report reflect all adjustments (consisting of normal recurring adjustments) that are necessary to fairly present the Company's results of operations and cash flows for the three months ended March 31, 2026 and 2025 and the Company's financial position as of March 31, 2026 and December 31, 2025. The income and cash flows for the periods ended March 31, 2026 and 2025 are not necessarily indicative of the income or cash flows to be expected for the full year.

WES is a publicly traded limited partnership with its limited partner units traded on the NYSE under the ticker symbol "WES." As of March 31, 2026, the Company owned all of the 2.2% non-voting general partner interest, 38.2% of the WES limited partner units, and a 2% non-voting limited partner interest in WES Operating, a subsidiary of WES. In February 2026, in connection with the amendment of certain commercial agreements, the Company transferred 15.3 million units to WES, and recorded charges of $105 million. As of March 31, 2026, the Company's combined share of net income from WES and its subsidiaries was 40.8%.

The OxyChem Transaction closed on January 2, 2026 for an adjusted purchase price of $9.5 billion, subject to additional post-closing adjustments. In connection with the transaction, the Company retained environmental liabilities relating to legacy sites. Furthermore, there are post-closing indemnification obligations for (i) such legacy environmental liabilities and (ii) pre-closing liabilities of OxyChem, including pre-closing environmental liabilities, in each case subject to certain limitations and procedures, and Occidental entered into a guaranty in favor of Berkshire Hathaway to guarantee these indemnification obligations.

■In accordance with ASC 205, Discontinued Operations, intersegment sales from our oil and gas and midstream and marketing segments to the chemical segment are no longer eliminated as intercompany transactions. All periods presented have been retrospectively adjusted to reflect this change.

■Beginning October 1, 2025, in accordance with ASC 360, Property, Plant, and Equipment (PP&E), depreciation and amortization were no longer recorded for the chemical segment's PP&E and right of use lease assets.

Unless otherwise indicated, information presented in the Notes to Consolidated Financial Statements relates only to the Company's continuing operations. Additional information related to discontinued operations is included in Note 4 - Acquisitions, Divestitures and Other Transactions and in some instances, where appropriate, is included as a separate disclosure within the individual Notes to Consolidated Financial Statements.

The Company and BlackRock formed a joint venture for the continued development of the first commercial-scale direct air capture facility. The joint venture is a VIE and the Company consolidates the VIE as it is the primary beneficiary. BlackRock's investment is accounted for as an NCI. As of March 31, 2026, BlackRock has invested the entirety of its total commitment of $550 million. In addition, the Company has entered into agreements with the joint venture related to project management, operations and maintenance and carbon removal offtake. The Company may incur additional payments if certain construction and operational thresholds are not met.

The Company may call the NCI on June 30, 2035 or earlier if the plant does not achieve commercial operations or ceases and permanently discontinues operations. Dividends from the joint venture will be distributed preferentially to the

NCI up to a return threshold, then preferentially to the Company thereafter. The NCI receives preferential distributions in liquidation.

The Company has determined that the appropriate methodology for attributing income and loss from the joint venture is the HLBV method. As of March 31, 2026, the VIE's assets were comprised of $1.2 billion construction in progress. Noncontrolling interest as of March 31, 2026 was $628 million.

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents or restricted cash equivalents. The cash equivalents and restricted cash equivalents balances for the periods presented include investments in government money market funds in which the carrying value approximates fair value.

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported in the Consolidated Condensed Statements of Cash Flows as of March 31, 2026 and 2025:



millions	2026		2025
Cash and cash equivalents	$	3,811	$	2,604
Cash and cash equivalents included in assets held for sale	—		8
Restricted cash and restricted cash equivalents included in other current assets	18		15
Restricted cash and restricted cash equivalents included in other long-term assets	18		15
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	3,847	$	2,642

Trade receivables, net of $3.7 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, respectively, represent rights to payment for which the Company had satisfied its obligations under a contract with a customer and its right to payment was conditioned only on the passage of time. The allowance for doubtful accounts was insignificant as of both dates.

The following table represents U.S. federal, state and international income taxes paid, refunds received and interest paid during the three months ended March 31, 2026 and 2025, respectively:

Materials and supplies are valued at weighted-average cost and are reviewed periodically for obsolescence. Commodity inventory primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value.


millions	March 31, 2026		December 31, 2025
Materials and supplies	$	1,249	$	1,222
Commodity inventory	613		601
Total	$	1,862	$	1,823


millions	March 31, 2026		December 31, 2025
Income tax payable	$	1,643	$	159
Payroll and related expenses	354		620
Taxes other than on income	413		498
Accrued interest payable	184		386
Dividends payable	405		383
Asset retirement obligations	343		381
Operating lease liabilities	383		350
Other	1,228		815
Total	$	4,953	$	3,592


millions	March 31, 2026		December 31, 2025
Long term tax liabilities	$	2,427	$	2,393
Environmental remediation liabilities	1,704		1,719
Pension and postretirement obligations	933		985
Operating lease liabilities	557		605
Other	1,722		1,609
Total	$	7,343	$	7,311