2025-02-18 Vicki Hollub’s Letters to OXY Shareholders

Refer To：《2025-02-18 Vicki Hollub’s Letters to OXY Shareholders》。

2024 marked an exceptional year for Oxy as we advanced our strategy and delivered outstanding financial and operational results across our businesses. We closed on the strategic acquisition of CrownRock, L.P., increasing our access to short-cycle, high-return oil assets in the U.S., and progressed our major growth projects in OxyChem and Oxy Low Carbon Ventures (OLCV), aiming to deliver longer-cycle, sustainable returns. Through our strategic advancements and operational execution, we have assembled Oxy’s best portfolio of assets and capabilities in our 100+ year history, which will position us to provide robust cash flow throughout the cycle and create and sustain long-term shareholder value.

2024年对于西方石油公司（Oxy）而言是卓越非凡的一年，我们推进了公司战略，并在各项业务中取得了出色的财务和运营成果。我们完成了对CrownRock, L.P.的战略性收购，增加了我们对美国短期、高回报石油资产的获取途径，并推进了我们在西方化工（OxyChem）和西方低碳风险投资公司（OLCV）的重大增长项目，旨在实现更长周期、可持续的回报。通过我们的战略进步和卓越运营，我们打造了西方石油公司100多年历史上最佳的资产和能力组合，这将使我们能够在整个经济周期中提供强劲的现金流，并创造和维持长期的股东价值。

A focus for 2024 was on strengtheningourportfolio through high-grading our oil and gas assets to enhance the long-term sustainability of our business. The CrownRock acquisition significantly expanded our unconventional Permian assets, providing the scale, integrated infra-structure and years of high-margin, low-breakeven drilling opportunities in the Midland Basin to complement our leading Delaware Basin position.

2024年的一个重点是通过优化我们的油气资产来加强我们的投资组合，以增强我们业务的长期可持续性。对CrownRock的收购显著扩展了我们在二叠纪盆地的非常规资产，为米德兰盆地提供了规模化、一体化的基础设施以及多年高利润、低盈亏平衡点的钻探机会，补充了我们在特拉华盆地的领先地位。

The strength of our combined portfolio is demonstrated by three all-time company records we achieved in 2024:

我们合并后投资组合的实力体现在我们在2024年创下的三项公司历史记录上：

•Record U.S. oil production of 571 thousand barrels per day from our Permian, Rockies and Gulf of America assets

• 我们的二叠纪、落基山脉和美国墨西哥湾资产实现了创纪录的美国石油日产量57.1万桶

• Record combined production from ongoing operations of 1.33 million BOE per day, with key contributions from both the U.S. and our prolific international assets in Oman, the UAE and Algeria, as well as the Dolphin Energy Project

• 持续运营的综合日产量达到创纪录的133万桶油当量，主要贡献来自于美国以及我们在阿曼、阿联酋和阿尔及利亚的多产国际资产，以及海豚能源项目

• Record year-end proved oil and gas reserves of 4.6 billion BOE, a 15 percent increase from 2023.

• 年末已探明油气储量达到创纪录的46亿桶油当量，较2023年增长15%。

Through record oil and gas production, optimized transportation and sales from our energy marketing teams and OxyChem’s strong margins, we earned $4.9 billion in free cash flow before working capital1, paid approximately $800 million of common dividends and increased the quarterly dividend by more than 22 percent in 2024. We achieved our near-term debt repayment target of $4.5 billion well ahead of schedule from a combination of non-core asset sales and organic cash flow.

凭借创纪录的油气产量、能源营销团队优化的运输和销售以及西方化工的强劲利润，我们在2024年实现了49亿美元的营运资本前自由现金流，支付了约8亿美元的普通股股息，并将季度股息提高了22%以上。我们通过非核心资产出售和内生现金流的结合，远超预期地提前实现了45亿美元的近期债务偿还目标。

扣税后的利润。

Our success in 2024 reflects execution in two additional focus areas — drivingoperationalexcellenceandadvancingmajorprojects — to create both short- and long-term value.

我们在2024年的成功反映了在另外两个重点领域的执行力——推动卓越运营和推进重大项目——以创造短期和长期价值。

Safe and reliable operations are the cornerstone ofoperational excellence, and I commend our workforce for achieving company-wide record safety performance, tying 2020 for our lowest employee recordable injury rate in our history, but with much higher activity levels in 2024. In addition, OxyChem earned 47 awards from the American Chemical Council for 2024 safety and environmental performance.

安全可靠的运营是卓越运营的基石，我赞扬我们的员工取得了全公司创纪录的安全业绩，追平了2020年公司历史上最低的员工可记录工伤率，尽管2024年的活动水平要高得多。此外，西方化工因其2024年的安全和环保表现获得了美国化学理事会的47个奖项。

Our oil and gas teams are leveraging innovative ideas to unlock greater resources, achieve cost savings and improve recoveries and margins across our world-class oil and gas portfolio. In 2024, we once again increased our year-end proved reserves balance, extending our 20-year track record of replacing reserves year after year, with the exceptions of the downturn in 2015 and the pandemic in 2020. Notably, we replaced higher-cost production with a higher volume of lower-cost new reserves, which is a testament to the portfolio’s incredibly rich resources and our team’s dedication to continuous improvement.

我们的油气团队正在利用创新理念来释放更多资源，实现成本节约，并提高我们世界级油气组合的采收率和利润率。2024年，我们再次增加了年末已探明储量余额，延续了我们20年来年复一年替换储量的记录，除了2015年的经济低迷期和2020年的疫情期间。值得注意的是，我们用更高产量、更低成本的新储量替代了成本较高的产量，这证明了我们投资组合拥有极其丰富的资源以及我们团队致力于持续改进的决心。

Our execution efficiencies, strong new well deliverability and enhanced base production enabled us to achieve record U.S. oil production while reducing 2024 domestic lease operating expenses per barrel by approximately 9 percent and lowering well costs by roughly 12 percent across all unconventional basins compared to 2023.

我们的执行效率、强大的新井产能和提高的基础产量使我们能够实现创纪录的美国石油产量，同时与2023年相比，2024年国内每桶租赁运营费用降低了约9%，所有非常规盆地的井成本降低了约12%。

Within our Permian operations, we are pushing the technical limits of well deliverability, deepening reservoir characterization and simulation efforts, and conducting field trials to further advance enhanced oil recovery in unconventional reservoirs. In our Gulf of America and international portfolio, we are using advanced seismic to uncover new opportunities and provide a rich dataset for AI applications. And in Algeria, we recently completed the country’s largest seismic data acquisition, which will play a key role as we look to enhance value through future development opportunities.

在我们的二叠纪盆地业务中，我们正在挑战油井产能的技术极限，深化储层表征和模拟工作，并进行现场试验以进一步推进非常规储层的强化采油。在我们的墨西哥湾和国际投资组合中，我们正在使用先进的地震技术来发现新机会，并为人工智能应用提供丰富的数据集。在阿尔及利亚，我们最近完成了该国最大规模的地震数据采集，这将在我们寻求通过未来开发机会提升价值方面发挥关键作用。

In2024wealsomadesignificantprogresstoadvanceourmajorgrowth projects. OxyChem’s Gulf Coast plant enhancement project and Battle-ground plant modernization and expansion project are on track for completion in 2025 and mid-2026, respectively. These projects are expected to increase cash flow through higher product volumes, operational and logistics efficiencies, lower operating costs and improved margins.

2024年，我们在推进重大增长项目方面也取得了显著进展。西方化工的墨西哥湾沿岸工厂提升项目以及战场（Battle-ground）工厂现代化和扩建项目预计将分别于2025年和2026年中期完成。这些项目有望通过提高产品产量、提升运营和物流效率、降低运营成本以及改善利润率来增加现金流。

We continued to leverage our legacy of carbon management in enhanced oil recovery and demonstrate low carbon leadership across our OLCV projects, with our industrial-scale Direct Air Capture (DAC) facility, STRATOS, reaching key operational and commercial milestones in 2024. We completed construction of STRATOS Trains 1 and 2 in December, and are excited to commission and start up operations in the coming months, with a ramp-up of the initial capture capacity of 250,000 metric tons of atmospheric CO2 per year expected through year end.

我们继续利用在强化采油领域的碳管理传统，并在我们的OLCV项目中展现低碳领导力，我们的工业规模直接空气捕获（DAC）设施STRATOS在2024年达到了关键的运营和商业里程碑。我们于12月完成了STRATOS 1号和2号装置的建设，并对未来几个月内投产和启动运营感到兴奋，预计到年底初步捕获能力将逐步提升至每年25万公吨大气二氧化碳。

Sales of Carbon Dioxide Removal (CDR) credits to be generated by STRATOS continued to progress with strong market demand signals. In 2024, we signed several foundational CDR agreements with major companies, including the sale of 500,000 metric tons of CDR credits to Microsoft in the largest DAC CDR transaction to date.

由STRATOS产生的二氧化碳去除（CDR）信用额度的销售在强劲的市场需求信号下持续推进。2024年，我们与多家大公司签署了数项基础性CDR协议，其中包括向微软出售50万公吨CDR信用额度，这是迄今为止最大的一笔直接空气捕获CDR交易。

OLCV continued to progress other projects in 2024 including permit applications for CO2 sequestration, support for NET Power’s design of an ultra-low emission natural gas power plant in the Permian, and a joint venture to commercialize TerraLithium’s patented Direct Lithium Extraction and associated technologies with BHE Renewables.

OLCV在2024年继续推进其他项目，包括二氧化碳封存的许可申请，支持NET Power在二叠纪盆地设计超低排放天然气发电厂，以及与BHE Renewables成立合资企业，将TerraLithium的专利直接提锂技术及相关技术商业化。

In closing, I’m confident that our differentiated strategy, premier assets and industry-leading operational capabilities best position Oxy to create long-term value for our shareholders. We remain committed to strengthening our balance sheet and will continue our deleveraging progress to deliver sustainable dividend growth and enhanced shareholder returns. I’d like to thank our Board of Directors for their guidance, and our employees for their dedication to safely and responsibly producing the energy and essential chemicals that elevate standards of living and economies in the U.S. and around the world.

最后，我坚信我们差异化的战略、优质的资产和行业领先的运营能力使西方石油公司能够为股东创造长期价值。我们仍然致力于加强资产负债表，并将继续推进去杠杆化进程，以实现可持续的股息增长和更高的股东回报。我要感谢董事会的指导，以及我们员工的奉献精神，他们安全、负责任地生产能源和基础化学品，提高了美国乃至全球的生活水平和经济水平。

We appreciate your support and investment.

我们感谢您的支持和投资。

VickiHollub President and

Chief Executive Officer

2025-02-18 Vicki Hollub’s Letters to OXY Shareholders

2025-02-18 Vicki Hollub’s Letters to OXY Shareholders

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