Occidental Petroleum Corporation

and welcome to Occidental's third quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need a conference specialist, please press star followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchstone phone, and to withdraw your question, please press star then two. Please note that today's event is being recorded. I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

Thank you, Rocco. Good afternoon, everyone, and thank you for participating in Occidental's third quarter 2025 earnings conference call. On the call with us today are Vicki Holub, President and Chief Executive Officer, Sunil Mathew, Senior Vice President and Chief Financial Officer, Richard Jackson, Senior Vice President and Chief Operating Officer, and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations. This afternoon, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on slide two regarding forward-looking statements that will be made on the call this afternoon. We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding gap measure can be found in the schedules to our earnings release and on our website. I'll now turn the call over to Vicki.

Thank you, Jordan, and good afternoon, everyone. I want to take a moment to recognize Veterans Day and express our deep gratitude to all veterans and their families for their service. Today, I will address our recently announced sale of OxyChem. outline the strategic rationale, and highlight our third quarter performance. Richard will provide details on our oil and gas operations, and Sunil will review our third quarter financials, fourth quarter guidance, and considerations for the year ahead. The sale of OxyChem is a pivotal step in our transformation. The decision was driven by the scale, quality, and diversity of the oil and gas portfolio we have built over the last decade. Since 2015, we have more than doubled our total resource potential and our production, going from total resource of 8 billion barrels of oil equivalent to 16.5 billion barrels of oil equivalent, and from production of 650,000 BOE per day to over 1.4 million BOE per day. We now have a higher quality portfolio with Oxy's lowest ever geopolitical risk as we have shifted the percentage of our oil and gas production from 50% domestic to 83% domestic. And our portfolio has a development runway of 30 plus years that includes high return, short cycle, higher decline, unconventional assets, complemented by solid return, lower decline, mid-cycle development opportunities in our conventional oil and gas assets. Our substantial oil and gas runway, along with our demonstrated expertise in maximizing resource recovery, created the foundation for accelerating value to our shareholders through the legislature of OxyCAN. The proceeds will be used to immediately strengthen our balance sheet, allowing us to significantly deleverage and achieve our principal debt target of less than $15 billion. This will reinforce our financial resilience and agility to navigate changing market conditions. With greater financial flexibility, we can broaden our return of capital program and accelerate shareholder returns. This will enhance our approach to delivering value to our shareholders by increasing cash returns and continuing to rebalance enterprise value through net debt reduction. Our strengthened financial foundation will enable us to accelerate the development of our industry-leading oil and gas portfolio by focusing capital on our permanent unconventional assets, including unconventional CO2 floods, along with our Gulf of America water floods, and in the future, our Baquia gas and condensate discovery in Oman. We're excited about all the opportunities ahead to apply our subsurface expertise for greater resource recovery and the opportunities to advance our various low-declined enhanced oil recovery projects, particularly our CO2 EOR projects. Now turning to the third quarter, our teams delivered another strong quarter of operational performance, generating $3.2 billion in operating cash flow and $1.5 billion in free cash flow before working capital. Notably, we exceeded last year's third quarter operating cash flow despite WTI prices that were more than $10 per barrel lower in the third quarter of this year. Our team's continued focus on cost management and efficiency improvements also led to our lowest quarterly lease operating expense per barrel across our full oil and gas segment since 2021. This ongoing improvement in portfolio and operational performance underscores the quality of our resources and the exceptional caliber of our teams, who continue to bring foreign value by delivering more with less. In the third quarter, our oil and gas business produced approximately 1.47 million barrels of oil equivalent per day, exceeding the high end of our guidance range. The Permian Basin contributed 800,000 BOE per day, which is the highest quarterly Permian production in Oxy's history. The Rockies also posted outstanding results, thanks to strong new oil performance and stable base operations. Additionally, Our Gulf of America assets outperformed the high end of guidance, benefiting from favorable weather and achieving the highest uptime in our operating history. Our midstream and marketing segment delivered another incredible quarter, generating positive adjusted earnings and surpassing the high end of guidance. Our teams expertly navigated market volatility to maximize margins through strategic gas marketing, helping to offset challenging gas price realizations. Higher sulfur prices in Alhosen further contributed to the quarter's results. As shown in our third quarter results, we remain focused on generating free cash flow at lower oil prices and maintaining flexibility in our capital and development programs to support near and long-term value creation. Richard will now provide more details on our third quarter operational highlights and how we are positioned to generate stronger returns and higher free cash flow.