Occidental Petroleum Corporation

Good afternoon, and welcome to Occidental's first quarter 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key 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 touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Babatunde Cole, Vice President of Investor Relations. Please go ahead.

Thank you, Betsy, and good afternoon, everyone. Thank you for participating in Occidental's first quarter 2026 earnings conference call. On the call with us today are Vicki Holub, President and Chief Executive Officer, Sunil Matthew, 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 investor 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 will also reference a few non-GAAP financial measures today. Reconcilations to the nearest corresponding gap measure can be found in the schedules to our earnings release and on our website. I will now turn the call over to Vicki.

Thank you, Babatunde, and good afternoon, everyone. I want to take a moment to acknowledge the ongoing challenges and uncertainty in the Middle East. First and foremost, I want to thank our frontline employees in the region for their professionalism and focus under very difficult conditions. Their safety remains our top priority, and thankfully our teams continue to operate safely with no adverse impacts to our personnel. I also want to recognize the continued support of our partners and host governments in the UAE, Oman, and Qatar. Their collaboration and shared focus on safety and asset integrity remain critical as conditions continue to evolve. Recent developments have driven sharp price movements and increased volatility across global markets. These dynamics underscore how quickly supply, expectations, and trade flows can change and why reliability, resilience, and financial strength matter. While volatility can influence near-term prices, long-term value is created by companies that execute consistently across cycles while protecting their people and assets. During this period, Oxy executed as we planned. More importantly, we demonstrated that the strategy we have built over more than a decade can perform well through disruption. Over the past 10 years, we have fundamentally transformed Oxy's portfolio to emphasize quality, balance, and durability. From the beginning, we operated with clear conviction that the world will continue to need oil for decades to come and that the Permian would play a critical role in meeting that demand. That conviction shaped a strategy grounded in subsurface capability and operational excellence to lower full-cycle costs across the portfolio. As we sharpened that focus, we exited non-core assets and redirected capital to competitive positions where our technical capabilities could create the greatest value. We invested consistently in our people, knowing that subsurface expertise and disciplined execution would be key differentiators for Oxy over the long term. As part of that deliberate work, we shifted to a substantially more domestic portfolio. Today, 83% of our current production and 88% of our total oil and gas resources are in the United States, concentrating our operations in a more stable operating environment. Recent global events reinforce the importance of those decisions. Through this transformation, we build both scale and depth. we more than doubled production going from 650,000 BOE per day to over 1.4 million per day. We also more than doubled our reserves and resources, increasing reserves from 2.2 to 4.6 billion barrels of oil equivalent and total resources from 8 billion BOE to approximately 16.5 billion. These resources are high quality and low cost with a runway of more than 30 years. At the same time, we diversified and balanced our mix of assets in the portfolio, with roughly half of our resources in short-cycle, uncommissionable assets and the other half anchored in lower-decline assets across EOR, the Gulf of America, Oman, Abu Dhabi, and Algeria. This balance positions us to reduce our base decline to below 20% by the end of the decade and support lower sustaining capital over time. Subsurface and technical excellence have also been corridor success. Over the past decade, we have invested in data acquisition, reservoir characterization, and development design to build a superior understanding of the subsurface. This enables us to optimize development plans by basin, section, and formation rather than rely on a one-size-fits-all approach. Our teams have delivered, and the data backs it up. Quarter after quarter, we have achieved industry-leading, unconventional well performance across every basin in which we operate. Since 2016, we have maintained a reserve and replacement ratio above 100%. This capability continues to expand and improve our resource base, unlocking new opportunities across EOR, the Gulf of America, and our international assets. Looking ahead, this capability will only get stronger as we combine our data and technical foundation with advanced analytics and AI to further optimize development and performance. Today, with the portfolio, resource base, and capabilities we've built, Oxy is positioned to deliver even greater value for decades to come. In the first quarter of this year, we remained disciplined in our capital allocation, maintaining a steady development program aligned with our 2026 plan. And we continue to prioritize balance sheet strength to preserve flexibility and support sustainable shareholder returns. Our first quarter results reflect that progress. Now I want to take a minute to reflect on the leadership succession plan we announced last week. As I'm sure you saw, I will be retiring as president and CEO of Oxygen on June 1st. And with the approval of the board of directors, Richard Jackson will succeed me as president and CEO. I will continue to serve on Oxy's board, and Richard will join the board as well on June 1st. I've worked with Richard for almost 20 years and have always been impressed with his drive for excellence, his integrity, and ethics. He brings deep experience across our business and a strong track record of execution, making him a great choice for the next phase of our strategy, which includes the development of our extensive portfolio. The board and I have full confidence in his leadership as he carries forward the strong performance and foundation we've built at Oxy. As our Oxy enters this next phase, I also have great confidence in our innovative leadership team and our employees who will continue to excel at what we do best, and that is oil and gas development and operations. This is our forte. Oxy's future is in excellent hands. With that, I'll now turn the call over to Richard to discuss our forward trajectory in more detail.