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1 2018 SUMMARY plan DESCRIPTION Occidental Petroleum Corporation 401(k) Savings plan your future. your life. your health. CONTENTS plan at a Glance .. 1 Managing Your Account .. 3 Lost or Forgotten Passwords .. 3 Account Management Features .. 3 Issues 5 Eligibility .. 6 Your 6 When Your Participation Begins .. 6 Naming a Beneficiary .. 7 Employment Changes .. 8 When Your Active Participation Ends .. 8 401(k) plan Contributions .. 9 Your Contributions to the plan .. 9 Your Base Pay and Annual Bonus .. 9 Catch-Up Contributions .. 10 Rollover into the plan .. 10 Roth Rollover Contribution .. 11 In- plan Roth Rollover .. 11 Tax Implications of Before-Tax, Roth and After-Tax Contributions .. 12 Effect of Before-Tax Contributions on Other Benefits .. 12 Changing Your Contribution Amount.

2 12 Contribution Rate Escalator .. 12 Stopping and Starting Your Contributions .. 13 Involuntary Contribution Suspension .. 13 Contributions While Receiving Short-Term Disability Benefits .. 13 Contribution Eligibility for Qualified Military 13 Oxy s Company Matching Contributions .. 14 Benefit 15 Vesting .. 15 Investing in the plan .. 16 Investment Funds .. 16 Making Your Investment Elections .. 17 Default Investments .. 17 Transferring Your Current 401(k) plan 17 Automatic Account Rebalancing .. 18 Fund Transfer Fee .. 18 Additional Restrictions .. 18 Oxy Stock Dividend .. 19 Electing to Receive Dividends in Cash .. 19 Excessive Trading Policy Restrictions .. 19 Insider Trading Ban .. 20 Fund Valuations .. 20 Voting Your Shares .. 20 Online Advice and the Professional Management Program.

3 21 Online Advice .. 21 Professional Management .. 21 Receiving plan Benefits as an Active Employee .. 22 In-Service Withdrawals .. 22 Receiving Payment .. 22 Tax Withholding .. 23 Loans .. 23 Eligibility .. 23 How to Apply for a Loan .. 23 Loan Type and Amount .. 24 Loan Application Fee .. 24 Funds for Loans .. 24 Interest Rate .. 24 Loan Payoff .. 24 Missing Loan Repayments .. 25 Balance of $5,000 or Less .. 26 If You Don t Make a Timely Election .. 26 How to Request a Distribution .. 26 Your Distribution Options .. 27 Qualified Domestic Relations Orders .. 27 Death Benefits .. 29 Beneficiary Distribution Payment Options .. 29 Required Minimum Payments .. 31 Claims and Appeals Procedures .. 32 General Information About Claims .. 32 Time Period for Responding to Initial Claim.

4 32 Information Provided If Initial Claim Is Denied .. 33 Appeal Procedure If Initial Claim Is Denied .. 33 Information Provided If Appeal Is Denied .. 34 34 Legal Proceedings .. 34 Assignment of Benefits .. 35 Additional Information .. 36 Administrative Information .. 36 plan Continuation .. 37 Pension Benefit Guaranty Corporation .. 37 plan Documents .. 37 Mergers, Consolidations and Transfers .. 37 Data and Records .. 37 If the plan Becomes Top Heavy .. 38 No Implied Promises .. 38 Additional SPD Documents .. 38 Your ERISA Rights .. 39 Receive Information About Your plan and 39 Prudent Action by plan Fiduciaries .. 39 Enforce Your Rights .. 39 Help with Your Questions .. 40 Glossary .. 41 1/2018 1 401(k) Savings plan plan at a Glance Save for the future with Oxy s 401(k) plan .

5 The Occidental Petroleum Corporation Savings plan , also known as the 401(k) Savings plan , 401(k) plan or plan , is a 401(k) plan that includes an employee stock ownership plan (ESOP). 401(k) Savings plan For updates to this information, see Who s Eligible All non-union, full-time and part-time employees Union-represented employees if provided for in the collective bargaining agreement When Participation Begins You automatically become a plan participant (whether or not you contribute to the plan ) on the first day of the month in which you are hired as an eligible employee or become an eligible employee. Automatic Enrollment New hires are automatically enrolled in the 401(k) plan . This means: You will automatically be enrolled in the 401(k) plan with a before-tax contribution of 5% of base pay.

6 Note: If you were not automatically enrolled in the plan subsequent to August 4, 2016, the deferral election in place as of August 4, 2016 will apply to any bonus paid in the 2017 plan year and for each succeeding plan year until you affirmatively elect a deferral percentage for your bonus. If you were hired after August 4, 2016, no deferral will be taken from your bonus until you affirmatively elect a deferral percentage for your bonus. Contributions begin with your first available paycheck after your hire date. Oxy makes a matching contribution (see below). Your contributions are invested in the Diversified Balanced Fund (or other Qualified Default Investment Alternative [QDIA] selected and communicated to you) until you elect otherwise. All other eligible employees: You may enroll in the 401(k) plan at any time.

7 Your Contributions Save a percentage of your pay on a before-tax basis, Roth (effective 1/2017) or after-tax basis, or a combination of the three, up to IRS limits. 2018 IRS contribution limits: Annual contribution (before-tax and Roth): $18,500 Annual catch-up contribution (before-tax and Roth) if you are 50 or older during the year: $6,000 Maximum eligible pay that may be used for contributions under the 401(k) plan : $275,000 Note: If Oxy's contributions to the 401(k) plan are limited by IRS caps, Oxy will make allocations to the nonqualified Supplemental Retirement plan (SRP). Oxy Contributions See Oxy s Company Matching Contributions for the match that applies to you. Oxy matches before-tax, Roth and after-tax contributions (catch-up contributions are excluded).

8 You will receive: Two dollars for every dollar you contribute, up to 2% of your eligible pay; plus An additional dollar-for-dollar match on the next 3% of eligible pay you contribute, for a total match of up to 7%. Note: Oxy s contributions are invested in the Oxy Stock Fund. Vesting You are immediately vested in your contributions and Oxy s matching contributions. 1/2018 2 401(k) Savings plan Investment Options Choose from a variety of investment funds, each with varying levels of risk and return: S&P 500 Index Fund Large Cap Value Fund (MADVX) Large Cap Growth Fund I Large Cap Growth Fund II (MIGNX) Large-Mid Cap Value Fund Mid Cap Index Fund (VMCPX) Small Cap Value Fund International Equity Fund (CIVIX) Bond Fund (PTTRX) High Yield Bond Fund (PHIYX) Inflation-Protected Securities Fund (VIPIX) Global Convertible Bond Fund Diversified Balanced Fund (DODNX) Stable Value Fund Real Estate Index Fund (VGSNX) Oxy Stock Fund (OXY) Loans You may borrow money from your balance and repay it through after-tax payroll deductions.

9 Minimum loan amount: $1,000 Maximum loan amount is the lesser of: 50% of your vested account balance or $50,000 less the highest outstanding loan balance in last 12 months When You Receive Your Account Your 401(k) account becomes payable when you retire, become totally and permanently disabled, die or otherwise terminate your employment with Oxy. If you satisfy certain requirements, withdrawals from your account can be made while you are working at Oxy (see In-Service Withdrawals for more information). Beneficiary Designation Be sure you name the beneficiary who will receive your account in the event of your death. Complete a beneficiary designation on Rollovers into the plan Taxable rollovers from other employers qualified plans are accepted. Roth rollovers from other employers qualified plans are accepted (as of 1/2017).

10 You will need to complete a rollover request on or call 844-OXY-401K (844-699-4015). About this SPD This SUMMARY plan DESCRIPTION (SPD) summarizes your 401(k) Savings plan so you can understand how the plan works. Although this booklet covers many of the principal features of the 401(k) Savings plan , it is only a SUMMARY . The 401(k) Savings plan s complete provisions are contained in the plan documents that legally govern the plan s operation. The plan documents include the official plan text, the trust agreement, and other documents and reports that are maintained by the plan and/or filed with a federal government agency. If you wish, you may request a copy of any of the plan documents by writing to the plan administrator at the address shown in Additional Information. Copies of requested documents will be furnished within 30 days at a reasonable charge.