西方石油 2025年度报告

ANNUAL REPORT 2025 AND YEAR-TO-DATE ACHIEVEMENTS FINANCIAL •Generated $4.3 B of free cash flow before working capital1•Completed the OxyChem divestiture•Reduced principal debt to ~$13.8 B2•Increased quarterly dividend by >18%3 OPERATIONAL •Achieved record annual production of 1.43 million BOEPD4•Reduced capital and operating costs by $575 MM5•Expanded Oxy’s resource base by 2.5 B to ~16.5 B barrels of oil equivalent HEALTH, SAFETY, ENVIRONMENTAL AND SUSTAINABILITY •Achieved best employee safety performance ever with 0.07 TRIR6•Sustained zero routine flaring in U.S. oil and gas operations•Implemented emissions reduction projects involving hundreds of facilities and wellsand thousands of pieces of equipment across Oxy’s oil and gas operations ABOUT US Oxy is an international energy company that produces, markets and transports oil and natural gas to maximizevalue and provide resources fundamental to life. The company leverages its global leadership in carbonmanagement to advance lower-carbon technologies and products. Headquartered in Houston, Oxy primarilyoperates in the United States, the Middle East and North Africa. To learn more, visit oxy.com. LETTER FROM THE CEO base production delivery that contributed meaningfully to ourfull-year production outperformance. Our Midstream businessalso delivered exceptional results, exceeding original guidancedriven by effective gas marketing optimization in the Permianand higher sulfur prices at Al Hosn. 2025 was a transformational year for Oxy.Through disciplinedexecution, operational excellence, strategically reshaping ourportfolio and strengthening our balance sheet we have workedto build a stronger, more resilient company that is positionedto perform across evolving industry dynamics and deliverincreased value to shareholders. These operational outcomes translated directly into financialstrength. We generated $4.3 billion in free cash flow beforeworking capital in 20251, despite oil prices that were on averageapproximately 14 percent lower than in 2024. Operational performance was a clear differentiator throughoutthe year. We delivered record annual production of 1.43 millionbarrels of oil equivalent (BOE) per day, exceeding the high end ofour guidance while spending $300 million less in oil and gas capitaland reducing operating expenses by $275 million, achieving ourlowest lease operating expense per BOE since 2021. Importantly,our employees achieved these outcomes while establishing a newsafety performance record, a testament to our culture of deliveringresults while striving to work safely and responsibly. Strengthening the balance sheet remained a top priority. During2025, we repaid $4 billion of debt, and with the completion ofthe OxyChem transaction earlier this year, our principal debtnow stands at approximately $13.8 billion, about $4.2 billion lowerthan prior to the CrownRock acquisition. Over the past 20 months,we have retired over $15 billion of debt, materially improving ourleverage profile and financial flexibility. 1Underpinned by high-quality resources, we believe our portfoliohas never been stronger. Through a series of strategic assetacquisitions and divestitures that we began in 2015, whichculminated with the sale of OxyChem earlier this year, we havebuilt a differentiated asset base anchored by world-class U.S.unconventional resources, complemented by high-margin, lowerdecline domestic conventional, Gulf of America and internationalassets, and enhanced by decades of leadership in advancedrecovery. This combination helps provide both flexibility andresilience across commodity cycles and positions Oxy to generatesustainable free cash flow across a range of pricing environments.Our portfolio offers more than 30 years of low-cost developmentrunway with a total resource base of approximately 16.5 billion BOEcompared to 8.1 billion BOE in 2015. Eighty three percent of ourcurrent production and almost 88% of our total resource base isin the United States—significantly lowering geopolitical risk. Eachyear we have continued to extend and improve organically. Westrive to add at least as many reserves as we produce. At theend of 2025, Oxy’s worldwide proved reserves totaled 4.6 billionBOE. Proved reserve additions included extensions and discoveriestotaling 340 million BOE, mainly in the Permian Basin, and additionsfrom infill development projects of 115 million BOE, primarily in thePermian and DJ Basins. This resulted in a 107% organic reservesreplacement ratio and a 98% all-in reserves replacement ratio.1 Looking ahead, our priorities are clear and consistent—buildingon the progress we made last year. First, we plan to maintainour production base through safe, reliable operations. Second,delivering a sustainable and growing dividend remains central toour strategy. Third, we will continue to strengthen our financialposition and deliver value to our shareholders. To deliver these priorities, we can now focus on what our teamsdo best: apply