Occidental Petroleum (OXY) FWPFree writing prospectus

*We expect that delivery of the notes will be made against payment therefor on or about December 22, 2020, which will be the tenth business day following the date of pricing of the notes (this settlement cycle being referred to as “T+10”). Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of this term sheet or the following seven business days will be required, by virtue of the fact that the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes should consult their own advisors.

**Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. See “Risk Factors—Risks Related to the Notes—Our credit ratings may not reflect all risks of an investment in the notes and there is no protection in the indenture for holders of the notes in the event of a ratings downgrade. A downgrade in our credit rating could negatively impact our cost of and ability to access capital.” in the Company’s preliminary prospectus supplement dated December 7, 2020.

With respect to the table under the heading “Prospectus Supplement Summary—Recent Debt Management Transactions and Associated Maturity Profile” on page S-3 of the preliminary prospectus supplement, (a) the amount corresponding to the line item entitled “Liquidity” is hereby modified to “$6,900”; (b) under the caption “Maturity,” the amounts in the “Actual” column corresponding to the line items entitled “2024 – 2031,” “2032 – 2096”  and “Total Debt” are hereby modified to “17,624,” “12,206” and “$35,890,” respectively; (c) the first sentence of footnote (1) is amended and restated in its entirety to read as follows: “The amounts as of September 30, 2020 give pro forma effect to the completed Prior Debt Management Transactions.”; (d) the first sentence of footnote (3) is amended and restated in its entirety to read as follows: “Includes $214 million principal amount of our variable-rate term loan due 2021.”; and (e) other appropriate conforming changes are hereby made to give effect to clauses (a)-(d) and as otherwise may be required to reflect the terms described in this pricing term sheet.

This pricing term sheet supplements, and should be read in conjunction with, the Company’s preliminary prospectus supplement dated December 7, 2020 and the accompanying prospectus dated July 31, 2019 and the documents incorporated by reference therein.