| Explanation of
Responses: |
| (1) |
The price reported in Column
4 is a weighted average price. These shares were purchased in
multiple transactions at prices ranging from $57.5200 to $58.1800.
The Reporting Persons undertake to provide Occidental Petroleum
Corporation ("Occidental"), any security holder of Occidental, or
the staff of the Securities and Exchange Commission, upon request,
full information regarding the number of shares purchased at each
separate price within the range set forth in footnote 1 to this
Form 4. |
| (2) |
The shares of the issuer's
common stock reported on this form are held by Berkshire Hathaway
Inc. ("Berkshire") indirectly through its subsidiary, National
Indemnity Company. |
| (3) |
As Berkshire is in the chain
of ownership of each subsidiary listed, it may be deemed presently
to both beneficially own and have a pecuniary interest in all
shares and derivative securities, as applicable, presently directly
owned by such subsidiaries. Warren E. Buffett, as the controlling
stockholder of Berkshire, may be deemed presently to beneficially
own, but only to the extent he has a pecuniary interest in, the
shares and derivative securities, as applicable, presently owned by
each of these subsidiaries. Mr. Buffett disclaims beneficial
ownership of the reported securities except to the extent of his
pecuniary interest therein. In addition, in order to avoid double
counting, all shares and derivative securities, as applicable,
reported as being owned by each subsidiary listed only reflect
shares or derivative securities, as applicable, that are owned
directly by such subsidiary, |
| (4) |
(Continued from footnote 3)
and do not reflect any shares that such subsidiary may be deemed to
beneficially own by virtue of ownership or control of any other
subsidiary otherwise reported on this form. |
| (5) |
The price reported in Column
4 is a weighted average price. These shares were purchased in
multiple transactions at prices ranging from $57.6700 to $58.5300.
The Reporting Persons undertake to provide Occidental, any security
holder of Occidental, or the staff of the Securities and Exchange
Commission, upon request, full information regarding the number of
shares purchased at each separate price within the range set forth
in footnote 5 to this Form 4. |
| (6) |
The price reported in Column
4 is a weighted average price. These shares were purchased in
multiple transactions at prices ranging from $58.6300 to $59.5000.
The Reporting Persons undertake to provide Occidental, any security
holder of Occidental, or the staff of the Securities and Exchange
Commission, upon request, full information regarding the number of
shares purchased at each separate price within the range set forth
in footnote 6 to this Form 4. |
| (7) |
The price reported in Column
4 is a weighted average price. These shares were purchased in
multiple transactions at prices ranging from $59.9000 to $60.0000.
The Reporting Persons undertake to provide Occidental, any security
holder of Occidental, or the staff of the Securities and Exchange
Commission, upon request, full information regarding the number of
shares purchased at each separate price within the range set forth
in footnote 7 to this Form 4. |
| (8) |
The price reported in Column
4 is a weighted average price. These shares were purchased in
multiple transactions at prices ranging from $60.7550 to $61.5950.
The Reporting Persons undertake to provide Occidental, any security
holder of Occidental, or the staff of the Securities and Exchange
Commission, upon request, full information regarding the number of
shares purchased at each separate price within the range set forth
in footnote 8 to this Form 4. |
| (9) |
The shares of the issuer's
preferred stock reported on this form were issued on August 8, 2019
and are held by Berkshire indirectly through the following
Berkshire subsidiaries: National Indemnity Company (99,000) and
Berkshire Hathaway Assurance Corporation (1,000). |
| (10) |
The warrants contain
provisions that adjust the exercise price and the number of shares
of the issuer's common stock issuable on exercise upon the
occurrence of certain events. As such, the exercise price and the
number of shares of the issuer's common stock issuable on exercise
as reported on this form are subject to change upon the occurrence
of future events in accordance with the terms of the warrants. The
warrants were initially for 80,000,000 shares with an initial
exercise price of $62.50 per share. On June 26, 2020, the issuer's
board of directors declared a distribution to its common
shareholders of warrants to purchase additional shares of common
stock, which distribution resulted in an anti-dilution adjustment
to the warrants, which lowered the exercise price to $59.624 and
increased the number of shares issuable on exercise of the warrants
to 83,858,848.81. |
| (11) |
The warrants were issued on
August 8, 2019 and are exercisable at the applicable holder's
option, in whole or in part, until the first anniversary of the
date on which no shares of the issuer's series A preferred stock
remain outstanding, at which time the warrants expire. |
| (12) |
The warrants to purchase the
issuer's common stock reported on this form are held by Berkshire
indirectly through the following Berkshire subsidiaries: Berkshire
Hathaway Life Insurance Company of Nebraska (3,018,918.56),
Berkshire Hathaway Specialty Insurance Company (1,677,176.98),
Columbia Insurance Company (10,608,144.37), Government Employees
Insurance Company (27,254,125.86), GEICO Indemnity Company
(8,385,884.88), GEICO Casualty Company (3,270,495.10), BHG Life
Insurance Company (5,870,119.42), and National Indemnity Company
(23,773,983.64). |