Commodity Price Volatility: Fluctuations in crude oil and natural gas prices directly impact OXY's revenues, profitability, and cash flow, making financial forecasting challenging.

Regulatory and Environmental Risks: Increasing global pressure for decarbonization, stringent environmental regulations, carbon taxes, and permitting challenges could raise operating costs and limit exploration and production activities.

Geopolitical Instability Risks: OXY's international operations expose it to political instability, civil unrest, expropriation, changes in fiscal regimes, and international sanctions, potentially disrupting operations and increasing costs.