Preheat oven 350 degrees.
Grease two 9-inch round cake pans with butter, oil or pan spray. Line with parchment paper. grease parchment paper. Parchment paper is critical to make sure your cake doesn't stick. See parchment paper notes.
In large bowl, mix flour, sugar, cocoa powder, baking soda, baking powder and salt. Stir to combine. Set aside.
In large bowl, mix olive oil, eggs, orange extract, buttermilk, orange juice and water. use hand beaters or whisk to combine.
Add dry ingredients to wet ingredients and beat until combined.
Divide batter and pour each half into your 9-inch round cake pan.
Bake 22-24 minutes until cooked through. You can test with a toothpick. If it comes out clean with no batter, the cake is done.
Place cake on cooling rack and allow to fully cool before removing from pan.
Once fully cooled, remove from pan and frost. See notes regarding frosting.