- Total company production of 689,000 BOE
per day, providing year-over-year growth of 94,000 BOE per day or
16 percent
- Permian Resources year-over-year
quarterly oil production grew 72 percent to 74,000 barrels per day
and BOE production grew 51 percent to 116,000 BOE per day
- Q3 2015 operating cash flow of $1.0
billion
- Q3 2015 ending cash balance of $4.3
billion
Occidental Petroleum Corporation (NYSE: OXY) announced core
income for the third quarter of 2015 of $24 million or $0.03 per
diluted share. Reported income was a loss of $3.42 per diluted
share for the quarter, including $2.6 billion after tax charges,
which reflect the sharp decline in the oil and gas futures price
curves, as well as projects that management determined it would
cease to pursue. Operating cash flow for the quarter was $1.0
billion, with total cash on the balance sheet at quarter-end of
$4.3 billion.
In announcing the results, Stephen I. Chazen, President and
Chief Executive Officer, said, “Our third quarter daily production
increased to 689,000 BOE from last year’s 595,000 BOE, an increase
of 16 percent. Permian Resources and the start up of Al Hosn drove
nearly all of the 94,000 BOE per day year-over-year growth. We have
made a strategic decision to exit the Williston Basin and will
continue to evaluate and minimize our involvement in non-core
operations in the Middle East and North Africa. This will result in
improved operating cash flow, lower future capital commitments,
lower G&A costs and better overall financial returns for our
remaining asset base.
“Although oil and NGL prices declined sequentially in the third
quarter, our operating cash flow increased to $1.0 billion from
$800 million in the second quarter of 2015. We reduced our capital
spending another $300 million to $1.2 billion in the third quarter
compared to $1.5 billion in the second quarter. Permian Resources
continues to represent over 50 percent of total oil and gas
spending. We continue to achieve drilling efficiencies and reduce
unit operating costs. Wolfcamp well costs in the Delaware Basin are
down over 40 percent and our Permian Resources unit operating costs
are down 18 percent from a year ago.
“The actions we have taken to exit non-core assets, improve
drilling efficiencies and lower well and unit operating costs
provide greater focus in both our U.S. and international oil and
gas operations and will strengthen the financial results of the
overall enterprise.”
QUARTERLY
RESULTSOil and
Gas
Total oil and gas after-tax results were $17 million for the
third quarter of 2015, compared to $108 million for the second
quarter of 2015 and $900 million for the third quarter of 2014. The
decrease in oil and gas results on a sequential and year-over-year
basis was substantially due to lower realized commodity prices.
The average quarterly WTI and Brent marker prices were $46.43
per barrel and $51.17 per barrel, respectively, for the third
quarter of 2015, a decrease of about 20 percent on a sequential
quarterly basis and over 50 percent on a year-over-year basis. Our
average worldwide realized crude oil prices were $47.78 per barrel
for the third quarter of 2015, a decrease of 12 percent compared
with the second quarter of 2015 and nearly 50 percent compared with
the third quarter of 2014. Our average worldwide NGL prices were
$14.68 per barrel in the third quarter of 2015, a decline of 19
percent from the preceding quarter and 62 percent from the third
quarter of last year. Our average domestic natural gas prices
improved by 7 percent in the third quarter of 2015 to $2.24 per MCF
compared to the second quarter of 2015, and fell by 40 percent
compared with the third quarter of 2014.
For the third quarter of 2015, total company average daily oil
and gas production volumes increased by 94,000 barrels of oil
equivalent (BOE) to 689,000 BOE from 595,000 BOE in the third
quarter of 2014. Domestic average daily production increased by
17,000 BOE to 332,000 BOE in the third quarter of 2015 with the
majority of the increase coming from oil production, which grew by
22,000 barrels to 204,000 barrels per day, with all of the increase
attributable to Permian Resources. The increase in Permian
Resources oil production was partially offset by lower oil and
natural gas production in the Midcontinent and Other regions, of
which Williston’s average daily production was down by 4,000 BOE to
17,000 BOE compared to the third quarter of 2014. International
average daily production increased to 357,000 BOE in the third
quarter of 2015 from 280,000 BOE in the third quarter of 2014. The
increase in international production is mainly due to the ramp up
in production at Al Hosn, which produced 50,000 BOE per day in the
third quarter of 2015.
Total company average daily oil and gas production increased by
31,000 BOE compared to the second quarter of 2015. Third quarter
domestic average daily production was about flat to the second
quarter of 2015. Permian Resources average daily production grew by
7,000 BOE, with 3,000 BOE of the increase coming from oil
production growth. The increase in Permian Resources production was
offset by lower gas production in the Midcontinent and Other
regions where we have curtailed all development activities due to
the gas price environment. The increase in international average
daily production of 32,000 BOE compared to the second quarter of
2015 reflected improved production rates at Al Hosn, which
increased by 32,000 BOE, and operational improvements in other
Middle East countries. These improvements in production were
partially offset by the partial loss of Colombia production due to
insurgency activities.
Total company average daily sales volumes were 670,000 BOE in
the third quarter of 2015 compared to 657,000 BOE for the second
quarter of 2015 and 590,000 BOE in the third quarter of 2014.
Chemical
Chemical pre-tax core earnings for the third quarter of 2015
were $174 million, compared to $136 million in the second quarter
of 2015 and $140 million in the third quarter of 2014. Compared to
the second quarter of 2015, the third quarter benefited from higher
chlorovinyl production volumes and lower ethylene costs partially
offset with lower vinyl sales prices. On a year-over-year basis,
the third quarter of 2015 reflected lower ethylene and energy costs
partially offset by lower sales prices and volumes across most
product lines.
Midstream and
Marketing
Midstream pre-tax core earnings for the third quarter of 2015
were $31 million, compared to $84 million for the second quarter of
2015 and $155 million for the third quarter of 2014. The decrease
in earnings compared to the second quarter of 2015 mainly reflected
lower marketing margins due to the narrowing of WTI and LLS
differentials as an increase in supply of crude oil has lowered
premiums in the Gulf Coast. The lower marketing margins were
partially offset by higher pipeline income from both domestic and
foreign pipelines and higher seasonal margins from power generation
operations. Compared to the third quarter of 2014, the third
quarter of 2015 reflected lower marketing margins due to the
narrowing of WTI and LLS differentials and lower gas plant results
due to the significant decline in NGL prices.
About Occidental
Petroleum
Occidental Petroleum Corporation is an international oil and gas
exploration and production company with operations in the United
States, Middle East region and Latin America. Headquartered in
Houston, Occidental is one of the largest U.S. oil and gas
companies, based on equity market capitalization. Occidental’s
midstream and marketing segment gathers, processes, transports,
stores, purchases and markets hydrocarbons and other commodities in
support of Occidental’s businesses. The company’s wholly owned
subsidiary OxyChem manufactures and markets chlor-alkali products
and vinyls.
Forward-Looking
Statements
Portions of this press release contain forward-looking
statements and involve risks and uncertainties that could
materially affect expected results of operations, liquidity, cash
flows and business prospects. Actual results may differ from
anticipated results, sometimes materially, and reported results
should not be considered an indication of future performance.
Factors that could cause results to differ include, but are not
limited to: global commodity pricing fluctuations; supply and
demand considerations for Occidental’s products;
higher-than-expected costs; the regulatory approval environment;
reorganization or restructuring of Occidental’s operations; not
successfully completing, or any material delay of, field
developments, expansion projects, capital expenditures, efficiency
projects, acquisitions or dispositions; uncertainties about the
estimated quantities of oil and natural gas reserves;
lower-than-expected production from development projects or
acquisitions; exploration risks; general economic slowdowns
domestically or internationally; political conditions and events;
liability under environmental regulations including remedial
actions; litigation; disruption or interruption of production or
manufacturing or facility damage due to accidents, chemical
releases, labor unrest, weather, natural disasters, cyber attacks
or insurgent activity; failure of risk management; changes in law
or regulations; or changes in tax rates. Words such as “estimate,”
“project,” “predict,” “will,” “would,” “should,” “could,” “may,”
“might,” “anticipate,” “plan,” “intend,” “believe,” “expect,”
“aim,” “goal,” “target,” “objective,” “likely” or similar
expressions that convey the prospective nature of events or
outcomes generally indicate forward-looking statements. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this release. Unless legally required,
Occidental does not undertake any obligation to update any
forward-looking statements, as a result of new information, future
events or otherwise. Material risks that may affect Occidental’s
results of operations and financial position appear in Part I, Item
1A “Risk Factors” of the 2014 Form 10-K. Occidental posts or
provides links to important information on its website at
www.oxy.com.
Occidental Petroleum Corporation Quarter 3 2015
Earnings Release Schedules Index
Schedule
#
Schedule
Description
1 Summary Highlights 2
Segment income before tax allocations
● Core income ● Non-core adjustments ● Reported income 3
Segment income after tax allocations
● Core income ● Non-core adjustments ● Reported income 4
Detail of non-core adjustments
● Before tax
allocations
● After tax
allocations
5 GAAP Consolidated Income Statement 6 Condensed
Balance Sheets ● 2014 ● 2015 7 Condensed Statement of Cash
Flows - including GAAP reconciliations Details of Depreciation,
Depletion and Amortization and Capital Expenditures 8 Daily
production ● MBOE/D ● By Commodity 9 Sales ● MBOE/D volumes
● Realized prices and related marker prices 10 Oil and Gas
$/BOE Costs 11 Segment Core Income Pre-tax Variance
Roll-forwards ● Quarter-over-Quarter ● Year-over-Year
Occidental Petroleum Corporation Summary
Highlights
2014 2015
Quarterly
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Net income
(loss) Core ($ millions) $ 1,095 $ 1,082 $ 1,046 $ 560 $ 3,783
$ 31 $ 165 $ 24 $ 220 Core EPS - Diluted ($/share) $ 1.38 $ 1.38 $
1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ 0.29 Effective tax rate
41 % 41 % 41 % 39 % 41 % 75 % 65 % 90 % 74 % Reported ($
millions) $ 1,390 $ 1,431 $ 1,208 $ (3,413 ) $ 616 $ (218 ) $ 176 $
(2,609 ) $ (2,651 ) Reported EPS - Diluted ($/share) $ 1.75 $ 1.82
$ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (3.46 )
Effective tax rate 41 % 41 % 41 % 15 % 109 % 8 % 64 % 15 % 5 %
Average Shares Outstanding Basic (millions) 791.3
782.6 777.4 773.1 781.1 769.6 766.4 763.3 766.4 Diluted (millions)
791.7 782.9 777.7 773.4 781.1 769.6 766.6 763.3 766.4
Production Total US (MBOE/D) 302 308 315 321 312 326 333 332
331 US oil (MBBL/D) 173 179 182 189 181 198 205 204 203 Worldwide
(MBOE/D) 573 580 595 616 591 645 658 689 665 Worldwide sales
(MBOE/D) 562 579 590 635 592 637 657 670 655
Realizations Worldwide oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $
71.58 $ 90.13 $ 48.50 $ 54.55 $ 47.78 $ 50.33 Worldwide NGL ($/BBL)
$ 41.70 $ 40.98 $ 38.20 $ 27.39 $ 37.01 $ 17.96 $ 18.06 $ 14.68 $
16.73 Domestic gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $
2.49 $ 2.09 $ 2.24 $ 2.28
Cash Flows ($ millions)
Operating before working capital $ 2,294 $ 2,070 $ 2,341 $ 1,374 $
8,079 $ 1,121 $ 1,517 $ 1,202 $ 3,840 Working capital changes (252
) 204 (267 ) 1,107 792 (555 ) (399 ) 16 (938 ) Other, net -
- -
- - - (307
) (192 ) (499 ) Operating
- continuing operations $ 2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $
566 $ 811 $ 1,026 $ 2,403 Capital expenditures $ (1,732 ) $ (2,001
) $ (2,003 ) $ (2,984 ) $ (8,720 ) $ (1,735 ) $ (1,488 ) $ (1,219 )
$ (4,442 )
2014 2015
Year-to-date
Mar Jun Sep Dec
Mar Jun Sep Dec
Net income (loss) Core ($ millions) $ 1,095 $ 2,177 $ 3,223
$ 3,783 $ 31 $ 196 $ 220 Core EPS - Diluted ($/share) $ 1.38 $ 2.76
$ 4.10 $ 4.83 $ 0.04 $ 0.25 $ 0.29 Effective tax rate 41 % 41 % 41
% 41 % 75 % 67 % 74 % Reported ($ millions) $ 1,390 $ 2,821
$ 4,029 $ 616 $ (218 ) $ (42 ) $ (2,651 ) Reported EPS - Diluted
($/share) $ 1.75 $ 3.58 $ 5.13 $ 0.79 $ (0.28 ) $ (0.05 ) $ (3.46 )
Effective tax rate 41 % 41 % 41 % 109 % 8 % 113 % 5 %
Average Shares Outstanding Basic (millions) 791.3 786.9
783.7 781.1 769.6 768.0 766.4 Diluted (millions) 791.7 787.2 784.1
781.1 769.6 768.0 766.4
Production Total US (MBOE/D)
302 305 308 312 326 330 331 US oil (MBBL/D) 173 175 178 181 198 201
203 Worldwide (MBOE/D) 573 576 582 591 645 652 665 Worldwide sales
(MBOE/D) 562 571 577 592 637 647 655
Realizations
Worldwide oil ($/BBL) $ 98.14 $ 98.73 $ 97.20 $ 90.13 $ 48.50 $
51.60 $ 50.33 Worldwide NGL ($/BBL) $ 41.70 $ 41.34 $ 40.27 $ 37.01
$ 17.96 $ 18.01 $ 16.73 Domestic gas ($/MCF) $ 4.39 $ 4.28 $ 4.10 $
3.97 $ 2.49 $ 2.29 $ 2.28
Cash Flows ($ millions)
Operating before working capital $ 2,294 $ 4,364 $ 6,705 $ 8,079 $
1,121 $ 2,638 $ 3,840 Working capital changes (252 ) (48 ) (315 )
792 (555 ) (954 ) (938 ) Other, net - -
- - -
(307 ) (499 )
Operating - continuing operations $ 2,042 $ 4,316 $ 6,390 $ 8,871 $
566 $ 1,377 $ 2,403 Capital expenditures $ (1,732 ) $ (3,733 ) $
(5,736 ) $ (8,720 ) $ (1,735 ) $ (3,223 ) $ (4,442 )
SIGNIFICANT
TRANSACTIONS AND EVENTS AFFECTING EARNINGS
Occidental's results of operations often include the effects of
significant transactions and events affecting earnings that vary
widely and unpredictably in nature, timing and amount. These
events may recur, even across successive reporting periods.
Therefore, management uses a measure called "core results,"
which excludes those items. This non-GAAP measure is not meant to
disassociate those items from management's performance, but rather
is meant to provide useful information to investors
interested in comparing Occidental's earnings performance between
periods. Reported earnings are considered representative of
management's performance over the long term. Core results are not
considered to be an alternative to operating income reported
in accordance with generally accepted accounting principles.
Schedule 1
Occidental Petroleum Corporation
Segment Income Before Tax Allocations
(Amounts in millions, except per share and effective tax rate
amounts)
2014 2015
Core
Results
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic $ 646 $ 642 $ 486 $ 80 $ 1,854 $ (236 ) $ (67 ) $ (179 ) $
(482 ) Foreign 1,092 1,096 1,103 710 4,001 295 395 342 1,032
Exploration (19 ) (35 ) (18 )
(54 ) (126 ) (2 )
(4 ) (1 ) (7 ) 1,719
1,703 1,571 736 5,729 57 324 162 543 Chemical 136 133 140 160 569
139 136 174 449 Midstream and marketing 96
130 155 168
549 (5 ) 84
31 110 Segment
Earnings 1,951 1,966 1,866 1,064 6,847 191 544 367 1,102 Corporate
Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (82 ) Other
(68 ) (107 ) (83 )
(123 ) (381 ) (39 ) (61 )
(74 ) (174 ) Pre-tax income
1,863 1,841 1,768 923 6,395 124 476 246 846 Taxes Federal and state
(215 ) (228 ) (178 ) (82 ) (703 ) 14 59 80 153 Foreign (553
) (531 ) (544 ) (281 )
(1,909 ) (107 ) (370 )
(302 ) (779 ) Net Income $ 1,095
$ 1,082 $ 1,046 $ 560
$ 3,783 $ 31 $ 165
$ 24 $ 220 Core earnings
per share Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $
0.03 $ 0.29 Diluted $ 1.38 $ 1.38 $
1.34 $ 0.72 $ 4.83 $ 0.04
$ 0.21 $ 0.03 $
0.29 Effective tax rate 41 % 41
% 41 % 39 % 41 %
75 % 65 % 90 %
74 %
Non-core
Adjustments
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic $ - $ 64 $ (3 ) $ (4,296 ) $ (4,235 ) $ (277 ) $ 32 $
(1,852 ) $ (2,097 ) Foreign - - - (1,066 ) (1,066 ) (46 ) (1 )
(1,438 ) (1,485 ) Exploration - -
- -
- - - -
- - 64 (3 ) (5,362 )
(5,301 ) (323 ) 31 (3,290 ) (3,582 ) Chemical - - - (149 ) (149 ) -
- 98 98 Midstream and marketing 66 78
(50 ) 1,921
2,015 (10 ) 3 (7 )
(14 ) Segment Earnings 66 142 (53 )
(3,590 ) (3,435 ) (333 ) 34 (3,199 ) (3,498 ) Corporate Interest -
- - - - - - - - Other - (16 )
(21 ) (1,382 ) (1,419 )
(25 ) (6 ) (98 )
(129 ) Pre-tax income 66 126 (74 ) (4,972 ) (4,854 ) (358 )
28 (3,297 ) (3,627 ) Taxes Federal and state (26 ) (50 ) 23 913 860
111 (12 ) 667 766 Foreign - -
- 67 67
1 (1 ) -
- Income From Continuing
Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861
) Discontinued Operations 255 273
213 19
760 (3 ) (4 ) (3 )
(10 ) Net Income (loss) $ 295
$ 349 $ 162 $ (3,973 ) $
(3,167 ) $ (249 ) $ 11 $ (2,633 )
$ (2,871 )
Reported
Income
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic $ 646 $ 706 $ 483 $ (4,216 ) $ (2,381 ) $ (513 ) $ (35 ) $
(2,031 ) $ (2,579 ) Foreign 1,092 1,096 1,103 (356 ) 2,935 249 394
(1,096 ) (453 ) Exploration (19 ) (35 )
(18 ) (54 ) (126 ) (2 )
(4 ) (1 )
(7 ) 1,719 1,767 1,568 (4,626 ) 428 (266 ) 355 (3,128 ) (3,039 )
Chemical 136 133 140 11 420 139 136 272 547 Midstream and marketing
162 208 105
2,089 2,564 (15 )
87 24
96 Segment Earnings 2,017 2,108 1,813 (2,526 )
3,412 (142 ) 578 (2,832 ) (2,396 ) Corporate Interest (20 ) (18 )
(15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (82 ) Other (68 )
(123 ) (104 ) (1,505 )
(1,800 ) (64 ) (67 ) (172
) (303 ) Pre-tax income 1,929 1,967
1,694 (4,049 ) 1,541 (234 ) 504 (3,051 ) (2,781 ) Taxes Federal and
state (241 ) (278 ) (155 ) 831 157 125 47 747 919 Foreign
(553 ) (531 ) (544 ) (214
) (1,842 ) (106 ) (371 )
(302 ) (779 ) Income From
Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180
(2,606 ) (2,641 ) Discontinued Operations 255
273 213 19
760 (3 ) (4 )
(3 ) (10 ) Net Income (loss) (a)
$ 1,390 $ 1,431 $ 1,208 $
(3,413 ) $ 616 $ (218 ) $ 176 $
(2,609 ) $ (2,651 ) Reported earnings
per share Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $
0.23 $ (3.42 ) $ (3.46 ) Diluted $ 1.75 $ 1.82
$ 1.55 $ (4.41 ) $ 0.79 $ (0.28
) $ 0.23 $ (3.42 ) $
(3.46 ) Effective tax rate 41 % 41 %
41 % 15 % 109 % 8
% 64 % 15 %
5 % (a) Represents amounts attributable to common stock
after deducting noncontrolling interest amounts in 2014.
Schedule 2
Occidental Petroleum Corporation
Segment Income After Tax Allocations
(Amounts in millions, except per share amounts)
2014
2015
Core
Results
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic $ 412 $ 409 $ 310 $ 59 $ 1,190 $ (89 ) $ (42 ) $ (113 ) $
(244 ) Foreign 587 561 605 304 2,057 69 154 131 354 Exploration
(5 ) (29 ) (15 )
(46 ) (95 ) (2 ) (4 )
(1 ) (7 ) 994 941 900 317 3,152
(22 ) 108 17 103 Chemical 86 84 89 98 357 88 86 111 285 Midstream
and marketing 71 103
118 125 417
4 66 41
111 Segment Earnings 1,151 1,128
1,107 540 3,926 70 260 169 499 Corporate Interest (20 ) (18 ) (15 )
(17 ) (70 ) (28 ) (7 ) (47 ) (82 ) Other (68 ) (107 ) (83 ) (124 )
(382 ) (39 ) (61 ) (74 ) (174 ) Taxes 32
79 37 161
309 28 (27 )
(24 ) (23 ) Net Income $
1,095 $ 1,082 $ 1,046 $
560 $ 3,783 $ 31 $ 165
$ 24 $ 220 Core
earnings per share Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04
$ 0.21 $ 0.03 $ 0.29 Diluted $ 1.38 $ 1.38
$ 1.34 $ 0.72 $ 4.83 $
0.04 $ 0.21 $ 0.03
$ 0.29
Non-core
Adjustments
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic $ - $ 41 $ (2 ) $ (2,751 ) $ (2,712 ) $ (177 ) $ 20 $
(1,186 ) $ (1,343 ) Foreign - - - (1,055 ) (1,055 ) (46 ) (1 )
(1,438 ) (1,485 ) Exploration - -
- -
- - - -
- - 41 (2 ) (3,806 )
(3,767 ) (223 ) 19 (2,624 ) (2,828 ) Chemical - - - (94 ) (94 ) - -
63 63 Midstream and marketing 40 47
(30 ) 1,225
1,282 (4 ) 2 (4 )
(6 ) Segment Earnings 40 88 (32 )
(2,675 ) (2,579 ) (227 ) 21 (2,565 ) (2,771 ) Corporate Interest -
- - - - - - - - Other - (12 ) (19 ) (1,261 ) (1,292 ) (19 ) (6 )
(65 ) (90 ) Taxes - -
- (56 ) (56 ) -
- -
- Income From Continuing Operations 40 76 (51
) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861 ) Discontinued
Operations 255 273
213 19 760
(3 ) (4 ) (3 )
(10 ) Net Income (loss) $ 295 $ 349
$ 162 $ (3,973 ) $ (3,167 ) $
(249 ) $ 11 $ (2,633 ) $
(2,871 )
Reported
Income
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic $ 412 $ 450 $ 308 $ (2,692 ) $ (1,522 ) $ (266 ) $ (22 ) $
(1,299 ) $ (1,587 ) Foreign 587 561 605 (751 ) 1,002 23 153 (1,307
) (1,131 ) Exploration (5 ) (29 )
(15 ) (46 ) (95 ) (2 )
(4 ) (1 )
(7 ) 994 982 898 (3,489 ) (615 ) (245 ) 127 (2,607 ) (2,725 )
Chemical 86 84 89 4 263 88 86 174 348 Midstream and marketing
111 150 88
1,350 1,699 -
68 37
105 Segment Earnings 1,191 1,216 1,075
(2,135 ) 1,347 (157 ) 281 (2,396 ) (2,272 ) Corporate Interest (20
) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (47 ) (82 ) Other (68 ) (119 )
(102 ) (1,385 ) (1,674 ) (58 ) (67 ) (139 ) (264 ) Taxes 32
79 37
105 253 28
(27 ) (24 ) (23 )
Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 )
(215 ) 180 (2,606 ) (2,641 ) Discontinued Operations 255
273 213
19 760 (3 )
(4 ) (3 ) (10 ) Net
Income (loss) (a) $ 1,390 $ 1,431 $
1,208 $ (3,413 ) $ 616 $ (218 )
$ 176 $ (2,609 ) $ (2,651 )
Reported earnings per share Basic $ 1.75 $ 1.83 $ 1.55 $
(4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (3.46 ) Diluted $ 1.75
$ 1.82 $ 1.55 $ (4.41 )
$ 0.79 $ (0.28 ) $ 0.23 $ (3.42
) $ (3.46 ) (a) Represents amounts
attributable to common stock after deducting noncontrolling
interest amounts in 2014.
Schedule 3
Occidental Petroleum Corporation
Non-core Adjustments Detail (Amounts in millions)
2014 2015
Before Tax
Allocations
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic Asset sales gains (losses) $ - $ 535 $ (3 ) $ (1 ) $ 531 $
(13 ) $ 18 $ - $ 5 Asset impairments and related items -
(471 ) -
(4,295 ) (4,766 ) (264 ) 14
(1,852 ) (2,102 )
- 64 (3 ) (4,296 ) (4,235 ) (277 ) 32 (1,852 ) (2,097 ) Foreign
Asset impairments and related items - -
- (1,066 )
(1,066 ) (46 ) (1 ) (1,438 )
(1,485 ) Total Oil and Gas -
64 (3 )
(5,362 ) (5,301 ) (323 ) 31
(3,290 ) (3,582 )
Chemical Asset sale gain - - - - - - - 98 98 Asset
impairments - - -
(149 ) (149 ) -
- -
- Total Chemical - -
- (149 )
(149 )
- - 98
- 98 Midstream and marketing
Asset sales gains - - - 1,984 1,984 - - - - Asset impairments and
related items 66 78
(50 ) (63 ) 31 (10
) 3 (7 )
(14 ) Total Midstream 66 78
(50 ) 1,921
2,015 (10 ) 3 (7 )
(14 ) Corporate Asset sales
gains (losses) - - - - - (11 ) - 2 (9 ) Asset impairments - - -
(1,358 ) (1,358 ) - - (5 ) (5 ) Severance, spin-off costs and other
items - (16 ) (21 )
(24 ) (61 ) (14 )
(6 ) (95 ) (115 ) Total
Corporate - (16 ) (21 )
(1,382 ) (1,419 ) (25 )
(6 ) (98 ) (129 )
Taxes (26 ) (50 ) 23
980 927 112
(13 ) 667
766 Income From Continuing Operations 40 76
(51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861 ) Discontinued
Operations 255 273
213 19 760
(3 ) (4 ) (3 )
(10 ) Totals $ 295 $ 349 $ 162
$ (3,973 ) $ (3,167 ) $ (249 ) $ 11
$ (2,633 ) $ (2,871 )
2014 2015
After Tax
Allocations
Qtr 1 Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD Oil & Gas
Domestic Asset sales gains (losses) $ - $ 341 $ (2 ) $ (1 ) $ 338 $
(8 ) $ 11 $ (1 ) $ 2 Asset impairments and related items -
(300 ) -
(2,750 ) (3,050 ) (169 ) 9
(1,185 ) (1,345 )
- 41 (2 ) (2,751 ) (2,712 ) (177 ) 20 (1,186 ) (1,343 ) Foreign
Asset impairments and related items - -
- (1,055 )
(1,055 ) (46 ) (1 ) (1,438 )
(1,485 ) Total Oil and Gas -
41 (2 )
(3,806 ) (3,767 ) (223 ) 19
(2,624 ) (2,828 )
Chemical Asset sale gain - - - - - - - 63 63 Asset
impairments - - -
(94 ) (94 ) -
- -
- Total Chemical - -
- (94 ) (94
)
- - 63
63 Midstream and
marketing Asset sales gains - - - 1,264 1,264 - - - - Asset
impairments and related items 40 47
(30 ) (39 ) 18
(4 ) 2 (4 )
(6 ) Total Midstream 40
47 (30 ) 1,225
1,282 (4 ) 2
(4 ) (6 )
Corporate Asset sales gains (losses) - - - - - (7 ) - 1 (6 ) Asset
impairments - - - (1,240 ) (1,240 ) - - (5 ) (5 ) Severance,
spin-off costs and other items - (12 )
(19 ) (21 ) (52 )
(12 ) (6 ) (61 )
(79 ) Total Corporate - (12 )
(19 ) (1,261 ) (1,292 )
(19 ) (6 ) (65 )
(90 ) Taxes - -
- (56 ) (56
) - - -
- Income From Continuing
Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (2,861
) Discontinued Operations 255 273
213 19
760 (3 ) (4 ) (3 )
(10 ) Totals $ 295 $ 349
$ 162 $ (3,973 ) $ (3,167 ) $
(249 ) $ 11 $ (2,633 ) $
(2,871 )
Schedule 4
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations (Amounts
in millions, except per-share amounts)
2014
2015 Qtr 1 Qtr 2 Qtr 3
Qtr 4 YTD Qtr 1 Qtr
2 Qtr 3 Qtr 4 YTD
REVENUES Net sales Oil and gas $ 3,602 $ 3,703 $ 3,586 $
2,996 $ 13,887 $ 2,009 $ 2,342 $ 2,054 $ 6,405 Chemical 1,220 1,242
1,232 1,123 4,817 1,000 1,030 1,008 3,038 Midstream and marketing
340 440 261 332 1,373 197 294 231 722 Eliminations (194 )
(252 ) (175 ) (144 )
(765 ) (117 ) (197 )
(177 ) (491 ) 4,968 5,133 4,904
4,307 19,312 3,089 3,469 3,116 9,674 Interest, dividends and other
income 30 47 31 22 130 31 26 31 88 Gain (loss) on sale of assets
and equity investments, net - 525
(5 ) 1,985
2,505 (24 ) 19 99
94 4,998
5,705 4,930
6,314 21,947 3,096
3,514 3,246
9,856
COSTS AND OTHER DEDUCTIONS Cost
of sales 1,643 1,691 1,736 1,733 6,803 1,557 1,480 1,413 4,450
Depreciation, depletion and amortization 977 1,024 1,056 1,204
4,261 1,029 1,116 1,123 3,268 Selling, general and administrative
and other operating expenses 317 429 355 402 1,503 311 347 292 950
Asset impairments and related items - 471 - 6,908 7,379 324 - 3,397
3,721 Taxes other than on income 151 144 135 120 550 107 107 79 293
Exploration expense 24 39 28 59 150 8 10 5 23 Interest and debt
expense, net 22 20
16 19 77 30
8 48
86 3,134 3,818
3,326 10,445
20,723 3,366 3,068
6,357
12,791
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER
ITEMS 1,864 1,887 1,604 (4,131 ) 1,224 (270 ) 446 (3,111 )
(2,935 ) Benefit from (provision for) domestic and foreign income
taxes (794 ) (809 ) (699 ) 617 (1,685 ) 19 (324 ) 445 140 Income
from equity investments 67 83
93 88 331
36 58 60
154
INCOME (LOSS) FROM
CONTINUING OPERATIONS 1,137 1,161 998 (3,426 ) (130 ) (215 )
180 (2,606 ) (2,641 ) Discontinued operations, net 255
273 213
19 760 (3 )
(4 ) (3 ) (10 )
NET
INCOME (LOSS) 1,392 1,434 1,211 (3,407 ) 630 (218 ) 176 (2,609
) (2,651 ) Less: Net income (loss) attributable to noncontrolling
interest (2 ) (3 ) (3 )
(6 ) (14 ) - -
- -
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK $ 1,390
$ 1,431 $ 1,208 $ (3,413
) $ 616 $ (218 ) $ 176 $ (2,609
) $ (2,651 )
EARNINGS PER SHARE
(attributable to common stock) BASIC EARNINGS PER COMMON
SHARE Income (loss) from continuing operations $ 1.43 $ 1.48 $
1.28 $ (4.44 ) $ (0.18 ) $ (0.28 ) $ 0.23 $ (3.41 ) $ (3.45 )
Discontinued operations, net 0.32 0.35
0.27 0.03
0.97 - -
(0.01 ) (0.01 )
BASIC
EARNINGS PER COMMON SHARE $ 1.75 $ 1.83
$ 1.55 $ (4.41 ) $ 0.79 $ (0.28
) $ 0.23 $ (3.42 ) $
(3.46 )
DILUTED EARNINGS PER COMMON SHARE $ 1.75
$ 1.82 $ 1.55 $ (4.41 )
$ 0.79 $ (0.28 ) $ 0.23 $ (3.42
) $ (3.46 )
DIVIDENDS PER COMMON
SHARE $ 0.72 $ 0.72 $ 0.72
$ 0.72 $ 2.88 $ 0.72 $
0.75 $ 0.75 $ 2.22
AVERAGE COMMON SHARES OUTSTANDING BASIC 791.3 782.6
777.4 773.1 781.1 769.6 766.4 763.3 766.4 DILUTED 791.7 782.9 777.7
773.4 781.1 769.6 766.6 763.3 766.4
Schedule 5
Occidental Petroleum CorporationConsolidated
Condensed Balance Sheets(Amounts in millions)
2014 2015
MAR JUN SEP
DEC MAR JUN
SEP DEC CURRENT ASSETS
Cash and cash equivalents $ 2,332 $ 2,391 $ 2,897 $
3,789 $ 2,153 $ 2,756 $ 2,547 Restricted cash - - - 4,019 3,265
2,382 1,765 Trade receivables, net 5,233 5,826 4,960 4,206 3,068
3,973 3,507 Inventories 1,308 1,323 1,359 1,052 1,133 1,120 1,122
Assets held for sale - - - - - - 644 Other current assets
2,026 1,246
1,291 807 815
777 890
Total current assets 10,899 10,786 10,507
13,873 10,434 11,008 10,475
INVESTMENTS Investments in
unconsolidated entities 1,511 1,547 1,544 1,171 1,221 1,330 1,428
Available for sale investment -
- - 394
544 432
186 Total investments
1,511 1,547 1,544 1,565 1,765 1,762 1,614
PROPERTY, PLANT AND
EQUIPMENT Property, plant and equipment 89,790 92,135 94,771
74,515 75,979 77,375 73,579 Accumulated depreciation, depletion and
amortization (33,746 ) (35,001 )
(36,306 ) (34,785 )
(35,870 ) (36,897 )
(36,679 ) 56,044 57,134 58,465 39,730 40,109
40,478 36,900
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
821 826
994 1,091 1,081
1,121 1,100
TOTAL ASSETS $ 69,275
$ 70,293 $ 71,510
$ 56,259 $ 53,389 $ 54,369
$ 50,089
CURRENT LIABILITIES Current maturities of long-term debt $ -
$ - $ 1,599 $ - $ 700 $ 1,450 $ 1,450 Accounts payable 5,423 6,097
5,511 5,229 3,867 4,145 3,727 Accrued liabilities 2,441 2,332 2,337
2,601 2,152 2,230 2,202 Domestic and foreign income taxes 326 440
74 414 196 - 25 Liabilities of assets held for sale -
- -
- -
29 Total current
liabilities 8,190 8,869 9,521 8,244 6,915 7,825 7,433
LONG-TERM
DEBT, NET 6,877 6,835 6,837 6,838 6,139 6,880 6,882
DEFERRED
CREDITS AND OTHER LIABILITIES Deferred domestic and foreign
income taxes 7,398 7,313 7,634 3,015 2,947 3,153 2,579 Other
3,441 3,464
3,433 3,203 3,224
3,209 3,313
10,839 10,777 11,067 6,218 6,171 6,362 5,892
STOCKHOLDERS’ EQUITY Common stock, $.20 per share par value
178 178 178 178 178 178 178 Treasury stock (7,079 ) (7,681 ) (8,146
) (8,528 ) (8,734 ) (9,107 ) (9,113 ) Additional paid-in capital
7,543 7,564 7,570 7,599 7,632 7,651 7,664 Retained earnings 42,652
43,519 44,166 36,067 35,294 34,896 31,712 Accumulated other
comprehensive loss (296 ) (291 ) (289 ) (357 ) (206 ) (316 ) (559 )
Non-controlling interest 371 523
606 -
- -
- Total equity 43,369
43,812
44,085 34,959 34,164
33,302
29,882
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 69,275 $ 70,293
$ 71,510 $ 56,259
$ 53,389 $ 54,369 $
50,089
Schedule 6
Occidental Petroleum CorporationCondensed
Statements of Cash Flows and Details of Depreciation, Depletion and
Amortization and Capital Expenditures(Amounts in
millions) 2014 2015 Qtr 1
Qtr 2 Qtr 3 Qtr 4
YTD Qtr 1 Qtr 2 Qtr 3
Qtr 4 YTD OPERATING CASH FLOW
Net income (loss) $ 1,392 $ 1,434 $ 1,211 $ (3,407 ) $ 630 $ (218 )
$ 176 $ (2,609 ) $ (2,651 ) Depreciation, depletion and
amortization (see detail below) 977 1,024 1,056 1,204 4,261 1,029
1,116 1,123 3,268 Deferred income tax provision 125 (182 ) 277
(1,398 ) (1,178 ) (63 ) 202 (556 ) (417 ) Asset impairments and
other non-cash charges (200 ) (206 )
(203 ) 4,975 4,366
373 23 3,244
3,640
Operating cash
flow before working capital 2,294 2,070 2,341 1,374 8,079 1,121
1,517 1,202 3,840 Working capital changes (252 ) 204 (267 ) 1,107
792 (555 ) (399 ) 16 (938 ) Other, net (a) -
- - -
- - (307 )
(192 ) (499 ) Operating cash
flow from continuing operations 2,042
2,274 2,074 2,481
8,871 566 811
1,026 2,403
INVESTING CASH FLOW Capital expenditures (see
detail below) (1,732 ) (2,001 ) (2,003 ) (2,984 ) (8,720 ) (1,735 )
(1,488 ) (1,219 ) (4,442 ) Payment for purchases of assets and
businesses (4 ) (303 ) (45 ) (1,335 ) (1,687 ) (6 ) (37 ) (9 ) (52
) Sales of assets and equity investments, net - 1,371 16 2,790
4,177 20 38 93 151 Changes in capital accrual - - - 542 542 (458 )
(127 ) (67 ) (652 ) Other investing activities (35 )
(70 ) (17 ) (63 )
(185 ) (27 ) (69 ) (27 )
(123 ) Investing cash flow from continuing
operations (1,771 ) (1,003 )
(2,049 ) (1,050 ) (5,873 )
(2,206 ) (1,683 ) (1,229 )
(5,118 )
FINANCING CASH FLOW
Cash dividends paid (514 ) (570 ) (565 ) (561 ) (2,210 ) (557 )
(556 ) (577 ) (1,690 ) Purchases of treasury stock (946 ) (630 )
(507 ) (417 ) (2,500 ) (207 ) (329 ) (50 ) (586 ) Special cash
distribution from California Resources - - - 6,100 6,100 - - - -
Proceeds from short-term borrowings - - 1,599 (1,599 ) - - - - -
Proceeds from long-term debt - - - - - - 1,478 - 1,478 Other
financing activities (48 ) (42 )
9 13 (68 ) 19
5 10
34 Financing cash flow from continuing
operations (1,508 ) (1,242 ) 536
3,536 1,322
(745 ) 598 (617 )
(764 )
Cash Flow From Discontinued
Operations 176 30 (55 ) (56 ) 95 (5 ) (6 ) (6 ) (17 )
Increase (decrease) in cash (1,061 ) 59 506 4,911 4,415 (2,390 )
(280 ) (826 ) (3,496 ) Cash, cash equivalents and restricted cash
(b) - beg of period 3,393 2,332
2,391 2,897
3,393 7,808 5,418
5,138 7,808 Cash,
cash equivalents and restricted cash (b) - end of period $ 2,332
$ 2,391 $ 2,897 $ 7,808
$ 7,808 $ 5,418 $ 5,138
$ 4,312 $ 4,312
Depreciation, Depletion and Amortization Oil &
Gas
Qtr 1 Qtr 2 Qtr 3
Qtr 4 YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD United
States $ 503 $ 519 $ 537 $ 555 $ 2,114 $ 502 $ 541 $ 556 $ 1,599
Latin America 42 35 40 44 161 48 49 48 145 Middle East/North Africa
297 331 340 458 1,426 329 370 345 1,044 Chemical 89 93 91 94 367 92
92 94 278 Midstream and marketing 39 38 38 45 160 48 55 71 174
Corporate 7 8 10
8 33 10
9 9
28 $ 977 $ 1,024 $
1,056 $ 1,204 $ 4,261 $ 1,029
$ 1,116 $ 1,123 $ -
$ 3,268
Capital Expenditures Oil &
Gas Permian Resources $ (328 ) $ (401 ) $ (472 ) $ (715 ) $ (1,916
) $ (729 ) $ (555 ) $ (521 ) $ (1,805 ) Permian EOR (164 ) (193 )
(210 ) (155 ) (722 ) (115 ) (119 ) (102 ) (336 ) Other domestic
(231 ) (219 ) (205 ) (257 ) (912 ) (86 ) (21 ) - (107 ) Latin
America (67 ) (74 ) (69 ) (100 ) (310 ) (47 ) (45 ) (24 ) (116 )
Middle East/North Africa (454 ) (554 ) (527 ) (614 ) (2,149 ) (476
) (449 ) (242 ) (1,167 ) Exploration Drilling (88 ) (125 ) (160 )
(150 ) (523 ) (58 ) (30 ) (15 ) (103 ) Chemical (41 ) (71 ) (61 )
(141 ) (314 ) (40 ) (57 ) (58 ) (155 ) Midstream and marketing (399
) (462 ) (311 ) (811 ) (1,983 ) (115 ) (105 ) (155 ) (375 )
Corporate (23 ) (30 ) (21 )
(27 ) (101 ) (9 )
(9 ) (10 ) (28 ) GAAP
external reporting (1,795 ) (2,129 ) (2,036 ) (2,970 ) (8,930 )
(1,675 ) (1,390 ) (1,127 ) (4,192 ) Non-controlling interest
contributions (c) 123 149 74 29 375 - - - - Cracker JV investment
contributions (60 ) (21 ) (41 )
(43 ) (165 ) (60 )
(98 ) (92 ) (250 ) $
(1,732 ) $ (2,001 ) $ (2,003 ) $ (2,984 )
$ (8,720 ) $ (1,735 ) $ (1,488 ) $ (1,219 )
$ (4,442 )
Reconciliation of non-GAAP disclosures to GAAP Qtr 1
Qtr 2 Qtr 3 Qtr 4
YTD Qtr 1 Qtr 2 Qtr 3
Qtr 4 YTD Condensed Statements of Cash
Flows CASH FLOW FROM OPERATING ACTIVITIES Continuing operations $
2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $ 566 $ 811 $ 1,026 $ 2,403
Discontinued operations 655 593 564 385 2,197 (5 ) (6 ) (6 ) (17 )
CASH FLOW FROM INVESTING ACTIVITIES Continuing operations (1,894 )
(1,152 ) (2,123 ) (1,075 ) (6,244 ) (2,206 ) (1,683 ) (1,229 )
(5,118 ) Discontinued operations (479 ) (563 ) (619 ) (565 ) (2,226
) - - - - CASH FLOW FROM FINANCING ACTIVITIES Continuing operations
(1,385 ) (1,093 ) 610 (458 ) (2,326 ) 9 1,481 - 1,490 Discontinued
operations - - -
124 124 -
- -
- Increase (decrease) in cash and cash
equivalents (1,061 ) 59 506 892 396 (1,636 ) 603 (209 ) (1,242 )
Cash and cash equivalents - beginning of period 3,393
2,332 2,391
2,897 3,393 3,789
2,153 2,756
3,789 Cash and cash equivalents - end of period $
2,332 $ 2,391 $ 2,897 $
3,789 $ 3,789 $ 2,153 $ 2,756
$ 2,547 $ 2,547
(a) Other, net for 2015 represents the current cash benefit
on the 2015 NOL carryback in excess of 2014 Federal tax due. (b)
Restricted cash must be used solely to pay dividends, repurchase
common stock, repay debt, or a combination of the foregoing. (c)
Disclosed as financing cash flows in GAAP cash flow statements
Schedule 7
Occidental Petroleum CorporationOil &
Gas Net Production Volumes Per Day by Geographical Locations
2014 2015 NET MBOE VOLUMES PER
DAY: Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD
Qtr 1 Qtr 2 Qtr 3
Qtr 4 YTD United
States Permian Resources 67 72 77 84 75 98 109 116 108 Permian
EOR 145 144 148 150 147 145 145 144 145 Midcontinent & Other 90
92 90 87 90
83 79 72
78 Total 302 308 315 321 312 326 333 332 331
Latin
America 31 21 31 34 29 40 42 27 36
Middle East /
North Africa Al Hosn - - - - - 9 18 50 26 Dolphin 34 38 38 40
38 39 42 41 41 Oman 73 76 75 80 76 89 87 93 90 Qatar 68 69 69 70 69
64 65 67 65 Other 65 68 67
71 67 78 71 79
76 Total 240 251 249 261 250 279
283 330 298
Continuing operations 573 580 595 616 591
645 658 689 665 Sold assets - Hugoton 18 6
- - 6 - -
- -
Barrels of Oil
Equivalent (MBOE) 591 586
595 616 597
645 658 689
665 NET PRODUCTION
VOLUMES PER DAY BY COMMODITY: United States Oil
(MBBL) Permian Resources 37 40 43 51 43 62 71 74 69 Permian EOR 110
110 111 112 111 111 110 108 110 Midcontinent & Other 26
29 28 26 27 25
24 22
24 Total 173 179 182 189 181 198 205 204 203 NGLs (MBBL)
Permian Resources 11 12 13 13 12 14 15 18 16 Permian EOR 28 29 30
31 30 28 29 30 29 Midcontinent & Other 14 12
12 12 12 11
11 10 10 Total 53
53 55 56 54 53 55 58 55 Natural Gas (MMCF) Permian Resources 115
120 121 122 120 130 136 143 136 Permian EOR 38 34 42 39 38 37 38 37
37 Midcontinent & Other 305 305 299
296 301 280 263
239 261 Total 458 459 462
457 459 447 437 419 434
Latin America Oil (MBBL) 29
19 29 32 27 38 40 25 34 Natural Gas (MMCF) 12 12 12 10 11 12 10 9
10
Middle East / North Africa Oil (MBBL) Al Hosn - -
- - - 2 4 9 5 Dolphin 6 7 7 7 7 7 7 7 7 Oman 66 70 67 72 69 80 81
85 82 Qatar 68 69 69 70 69 64 65 67 65 Other 27 28
28 31 28 37
31 39 36 Total 167
174 171 180 173 190 188 207 195 NGLs (MBBL) Al Hosn - - - - - 2 4
14 7 Dolphin 6 7 7 8
7 7 8 8
8 Total 6 7 7 8 7 9 12 22 15 Natural Gas
(MMCF) Al Hosn - - - - - 30 60 162 85 Dolphin 131 144 146 152 143
150 160 158 156 Oman 40 40 45 49 43 56 38 45 46 Other 231
236 235 240 236
245 240 242
242 Total 402 420 426 441 422 481 498 607 529
Schedule 8
Occidental Petroleum CorporationOil & Gas
Sales Volumes Per Day and Realized Prices by Geographical
Locations
2014 2015 NET
SALES MBOE VOLUMES PER DAY: Qtr 1 Qtr
2 Qtr 3 Qtr 4
YTD Qtr 1 Qtr 2
Qtr 3 Qtr 4
YTD
United
States 302 308 315 321 312 326 333 332 331
Latin
America 34 26 31 34 31 38 37 36 36
Middle East /
North Africa Al Hosn - - - - - 9 18 50 26 Dolphin 34 38 38 39
38 40 42 41 41 Oman 72 77 76 78 76 89 87 92 89 Qatar 71 66 71 68 69
67 65 62 65 Other 49 64
59 95
66 68
75 57
67 Total 226 245 244 280 249 273
287 302 288
Continuing operations 562 579 590 635 592
637 657 670 655 Sold assets - Hugoton 18
6 -
- 6 -
- -
-
Barrels of Oil
Equivalent (MBOE) 580
585 590
635 598
637 657
670
655 REALIZED
PRICES United States Oil ($/BBL) $ 92.56 $ 93.70 $ 87.43
$ 66.46 $ 84.73 $ 43.66 $ 52.64 $ 44.48 $ 46.97 NGLs ($/BBL) $
42.06 $ 42.17 $ 39.32 $ 27.67 $ 37.79 $ 17.32 $ 17.32 $ 13.72 $
16.06 Natural Gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $ 2.49
$ 2.09 $ 2.24 $ 2.28
Latin America Oil (MBBL) $ 98.53
$ 101.30 $ 92.16 $ 63.93 $ 88.00 $ 47.70 $ 55.19 $ 42.46 $ 48.53
Natural Gas (MMCF) $ 10.81 $ 10.99 $ 9.88 $ 3.19 $ 8.94 $ 4.53 $
5.49 $ 5.67 $ 5.18
Middle East / North Africa Oil
($/BBL) $ 104.65 $ 105.15 $ 102.19 $ 77.80 $ 96.34 $ 53.98 $ 56.48
$ 52.53 $ 54.37 NGLs ($/BBL) $ 38.43 $ 32.00 $ 29.70 $ 25.37 $
30.98 $ 21.57 $ 21.38 $ 17.12 $ 19.25
Total Worldwide
Oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $ 48.50 $ 54.55
$ 47.78 $ 50.33 NGLs ($/BBL) $ 41.70 $ 40.98 $ 38.20 $ 27.39 $
37.01 $ 17.96 $ 18.06 $ 14.68 $ 16.73 Natural Gas ($/MCF) $ 2.90 $
2.68 $ 2.42 $ 2.21 $ 2.55 $ 1.66 $ 1.48 $ 1.51 $ 1.55
Index Prices WTI Oil ($/BBL) $ 98.68 $ 102.99 $ 97.17 $
73.15 $ 93.00 $ 48.63 $ 57.94 $ 46.43 $ 51.00 Brent Oil ($/BBL) $
107.90 $ 109.77 $ 103.39 $ 76.98 $ 99.51 $ 55.17 $ 63.50 $ 51.17 $
56.61 NYMEX Natural Gas ($/MCF) $ 4.66 $ 4.55 $ 4.17 $ 3.99 $ 4.34
$ 3.07 $ 2.73 $ 2.78 $ 2.86
Percentage of Index
Prices Worldwide oil as a percentage of WTI 99 % 96 % 97 % 98 %
97 % 100 % 94 % 103 % 99 % Worldwide oil as a percentage of Brent
91 % 90 % 91 % 93 % 91 % 88 % 86 % 93 % 89 % Worldwide NGL as a
percentage of WTI 42 % 40 % 39 % 37 % 40 % 37 % 31 % 32 % 33 %
Worldwide NGL as a percentage of Brent 39 % 37 % 37 % 36 % 37 % 33
% 28 % 29 % 30 % Domestic gas as a percentage of NYMEX 94 % 91 % 90
% 89 % 91 % 81 % 77 % 81 % 80 %
Schedule 9
Occidental Petroleum CorporationOil and Gas
Costs 2014 2015 Qtr 1
Qtr 2 Qtr 3 Qtr
4 YTD Qtr 1 Qtr
2 Qtr 3 Qtr 4
YTD Cash operating expenses ($/BOE)
United States $ 13.67 $ 14.63 $ 14.89 $ 14.94 $ 14.54 $ 14.46 $
13.04 $ 13.10 $ 13.52 Latin America $ 15.28 $ 21.05 $ 15.84 $ 13.90
$ 16.25 $ 9.95 $ 11.99 $ 13.60 $ 11.77 Middle East/North Africa $
11.55 $ 10.87 $ 11.30 $ 13.35 $ 11.83 $ 12.51 $ 11.03 $ 8.72 $
10.68 Total Oil and Gas $ 12.94 $ 13.34 $ 13.45 $ 14.18 $ 13.50 $
13.36 $ 12.10 $ 11.15 $ 12.17
Taxes other than on income
($/BOE) United States $ 4.96 $ 4.76 $ 4.36 $ 3.86 $ 4.48 $ 3.14
$ 3.30 $ 2.36 $ 2.92 Total Oil and Gas $ 2.83 $ 2.66 $ 2.42 $ 1.96
$ 2.45 $ 1.63 $ 1.85 $ 1.20 $ 1.56
DD&A expense
($/BOE) United States $ 17.46 $ 18.13 $ 18.63 $ 18.81 $ 18.26 $
17.12 $ 17.82 $ 18.24 $ 17.73 Latin America $ 13.65 $ 14.73 $ 13.73
$ 14.22 $ 14.14 $ 14.05 $ 14.66 $ 14.61 $ 14.43 Middle East/North
Africa $ 14.59 $ 14.91 $ 15.13 $ 17.73 $ 15.68 $ 13.41 $ 14.20 $
12.36 $ 13.30 Total Oil and Gas $ 16.12 $ 16.64 $ 16.90 $ 18.09 $
16.97 $ 15.35 $ 16.06 $ 15.39 $ 15.60
G&A and other
operating expenses ($/BOE) $ 3.62 $ 4.23 $ 4.12 $ 3.68 $ 3.91 $
3.58 $ 3.57 $ 2.88 $ 3.35
Exploration Expense ($
millions) United States $ 10 $ 14 $ 11 $ 35 $ 70 $ 5 $ 6 $ 3 $
14 Latin America - - - 4 4 - - - - Middle East/North Africa
14 25 17
20 76 3 4
2 9
$ 24 $ 39 $ 28 $ 59
$ 150 $ 8 $ 10 $ 5
$ 23
Schedule 10
Occidental Petroleum CorporationSegment Core
Income Pre-tax Variance Roll-forwards(Amounts in
millions) 2014
2015 Qtr 1 Qtr 2 Qtr 3
Qtr 4 Qtr 1 Qtr 2
Qtr 3 Qtr 4 YTD
Quarter-over-Quarter
Oil
& Gas Prior quarter core income $ 1,752 $ 1,719 $ 1,703 $
1,571 $ 736 $ 57 $ 324 Sales price 27 13 (182 ) (845 ) (934 ) 217
(261 ) Sales volume (146 ) 49 43 173 10 28 (14 ) Operating expenses
66 (34 ) (19 ) (100 ) 101 30 45 DD&A rate (30 ) (10 ) 4 (14 )
123 (5 ) 5 Exploration expense 1 (15 ) 11 (37 ) 52 (3 ) 5 All
others 49 (19 ) 11
(12 ) (31 ) -
58 Current quarter core income $ 1,719
$ 1,703 $ 1,571 $ 736
$ 57 $ 324 $ 162
Chemical Prior quarter core income $ 128 $ 136
$ 133 $ 140 $ 160 $ 139 $ 136 Sales price 11 24 9 (30 ) (92 ) 2 (42
) Sales volume / mix 41 (2 ) (6 ) 4 (26 ) 16 (8 ) Operations /
manufacturing (39 ) (17 ) (1 ) 56 89 (20 ) 80 All others (5
) (8 ) 5 (10 )
8 (1 ) 8
Current quarter core income $ 136 $ 133
$ 140 $ 160 $ 139 $ 136
$ 174
Midstream and
Marketing Prior quarter core income $ 106 $ 96 $ 130 $ 155 $
168 $ (5 ) $ 84 Marketing (26 ) 31 13 11 (73 ) 59 (91 ) Gas plants
53 (6 ) - (26 ) (14 ) 1 (2 ) Pipelines (51 ) 17 7 27 (83 ) 29 23
Power generation 17 (3 ) 3 (9 ) (3 ) - 17 All others (3 )
(5 ) 2 10
- - -
Current quarter core income $ 96 $ 130
$ 155 $ 168 $ (5 ) $ 84
$ 31
Year-over-Year
Oil & Gas Prior year core income $ 1,542 $ 1,751 $ 1,973
$ 1,752 $ 1,719 $ 1,703 $ 1,571 $ 4,993 Sales price 136 124 (291 )
(1,024 ) (1,923 ) (1,714 ) (1,768 ) (5,405 ) Sales volume 61 (96 )
(50 ) 104 210 247 163 620 Operating expenses 6 (40 ) (36 ) (86 )
(51 ) 6 83 38 DD&A rate (34 ) (49 ) (41 ) 4 102 84 87 273
Exploration expense 6 19 (1 ) (35 ) 19 28 22 69 All others 2
(6 ) 17 21
(19 ) (30 ) 4
(45 ) Current quarter core income $
1,719 $ 1,703 $ 1,571 $
736 $ 57 $ 324 $ 162
$ 543
Chemical Prior year
core income $ 159 $ 144 $ 181 $ 128 $ 136 $ 133 $ 140 $ 409 Sales
price (31 ) (5 ) 7 6 (88 ) (115 ) (181 ) (384 ) Sales volume / mix
43 29 9 21 (44 ) (29 ) 1 (72 ) Operations / manufacturing (19 ) (36
) (65 ) 13 145 146 213 504 All others (16 ) 1
8 (8 ) (10 )
1 1
(8 ) Current quarter core income $ 136 $ 133
$ 140 $ 160 $ 139
$ 136 $ 174 $ 449
Midstream and Marketing Prior year core income $ 183
$ 123 $ 125 $ 106 $ 96 $ 130 $ 155 $ 381 Marketing (99 ) (9 ) 43 27
(21 ) 7 (98 ) (112 ) Gas plants - 9 7 22 (41 ) (33 ) (35 ) (109 )
Pipelines 6 6 (19 ) (7 ) (26 ) (15 ) 6 (35 ) Power generation 8 5 3
7 (12 ) (11 ) 4 (19 ) All others (2 ) (4 )
(4 ) 13 (1 )
6 (1 ) 4
Current quarter core income $ 96 $ 130
$ 155 $ 168 $ (5 ) $ 84
$ 31 $ 110
Schedule 11
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151028005655/en/
Occidental Petroleum CorporationMedia:Melissa E.
Schoeb713-366-5615melissa_schoeb@oxy.comorInvestors:Christopher M.
Degner212-603-8111christopher_degner@oxy.comOn the web:
www.oxy.com
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