- Q4 2014 core income of $560 million, or
$0.72 per diluted share
- Year-end 2014 cash balance of $7.8
billion exceeds total debt of $6.8 billion
- Q4 2014 Permian Resources
year-over-year quarterly oil production growth of 42 percent
- 2014 domestic reserve replacement ratio
of 266 percent and total company replacement of 174 percent
- 2015 capital budget of $5.8 billion, a
33 percent decrease from 2014
- Oil and gas production is expected to
grow 6 to 10 percent in 2015
Occidental Petroleum Corporation (NYSE:OXY) announced core
income for the fourth quarter of 2014 of $560 million ($0.72 per
diluted share), compared with $1.2 billion ($1.46 per diluted
share) for the fourth quarter of 2013. The fourth quarter of 2014
had a reported loss of $3.4 billion ($4.41 per diluted share),
compared with income of $1.6 billion ($2.04 per diluted share) for
the fourth quarter of 2013. The spin-off of California Resources
Corporation was completed on November 30, 2014, and its financial
and operational results have been classified as discontinued
operations.
“During the fourth quarter, we completed the spin-off of
California Resources, sold our interests in the BridgeTex Pipeline
and monetized a portion of our investment in Plains GP Holdings,
L.P. As a result of these transactions along with our operating
cash flows, our year-end 2014 cash balance of $7.8 billion exceeded
our debt and our debt to capitalization ratio was 16 percent,” said
Stephen I. Chazen, President and Chief Executive Officer.
“Our domestic oil production increased 19,000 barrels per day
from the fourth quarter of 2013 supported by a 42-percent growth in
oil production from our Permian Resources business. In the United
States, proved reserve additions from all sources were 308 million
barrels of oil equivalent (BOE), compared to production of 116
million BOE, for a production replacement ratio of 266 percent.
Companywide, we had proved reserve additions from all sources of
380 million BOE, compared to production of 218 million BOE, for a
production replacement ratio of 174 percent. The success of our
2014 capital program should result in Occidental attaining
production growth of 6 to 10 percent for the full year 2015, with
the Al Hosn Gas Project expected to average 50,000 BOE per day.
Domestic production is expected to be relatively flat on a BOE
basis, with gas production expected to decline and oil production
to increase around 6 percent.
“Although we have a large inventory of opportunities as well as
the financial capacity to spend more capital, we think it is
imprudent to accelerate some of these opportunities in the current
low product price environment. We are focused on reducing our
costs, which includes renegotiating our supplier contracts that are
not reflective of weaker oil prices. These efforts should result in
a reduction in the cost of executing our capital program, as well
as reducing our operating expenses.
“Our capital program will focus on our core assets in the
Permian Basin and parts of the Middle East. We have minimized our
development activities in the Williston Basin, domestic gas
properties, Bahrain, and the Joslyn oil sands project, as these
have subpar returns in this current product price environment.
“Occidental expects to reduce its total 2015 capital spending by
33 percent to $5.8 billion from $8.7 billion spent in 2014. Oil and
gas capital spending is expected to be approximately $4.5 billion
this year. As a result of a thorough portfolio review, we reduced
the carrying values of the assets in the areas where we are
minimizing development activity, which resulted in an after-tax
charge of $5.1 billion.”
QUARTERLY
RESULTS
Oil and
Gas
Domestic core after-tax earnings were $59 million for the fourth
quarter of 2014, compared to $391 million for the fourth quarter of
2013. The current quarter domestic results reflected lower crude
oil and NGL realized prices, higher operating costs from increased
workover and maintenance activities and higher DD&A expense,
partially offset by higher crude oil volumes. International core
after-tax earnings were $355 million for the fourth quarter of
2014, compared to $709 million for the fourth quarter of 2013. The
current quarter international results reflected lower crude oil
realized prices, offset by higher crude oil volumes due to the
timing of liftings.
For the fourth quarter of 2014, total company average daily oil
and gas production volumes, excluding Hugoton which was sold in the
first quarter, increased by 41,000 BOE to 616,000 BOE from 575,000
BOE in the fourth quarter of 2013. Domestic average daily
production increased by 26,000 BOE to 321,000 BOE in the current
quarter with the majority of the increase coming from oil
production, which grew by 19,000 barrels to 189,000 barrels per
day. Nearly 80 percent of the increase was from Permian Resources
operations. International average daily production increased to
295,000 BOE in the fourth quarter of 2014 from 280,000 BOE in
fourth quarter of 2013. Over half of the increase resulted from the
impact of production-sharing contracts and the remainder from
operational improvements. Total company average daily sales volumes
grew from 597,000 BOE in the fourth quarter of 2013 to 635,000 BOE
in the same period of 2014. Sales volumes were higher than
production volumes mainly due to the timing of liftings in the
Middle East.
Year-over-year, the average quarterly WTI and Brent marker
prices decreased significantly to $73.15 per barrel and $76.98 per
barrel, respectively, for the fourth quarter of 2014 from $97.46
per barrel and $109.35 per barrel, respectively, for the fourth
quarter of 2013. Worldwide realized crude oil prices decreased by
28 percent to $71.58 per barrel for the fourth quarter of 2014,
compared with $99.26 per barrel for the fourth quarter of 2013, and
decreased by 24 percent, compared with $94.26 per barrel in the
third quarter of 2014. Worldwide NGL prices decreased by 32 percent
to $27.39 per barrel in the fourth quarter of 2014, compared with
$40.44 per barrel in the fourth quarter of 2013, and decreased by
28 percent, compared with $38.20 per barrel in the third quarter of
2014. Domestic natural gas prices increased 12 percent in the
fourth quarter of 2014 to $3.56 per MCF, compared with $3.18 per
MCF in the fourth quarter of 2013, and fell by 5 percent, compared
with the $3.74 per MCF in the third quarter of 2014.
Chemical
Chemical pre-tax core earnings for the fourth quarter of 2014
were $160 million, compared to $128 million in the fourth quarter
of 2013. The improvement in the fourth quarter results reflected
higher margins for polyvinyl chloride (PVC) resulting primarily
from higher PVC pricing and improved volumes for most product
lines, partially offset by lower caustic soda pricing.
Midstream, Marketing
and Other
Midstream pre-tax core earnings were $168 million for the fourth
quarter of 2014, compared with $106 million for the fourth quarter
of 2013. The increase in earnings reflected improved marketing
performance and higher gas processing income.
Non-Core
Items
The fourth quarter of 2014 included net non-core charges of $4.0
billion due to the sharp decline in futures price curve and for
projects management determined it would not pursue in the current
environment. These charges do not impact the current cash position
of the company. These included after-tax charges of $2.8 billion
and $1.1 billion for certain domestic and international oil and gas
assets, respectively, a $0.7 billion after-tax charge for the
Joslyn project and a $0.6 billion charge related to the decline in
the year-end market value of the 71.5 million shares of California
Resources Corporation retained by the company following the
spin-off. In addition, the fourth quarter includes after-tax gains
of $0.9 billion from the sale of a portion of Occidental’s
investment in the Plains All American Pipeline, GP, and $0.4
billion from the sale of the BridgeTex Pipeline.
TWELVE-MONTH
RESULTS
Core income for the twelve months of 2014 was $3.8 billion
($4.83 per diluted share), compared with $4.6 billion ($5.76 per
diluted share) for the same period in 2013. Net income for the
twelve months of 2014 was $616 million ($0.79 per diluted share),
compared with $5.9 billion ($7.32 per diluted share) for the same
period in 2013. The full year 2013 and eleven months of 2014
California Resources Corporation results are included in the
reported net income and cash flows and have been classified as
discontinued operations. Operating cash flow from continuing
operations, excluding capital accruals, was $9.4 billion and the
company spent $8.7 billion for capital expenditures, net of partner
contributions.
Oil and
Gas
Domestic core after-tax earnings were $1.2 billion for the
twelve months of 2014, compared to $1.6 billion for the twelve
months of 2013. The decrease in domestic core earnings reflected
lower crude oil and NGL prices, higher operating costs from
increased workover and maintenance activities, and higher DD&A
expenses, partially offset by higher crude oil production volumes
and improved realized prices for gas. International core after-tax
earnings were $2.1 billion for the twelve months of 2014, compared
to $2.5 billion for the twelve months of 2013. International core
earnings reflected lower realized crude oil prices and sales
volumes, partially offset by lower operating expenses and
DD&A.
Oil and gas daily production volumes, excluding Hugoton, were
flat at 591,000 BOE for the twelve months of 2014 and 2013. Average
domestic daily production increased by 10,000 BOE to 312,000 BOE
for the twelve months of 2014. During this same time period,
domestic daily oil production increased by over 6 percent, or
11,000 barrels per day, to 181,000 barrels, mainly attributable to
Permian Resources operations. International average daily
production volumes decreased to 279,000 BOE for the twelve months
of 2014 from 289,000 BOE for the twelve months of 2013. The
decrease was primarily due to lower cost recovery barrels in Iraq
and insurgent activities in Colombia, Libya and Yemen. Total
company average daily sales volumes were 592,000 BOE for the twelve
months of 2014 and 590,000 BOE for the full year 2013.
Worldwide realized crude oil prices decreased by 9 percent to
$90.13 per barrel for the twelve months of 2014, compared with
$98.81 per barrel for the twelve months of 2013. Worldwide NGL
prices decreased by 3 percent to $37.01 per barrel for the twelve
months of 2014, compared with $38.00 per barrel for the twelve
months of 2013. Domestic gas prices increased by 23 percent to
$3.97 per MCF for the twelve months of 2014, compared to $3.22 per
MCF for the twelve months of 2013.
Chemical
Chemical pre-tax core earnings were $569 million for the twelve
months of 2014, compared with $612 million for the same period of
2013. The lower earnings in 2014 were primarily a result of lower
caustic soda pricing driven by new chlor-alkali capacity in the
industry and higher energy and ethylene costs, offset by higher PVC
margins and improved volumes across most product lines.
Construction commenced on the Ingleside, Texas, ethylene cracker
during the first half of 2014 and commercial operations are
expected to begin in early 2017. Spending on the cracker began last
year and is expected to peak during 2015.
Midstream, Marketing
and Other
Midstream core earnings were $549 million for the twelve months
of 2014, compared with $537 million for the same period of 2013.
The increase in earnings reflected higher income from the gas
processing and power generation businesses, partially offset by
lower marketing performance and pipeline income.
About Occidental
Petroleum
Occidental Petroleum Corporation is an international oil and gas
exploration and production company with operations in the United
States, Middle East/North Africa 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; 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 2013 Form 10-K.
Occidental posts or provides links to important information on its
website at www.oxy.com.
Attachment 1 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. 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 is not
considered to be an alternative to operating income reported in
accordance with generally accepted accounting principles.
FOURTH QUARTER 2014 ($ millions) BEFORE TAX
ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ (4,216 ) $ 4,296 (b) $ 80 Foreign
(356 ) 1,066 (c) 710 Exploration (54 ) (54 ) (4,626 )
736 Chemical 11 149 (d) 160 Midstream, Marketing and
Other 2,089 (633 ) (e) 168 (1,351 ) (f) 63 (g) Corporate Interest
expense (18 ) (18 ) Other (1,505 ) 1,358 (h) (123 ) 24 (i) Taxes
617 (1,036 ) (j) (363 ) 56 (k) Income
from continuing operations (3,432 ) 3,992 560 Discontinued
operations, net 19 (19 ) - Net
Income $ (3,413 ) $ 3,973 $ 560 Diluted
Earnings per Common Share $ (4.41 ) $ 0.72 (a)
Hugoton sale gain (see attachment 2). (b) Domestic asset
impairments. (c) Foreign asset impairments. (d) Chemical asset
impairments. (e) BridgeTex sale gain. (f) Plains All-American
investment sale gain. (g) Midstream asset impairments and other.
(h) Joslyn impairment and CRC investment
MTM adjustments.
(i) Spin-off and other costs. (j) Tax effect of pre-tax
adjustments. (k) Foreign tax legislation and dividend tax effects.
Attachment 2 SIGNIFICANT TRANSACTIONS AND
EVENTS AFFECTING EARNINGS TWELVE MONTHS 2014
($ millions) BEFORE TAX ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ (2,381 ) $ (531 ) (a) $ 1,854 4,766 (b)
Foreign 2,935 1,066 (c) 4,001 Exploration (126 ) (126
) 428 5,729 Chemical 420 149 (d) 569 Midstream,
Marketing and Other 2,564 (633 ) (e) 549 (1,351 ) (f) (31 ) (g)
Corporate Interest expense (71 ) (71 ) Other (1,800 ) 1,358 (h)
(381 ) 61 (i) Taxes (1,685 ) (983 ) (j) (2,612 ) 56
(k) Income from continuing operations (144 ) 3,927
3,783 Discontinued operations, net 760 (760 )
- Net Income $ 616 $ 3,167 $ 3,783
Diluted Earnings per Common Share $ 0.79 $
4.83 (a) Hugoton sale gain. (b) Domestic asset
impairments. (c) Foreign asset impairments. (d) Chemical asset
impairments. (e) BridgeTex sale gain. (f) Plains All-American
investment sale gain. (g) Midstream asset impairments and other.
(h) Joslyn impairment and CRC investment MTM adjustments. (i)
Spin-off and other costs. (j) Tax effect of pre-tax adjustments.
(k) Foreign tax legislation and dividend tax effects.
Attachment 3 SIGNIFICANT TRANSACTIONS AND EVENTS
AFFECTING EARNINGS FOURTH QUARTER 2014
($ millions) AFTER TAX
ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ (2,692 ) $ 2,751 (b) $ 59 Foreign (700 )
1,055 (c) 355 Exploration (46 ) (46 ) (3,438 ) 368
Chemical 4 94 (d) 98 Midstream, Marketing and Other
1,350 (403 ) (e) 125 (861 ) (f) 39 (g) Corporate Interest expense
(18 ) (18 ) Other (1,384 ) 1,240 (h) (123 ) 21 (i) Taxes 54 56 (k)
110 Income from continuing operations (3,432 )
3,992 560 Discontinued operations, net 19 (19
) - Net Income $ (3,413 ) $ 3,973 $
560
Diluted Earnings Per Common Share $ (4.41 ) $ 0.72
TWELVE MONTHS 2014 ($ millions) AFTER TAX
ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ (1,522 ) $ (338 ) (a) $ 1,190 3,050 (b)
Foreign 1,051 1,055 (c) 2,106 Exploration (95 ) (95 )
(566 ) 3,201 Chemical 263 94 (d) 357 Midstream,
Marketing and Other 1,699 (403 ) (e) 417 (861 ) (f) (18 ) (g)
Corporate Interest expense (71 ) (71 ) Other (1,673 ) 1,240 (h)
(381 ) 52 (i) Taxes 204 56 (k) 260 Income from
continuing operations (144 ) 3,927 3,783 Discontinued operations,
net 760 (760 ) - Net Income $
616 $ 3,167 $ 3,783 Diluted Earnings
Per Common Share $ 0.79 $ 4.83 Alphabetical
cross-references refer to adjustments to core income on Attachments
1 and 2.
Attachment 4 SIGNIFICANT
TRANSACTIONS AND EVENTS AFFECTING EARNINGS FOURTH
QUARTER 2013 ($ millions) BEFORE TAX ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ 10 $ 607 (l) $ 617 Foreign 1,152 1,152
Exploration (17 ) (17 ) 1,145 1,752 Chemical
128 128 Midstream, Marketing and Other 1,091 (985 ) (n) 106
Corporate Interest expense (25 ) (25 ) Other (89 ) (89 )
Taxes (842 ) 141 (p) (701 ) Income from
continuing operations 1,408 (237 ) 1,171 Discontinued operations,
net 235 (235 ) - Net Income $
1,643 $ (472 ) $ 1,171 Diluted Earnings Per
Common Share $ 2.04 $ 1.46
TWELVE MONTHS
2013 ($ millions) BEFORE TAX ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ 1,938 $ 607 (l) $ 2,545 Foreign 4,581 4,581
Exploration (108 ) (108 ) 6,411 7,018 Chemical
743 (131 ) (m) 612 Midstream, Marketing and Other 1,523 (986
) (n) 537 Corporate Interest expense (124 ) (124 ) Other
(407 ) 55 (o) (352 ) Unallocated taxes (3,214 ) 167 (p) (3,047 )
Income from continuing operations 4,932 (288 )
4,644 Discontinued operations, net 971 (971 )
- Net Income $ 5,903 $ (1,259 ) $ 4,644
Diluted Earnings Per Common Share $ 7.32 $ 5.76
(l) Domestic asset impairments. (m) Carbocloro sale
gain. (n) Plains pipeline investment sale gain and other. (o)
Employee termination costs. (p) Tax effect of pre-tax adjustments.
Attachment 5 SIGNIFICANT TRANSACTIONS AND
EVENTS AFFECTING EARNINGS FOURTH QUARTER 2013
($ millions) AFTER TAX ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ 4 $ 387 (l) $ 391 Foreign 709 709
Exploration (1 ) (1 ) 712 1,099 Chemical 80 80
Midstream, Marketing and Other 707 (624 ) (n) 83
Corporate Interest expense (25 ) (25 ) Other (89 ) (89 ) Taxes 23
23 Income from continuing operations 1,408
(237 ) 1,171 Discontinued operations, net 235
(235 ) - Net Income $ 1,643 $ (472 ) $ 1,171
Diluted Earnings Per Common Share $ 2.04 $
1.46
TWELVE MONTHS 2013 ($ millions) AFTER
TAX ALLOCATIONS
ReportedIncome
SignificantItems
CoreResults
Oil and Gas Domestic $ 1,233 $ 387 (l) $ 1,620 Foreign 2,506 2,506
Exploration (1 ) (1 ) 3,738 4,125 Chemical 463
(85 ) (m) 378 Midstream, Marketing and Other 1,030 (624 )
(n) 406 Corporate Interest expense (124 ) (124 ) Other (386
) 34 (o) (352 ) Unallocated taxes 211 211
Income from continuing operations 4,932 (288 ) 4,644 Discontinued
operations, net 971 (971 ) - Net
Income $ 5,903 $ (1,259 ) $ 4,644 Diluted
Earnings Per Common Share $ 7.32 $ 5.76 (l)
Domestic asset impairments. (m) Carbocloro sale gain. (n) Plains
pipeline investment sale gain and other. (o) Employee termination
costs.
Attachment 6 SUMMARY OF EPS, NET
SALES, CAPITAL EXPENDITURES AND DD&A EXPENSE Fourth
Quarter Twelve Months
($ millions) 2014
2013
2014 2013
SEGMENT NET SALES Oil and Gas
$ 2,996 $ 3,909
$ 13,887 $ 15,008 Chemical
1,123 1,111
4,817 4,673 Midstream, Marketing and Other
332 240
1,373 1,174 Eliminations
(144 )
(168 )
(765 ) (685 ) Net Sales
$ 4,307 $ 5,092
$ 19,312
$ 20,170
($ per-share amounts) BASIC
EARNINGS PER COMMON SHARE Income from continuing operations
$ (4.44 ) $ 1.75
$ (0.18
) $ 6.12 Discontinued operations, net
0.03
0.29
0.97 1.21
$ (4.41 ) $ 2.04
$
0.79 $ 7.33
DILUTED EARNINGS PER
COMMON SHARE Income from continuing operations
$
(4.44 ) $ 1.75
$ (0.18 ) $ 6.12
Discontinued operations, net
0.03 0.29
0.97 1.20
$
(4.41 ) $ 2.04
$ 0.79 $
7.32
AVERAGE COMMON SHARES OUTSTANDING BASIC
773.1 801.7
781.1 804.1 DILUTED
773.4
802.1
781.4 804.6
($ millions) CAPITAL EXPENDITURES (a)
$ 2,971 $ 1,996
$ 8,930
$ 7,357
DEPRECIATION, DEPLETION AND
AMORTIZATION OF ASSETS $ 1,201 $ 1,161
$ 4,258 $ 4,203
(a) Includes 100 percent of the capital
for BridgeTex Pipeline, which was being consolidated in Oxy's
financial statements. Our partner contributes its share of the
capital. The BridgeTex Pipeline was sold in November 2014. The
Company's net capital expenditures after these reimbursements and
inclusion of our contributions for the Chemical joint venture
cracker were $3.0 billion and $2.0 billion for the fourth quarter
of 2014 and 2013, respectively, and $8.7 billion and $7.2 billion
for the twelve months ended December 31, 2014 and 2013,
respectively.
Attachment 7 SUMMARY OF OPERATING
STATISTICS - REALIZED PRICES Fourth Quarter Twelve
Months
2014 2013
2014 2013
United
States Oil ($/BBL)
$ 66.46 $ 91.98
$
84.73 $ 92.48 NGLs ($/BBL)
$ 27.67 $ 41.26
$ 37.79 $ 38.65 Natural gas ($/MCF)
$
3.56 $ 3.18
$ 3.97 $ 3.22
Latin
America Oil ($/BBL)
$ 63.93 $ 99.77
$
88.00 $ 103.21 Natural gas ($/MCF)
$ 3.19 $
10.58
$ 8.94 $ 11.17
Middle East/North
Africa Oil ($/BBL)
$ 77.80 $ 105.83
$
96.34 $ 104.48 NGLs ($/BBL)
$ 25.37 $ 35.01
$ 30.98 $ 33.00
Total Worldwide Oil
($/BBL)
$ 71.58 $ 99.26
$ 90.13 $ 98.81
NGLs ($/BBL)
$ 27.39 $ 40.44
$ 37.01 $
38.00 Natural gas ($/MCF)
$ 2.21 $ 2.17
$
2.55 $ 2.23
Index Prices WTI Oil ($/BBL)
$ 73.15 $ 97.46
$ 93.00 $ 97.97 Brent
Oil ($/BBL)
$ 76.98 $ 109.35
$ 99.51 $
108.76 Natural gas ($/MCF)
$ 3.99 $ 3.64
$
4.34 $ 3.66
Realized Prices as Percentage of Index
Prices Worldwide oil as percentage of WTI
98 %
102 %
97 % 101 % Worldwide oil as percentage of Brent
93 % 91 %
91 % 91 % Worldwide NGLs as
percentage of WTI
37 % 41 %
40 % 39 %
Domestic natural gas as a percentage of NYMEX
89 % 87
%
91 % 88 %
Attachment 8 SUMMARY OF OPERATING STATISTICS - PRODUCTION
AND SALES (MBOE) Fourth Quarter Twelve Months
2014 2013
2014
2013
PRODUCTION PER DAY
United States Permian Resources
84 64
75 65
Permian EOR
150 143
147 147 Midcontinent and other
87 88
90
90 Total
321 295
312 302
Latin America 34 31
29 31
Middle
East/North Africa Dolphin
40 38
38 37 Oman
80 71
76 74 Qatar
70 69
69 68 Other
71 71
67
79 Total
261 249
250 258
Total Production excluding Hugoton 616 575
591
591 Hugoton
- 18
6
18
Total Production 616
593
597 609
Fourth Quarter Twelve Months
SALES VOLUMES PER
DAY 2014 2013
2014 2013
United States
321 295
312 302
Latin America 34
25
31 29 Dolphin
39 38
38 37 Oman
78 72
76 77 Qatar
68 66
69 67 Other
95 101
66
78
Middle East/North Africa 280 277
249 259
Total Sales excluding Hugoton
635 597
592 590 Hugoton
-
18
6 18
Total
Sales 635 615
598 608
(a) Natural gas volumes have been
converted to barrels of oil equivalent (BOE) based on energy
content of six thousand cubic feet (MCF) of gas to one barrel of
oil.
Attachment 9 SUMMARY OF OPERATING STATISTICS - NET
OIL, LIQUIDS AND GAS PRODUCTION PER DAY Fourth
Quarter Twelve Months
2014 2013
2014 2013
United States Oil (MBBL) Permian Resources
51 36
43 35 Permian EOR
112 110
111 111 Midcontinent
and Other
26 24
27
24 Total excluding Hugoton
189 170
181 170 Hugoton
- 6
2 6 Total
189 176
183 176 NGLs (MBBL) Permian Resources
13 10
12 10 Permian EOR
31 26
30 29 Midcontinent and
Other
12 14
12
15 Total excluding Hugoton
56 50
54 54 Hugoton
- 3
1 3 Total
56 53
55 57
Natural Gas (MMCF) Permian Resources
122 109
120 117 Permian EOR
39 38
38 40 Midcontinent
and Other
296 302
301 315 Total excluding Hugoton
457 449
459 472 Hugoton
-
53
17 56 Total
457
502
476 528
Latin America Oil (MBBL) -
Colombia
32 29
27 29 Natural Gas (MMCF) -
Bolivia
10 12
11 12
Middle East / North
Africa Oil (MBBL) Dolphin
7 7
7 6 Oman
72
64
69 66 Qatar
70 69
69 68 Other
31 29
28 39
Total
180 169
173 179 NGLs (MBBL)
Dolphin
8 7
7 7 Natural Gas (MMCF) Dolphin
152 145
143 142 Oman
49 42
43 51 Other
240 253
236
241 Total
441 440
422 434
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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