OXY Occidental Petroleum Corporation

• Q2 2015 core income of $165 million or $0.21 per diluted share
• Q2 2015 total company year-over-year quarterly production grew 78,000 barrels of oil equivalent per day or 13 percent to 658,000 barrels of oil equivalent per day
• Q2 2015 Permian Resources year-over-year quarterly oil production growth of 78 percent and total barrels of oil equivalent growth of 51 percent

Occidental Petroleum Corporation (NYSE: OXY) announced core income for the second quarter of 2015 of $165 million ($0.21 per diluted share), compared with $31 million ($0.04 per diluted share) for the first quarter of 2015 and $1.1 billion ($1.38 per diluted share) for the second quarter of 2014. The second quarter of 2015 had reported income of $176 million ($0.23 per diluted share), compared with a reported loss of $218 million ($0.28 per diluted share) for the first quarter of 2015 and reported income of $1.4 billion ($1.82 per diluted share) for the second quarter of 2014.

“We continue to focus on managing our business to be profitable in this current environment by improving margins and increasing production through improved well performance,” said Stephen I. Chazen, President and Chief Executive Officer. “Our second quarter production increased to 658,000 BOE per day from last year’s 580,000 BOE per day, an increase of 13 percent with 78 percent of the increase from oil. The increase was led by Permian Resources, which delivered a 51 percent increase to 109,000 BOE per day, of which oil production grew by 31,000 barrels a day. Operating costs in the U.S. were down to $13 per BOE from $14.50 in 2014. Our second quarter capital was about $250 million lower than the first quarter and over 25 percent lower than the same period last year. Higher production volumes, improved well performance in the Permian, and higher product prices resulted in an increase of about $400 million in operating cash flow before working capital compared to the first quarter. Capital investments continue to be profitable and provide operating cash flow in the current price environment.”

Operating cash flow before working capital changes for the first six months of 2015 was $2.6 billion. The six months working capital changes were $950 million. At December 31, 2014, accounts payable was $5.2 billion, and as of June 30, 2015, it decreased by $1.1 billion to $4.1 billion. This decrease was due to payments related to higher capital and operating spending accrued in the fourth quarter of 2014 but not paid until 2015. Total company capital expenditures for the first six months of 2015 were $3.2 billion. The Oil and Gas segment spent $2.7 billion, with Permian Resources representing 47 percent of the total expenditures, and the remaining $500 million was split between the Chemical and Midstream segments.

QUARTERLY RESULTSOil and Gas

Total oil and gas after-tax results were $108 million for the second quarter of 2015, compared to a loss of $22 million for the first quarter of 2015 and income of $941 million for the second quarter of 2014.

Domestic core after-tax results were a loss of $42 million for the second quarter of 2015, compared to a loss of $89 million for the first quarter of 2015 and income of $409 million for the second quarter of 2014. Compared to the first quarter of 2015, the current quarter domestic results mainly reflected higher crude oil prices as well as improvements in cash operating costs. Year-over-year, the current quarter domestic results reflected significantly lower realized prices for all products, especially crude oil, partially offset by higher crude oil volumes and lower DD&A rates.

International core after-tax earnings were $154 million for the second quarter of 2015, compared to $69 million for the first quarter of 2015 and $561 million for the second quarter of 2014. Compared to the first quarter of 2015, the current quarter international results reflected improved realized crude oil prices and higher sales volumes. Year-over-year, the current quarter international results primarily reflected lower crude oil realized prices, partially offset by higher sales volumes.

For the second quarter of 2015, total company average daily oil and gas production volumes increased by 78,000 barrels of oil equivalent (BOE) to 658,000 BOE from 580,000 BOE in the second quarter of 2014 for continuing operations. Domestic average daily production increased by 25,000 BOE to 333,000 BOE in the current quarter with the majority of the increase coming from oil production, which grew by 26,000 barrels to 205,000 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. International average daily production increased to 325,000 BOE in the second quarter of 2015 from 272,000 BOE in the second quarter of 2014. The increase in international production is mainly due to operational improvements and the commencement of production from the Al Hosn Gas Project.

On a sequential basis, total company average daily oil and gas production increased by 13,000 BOE. The current quarter domestic average daily production increased by 7,000 BOE compared to the first quarter of 2015. Permian Resources average daily production grew by 11,000 BOE, with 9,000 BOE of the increase coming from oil production growth that increased 15 percent compared to the first quarter of 2015. The increase in Permian Resources oil production was partially offset by lower oil and natural gas production in the Midcontinent and Other regions. The increase in international average daily production of 6,000 BOE compared to the first quarter of 2015 reflected improved production rates at Al Hosn and higher production from Dolphin as operations recovered from the first quarter planned maintenance activities. These improvements in production were offset by the loss of Yemen production due to civil unrest and lower cost recovery on production-sharing contracts.

Total company average daily sales volumes were 657,000 BOE in the second quarter of 2015 compared to 637,000 BOE for the first quarter of 2015 and 579,000 BOE in the second quarter of 2014.

Worldwide commodity prices for the second quarter of 2015 improved from the first quarter of 2015, but were still significantly lower than the second quarter of 2014. The average quarterly WTI and Brent marker prices increased to $57.94 per barrel and $63.50 per barrel, respectively, in the second quarter of 2015, compared to $48.63 per barrel and $55.17 per barrel, respectively, for the first quarter of 2015, but decreased from $102.99 per barrel and $109.77 per barrel for the second quarter of 2014. Worldwide realized crude oil prices improved by 12 percent to $54.55 per barrel for the second quarter of 2015, compared with $48.50 per barrel for the first quarter of 2015, and decreased by 45 percent compared with $99.30 per barrel in the second quarter of 2014. Although worldwide NGL prices increased slightly to $18.06 per barrel in the second quarter of 2015, compared with $17.96 per barrel in the first quarter of 2015, as a percentage of WTI, the realization decreased 16 percent. The second quarter 2015 NGL prices decreased by 56 percent, compared with $40.98 per barrel in the second quarter of 2014. Domestic natural gas prices decreased 16 percent in the second quarter of 2015 to $2.09 per MCF, compared with $2.49 per MCF in the first quarter of 2015, and fell by 50 percent compared with $4.15 per MCF in the second quarter of 2014.

Chemical

Chemical pre-tax core earnings for the second quarter of 2015 were $136 million, compared to $139 million in the first quarter of 2015 and $133 million in the second quarter of 2014.

Midstream and Marketing

Midstream pre-tax core earnings for the second quarter of 2015 were $84 million, compared to a loss of $5 million for the first quarter of 2015 and income of $130 million for the second quarter of 2014. The increase in earnings compared to the first quarter of 2015 reflected improved marketing margins due to the widening of WTI and LLS differentials, and higher pipeline income from both domestic and foreign pipelines. Compared to the second quarter of 2014, the current quarter reflected lower gas plant results due to the decline in NGL prices, reduced pipeline income as a result of lower Dolphin Pipeline gas sales, and lower power generation income due to extended planned outages.

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; 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

Q2 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 ● Financial measures (Debt/Cap, ROE & ROCE) - including GAAP reconciliations   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 CorporationSummary 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 $ 196 Core EPS - Diluted ($/share) $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.25 Effective tax rate 41 % 41 % 41 % 39 % 41 % 75 % 65 % 67 %   Reported ($ millions) $ 1,390 $ 1,431 $ 1,208 $ (3,413 ) $ 616 $ (218 ) $ 176 $ (42 ) Reported EPS - Diluted ($/share) $ 1.75 $ 1.82 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (0.05 ) Effective tax rate 41 % 41 % 41 % 15 % 109 % 8 % 64 % 113 %   Average Shares Outstanding Basic (millions) 791.3 782.6 777.4 773.1 781.1 769.6 766.4 768.0 Diluted (millions) 791.7 782.9 777.7 773.4 781.1 769.6 766.6 768.0   Production Total US (MBOE/D) 302 308 315 321 312 326 333 330 US oil (MBBL/D) 173 179 182 189 181 198 205 201 Worldwide (MBOE/D) 573 580 595 616 591 645 658 652 Worldwide sales (MBOE/D) 562 579 590 635 592 637 657 647   Realizations Worldwide oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $ 48.50 $ 54.55 $ 51.60 Worldwide NGL ($/BBL) $ 41.70 $ 40.98 $ 38.20 $ 27.39 $ 37.01 $ 17.96 $ 18.06 $ 18.01 Domestic gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $ 2.49 $ 2.09 $ 2.29   Cash Flows ($ millions) Operating before working capital $ 2,294 $ 2,070 $ 2,341 $ 1,374 $ 8,079 $ 1,121 $ 1,517 $ 2,638 Working capital changes (252 ) 204 (267 ) 1,107 792 (555 ) (399 ) (954 ) Other, net  

-

    -     -     -     -     -     (307 )       (307 ) Operating - continuing operations $ 2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $ 566 $ 811 $ 1,377 Capital expenditures $ (1,732 ) $ (2,001 ) $ (2,003 ) $ (2,984 ) $ (8,720 ) $ (1,735 ) $ (1,488 ) $ (3,223 )                 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 Core EPS - Diluted ($/share) $ 1.38 $ 2.76 $ 4.10 $ 4.83 $ 0.04 $ 0.25 Effective tax rate 41 % 41 % 41 % 41 % 75 % 67 %   Reported ($ millions) $ 1,390 $ 2,821 $ 4,029 $ 616 $ (218 ) $ (42 ) Reported EPS - Diluted ($/share) $ 1.75 $ 3.58 $ 5.13 $ 0.79 $ (0.28 ) $ (0.05 ) Effective tax rate 41 % 41 % 41 % 109 % 8 % 113 %   Average Shares Outstanding Basic (millions) 791.3 786.9 783.7 781.1 769.6 768.0 Diluted (millions) 791.7 787.2 784.1 781.1 769.6 768.0   Production Total US (MBOE/D) 302 305 308 312 326 330 US oil (MBBL/D) 173 175 178 181 198 201 Worldwide (MBOE/D) 573 576 582 591 645 652 Worldwide sales (MBOE/D) 562 571 577 592 637 647   Realizations Worldwide oil ($/BBL) $ 98.14 $ 98.73 $ 97.20 $ 90.13 $ 48.50 $ 51.60 Worldwide NGL ($/BBL) $ 41.70 $ 41.34 $ 40.27 $ 37.01 $ 17.96 $ 18.01 Domestic gas ($/MCF) $ 4.39 $ 4.28 $ 4.10 $ 3.97 $ 2.49 $ 2.29   Cash Flows ($ millions) Operating before working capital $ 2,294 $ 4,364 $ 6,705 $ 8,079 $ 1,121 $ 2,638 Working capital changes (252 ) (48 ) (315 ) 792 (555 ) (954 )

Other, net

 

-

   

-

   

-

   

-

   

-

   

(307

)

    Operating - continuing operations $ 2,042 $ 4,316 $ 6,390 $ 8,871 $ 566 $

1,377

Capital expenditures $ (1,732 ) $ (3,733 ) $ (5,736 ) $ (8,720 ) $ (1,735 ) $ (3,223 )  

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 CorporationSegment 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 ) $ (303 ) Foreign 1,092 1,096 1,103 710 4,001 295 395 690 Exploration   (19 )   (35 )   (18 )   (54 )   (126 )   (2 )   (4 )         (6 ) 1,719 1,703 1,571 736 5,729 57 324 381 Chemical 136 133 140 160 569 139 136 275 Midstream and marketing   96     130     155     168     549     (5 )   84           79   Segment Earnings 1,951 1,966 1,866 1,064 6,847 191 544 735 Corporate Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (35 ) Other   (68 )   (107 )   (83 )   (123 )   (381 )   (39 )   (61 )         (100 ) Pre-tax income 1,863 1,841 1,768 923 6,395 124 476 600 Taxes Federal and state (215 ) (228 ) (178 ) (82 ) (703 ) 14 59 73 Foreign   (553 )   (531 )   (544 )   (281 )   (1,909 )   (107 )   (370 )         (477 ) Net Income $ 1,095   $ 1,082   $ 1,046   $ 560   $ 3,783   $ 31   $ 165         $ 196     Core earnings per share Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.25 Diluted $ 1.38   $ 1.38   $ 1.34   $ 0.72   $ 4.83   $ 0.04   $ 0.21         $ 0.25     Effective tax rate   41 %   41 %   41 %   39 %   41 %   75 %   65 %         67 %    

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 $ (245 ) Foreign - - - (1,066 ) (1,066 ) (46 ) (1 ) (47 ) Exploration   -     -     -     -     -     -     -           -   - 64 (3 ) (5,362 ) (5,301 ) (323 ) 31 (292 ) Chemical - - - (149 ) (149 ) - - - Midstream and marketing   66     78     (50 )   1,921     2,015     (10 )   3           (7 ) Segment Earnings 66 142 (53 ) (3,590 ) (3,435 ) (333 ) 34 (299 ) Corporate Interest - - - - - - - - Other   -     (16 )   (21 )   (1,382 )   (1,419 )   (25 )   (6 )         (31 ) Pre-tax income 66 126 (74 ) (4,972 ) (4,854 ) (358 ) 28 (330 ) Taxes Federal and state (26 ) (50 ) 23 913 860 111 (12 ) 99 Foreign   -     -     -     67     67     1     (1 )         -   Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (231 ) Discontinued Operations   255     273     213     19     760     (3 )   (4 )         (7 ) Net Income (loss) $ 295   $ 349   $ 162   $ (3,973 ) $ (3,167 ) $ (249 ) $ 11         $ (238 )    

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 ) $ (548 ) Foreign 1,092 1,096 1,103 (356 ) 2,935 249 394 643 Exploration   (19 )   (35 )   (18 )   (54 )   (126 )   (2 )   (4 )         (6 ) 1,719 1,767 1,568 (4,626 ) 428 (266 ) 355 89 Chemical 136 133 140 11 420 139 136 275 Midstream and marketing   162     208     105     2,089     2,564     (15 )   87           72   Segment Earnings 2,017 2,108 1,813 (2,526 ) 3,412 (142 ) 578 436 Corporate Interest (20 ) (18 ) (15 ) (18 ) (71 ) (28 ) (7 ) (35 ) Other   (68 )   (123 )   (104 )   (1,505 )   (1,800 )   (64 )   (67 )         (131 ) Pre-tax income 1,929 1,967 1,694 (4,049 ) 1,541 (234 ) 504 270 Taxes Federal and state (241 ) (278 ) (155 ) 831 157 125 47 172 Foreign   (553 )   (531 )   (544 )   (214 )   (1,842 )   (106 )   (371 )         (477 ) Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (35 ) Discontinued Operations   255     273     213     19     760     (3 )   (4 )         (7 ) Net Income (loss) (a) $ 1,390   $ 1,431   $ 1,208   $ (3,413 ) $ 616   $ (218 ) $ 176         $ (42 )   Reported earnings per share Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (0.05 ) Diluted $ 1.75   $ 1.82   $ 1.55   $ (4.41 ) $ 0.79   $ (0.28 ) $ 0.23         $ (0.05 )   Effective tax rate   41 %   41 %   41 %   15 %   109 %   8 %   64 %         113 %   (a) Represents amounts attributable to common stock after deducting noncontrolling interest amounts.  

Schedule 2

 

Occidental Petroleum CorporationSegment 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 ) $ (131 ) Foreign 587 561 605 304 2,057 69 154 223 Exploration   (5 )     (29 )     (15 )     (46 )     (95 )   (2 )     (4 )             (6 ) 994 941 900 317 3,152 (22 ) 108 86 Chemical 86 84 89 98 357 88 86 174 Midstream and marketing   71       103       118       125       417     4       66               70   Segment Earnings 1,151 1,128 1,107 540 3,926 70 260

330

Corporate Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (35 ) Other (68 ) (107 ) (83 ) (124 ) (382 ) (39 ) (61 ) (100 ) Taxes   32       79       37       161       309     28       (27 )             1   Net Income $ 1,095     $ 1,082     $ 1,046     $ 560     $ 3,783   $ 31     $ 165             $

196

    Core earnings per share Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.25 Diluted $ 1.38     $ 1.38     $ 1.34     $ 0.72     $ 4.83   $ 0.04     $ 0.21             $ 0.25      

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 $ (157 ) Foreign - - - (1,055 ) (1,055 ) (46 ) (1 ) (47 ) Exploration   -       -       -       -       -     -       -               -   - 41 (2 ) (3,806 ) (3,767 ) (223 ) 19 (204 ) Chemical - - - (94 ) (94 ) - - - Midstream and marketing   40       47       (30 )     1,225       1,282     (4 )     2               (2 ) Segment Earnings 40 88 (32 ) (2,675 ) (2,579 ) (227 ) 21 (206 ) Corporate Interest - - - - - - - - Other - (12 ) (19 ) (1,261 ) (1,292 ) (19 ) (6 ) (25 ) Taxes   -       -       -       (56 )     (56 )   -       -               -   Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (231 ) Discontinued Operations   255       273       213       19       760     (3 )     (4 )             (7 ) Net Income (loss) $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11             $ (238 )    

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 ) $ (288 ) Foreign 587 561 605 (751 ) 1,002 23 153 176 Exploration   (5 )     (29 )     (15 )     (46 )     (95 )   (2 )     (4 )             (6 ) 994 982 898 (3,489 ) (615 ) (245 ) 127 (118 ) Chemical 86 84 89 4 263 88 86 174 Midstream and marketing   111       150       88       1,350       1,699     -       68               68   Segment Earnings 1,191 1,216 1,075 (2,135 ) 1,347 (157 ) 281 124 Corporate Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 ) (7 ) (35 ) Other (68 ) (119 ) (102 ) (1,385 ) (1,674 ) (58 ) (67 ) (125 ) Taxes   32       79       37       105       253     28       (27 )             1   Income From Continuing Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (35 ) Discontinued Operations   255       273       213       19       760     (3 )     (4 )             (7 ) Net Income (loss) (a) $ 1,390     $ 1,431     $ 1,208     $ (3,413 )   $ 616   $ (218 )   $ 176             $ (42 )   Reported earnings per share Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (0.05 ) Diluted $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23             $ (0.05 )   (a) Represents amounts attributable to common stock after deducting noncontrolling interest amounts.  

Schedule 3

  Occidental Petroleum CorporationNon-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 Hugoton sale gain $ - $ 535 $ (3 ) $ (1 ) $ 531 $ - $ (1 ) $ (1 ) Other asset sale gains(losses) - - - - - (13 ) 19 6 Asset impairments and related items   -       (471 )     -       (4,295 )     (4,766 )   (264 )     14               (250 ) - 64 (3 ) (4,296 ) (4,235 ) (277 ) 32 (245 ) Foreign Asset impairments and related items   -       -       -       (1,066 )     (1,066 )   (46 )     (1 )             (47 ) Total Oil and Gas   -       64       (3 )     (5,362 )     (5,301 )   (323 )     31               (292 )   Chemical Asset impairments   -       -       -       (149 )     (149 )   -       -               -   Total Chemical   -       -       -       (149 )     (149 )   -       -               -     Midstream and marketing BridgeTex Pipeline sale gain - - - 633 633 - - - Plains Pipeline sale gain - - - 1,351 1,351 - - - Asset impairments and related items   66       78       (50 )     (63 )     31     (10 )     3               (7 ) Total Midstream   66       78       (50 )     1,921       2,015     (10 )     3               (7 )   Corporate Asset sales - - - - - (11 ) - (11 ) Other than temporary loss on available for sale investment - - - (553 ) (553 ) - - - Joslyn impairment - - - (805 ) (805 ) - - - Spin-off costs and related items   -       (16 )     (21 )     (24 )     (61 )   (14 )     (6 )             (20 ) Total Corporate   -       (16 )     (21 )     (1,382 )     (1,419 )   (25 )     (6 )             (31 )   Taxes   (26 )     (50 )     23       980       927     112       (13 )             99   Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (231 ) Discontinued Operations   255       273       213       19       760     (3 )     (4 )             (7 ) Totals $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11             $ (238 )                                         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 Hugoton sale gain $ - $ 341 $ (2 ) $ (1 ) $ 338 $ - $ (1 ) $ (1 ) Other asset sale gains(losses) - - - - - (8 ) 12 4 Asset impairments and related items   -       (300 )     -       (2,750 )     (3,050 )   (169 )     9               (160 ) - 41 (2 ) (2,751 ) (2,712 ) (177 ) 20 (157 ) Foreign Asset impairments and related items   -       -       -       (1,055 )     (1,055 )   (46 )     (1 )             (47 ) Total Oil and Gas   -       41       (2 )     (3,806 )     (3,767 )   (223 )     19               (204 )   Chemical Asset impairments   -       -       -       (94 )     (94 )   -       -               -   Total Chemical   -       -       -       (94 )     (94 )   -       -               -     Midstream and marketing BridgeTex Pipeline sale gain - - - 403 403 - - - Plains Pipeline sale gain - - - 861 861 - - - Asset impairments and related items   40       47       (30 )     (39 )     18     (4 )     2               (2 ) Total Midstream   40       47       (30 )     1,225       1,282     (4 )     2               (2 )   Corporate Asset sales - - - - - (7 ) (7 ) Other than temporary loss on available for sale investment - - - (553 ) (553 ) - - - Joslyn impairment - - - (687 ) (687 ) - - - Spin-off costs and related items   -       (12 )     (19 )     (21 )     (52 )   (12 )     (6 )             (18 ) Total Corporate   -       (12 )     (19 )     (1,261 )     (1,292 )   (19 )     (6 )             (25 )   Taxes   -       -       -       (56 )     (56 )   -       -               -   Income From Continuing Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (231 ) Discontinued Operations   255       273       213       19       760     (3 )     (4 )             (7 ) Totals $ 295     $ 349     $ 162     $ (3,973 )   $ (3,167 ) $ (249 )   $ 11             $ (238 )  

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 $ 4,351 Chemical 1,220 1,242 1,232 1,123 4,817 1,000 1,030 2,030 Midstream and marketing 340 440 261 332 1,373 197 294 491 Eliminations   (194 )     (252 )     (175 )     (144 )     (765 )   (117 )     (197 )               (314 ) 4,968 5,133 4,904 4,307 19,312 3,089 3,469 6,558 Interest, dividends and other income 30 47 31 22 130 31 26 57 Gain (loss) on sale of assets and equity investments, net   -       525       (5 )     1,985       2,505     (24 )     19                 (5 )   4,998       5,705       4,930       6,314       21,947     3,096       3,514                 6,610     COSTS AND OTHER DEDUCTIONS Cost of sales 1,643 1,691 1,736 1,733 6,803 1,557 1,480 3,037 Depreciation, depletion and amortization 977 1,024 1,056 1,204 4,261 1,029 1,116 2,145 Selling, general and administrative and other operating expenses 317 429 355 402 1,503 311 347 658 Asset impairments and related items - 471 - 6,908 7,379 324 - 324 Taxes other than on income 151 144 135 120 550 107 107 214 Exploration expense 24 39 28 59 150 8 10 18 Interest and debt expense, net   22       20       16       19       77     30       8                 38     3,134     3,818     3,326     10,445     20,723     3,366       3,068                 6,434   INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS 1,864 1,887 1,604 (4,131 ) 1,224 (270 ) 446 176 Benefit from (provision for) domestic and foreign income taxes (794 ) (809 ) (699 ) 617 (1,685 ) 19 (324 ) (305 ) Income from equity investments   67       83       93       88       331     36       58                 94   INCOME (LOSS) FROM CONTINUING OPERATIONS 1,137 1,161 998 (3,426 ) (130 ) (215 ) 180 (35 ) Discontinued operations, net   255       273       213       19       760     (3 )     (4 )               (7 ) NET INCOME (LOSS) 1,392 1,434 1,211 (3,407 ) 630 (218 ) 176 (42 ) 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               $ (42 )   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 $ (0.04 ) Discontinued operations, net   0.32       0.35       0.27       0.03       0.97     -       -                 (0.01 ) BASIC EARNINGS PER COMMON SHARE $ 1.75     $ 1.83     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23               $ (0.05 )   DILUTED EARNINGS PER COMMON SHARE $ 1.75     $ 1.82     $ 1.55     $ (4.41 )   $ 0.79   $ (0.28 )   $ 0.23               $ (0.05 )   DIVIDENDS PER COMMON SHARE $ 0.72     $ 0.72     $ 0.72     $ 0.72     $ 2.88   $ 0.72     $ 0.75               $ 1.47     AVERAGE COMMON SHARES OUTSTANDING BASIC 791.3 782.6 777.4 773.1 781.1 769.6 766.4 768.0 DILUTED 791.7 782.9 777.7 773.4 781.1 769.6 766.6 768.0  

Schedule 5

  Occidental Petroleum Corporation Consolidated 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 Restricted cash

-

- - 4,019 3,265 2,382 Trade receivables, net 5,233 5,826 4,960 4,206 3,068 3,973 Inventories 1,308 1,323 1,359 1,052 1,133 1,120 Other current assets   2,026     1,246     1,291     807     815     777           Total current assets 10,899 10,786 10,507 13,873 10,434 11,008 INVESTMENTS Investments in unconsolidated entities 1,511 1,547 1,544 1,171 1,221 1,330 Available for sale investment   -     -     -     394     544     432           Total investments 1,511 1,547 1,544 1,565 1,765 1,762 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment 89,790 92,135 94,771 74,515 75,979 77,375 Accumulated depreciation, depletion and amortization   (33,746 )   (35,001 )   (36,306 )   (34,785 )   (35,870 )   (36,897 )         56,044 57,134 58,465 39,730 40,109 40,478 LONG-TERM RECEIVABLES AND OTHER ASSETS, NET   821     826     994     1,091     1,081     1,121           TOTAL ASSETS $ 69,275   $ 70,293   $ 71,510   $ 56,259   $ 53,389   $ 54,369             CURRENT LIABILITIES Current maturities of long-term debt $ - $ - $ 1,599 $ - $ 700 $ 1,450 Accounts payable 5,423 6,097 5,511 5,229 3,867 4,145 Accrued liabilities 2,441 2,332 2,337 2,601 2,152 2,230 Domestic and foreign income taxes   326     440     74     414     196     -           Total current liabilities 8,190 8,869 9,521 8,244 6,915 7,825 LONG-TERM DEBT, NET 6,877 6,835 6,837 6,838 6,139 6,880 DEFERRED CREDITS AND OTHER LIABILITIES Deferred domestic and foreign income taxes 7,398 7,313 7,634 3,015 2,947 3,153 Other   3,441     3,464     3,433     3,203     3,224     3,209           10,839 10,777 11,067 6,218 6,171 6,362 STOCKHOLDERS’ EQUITY Common stock, $.20 per share par value 178 178 178 178 178 178 Treasury stock (7,079 ) (7,681 ) (8,146 ) (8,528 ) (8,734 ) (9,107 ) Additional paid-in capital 7,543 7,564 7,570 7,599 7,632 7,651 Retained earnings 42,652 43,519 44,166 36,067 35,294 34,896 Accumulated other comprehensive loss (296 ) (291 ) (289 ) (357 ) (206 ) (316 ) Non-controlling interest   371     523     606     -     -     -           Total equity   43,369     43,812     44,085     34,959     34,164     33,302           TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,275   $ 70,293   $ 71,510   $ 56,259   $ 53,389   $ 54,369             Financial Measures Long-term Debt to Capitalization Ratio 14 % 13 % 13 % 16 % 15 % 17 % Return on Equity (ROE)* 13 % 13 % 12 % 2 % -3 % 0 % Return on Capital Employed (ROCE)* 11 % 11 % 11 % 1 % -2 % 0 % * Non yearend periods are annualized   Reconciliation of non-GAAP disclosures to GAAP MAR JUN SEP DEC MAR JUN ROCE   GAAP measure - net income attributable to common stock $ 1,390 $ 2,821 $ 4,029 $ 616 $ (218 ) $ (42 ) Interest expense 20 38 53 71 28 35 Tax effect of interest expense   (7 )   (13 )   (19 )   (25 )   (10 )   (12 ) Earnings before tax-effected interest expense $ 1,403   $ 2,846   $ 4,063   $ 662   $ (200 ) $ (19 )   MAR JUN SEP DEC MAR JUN Stockholders' equity $ 43,369 $ 43,812 $ 44,085 $ 34,959 $ 34,164 $ 33,302

Debt (current maturities and long-term)

  6,877     6,835     8,436     6,838     6,839     8,330   Total capital employed $ 50,246   $ 50,647   $ 52,521   $ 41,797   $ 41,003   $ 41,632    

Schedule 6

                        Occidental Petroleum Corporation Condensed 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 $ (42 ) Depreciation, depletion and amortization (see detail below) 977 1,024 1,056 1,204 4,261 1,029 1,116 2,145 Deferred income tax provision 125 (182 ) 277 (1,398 ) (1,178 ) (63 ) 202 139 Asset impairments and other non-cash charges   (200 )     (206 )     (203 )     4,975       4,366     373       23               396   Operating cash flow before working capital 2,294 2,070 2,341 1,374 8,079 1,121 1,517 2,638 Working capital changes (252 ) 204 (267 ) 1,107 792 (555 ) (399 ) (954 ) Other, net   -       -       -       -       -     -       (307 )             (307 ) Operating cash flow from continuing operations   2,042       2,274       2,074       2,481       8,871     566       811     -   -     1,377     INVESTING CASH FLOW Capital expenditures (see detail below) (1,732 ) (2,001 ) (2,003 ) (2,984 ) (8,720 ) (1,735 ) (1,488 ) (3,223 ) Payment for purchases of assets and businesses (4 ) (303 ) (45 ) (1,335 ) (1,687 ) (6 ) (37 ) (43 ) Sales of assets and equity investments, net - 1,371 16 2,790 4,177 20 38 58 Changes in capital accrual - - - 542 542 (458 ) (127 ) (585 ) Other investing activities   (35 )     (70 )     (17 )     (63 )     (185 )   (27 )     (69 )             (96 ) Investing cash flow from continuing operations   (1,771 )     (1,003 )     (2,049 )     (1,050 )     (5,873 )   (2,206 )     (1,683 )             (3,889 )   FINANCING CASH FLOW Cash dividends paid (514 ) (570 ) (565 ) (561 ) (2,210 ) (557 ) (556 ) (1,113 ) Purchases of treasury stock (946 ) (630 ) (507 ) (417 ) (2,500 ) (207 ) (329 ) (536 ) 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               24   Financing cash flow from continuing operations   (1,508 )     (1,242 )     536       3,536       1,322     (745 )     598               (147 )   Cash Flow From Discontinued Operations 176 30 (55 ) (56 ) 95 (5 ) (6 ) (11 )   Increase (decrease) in cash (1,061 ) 59 506 4,911 4,415 (2,390 ) (280 ) (2,670 )

Cash, cash equivalents and restricted cash (a) - beg of period

  3,393       2,332       2,391       2,897       3,393     7,808       5,418               7,808  

Cash, cash equivalents and restricted cash (a) - end of period

$ 2,332     $ 2,391     $ 2,897     $ 7,808     $ 7,808   $ 5,418     $ 5,138             $ 5,138       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 $ 1,043 Latin America 42 35 40 44 161 48 49 97 Middle East/North Africa 297 331 340 458 1,426 329 370 699 Chemical 89 93 91 94 367 92 92 184 Midstream and marketing 39 38 38 45 160 48 55 103 Corporate   7       8       10       8       33     10       9               19   $ 977     $ 1,024     $ 1,056     $ 1,204     $ 4,261   $ 1,029     $ 1,116             $ 2,145     Capital Expenditures Oil & Gas Permian Resources $ (328 ) $ (401 ) $ (472 ) $ (715 ) $ (1,916 ) $ (729 ) $ (555 ) $ (1,284 ) Permian EOR (164 ) (193 ) (210 ) (155 ) (722 ) (115 ) (119 ) (234 ) Other domestic (231 ) (219 ) (205 ) (257 ) (912 ) (86 ) (21 ) (107 ) Latin America (67 ) (74 ) (69 ) (100 ) (310 ) (47 ) (45 ) (92 ) Middle East/North Africa (454 ) (554 ) (527 ) (614 ) (2,149 ) (476 ) (449 ) (925 ) Exploration Drilling (88 ) (125 ) (160 ) (150 ) (523 ) (58 ) (30 ) (88 ) Chemical (41 ) (71 ) (61 ) (141 ) (314 ) (40 ) (57 ) (97 ) Midstream and marketing (399 ) (462 ) (311 ) (811 ) (1,983 ) (115 ) (105 ) (220 ) Corporate   (23 )     (30 )     (21 )     (27 )     (101 )   (9 )     (9 )             (18 ) GAAP external reporting (1,795 ) (2,129 ) (2,036 ) (2,970 ) (8,930 ) (1,675 ) (1,390 ) (3,065 )

Non-controlling interest contributions (b)

123 149 74 29 375 - - - Cracker JV investment contributions   (60 )     (21 )     (41 )     (43 )     (165 )   (60 )     (98 )             (158 ) $ (1,732 )   $ (2,001 )   $ (2,003 )   $ (2,984 )   $ (8,720 ) $ (1,735 )   $ (1,488 )           $ (3,223 )       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 $ 1,377 Discontinued operations 655 593 564 385 2,197 (5 ) (6 ) (11 ) CASH FLOW FROM INVESTING ACTIVITIES Continuing operations (1,894 ) (1,152 ) (2,123 ) (1,075 ) (6,244 ) (2,206 ) (1,683 ) (3,889 ) 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 (1,033 ) Cash and cash equivalents - beginning of period   3,393       2,332       2,391       2,897       3,393     3,789       2,153               3,789   Cash and cash equivalents - end of period $ 2,332     $ 2,391     $ 2,897     $ 3,789     $ 3,789   $ 2,153     $ 2,756             $ 2,756    

(a) Restricted cash must be used solely to pay dividends, repurchase common stock, repay debt, or a combination of the foregoing.

(b) Disclosed as financing cash flows in GAAP cash flow statements.

 

Schedule 7

                        Occidental Petroleum Corporation Oil & 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 98 109 104 Permian EOR 145 144 148 150 147 145 145 145 Midcontinent & Other 90   92   90   87   90 83   79           81 Total 302 308 315 321 312 326 333 330   Latin America 31 21 31 34 29 40 42 41   Middle East / North Africa Al Hosn - - - - - 9 18 13 Dolphin 34 38 38 40 38 39 42 41 Oman 73 76 75 80 76 89 87 88 Qatar 68 69 69 70 69 64 65 64 Other 65   68   67   71   67 78   71           75 Total 240 251 249 261 250 279 283 281   Continuing operations 573 580 595 616 591 645 658 652 Sold assets - Hugoton 18   6   -   -   6 -   -           - Barrels of Oil Equivalent (MBOE) 591   586   595   616   597 645   658           652   NET PRODUCTION VOLUMES PER DAY

BY COMMODITY:

United States Oil (MBBL) Permian Resources 37 40 43 51 43 62 71 67 Permian EOR 110 110 111 112 111 111 110 110 Midcontinent & Other 26   29   28   26   27 25   24           24 Total 173 179 182 189 181 198 205 201 NGLs (MBBL) Permian Resources 11 12 13 13 12 14 15 15 Permian EOR 28 29 30 31 30 28 29 29 Midcontinent & Other 14   12   12   12   12 11   11           11 Total 53 53 55 56 54 53 55 55 Natural Gas (MMCF) Permian Resources 115 120 121 122 120 130 136 132 Permian EOR 38 34 42 39 38 37 38 38 Midcontinent & Other 305   305   299   296   301 280   263           271 Total 458 459 462 457 459 447 437 441   Latin America Oil (MBBL) 29 19 29 32 27 38 40 39 Natural Gas (MMCF) 12 12 12 10 11 12 10 11   Middle East / North Africa Oil (MBBL) Al Hosn - - - - - 2 4 3 Dolphin 6 7 7 7 7 7 7 7 Oman 66 70 67 72 69 80 81 80 Qatar 68 69 69 70 69 64 65 64 Other 27   28   28   31   28 37   31           35 Total 167 174 171 180 173 190 188 189 NGLs (MBBL) Al Hosn - - - - - 2 4 3 Dolphin 6   7   7   8   7 7   8           8 Total 6 7 7 8 7 9 12 11 Natural Gas (MMCF) Al Hosn - - - - - 30 60 44 Dolphin 131 144 146 152 143 150 160 155 Oman 40 40 45 49 43 56 38 47 Other 231   236   235   240   236 245   240           242 Total 402 420 426 441 422 481 498 488  

Schedule 8

  Occidental Petroleum Corporation Oil & 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 302 308 315 321 312 326 333 330   Latin America 34 26 31 34 31 38 37 37   Middle East / North Africa Al Hosn - - - - - 9 18 13 Dolphin 34 38 38 39 38 40 42 41 Oman 72 77 76 78 76 89 87 88 Qatar 71 66 71 68 69 67 65 66 Other   49       64       59       95       66     68       75                 72   Total 226 245 244 280 249 273 287

 

 

280   Continuing operations 562 579 590 635 592 637 657

 

 

647 Sold assets - Hugoton   18       6       -       -       6     -       -                 -   Barrels of Oil Equivalent (MBOE)   580       585       590       635       598     637       657    

 

   

 

    647     REALIZED PRICES United States Oil ($/BBL) $ 92.56 $ 93.70 $ 87.43 $ 66.46 $ 84.73 $ 43.66 $ 52.64 $ 48.25 NGLs ($/BBL) $ 42.06 $ 42.17 $ 39.32 $ 27.67 $ 37.79 $ 17.32 $ 17.32 $ 17.32 Natural Gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $ 2.49 $ 2.09 $ 2.29   Latin America Oil (MBBL) $ 98.53 $ 101.30 $ 92.16 $ 63.93 $ 88.00 $ 47.70 $ 55.19 $ 51.43 Natural Gas (MMCF) $ 10.81 $ 10.99 $ 9.88 $ 3.19 $ 8.94 $ 4.53 $ 5.49 $ 4.98   Middle East / North Africa Oil ($/BBL) $ 104.65 $ 105.15 $ 102.19 $ 77.80 $ 96.34 $ 53.98 $ 56.48 $ 55.27 NGLs ($/BBL) $ 38.43 $ 32.00 $ 29.70 $ 25.37 $ 30.98 $ 21.57 $ 21.38 $ 21.46   Total Worldwide Oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $ 48.50 $ 54.55 $ 51.60 NGLs ($/BBL) $ 41.70 $ 40.98 $ 38.20 $ 27.39 $ 37.01 $ 17.96 $ 18.06 $ 18.01 Natural Gas ($/MCF) $ 2.90 $ 2.68 $ 2.42 $ 2.21 $ 2.55 $ 1.66 $ 1.48 $ 1.57   Index Prices WTI Oil ($/BBL) $ 98.68 $ 102.99 $ 97.17 $ 73.15 $ 93.00 $ 48.63 $ 57.94 $ 53.29 Brent Oil ($/BBL) $ 107.90 $ 109.77 $ 103.39 $ 76.98 $ 99.51 $ 55.17 $ 63.50 $ 59.33 NYMEX Natural Gas ($/MCF) $ 4.66 $ 4.55 $ 4.17 $ 3.99 $ 4.34 $ 3.07 $ 2.73 $ 2.90   Percentage of Index Prices Worldwide oil as a percentage of WTI 99 % 96 % 97 % 98 % 97 % 100 % 94 % 97 % Worldwide oil as a percentage of Brent 91 % 90 % 91 % 93 % 91 % 88 % 86 % 87 % Worldwide NGL as a percentage of WTI 42 % 40 % 39 % 37 % 40 % 37 % 31 % 34 % Worldwide NGL as a percentage of Brent 39 % 37 % 37 % 36 % 37 % 33 % 28 % 30 % Domestic gas as a percentage of NYMEX 94 % 91 % 90 % 89 % 91 % 81 % 77 % 79 %  

Schedule 9

                                          Occidental Petroleum Corporation Oil 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 $ 13.74 Latin America $ 15.28 $ 21.05 $ 15.84 $ 13.90 $ 16.25 $ 9.95 $ 11.99 $ 10.90 Middle East/North Africa $ 11.55 $ 10.87 $ 11.30 $ 13.35 $ 11.83 $ 12.51 $ 11.03 $ 11.76 Total Oil and Gas $ 12.94 $ 13.34 $ 13.45 $ 14.18 $ 13.50 $ 13.36 $ 12.10 $ 12.72   Taxes other than on income ($/BOE) United States $ 4.96 $ 4.76 $ 4.36 $ 3.86 $ 4.48 $ 3.14 $ 3.30 $ 3.20 Total Oil and Gas $ 2.83 $ 2.66 $ 2.42 $ 1.96 $ 2.45 $ 1.63 $ 1.85 $ 1.74   DD&A expense ($/BOE) United States $ 17.46 $ 18.13 $ 18.63 $ 18.81 $ 18.26 $ 17.12 $ 17.82 $ 17.48 Latin America $ 13.65 $ 14.73 $ 13.73 $ 14.22 $ 14.14 $ 14.05 $ 14.66 $ 14.35 Middle East/North Africa $ 14.59 $ 14.91 $ 15.13 $ 17.73 $ 15.68 $ 13.41 $ 14.20 $ 13.82 Total Oil and Gas $ 16.12 $ 16.64 $ 16.90 $ 18.09 $ 16.97 $ 15.35 $ 16.06 $ 15.71   G&A and other operating expenses ($/BOE) $ 3.62 $ 4.23 $ 4.12 $ 3.68 $ 3.91 $ 3.58 $ 3.57 $ 3.59   Exploration Expense ($ millions) United States $ 10 $ 14 $ 11 $ 35 $ 70 $ 5 $ 6 $ 11 Latin America - - - 4 4 - - - Middle East/North Africa   14       25       17       20       76   3       4                   7 $ 24     $ 39     $ 28     $ 59     $ 150 $ 8     $ 10    

 

 

   

 

 

    $ 18  

Schedule 10

                       

Occidental Petroleum Corporation

Segment 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 Sales price 27 13 (182 ) (845 ) (934 ) 217 Sales volume (146 ) 49 43 173 10 28 Operating expenses 66 (34 ) (19 ) (100 ) 101 30 DD&A rate (30 ) (10 ) 4 (14 ) 123 (5 ) Exploration expense 1 (15 ) 11 (37 ) 52 (3 ) All others   49       (19 )     11       (12 )   (31 )     -           Current quarter core income $ 1,719     $ 1,703     $ 1,571     $ 736   $ 57     $ 324             Chemical Prior quarter core income $ 128 $ 136 $ 133 $ 140 $ 160 $ 139 Sales price 11 24 9 (30 ) (92 ) 2 Sales volume / mix 41 (2 ) (6 ) 4 (26 ) 16 Operations / manufacturing (39 ) (17 ) (1 ) 56 89 (20 ) All others   (5 )     (8 )     5       (10 )   8       (1 )         Current quarter core income $ 136     $ 133     $ 140     $ 160   $ 139     $ 136             Midstream and Marketing Prior quarter core income $ 106 $ 96 $ 130 $ 155 $ 168 $ (5 ) Marketing (26 ) 31 13 11 (73 ) 59 Gas plants 53 (6 ) - (26 ) (14 ) 1 Pipelines (51 ) 17 7 27 (83 ) 29 Power generation 17 (3 ) 3 (9 ) (3 ) - All others   (3 )     (5 )     2       10     -       -           Current quarter core income $ 96     $ 130     $ 155     $ 168   $ (5 )   $ 84            

Year-over-Year

Oil & Gas Prior year core income $ 1,542 $ 1,751 $ 1,973 $ 1,752 $ 1,719 $ 1,703 $ 3,422 Sales price 136 124 (291 ) (1,024 ) (1,923 ) (1,714 ) (3,637 ) Sales volume 61 (96 ) (50 ) 104 210 247 457 Operating expenses 6 (40 ) (36 ) (86 ) (51 ) 6 (45 ) DD&A rate (34 ) (49 ) (41 ) 4 102 84 186 Exploration expense 6 19 (1 ) (35 ) 19 28 47 All others   2       (6 )     17       21     (19 )     (30 )             (49 ) Current quarter core income $ 1,719     $ 1,703     $ 1,571     $ 736   $ 57     $ 324             $ 381     Chemical Prior year core income $ 159 $ 144 $ 181 $ 128 $ 136 $ 133 $ 269 Sales price (31 ) (5 ) 7 6 (88 ) (115 ) (203 ) Sales volume / mix 43 29 9 21 (44 ) (29 ) (73 ) Operations / manufacturing (19 ) (36 ) (65 ) 13 145 146 291 All others   (16 )     1       8       (8 )   (10 )     1               (9 ) Current quarter core income $ 136     $ 133     $ 140     $ 160   $ 139     $ 136             $ 275     Midstream and Marketing Prior year core income $ 183 $ 123 $ 125 $ 106 $ 96 $ 130 $ 226 Marketing (99 ) (9 ) 43 27 (21 ) 7 (14 ) Gas plants - 9 7 22 (41 ) (33 ) (74 ) Pipelines 6 6 (19 ) (7 ) (26 ) (15 ) (41 ) Power generation 8 5 3 7 (12 ) (11 ) (23 ) All others   (2 )     (4 )     (4 )     13     (1 )     6               5   Current quarter core income $ 96     $ 130     $ 155     $ 168   $ (5 )   $ 84             $ 79    

Schedule 11

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Occidental Petroleum CorporationMedia:Melissa E. Schoeb713-366-5615melissa_schoeb@oxy.comorInvestors:Christopher M. Degner212-603-8111christopher_degner@oxy.comOn the web: www.oxy.com