- 2015 year-end cash balance of $4.4
billion
- 2016 capital program not to exceed $3.0
billion with production growth of 2 to 4 percent from ongoing
operations
Occidental Petroleum Corporation (NYSE:OXY) announced operating
cash flow before working capital for the fourth quarter of 2015 was
$944 million, with total cash on the balance sheet at December 31,
2015 of $4.4 billion. Core results for the fourth quarter of 2015
were a loss of $129 million or $0.17 per diluted share. Reported
results were a loss of $6.78 per diluted share for the quarter,
including $5.4 billion of after-tax charges, mostly due to
impairments.
In announcing the results, Chief Executive Officer Stephen I.
Chazen said, “In 2015, we continued exiting our non-core assets in
order to streamline the business. Our 2015 capital spending was
down by 36 percent compared to a year ago, and total company
production still grew by 14 percent with Permian Resources growing
47 percent.
“We continue to focus on capital and operating efficiencies. Our
Permian drilling and completion costs declined by 33 percent. Total
company operating costs declined by nearly $2.00 per barrel to
$11.57 and fell further in the fourth quarter. We reduced SG&A
by over $225 million or 16 percent during 2015.
“We ended the year with $4.4 billion in cash and expect to
receive about $900 million more from the Ecuador settlement and
$300 million in proceeds from asset sales in the coming months.
While the 2016 price environment remains challenging, we will
commit capital to only our highest return projects. The company’s
cash flow priorities remain the same, with the most important being
the safety and maintenance of our operations and funding dividends.
Our 2016 capital program is expected to be no more than $3.0
billion with production growth of 2 to 4 percent from ongoing
operations.”
QUARTERLY
RESULTS
Oil and
Gas
Total oil and gas after-tax results reflected a loss of $189
million for the fourth quarter of 2015, compared to income of $17
million for the third quarter of 2015 and $317 million for the
fourth quarter of 2014. The decrease in oil and gas results on a
sequential and year-over-year basis was due to the continued
decline in commodity prices in the fourth quarter of 2015,
partially offset by higher volumes and lower operating
expenses.
The average WTI and Brent marker prices were $42.18 per barrel
and $44.71 per barrel, respectively, for the fourth quarter of
2015, a decrease of about 10 percent on a sequential quarterly
basis and over 40 percent on a year-over-year basis. Our average
worldwide realized crude oil prices were $38.68 per barrel for the
fourth quarter of 2015, a decrease of 19 percent compared with the
third quarter of 2015 and 46 percent compared with the fourth
quarter of 2014. Our average worldwide NGL prices were $14.02 per
barrel in the fourth quarter of 2015, a decline of 4 percent from
the preceding quarter and 49 percent from the fourth quarter of
last year. Our average domestic natural gas price was $1.75 per
MCF, a decline of 22 percent in the fourth quarter of 2015 compared
with the third quarter of 2015 and a decrease of 51 percent
compared with the fourth quarter of 2014.
For the fourth quarter of 2015, total company average daily oil
and gas production volumes, excluding Williston, increased by
75,000 barrels of oil equivalent (BOE) to 671,000 BOE from 596,000
BOE in the fourth quarter of 2014. The sale of our Williston Basin
assets closed on November 20, 2015. Williston daily production
averaged 9,000 BOE and 20,000 BOE for the fourth quarters of 2015
and 2014, respectively. Compared to the fourth quarter of 2014,
domestic average daily production increased by 11,000 BOE to
312,000 BOE in the fourth quarter of 2015 with the majority of the
increase coming from oil production, which grew by 19,000 barrels
to 190,000 barrels per day, with all of the increase attributable
to Permian Resources. The increase in Permian Resources oil
production was partially offset by lower natural gas and oil
production in Piceance and South Texas. International average daily
production increased to 359,000 BOE in the fourth quarter of 2015
from 295,000 BOE in the fourth quarter of 2014. The increase in
international production is mainly due to the ramp up in production
at Al Hosn, which produced 60,000 BOE per day in the fourth quarter
of 2015.
Total company average daily oil and gas production for the
fourth quarter was about flat compared to the third quarter of
2015. Fourth quarter domestic average daily production declined by
3,000 BOE compared to the third quarter of 2015 due to lower
natural gas production from Piceance and South Texas, where we have
curtailed all development activities due to the gas price
environment. The increase in international average daily production
of 2,000 BOE compared to the third quarter of 2015 reflected
improved production rates at Al Hosn and in Colombia, which
increased by 10,000 BOE and 13,000 BOE, respectively, partially
offset by lower production in Iraq.
Total company average daily sales volumes were 721,000 BOE in
the fourth quarter of 2015 compared to 653,000 BOE for the third
quarter of 2015 and 615,000 BOE in the fourth quarter of 2014. The
improvement was largely due to higher volumes in Iraq resulting
from liftings that slipped from prior periods and higher production
at Al Hosn.
Chemical
Chemical pre-tax core earnings for the fourth quarter of 2015
were $116 million, compared to $174 million in the third quarter of
2015 and $160 million in the fourth quarter of 2014. Compared to
the third quarter of 2015, the lower results reflected weaker
demand across most product lines and lower polyvinyl chloride (PVC)
prices unfavorably impacting margins, partially offset by higher
caustic soda prices and lower energy costs. On a year-over-year
basis, the lower earnings reflected lower caustic soda pricing and
lower sales volume across most product lines, partially offset by
lower energy costs and improved margins in PVC resulting primarily
from lower ethylene costs.
Midstream and
Marketing
Midstream pre-tax core results for the fourth quarter of 2015
were a loss $45 million, compared to income of $31 million for the
third quarter of 2015 and $168 million for the fourth quarter of
2014. The decrease in earnings compared to the third quarter of
2015 and fourth quarter of 2014 reflected lower marketing margins
due to narrowing WTI and LLS differentials. Current quarter loss
comparisons to both periods also included lower pipeline revenues
and on a sequential quarterly basis, lower seasonal margins from
our power generation operations.
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 4 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 $ (129 ) $ 91 Core EPS - Diluted ($/share) $ 1.38 $
1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04 $ 0.21 $ 0.03 $ (0.17 ) $ 0.12
Effective tax rate 41 % 41 % 41 % 39 % 41 % 75 % 65 % 90 % 29 % 86
% Reported ($ millions) $ 1,390 $ 1,431 $ 1,208 $ (3,413 ) $
616 $ (218 ) $ 176 $ (2,609 ) $ (5,178 ) $ (7,829 ) Reported EPS -
Diluted ($/share) $ 1.75 $ 1.82 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $
0.23 $ (3.42 ) $ (6.78 ) $ (10.23 ) Effective tax rate 41 % 41 % 41
% 15 % 109 % 8 % 64 % 15 % 18 % 14 %
Average Shares
Outstanding Basic (millions) 791.3 782.6 777.4 773.1 781.1
769.6 766.4 763.3 763.2 765.6 Diluted (millions) 791.7 782.9 777.7
773.4 781.1 769.6 766.6 763.3 763.2 765.6
Production
Total US (MBOE/D) 283 286 294 301 292 307 314 315 312 312 US oil
(MBBL/D) 155 159 162 171 162 180 188 188 190 187 Worldwide (MBOE/D)
554 558 574 596 571 626 639 672 671 652 Worldwide sales (MBOE/D)
543 557 569 615 572 618 638 653 721 658
Realizations
Worldwide oil ($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $
48.50 $ 54.55 $ 47.78 $ 38.68 $ 47.10 Worldwide NGL ($/BBL) $ 41.70
$ 40.98 $ 38.20 $ 27.39 $ 37.01 $ 17.96 $ 18.06 $ 14.68 $ 14.02 $
15.96 Domestic gas ($/MCF) $ 4.39 $ 4.15 $ 3.74 $ 3.56 $ 3.97 $
2.49 $ 2.09 $ 2.24 $ 1.75 $ 2.15
Cash Flows ($
millions) Operating before working capital $ 2,294 $ 2,070 $
2,341 $ 1,374 $ 8,079 $ 1,121 $ 1,517 $ 1,202 $ 944 $ 4,784 Working
capital changes (252 ) 204 (267 ) 1,107 792 (555 ) (399 ) 16 58
(880 ) Other, net - -
- - -
- (307 ) (192 )
(151 ) (650 ) Operating - continuing
operations $ 2,042 $ 2,274 $ 2,074 $ 2,481 $ 8,871 $ 566 $ 811 $
1,026 $ 851 $ 3,254 Capital expenditures $ (1,732 ) $ (2,001 ) $
(2,003 ) $ (2,984 ) $ (8,720 ) $ (1,735 ) $ (1,488 ) $ (1,219 ) $
(1,170 ) $ (5,612 )
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 $ 91 Core EPS - Diluted ($/share) $ 1.38 $
2.76 $ 4.10 $ 4.83 $ 0.04 $ 0.25 $ 0.29 $ 0.12 Effective tax rate
41 % 41 % 41 % 41 % 75 % 67 % 74 % 86 % Reported ($
millions) $ 1,390 $ 2,821 $ 4,029 $ 616 $ (218 ) $ (42 ) $ (2,651 )
$ (7,829 ) Reported EPS - Diluted ($/share) $ 1.75 $ 3.58 $ 5.13 $
0.79 $ (0.28 ) $ (0.05 ) $ (3.46 ) $ (10.23 ) Effective tax rate 41
% 41 % 41 % 109 % 8 % 113 % 5 % 14 %
Average Shares
Outstanding Basic (millions) 791.3 786.9 783.7 781.1 769.6
768.0 766.4 765.6 Diluted (millions) 791.7 787.2 784.1 781.1 769.6
768.0 766.4 765.6
Production Total US (MBOE/D) 283
284 288 292 307 311 313 312 US oil (MBBL/D) 155 156 159 162 180 184
186 187 Worldwide (MBOE/D) 554 555 562 571 626 633 647 652
Worldwide sales (MBOE/D) 543 551 557 572 618 628 647 658
Realizations Worldwide oil ($/BBL) $ 98.14 $ 98.73 $ 97.20 $
90.13 $ 48.50 $ 51.60 $ 50.33 $ 47.10 Worldwide NGL ($/BBL) $ 41.70
$ 41.34 $ 40.27 $ 37.01 $ 17.96 $ 18.01 $ 16.73 $ 15.96 Domestic
gas ($/MCF) $ 4.39 $ 4.28 $ 4.10 $ 3.97 $ 2.49 $ 2.29 $ 2.28 $ 2.15
Cash Flows ($ millions) Operating before working
capital $ 2,294 $ 4,364 $ 6,705 $ 8,079 $ 1,121 $ 2,638 $ 3,840 $
4,784 Working capital changes (252 ) (48 ) (315 ) 792 (555 ) (954 )
(938 ) (880 ) Other, net - -
- - -
(307 ) (499 ) (650 )
Operating - continuing operations $ 2,042 $ 4,316 $ 6,390 $ 8,871 $
566 $ 1,377 $ 2,403 $ 3,254 Capital expenditures $ (1,732 ) $
(3,733 ) $ (5,736 ) $ (8,720 ) $ (1,735 ) $ (3,223 ) $ (4,442 ) $
(5,612 )
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 ) $
(222 ) $ (704 ) Foreign 1,092 1,096 1,103 710 4,001 295 395 342 125
1,157 Exploration (19 ) (35 )
(18 ) (54 ) (126 ) (2 )
(4 ) (1 ) (9 ) (16
) 1,719 1,703 1,571 736 5,729 57 324 162 (106 ) 437 Chemical 136
133 140 160 569 139 136 174 116 565 Midstream and marketing
96 130 155
168 549 (5 )
84 31 (45 )
65 Segment Earnings 1,951 1,966 1,866 1,064 6,847 191
544 367 (35 ) 1,067 Corporate Interest (20 ) (18 ) (15 ) (18 ) (71
) (28 ) (7 ) (47 ) (59 ) (141 ) Other (68 )
(107 ) (83 ) (123 ) (381
) (39 ) (61 ) (74 )
(88 ) (262 ) Pre-tax income 1,863 1,841 1,768
923 6,395 124 476 246 (182 ) 664 Taxes Federal and state (215 )
(228 ) (178 ) (82 ) (703 ) 14 59 80 159 312 Foreign (553 )
(531 ) (544 ) (281 )
(1,909 ) (107 ) (370 )
(302 ) (106 ) (885 ) Net Income
$ 1,095 $ 1,082 $ 1,046 $
560 $ 3,783 $ 31 $ 165
$ 24 $ (129 ) $ 91 Core
earnings per share Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $ 0.04
$ 0.21 $ 0.03 $ (0.17 ) $ 0.12 Diluted $ 1.38 $ 1.38
$ 1.34 $ 0.72 $ 4.83
$ 0.04 $ 0.21 $ 0.03
$ (0.17 ) $ 0.12 Effective tax rate
41 % 41 % 41 % 39
% 41 % 75 % 65 %
90 % 29 % 86 %
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 ) $ (1,350 ) $ (3,447 ) Foreign - - - (1,066 ) (1,066 ) (46
) (1 ) (1,438 ) (3,419 ) (4,904 ) Exploration -
- - -
- - -
- (146 )
(146 ) - 64 (3 ) (5,362 ) (5,301 ) (323 ) 31 (3,290 ) (4,915 )
(8,497 ) Chemical - - - (149 ) (149 ) - - 98 (121 ) (23 ) Midstream
and marketing 66 78
(50 ) 1,921 2,015
(10 ) 3 (7 )
(1,245 ) (1,259 ) Segment Earnings 66 142 (53
) (3,590 ) (3,435 ) (333 ) 34 (3,199 ) (6,281 ) (9,779 ) Corporate
Interest - - - - - - - - - - Other -
(16 ) (21 ) (1,382 )
(1,419 ) (25 ) (6 ) (98 )
(232 ) (361 ) Pre-tax income 66 126 (74 )
(4,972 ) (4,854 ) (358 ) 28 (3,297 ) (6,513 ) (10,140 ) Taxes
Federal and state (26 ) (50 ) 23 913 860 111 (12 ) 667 992 1,758
Foreign - - -
67 67 1
(1 ) - 145
145 Income From Continuing Operations
40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations 255 273
213 19 760
(3 ) (4 ) (3 )
327 317 Net Income (loss) $ 295
$ 349 $ 162 $ (3,973 )
$ (3,167 ) $ (249 ) $ 11 $ (2,633 )
$ (5,049 ) $ (7,920 )
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 ) $ (1,572 ) $ (4,151 ) Foreign 1,092 1,096 1,103 (356 )
2,935 249 394 (1,096 ) (3,294 ) (3,747 ) Exploration (19 )
(35 ) (18 ) (54 )
(126 ) (2 ) (4 ) (1 )
(155 ) (162 ) 1,719 1,767 1,568 (4,626
) 428 (266 ) 355 (3,128 ) (5,021 ) (8,060 ) Chemical 136 133 140 11
420 139 136 272 (5 ) 542 Midstream and marketing 162
208 105
2,089 2,564 (15 )
87 24 (1,290 )
(1,194 ) Segment Earnings 2,017 2,108 1,813 (2,526 ) 3,412
(142 ) 578 (2,832 ) (6,316 ) (8,712 ) Corporate Interest (20 ) (18
) (15 ) (18 ) (71 ) (28 ) (7 ) (47 ) (59 ) (141 ) Other (68
) (123 ) (104 ) (1,505 )
(1,800 ) (64 ) (67 )
(172 ) (320 ) (623 ) Pre-tax
income 1,929 1,967 1,694 (4,049 ) 1,541 (234 ) 504 (3,051 ) (6,695
) (9,476 ) Taxes Federal and state (241 ) (278 ) (155 ) 831 157 125
47 747 1,151 2,070 Foreign (553 ) (531 )
(544 ) (214 ) (1,842 )
(106 ) (371 ) (302 )
39 (740 ) Income From Continuing
Operations 1,135 1,158 995 (3,432 ) (144 ) (215 ) 180 (2,606 )
(5,505 ) (8,146 ) Discontinued Operations 255
273 213 19
760 (3 ) (4 )
(3 ) 327 317 Net
Income (loss) (a) $ 1,390 $ 1,431 $
1,208 $ (3,413 ) $ 616 $ (218 )
$ 176 $ (2,609 ) $ (5,178 ) $ (7,829 )
Reported earnings per share Basic $ 1.75 $ 1.83 $ 1.55 $
(4.41 ) $ 0.79 $ (0.28 ) $ 0.23 $ (3.42 ) $ (6.78 ) $ (10.23 )
Diluted $ 1.75 $ 1.82 $ 1.55
$ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23
$ (3.42 ) $ (6.78 ) $ (10.23 )
Effective tax rate 41 % 41 % 41
% 15 % 109 % 8 %
64 % 15 % 18 % 14 %
(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 ) $ (141 ) $
(385 ) Foreign 587 561 605 304 2,057 69 154 131 (40 ) 314
Exploration (5 ) (29 ) (15 )
(46 ) (95 ) (2 )
(4 ) (1 ) (8 ) (15 ) 994
941 900 317 3,152 (22 ) 108 17 (189 ) (86 ) Chemical 86 84 89 98
357 88 86 111 73 358 Midstream and marketing 71
103 118 125
417 4 66
41 2
113 Segment Earnings 1,151 1,128 1,107 540 3,926 70 260 169
(114 ) 385 Corporate Interest (20 ) (18 ) (15 ) (17 ) (70 ) (28 )
(7 ) (47 ) (59 ) (141 ) Other (68 ) (107 ) (83 ) (124 ) (382 ) (39
) (61 ) (74 ) (88 ) (262 ) Taxes 32 79
37 161
309 28 (27 )
(24 ) 132 109 Net
Income $ 1,095 $ 1,082 $ 1,046
$ 560 $ 3,783 $ 31 $ 165
$ 24 $ (129 ) $ 91
Core earnings per share Basic $ 1.38 $ 1.38 $ 1.34 $ 0.72 $ 4.83 $
0.04 $ 0.21 $ 0.03 $ (0.17 ) $ 0.12 Diluted $ 1.38 $
1.38 $ 1.34 $ 0.72 $ 4.83
$ 0.04 $ 0.21 $ 0.03
$ (0.17 ) $ 0.12
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 ) $ (864 ) $ (2,207 ) Foreign - - - (1,055 ) (1,055 ) (46 )
(1 ) (1,438 ) (3,274 ) (4,759 ) Exploration -
- - -
- - -
- (146 ) (146 ) -
41 (2 ) (3,806 ) (3,767 ) (223 ) 19 (2,624 ) (4,284 ) (7,112 )
Chemical - - - (94 ) (94 ) - - 63 (78 ) (15 ) Midstream and
marketing 40 47
(30 ) 1,225 1,282
(4 ) 2 (4 ) (807 )
(813 ) Segment Earnings 40 88 (32 ) (2,675 ) (2,579 )
(227 ) 21 (2,565 ) (5,169 ) (7,940 ) Corporate Interest - - - - - -
- - - - Other - (12 ) (19 ) (1,261 ) (1,292 ) (19 ) (6 ) (65 ) (225
) (315 ) Taxes - -
- (56 ) (56 ) -
- - 18
18 Income From Continuing Operations 40
76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations 255 273
213 19 760
(3 ) (4 ) (3 )
327 317 Net Income (loss) $ 295
$ 349 $ 162 $ (3,973 )
$ (3,167 ) $ (249 ) $ 11 $ (2,633 )
$ (5,049 ) $ (7,920 )
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 ) $ (1,005 ) $ (2,592 ) Foreign 587 561 605 (751 ) 1,002 23
153 (1,307 ) (3,314 ) (4,445 ) Exploration (5 )
(29 ) (15 ) (46 )
(95 ) (2 ) (4 ) (1 )
(154 ) (161 ) 994 982 898 (3,489 ) (615 ) (245
) 127 (2,607 ) (4,473 ) (7,198 ) Chemical 86 84 89 4 263 88 86 174
(5 ) 343 Midstream and marketing 111
150 88 1,350
1,699 - 68
37 (805 ) (700 )
Segment Earnings 1,191 1,216 1,075 (2,135 ) 1,347 (157 ) 281 (2,396
) (5,283 ) (7,555 ) Corporate Interest (20 ) (18 ) (15 ) (17 ) (70
) (28 ) (7 ) (47 ) (59 ) (141 ) Other (68 ) (119 ) (102 ) (1,385 )
(1,674 ) (58 ) (67 ) (139 ) (313 ) (577 ) Taxes 32
79 37 105
253 28 (27
) (24 ) 150 127
Income From Continuing Operations 1,135 1,158 995 (3,432 )
(144 ) (215 ) 180 (2,606 ) (5,505 ) (8,146 ) Discontinued
Operations 255 273
213 19 760
(3 ) (4 ) (3 ) 327
317 Net Income (loss) (a) $ 1,390
$ 1,431 $ 1,208 $ (3,413 )
$ 616 $ (218 ) $ 176 $ (2,609 )
$ (5,178 ) $ (7,829 ) Reported earnings per
share Basic $ 1.75 $ 1.83 $ 1.55 $ (4.41 ) $ 0.79 $ (0.28 ) $ 0.23
$ (3.42 ) $ (6.78 ) $ (10.23 ) Diluted $ 1.75 $ 1.82
$ 1.55 $ (4.41 ) $ 0.79 $
(0.28 ) $ 0.23 $ (3.42 ) $ (6.78 )
$ (10.23 )
(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 $ 10 Asset impairments and related items
- (471 ) -
(4,295 ) (4,766 ) (264 ) 14
(1,852 ) (1,355 )
(3,457 ) - 64 (3 ) (4,296 ) (4,235 ) (277 ) 32 (1,852 ) (1,350 )
(3,447 ) Foreign Asset impairments and related items -
- -
(1,066 ) (1,066 ) (46 ) (1 )
(1,438 ) (3,565 ) (5,050
) Total Oil and Gas - 64
(3 ) (5,362 ) (5,301 )
(323 ) 31 (3,290 )
(4,915 ) (8,497 ) Chemical Asset sale gain - -
- - - - - 98 - 98 Asset impairments - -
- (149 )
(149 ) - - -
(121 ) (121 ) Total Chemical
- - -
(149 ) (149 )
- - 98
(121 ) (23 ) Midstream and
marketing Asset sales gains - - - 1,984 1,984 - - - - - Asset
impairments and related items 66 78
(50 ) (63 ) 31
(10 ) 3 (7 )
(1,245 ) (1,259 ) Total Midstream
66 78 (50 )
1,921 2,015 (10 )
3 (7 ) (1,245 )
(1,259 ) Corporate Asset sales gains (losses) - - - -
- (11 ) - 2 1 (8 ) Asset impairments - - - (1,358 ) (1,358 ) - - (5
) (230 ) (235 ) Severance, spin-off costs and other items -
(16 ) (21 ) (24 )
(61 ) (14 ) (6 )
(95 ) (3 ) (118 ) Total Corporate
- (16 ) (21 )
(1,382 ) (1,419 ) (25 )
(6 ) (98 ) (232 ) (361 )
Taxes (26 ) (50 ) 23
980 927 112
(13 ) 667
1,137 1,903 Income From Continuing
Operations 40 76 (51 ) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376
) (8,237 ) Discontinued Operations 255
273 213 19
760 (3 ) (4 ) (3 )
327 317 Totals $ 295
$ 349 $ 162 $ (3,973 )
$ (3,167 ) $ (249 ) $ 11 $ (2,633 )
$ (5,049 ) $ (7,920 )
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 ) $ 3 $ 5 Asset impairments and related items
- (300 ) -
(2,750 ) (3,050 ) (169 ) 9
(1,185 ) (867 )
(2,212 ) - 41 (2 ) (2,751 ) (2,712 ) (177 ) 20 (1,186 ) (864 )
(2,207 ) Foreign
Asset impairments and related items
- - -
(1,055 ) (1,055 ) (46 )
(1 ) (1,438 ) (3,420 )
(4,905 ) Total Oil and Gas - 41
(2 ) (3,806 )
(3,767 ) (223 ) 19 (2,624
) (4,284 ) (7,112 ) Chemical
Asset sale gain - - - - - - - 63 - 63 Asset impairments -
- -
(94 ) (94 ) - -
- (78 ) (78 )
Total Chemical - -
- (94 ) (94 )
- - 63
(78 ) (15 ) Midstream and
marketing Asset sales gains - - - 1,264 1,264 - - - - - Asset
impairments and related items 40 47
(30 ) (39 ) 18
(4 ) 2 (4 )
(807 ) (813 ) Total Midstream 40
47 (30 ) 1,225
1,282 (4 ) 2
(4 ) (807 ) (813 )
Corporate Asset sales gains (losses) - - - - - (7 ) - 1 1 (5
) Asset impairments - - - (1,240 ) (1,240 ) - - (5 ) (229 ) (234 )
Severance, spin-off costs and other items -
(12 ) (19 ) (21 )
(52 ) (12 ) (6 ) (61 )
3 (76 ) Total Corporate -
(12 ) (19 ) (1,261 )
(1,292 ) (19 ) (6 )
(65 ) (225 ) (315 ) Taxes
- - -
(56 ) (56 ) -
- - 18
18 Income From Continuing Operations 40 76 (51
) (3,992 ) (3,927 ) (246 ) 15 (2,630 ) (5,376 ) (8,237 )
Discontinued Operations 255 273
213 19 760
(3 ) (4 ) (3 )
327 317 Totals $ 295
$ 349 $ 162 $ (3,973 ) $
(3,167 ) $ (249 ) $ 11 $ (2,633 ) $
(5,049 ) $ (7,920 )
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 $ 1,899 $ 8,304 Chemical 1,220 1,242 1,232 1,123 4,817 1,000
1,030 1,008 907 3,945 Midstream and marketing 340 440 261 332 1,373
197 294 231 169 891 Eliminations (194 ) (252 )
(175 ) (144 ) (765 )
(117 ) (197 ) (177 )
(169 ) (660 ) 4,968 5,133 4,904 4,307 19,312
3,089 3,469 3,116 2,806 12,480 Interest, dividends and other income
30 47 31 22 130 31 26 31 30 118 Gain (loss) on sale of assets and
equity investments, net - 525
(5 ) 1,985 2,505
(24 ) 19 99
7 101 4,998
5,705 4,930
6,314 21,947 3,096
3,514 3,246 2,843
12,699
COSTS AND OTHER
DEDUCTIONS Cost of sales 1,643 1,691 1,736 1,733 6,803 1,557
1,480 1,413 1,354 5,804 Depreciation, depletion and amortization
977 1,024 1,056 1,204 4,261 1,029 1,116 1,123 1,276 4,544 Selling,
general and administrative and other operating expenses 317 429 355
402 1,503 311 347 292 320 1,270 Asset impairments and related items
- 471 - 6,908 7,379 324 - 3,397 6,518 10,239 Taxes other than on
income 151 144 135 120 550 107 107 79 50 343 Exploration expense 24
39 28 59 150 8 10 5 13 36 Interest and debt expense, net 22
20 16
19 77 30
8 48 61
147 3,134 3,818
3,326 10,445
20,723 3,366 3,068
6,357 9,592
22,383
INCOME (LOSS) BEFORE INCOME TAXES AND OTHER
ITEMS 1,864 1,887 1,604 (4,131 ) 1,224 (270 ) 446 (3,111 )
(6,749 ) (9,684 ) Benefit from (provision for) domestic and foreign
income taxes (794 ) (809 ) (699 ) 617 (1,685 ) 19 (324 ) 445 1,190
1,330 Income from equity investments 67
83 93 88
331 36 58
60 54 208
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,137 1,161 998
(3,426 ) (130 ) (215 ) 180 (2,606 ) (5,505 ) (8,146 ) Discontinued
operations, net 255 273
213 19 760
(3 ) (4 ) (3 ) 327
317
NET INCOME (LOSS) 1,392
1,434 1,211 (3,407 ) 630 (218 ) 176 (2,609 ) (5,178 ) (7,829 )
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
) $ (5,178 ) $ (7,829 )
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 ) $ (7.21 ) $
(10.64 ) Discontinued operations, net 0.32
0.35 0.27 0.03
0.97 - -
(0.01 ) 0.43
0.41
BASIC EARNINGS PER COMMON SHARE $ 1.75
$ 1.83 $ 1.55 $ (4.41 )
$ 0.79 $ (0.28 ) $ 0.23 $ (3.42
) $ (6.78 ) $ (10.23 )
DILUTED EARNINGS PER
COMMON SHARE $ 1.75 $ 1.82 $ 1.55
$ (4.41 ) $ 0.79 $ (0.28 ) $
0.23 $ (3.42 ) $ (6.78 ) $ (10.23 )
DIVIDENDS PER COMMON SHARE $ 0.72 $
0.72 $ 0.72 $ 0.72 $ 2.88
$ 0.72 $ 0.75 $ 0.75
$ 0.75 $ 2.97
AVERAGE COMMON
SHARES OUTSTANDING BASIC 791.3 782.6 777.4 773.1 781.1 769.6
766.4 763.3 763.2 765.6 DILUTED 791.7 782.9 777.7 773.4 781.1 769.6
766.6 763.3 763.2 765.6
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 $ 2,547 $ 3,201 Restricted
cash - - - 4,019 3,265 2,382 1,765 1,193 Trade receivables, net
5,233 5,826 4,960 4,206 3,068 3,973 3,507 2,970 Inventories 1,308
1,323 1,359 1,052 1,133 1,120 1,122 986 Assets held for sale - - -
- - - 709 141 Other current assets 2,026
1,246 1,291 807
815 777 890
1,182 Total current assets 10,899
10,786 10,507 13,873 10,434 11,008 10,540 9,673
INVESTMENTS
Investments in unconsolidated entities 1,511 1,547 1,544 1,171
1,221 1,330 1,428 1,267 Available for sale investment -
- -
394 544 432
186 167 Total investments 1,511 1,547
1,544 1,565 1,765 1,762 1,614 1,434
PROPERTY, PLANT AND
EQUIPMENT Property, plant and equipment 89,790 92,135 94,771
74,515 75,979 77,375 73,447 71,058 Accumulated depreciation,
depletion and amortization (33,746 ) (35,001 )
(36,306 ) (34,785 ) (35,870 )
(36,897 ) (36,612 )
(39,419 ) 56,044 57,134 58,465 39,730 40,109 40,478 36,835 31,639
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET 821
826 994
1,091 1,081 1,121
1,100 962
TOTAL
ASSETS $ 69,275 $ 70,293 $ 71,510
$ 56,259 $ 53,389 $ 54,369
$ 50,089 $ 43,708
CURRENT LIABILITIES Current maturities of long-term debt $ -
$ - $ 1,599 $ - $ 700 $ 1,450 $ 1,450 $ 1,450 Accounts payable
5,423 6,097 5,511 5,229 3,867 4,145 3,727 3,070 Accrued liabilities
2,441 2,332 2,337 2,601 2,152 2,230 2,202 2,213 Domestic and
foreign income taxes 326 440 74 414 196 - 25 - Liabilities of
assets held for sale - -
- - -
- 29 110
Total current liabilities 8,190 8,869 9,521 8,244 6,915 7,825 7,433
6,843
LONG-TERM DEBT, NET 6,877 6,835 6,837 6,838 6,139
6,880 6,882 6,883
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 1,593 Other 3,441
3,464 3,433 3,203
3,224 3,209 3,313
4,039 10,839 10,777 11,067 6,218 6,171
6,362 5,892 5,632
STOCKHOLDERS’ EQUITY Common stock, $.20
per share par value 178 178 178 178 178 178 178 178 Treasury stock
(7,079 ) (7,681 ) (8,146 ) (8,528 ) (8,734 ) (9,107 ) (9,113 )
(9,121 ) Additional paid-in capital 7,543 7,564 7,570 7,599 7,632
7,651 7,664 7,640 Retained earnings 42,652 43,519 44,166 36,067
35,294 34,896 31,712 25,960 Accumulated other comprehensive loss
(296 ) (291 ) (289 ) (357 ) (206 ) (316 ) (559 ) (307 )
Non-controlling interest 371 523
606 - -
- - -
Total equity 43,369 43,812
44,085 34,959
34,164 33,302
29,882 24,350
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 69,275 $ 70,293
$ 71,510 $ 56,259 $ 53,389
$ 54,369 $ 50,089 $ 43,708
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 $ (2,609) $ (5,178) $ (7,829)
Depreciation, depletion and amortization (see detail below) 977
1,024 1,056 1,204 4,261 1,029 1,116 1,123 1,276 4,544 Deferred
income tax provision 125 (182) 277 (1,398) (1,178) (63) 202 (556)
(955) (1,372) Asset impairments and other non-cash charges (200)
(206) (203) 4,975 4,366 373 23
3,244 5,801 9,441
Operating cash flow
before working capital 2,294 2,070 2,341 1,374 8,079 1,121
1,517 1,202 944 4,784 Working capital changes (252) 204 (267) 1,107
792 (555) (399) 16 58 (880) Other, net (a) - - -
- - - (307) (192) (151)
(650) Operating cash flow from continuing operations 2,042
2,274 2,074 2,481 8,871 566 811
1,026 851 3,254
INVESTING CASH FLOW
Capital expenditures (see detail below) (1,732) (2,001) (2,003)
(2,984) (8,720) (1,735) (1,488) (1,219) (1,170) (5,612) Payment for
purchases of assets and businesses (4) (303) (45) (1,335) (1,687)
(6) (37) (9) (57) (109) Sales of assets and equity investments, net
- 1,371 16 2,790 4,177 20 38 93 668 819 Changes in capital accrual
- - - 542 542 (458) (127) (67) 60 (592) Other investing activities
(35) (70) (17) (63) (185) (27)
(69) (27) 194 71 Investing cash flow from
continuing operations (1,771) (1,003) (2,049)
(1,050) (5,873) (2,206) (1,683) (1,229)
(305) (5,423)
FINANCING CASH FLOW Cash
dividends paid (514) (570) (565) (561) (2,210) (557) (556) (577)
(574) (2,264) Purchases of treasury stock (946) (630) (507) (417)
(2,500) (207) (329) (50) (8) (594) 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 1,479 Other financing
activities (48) (42) 9 13 (68) 19
5 10 3 37 Financing cash flow from
continuing operations (1,508) (1,242) 536
3,536 1,322 (745) 598 (617) (578)
(1,342)
Cash Flow From Discontinued Operations
176 30 (55) (56) 95 (5) (6) (6) 114 97 Increase (decrease)
in cash (1,061) 59 506 4,911 4,415 (2,390) (280) (826) 82 (3,414)
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 4,312 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 $ 4,394 $ 4,394
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 $ 510 $ 2,109 Latin
America 42 35 40 44 161 48 49 48 51 196 Middle East/North Africa
297 331 340 458 1,426 329 370 345 537 1,581 Chemical 89 93 91 94
367 92 92 94 93 371 Midstream and marketing 39 38 38 45 160 48 55
71 75 249 Corporate 7 8 10 8 33 10
9 9 10 38 $ 977 $ 1,024 $
1,056 $ 1,204 $ 4,261 $ 1,029 $ 1,116 $
1,123 $ 1,276 $ 4,544
Capital
Expenditures Oil & Gas Permian Resources $ (328) $ (401) $
(472) $ (715) $ (1,916) $ (729) $ (555) $ (521) $ (426) $ (2,231)
Permian EOR (164) (193) (210) (155) (722) (115) (119) (102) (88)
(424) Other domestic (231) (219) (205) (257) (912) (86) (21) - (2)
(109) Latin America (67) (74) (69) (100) (310) (47) (45) (24) (34)
(150) Middle East/North Africa (454) (554) (527) (614) (2,149)
(476) (449) (242) (245) (1,412) Exploration Drilling (88) (125)
(160) (150) (523) (58) (30) (15) (13) (116) Chemical (41) (71) (61)
(141) (314) (40) (57) (58) (99) (254) Midstream and marketing (399)
(462) (311) (811) (1,983) (115) (105) (155) (160) (535) Corporate
(23) (30) (21) (27) (101) (9)
(9) (10) (13) (41) GAAP external reporting
(1,795) (2,129) (2,036) (2,970) (8,930) (1,675) (1,390) (1,127)
(1,080) (5,272) Non-controlling interest contributions (c) 123 149
74 29 375 - - - - - Cracker JV investment contributions (60)
(21) (41) (43) (165) (60) (98)
(92) (90) (340) $ (1,732) $ (2,001) $
(2,003) $ (2,984) $ (8,720) $ (1,735) $
(1,488) $ (1,219) $ (1,170) $ (5,612)
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 $ 851 $
3,254 Discontinued operations 655 593 564 385 2,197 (5) (6) (6) 114
97 CASH FLOW FROM INVESTING ACTIVITIES Continuing operations
(1,894) (1,152) (2,123) (1,075) (6,244) (2,206) (1,683) (1,229)
(305) (5,423) 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 - (6) 1,484
Discontinued operations - - - 124 124 -
- - - - Increase (decrease) in cash and
cash equivalents (1,061) 59 506 892 396 (1,636) 603 (209) 654 (588)
Cash and cash equivalents - beginning of period 3,393 2,332
2,391 2,897 3,393 3,789 2,153
2,756 2,547 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 $ 3,201
$ 3,201
(a) Other, net for 2015 represents the
current cash benefit on the 2015 NOL carryback in excess of 2014
Federal tax due. 2015 includes $293 million receivable expected to
be collected in 2016.
(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 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 98 109 116 118 110 Permian EOR 145 144 148 150 147 145 145
144 143 145 Midcontinent & Other 71 70 69
67 70 64 60 55 51 57 Total 283
286 294 301 292 307 314 315 312 312
Latin America 31
21 31 34 29 40 42 27 39 37
Middle East / North Africa
Al Hosn - - - - - 9 18 50 60 35 Dolphin 34 38 38 40 38 39 42 41 43
41 Oman 73 76 75 80 76 89 87 93 88 89 Qatar 68 69 69 70 69 64 65 67
69 66 Other 65 68 67 71 67 78 71
79 60 72 Total 240 251 249 261 250 279 283 330
320 303
Ongoing operations 554 558 574 596 571 626
639 672 671 652 Sold assets - Hugoton 18 6 - - 6 - - - - - Sold
assets - Williston 19 22 21 20 20 19
19 17 9 16
Barrels of Oil Equivalent
(MBOE) 591 586 595
616 597 645 658
689 680 668 NET
PRODUCTION VOLUMES PER DAY BY COMMODITY: United
States Oil (MBBL) Permian Resources 37 40 43 51 43 62 71 74 76
71 Permian EOR 110 110 111 112 111 111 110 108 109 110 Midcontinent
& Other 8 9 8 8 8 7 7
6 5 6 Total 155 159 162 171 162 180 188 188 190 187
NGLs (MBBL) Permian Resources 11 12 13 13 12 14 15 18 18 16 Permian
EOR 28 29 30 31 30 28 29 30 28 29 Midcontinent & Other 13
11 12 11 12 11 10 10
10 10 Total 52 52 55 55 54 53 54 58 56 55 Natural Gas
(MMCF) Permian Resources 115 120 121 122 120 130 136 143 143 137
Permian EOR 38 34 42 39 38 37 38 37 35 37 Midcontinent & Other
300 300 293 290 296 275 258
235 217 246 Total 453 454 456 451 454 442 432
415 395 420
Latin America Oil (MBBL) 29 19 29 32 27
38 40 25 38 35 Natural Gas (MMCF) 12 12 12 10 11 12 10 9 8 10
Middle East / North Africa Oil (MBBL) Al Hosn - - - -
- 2 4 9 11 7 Dolphin 6 7 7 7 7 7 7 7 8 7 Oman 66 70 67 72 69 80 81
85 81 82 Qatar 68 69 69 70 69 64 65 67 69 66 Other 27 28
28 31 28 37 31 39 23
32 Total 167 174 171 180 173 190 188 207 192 194 NGLs (MBBL)
Al Hosn - - - - - 2 4 14 18 10 Dolphin 6 7 7 8
7 7 8 8 8 8 Total 6 7 7 8 7 9 12
22 26 18 Natural Gas (MMCF) Al Hosn - - - - - 30 60 162 185 109
Dolphin 131 144 146 152 143 150 160 158 162 158 Oman 40 40 45 49 43
56 38 45 41 44 Other 231 236 235 240
236 245 240 242 222 237 Total 402 420
426 441 422 481 498 607 610 548
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
283 286 294 301 292 307 314 315 312 312
Latin America
34 26 31 34 31 38 37 36 37 37
Middle East / North
Africa Al Hosn - - - - - 9 18 50 60 35 Dolphin 34 38 38 39 38
40 42 41 43 42 Oman 72 77 76 78 76 89 87 92 88 89 Qatar 71 66 71 68
69 67 65 62 74 67 Other 49 64
59 95 66
68 75 57
107 76 Total 226
245 244 280 249 273 287 302 372 309
Ongoing
operations 543 557 569 615 572 618 638 653 721 658 Sold assets
- Hugoton 18 6 - - 6 - - - - - Sold assets - Williston 19
22 21
20 20 19
19 17 9
16
Barrels of Oil Equivalent (MBOE)
580 585
590 635
598 637
657 670
730 674
REALIZED PRICES United States Oil ($/BBL) $ 92.56 $
93.70 $ 87.43 $ 66.46 $ 84.73 $ 43.66 $ 52.64 $ 44.48 $ 39.19 $
45.04 NGLs ($/BBL) $ 42.06 $ 42.17 $ 39.32 $ 27.67 $ 37.79 $ 17.32
$ 17.32 $ 13.72 $ 13.27 $ 15.35 Natural Gas ($/MCF) $ 4.39 $ 4.15 $
3.74 $ 3.56 $ 3.97 $ 2.49 $ 2.09 $ 2.24 $ 1.75 $ 2.15
Latin America Oil (MBBL) $ 98.53 $ 101.30 $ 92.16 $ 63.93 $
88.00 $ 47.70 $ 55.19 $ 42.46 $ 32.75 $ 44.49 Natural Gas (MMCF) $
10.81 $ 10.99 $ 9.88 $ 3.19 $ 8.94 $ 4.53 $ 5.49 $ 5.67 $ 5.28 $
5.20
Middle East / North Africa Oil ($/BBL) $ 104.65
$ 105.15 $ 102.19 $ 77.80 $ 96.34 $ 53.98 $ 56.48 $ 52.53 $ 39.14 $
49.65 NGLs ($/BBL) $ 38.43 $ 32.00 $ 29.70 $ 25.37 $ 30.98 $ 21.57
$ 21.38 $ 17.12 $ 15.62 $ 17.88
Total Worldwide Oil
($/BBL) $ 98.14 $ 99.30 $ 94.26 $ 71.58 $ 90.13 $ 48.50 $ 54.55 $
47.78 $ 38.68 $ 47.10 NGLs ($/BBL) $ 41.70 $ 40.98 $ 38.20 $ 27.39
$ 37.01 $ 17.96 $ 18.06 $ 14.68 $ 14.02 $ 15.96 Natural Gas ($/MCF)
$ 2.90 $ 2.68 $ 2.42 $ 2.21 $ 2.55 $ 1.66 $ 1.48 $ 1.51 $ 1.32 $
1.49
Index Prices WTI Oil ($/BBL) $ 98.68 $ 102.99 $
97.17 $ 73.15 $ 93.00 $ 48.63 $ 57.94 $ 46.43 $ 42.18 $ 48.80 Brent
Oil ($/BBL) $ 107.90 $ 109.77 $ 103.39 $ 76.98 $ 99.51 $ 55.17 $
63.50 $ 51.17 $ 44.71 $ 53.64 NYMEX Natural Gas ($/MCF) $ 4.66 $
4.55 $ 4.17 $ 3.99 $ 4.34 $ 3.07 $ 2.73 $ 2.78 $ 2.44 $ 2.75
Percentage of Index Prices Worldwide oil as a percentage of
WTI 99 % 96 % 97 % 98 % 97 % 100 % 94 % 103 % 92 % 97 % Worldwide
oil as a percentage of Brent 91 % 90 % 91 % 93 % 91 % 88 % 86 % 93
% 87 % 88 % Worldwide NGL as a percentage of WTI 42 % 40 % 39 % 37
% 40 % 37 % 31 % 32 % 33 % 33 % Worldwide NGL as a percentage of
Brent 39 % 37 % 37 % 36 % 37 % 33 % 28 % 29 % 31 % 30 % Domestic
gas as a percentage of NYMEX 94 % 91 % 90 % 89 % 91 % 81 % 77 % 81
% 72 % 78 %
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 $
13.10 $ 11.94 $ 13.13 Latin America $ 15.28 $ 21.05 $ 15.84 $ 13.90
$ 16.25 $ 9.95 $ 11.99 $ 13.60 $ 12.39 $ 11.93 Middle East/North
Africa $ 11.55 $ 10.87 $ 11.30 $ 13.35 $ 11.83 $ 12.51 $ 11.03 $
8.72 $ 8.01 $ 9.87 Total Oil and Gas $ 12.94 $ 13.34 $ 13.45 $
14.18 $ 13.50 $ 13.36 $ 12.10 $ 11.15 $ 9.95 $ 11.57
Taxes other than on income ($/BOE) United States $ 4.96 $
4.76 $ 4.36 $ 3.86 $ 4.48 $ 3.14 $ 3.30 $ 2.36 $ 1.46 $ 2.57 Total
Oil and Gas $ 2.83 $ 2.66 $ 2.42 $ 1.96 $ 2.45 $ 1.63 $ 1.85 $ 1.20
$ 0.67 $ 1.32
DD&A expense ($/BOE) United States
$ 17.46 $ 18.13 $ 18.63 $ 18.81 $ 18.26 $ 17.12 $ 17.82 $ 18.24 $
17.32 $ 17.63 Latin America $ 13.65 $ 14.73 $ 13.73 $ 14.22 $ 14.14
$ 14.05 $ 14.66 $ 14.61 $ 14.87 $ 14.54 Middle East/North Africa $
14.59 $ 14.91 $ 15.13 $ 17.73 $ 15.68 $ 13.41 $ 14.20 $ 12.36 $
15.68 $ 14.02 Total Oil and Gas $ 16.12 $ 16.64 $ 16.90 $ 18.09 $
16.97 $ 15.35 $ 16.06 $ 15.39 $ 16.36 $ 15.81
G&A and
other operating expenses ($/BOE) $ 3.62 $ 4.23 $ 4.12 $ 3.68 $
3.91 $ 3.58 $ 3.57 $ 2.88 $ 2.69 $ 3.15
Exploration
Expense ($ millions) United States $ 10 $ 14 $ 11 $ 35 $ 70 $ 5
$ 6 $ 3 $ 5 $ 19 Latin America - - - 4 4 - - - 2 2 Middle
East/North Africa 14 25 17 20 76 3
4 2 6 15 $ 24 $ 39 $ 28
$ 59 $ 150 $ 8 $ 10 $ 5 $ 13
$ 36
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 YTD 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 $ 162 Sales price 27 13 (182 ) (845
) (934 ) 217 (261 ) (347 ) Sales volume (146 ) 49 43 173 10 28 (14
) 39 Operating expenses 66 (34 ) (19 ) (100 ) 101 30 45 13 DD&A
rate (30 ) (10 ) 4 (14 ) 123 (5 ) 5 23 Exploration expense 1 (15 )
11 (37 ) 52 (3 ) 5 (8 ) All others 49
(19 ) 11 (12 ) (31 )
- 58 12
Current quarter core income $ 1,719 $ 1,703
$ 1,571 $ 736 $ 57
$ 324 $ 162 $ (106 )
Chemical Prior quarter core income $ 128 $ 136 $ 133 $ 140 $
160 $ 139 $ 136 $ 174 Sales price 11 24 9 (30 ) (92 ) 2 (42 ) (37 )
Sales volume / mix 41 (2 ) (6 ) 4 (26 ) 16 (8 ) (22 ) Operations /
manufacturing (39 ) (17 ) (1 ) 56 89 (20 ) 80 10 All others
(5 ) (8 ) 5 (10 )
8 (1 ) 8
(9 ) Current quarter core income $ 136 $ 133
$ 140 $ 160 $ 139
$ 136 $ 174 $ 116
Midstream and Marketing Prior quarter core income $ 106 $ 96
$ 130 $ 155 $ 168 $ (5 ) $ 84 $ 31 Marketing (26 ) 31 13 11 (73 )
59 (91 ) (57 ) Gas plants 53 (6 ) - (26 ) (14 ) 1 (2 ) 16 Pipelines
(51 ) 17 7 27 (83 ) 29 23 (23 ) Power generation 17 (3 ) 3 (9 ) (3
) - 17 (12 ) All others (3 ) (5 )
2 10 -
- - -
Current quarter core income $ 96 $ 130
$ 155 $ 168 $ (5 ) $ 84 $
31 $ (45 )
Year-over-Year
Oil & Gas Prior year core income $ 1,542 $ 1,751 $ 1,973
$ 1,752 $ 7,018 $ 1,719 $ 1,703 $ 1,571 $ 736 $ 5,729 Sales price
136 124 (291 ) (1,024 ) (1,055 ) (1,923 ) (1,714 ) (1,768 ) (1,320
) (6,725 ) Sales volume 61 (96 ) (50 ) 104 19 210 247 163 216 836
Operating expenses 6 (40 ) (36 ) (86 ) (156 ) (51 ) 6 83 116 154
DD&A rate (34 ) (49 ) (41 ) 4 (120 ) 102 84 87 84 357
Exploration expense 6 19 (1 ) (35 ) (11 ) 19 28 22 47 116 All
others 2 (6 ) 17
21 34 (19 )
(30 ) 4 15
(30 ) Current quarter core income $ 1,719 $
1,703 $ 1,571 $ 736 $
5,729 $ 57 $ 324 $ 162
$ (106 ) $ 437
Chemical Prior
year core income $ 159 $ 144 $ 181 $ 128 $ 612 $ 136 $ 133 $ 140 $
160 $ 569 Sales price (31 ) (5 ) 7 6 (23 ) (88 ) (115 ) (181 ) (177
) (561 ) Sales volume / mix 43 29 9 21 102 (44 ) (29 ) 1 (46 ) (118
) Operations / manufacturing (19 ) (36 ) (65 ) 13 (107 ) 145 146
213 174 678 All others (16 ) 1
8 (8 ) (15 ) (10 )
1 1 5
(3 ) Current quarter core income $ 136
$ 133 $ 140 $ 160
$ 569 $ 139 $ 136 $ 174
$ 116 $ 565
Midstream and
Marketing Prior year core income $ 183 $ 123 $ 125 $ 106 $ 537
$ 96 $ 130 $ 155 $ 168 $ 549 Marketing (99 ) (9 ) 43 27 (38 ) (21 )
7 (98 ) (165 ) (277 ) Gas plants - 9 7 22 38 (41 ) (33 ) (35 ) 3
(106 ) Pipelines 6 6 (19 ) (7 ) (14 ) (26 ) (15 ) 6 (45 ) (80 )
Power generation 8 5 3 7 23 (12 ) (11 ) 4 - (19 ) All others
(2 ) (4 ) (4 ) 13
3 (1 ) 6
(1 ) (6 ) (2 ) Current quarter
core income $ 96 $ 130 $ 155
$ 168 $ 549 $ (5 ) $ 84
$ 31 $ (45 ) $ 65
Schedule 11
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160204005649/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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