EX-99.1 2 a19-9093_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Occidental Announces 1st Quarter 2019 Results

 

·                 Returned over $800 million to shareholders through dividends and share repurchases

·                 Exceeded pre-tax income guidance for both Chemical and Midstream and Marketing

·                 Exceeded the high end of guidance with production of 719,000 BOE per day

·                 Permian Resources production of 261,000 BOE per day

·                 International production of 298,000 BOE per day exceeded guidance

 

HOUSTON — May 5, 2019 — Occidental Petroleum Corporation (NYSE:OXY) today announced net and core income for the first quarter of 2019 of $631 million, or $0.84 per diluted share. Net and core income for the fourth quarter of 2018 was $706 million, or $0.93 per diluted share, and $922 million, or $1.22 per diluted share, respectively.

 

“We’re proud to have completed another strong quarter with all three of our business segments performing exceptionally well. Occidental continues to execute on its returns-focused strategy of generating free cash flow and value-based production growth,” said President and Chief Executive Officer Vicki Hollub. “We returned approximately $800 million to shareholders in the first quarter through dividends and share repurchases.”

 

QUARTERLY RESULTS

 

Oil and Gas

 

Oil and gas pre-tax income for the first quarter of 2019 was $484 million, compared to $145 million for the prior quarter. Excluding impairment charges, oil and gas pre-tax core income for the fourth quarter of 2018 was $365 million. The increase in first quarter core income, compared to the prior quarter, reflected lower depreciation, depletion and amortization rates for 2019 as well as a positive non-cash mark-to-market adjustment on carbon dioxide purchase contracts.

 

Total average daily production volumes exceeded guidance at 719,000 barrels of oil equivalent (BOE) for the first quarter of 2019, compared to 700,000 BOE for the fourth quarter of 2018. Permian Resources average daily production volumes came in at the high end of guidance at 261,000 BOE for the first quarter of 2019, an increase of 4 percent from the prior quarter due to improved well performance and development activity. Year-over-year, Permian Resources production for the first quarter of 2019 increased by 47 percent. International average daily production volumes exceeded guidance at 298,000 BOE for the first quarter of 2019, compared to 290,000 BOE for the fourth quarter of 2018, due to increased production in Oman.

 


 

For the first quarter of 2019, average WTI and Brent marker prices were $54.90 per barrel and $63.90 per barrel, respectively. Average worldwide realized crude oil prices decreased by 6 percent from the prior quarter to $52.62 per barrel in the first quarter of 2019. Average worldwide realized NGL prices decreased by 21 percent from the prior quarter to $18.14 per BOE in the first quarter of 2019.

 

Chemical

 

Chemical pre-tax income for the first quarter of 2019 was $265 million, compared to $223 million for the fourth quarter of 2018. The increase in income reflected favorable feedstock costs, primarily ethylene and natural gas, along with fees received under a pipeline easement agreement executed in the first quarter of 2019, partially offset by lower realized caustic soda pricing and demand. In addition, production in the first quarter of 2019 was negatively impacted by a third-party tank farm fire in Deer Park, Texas, as various operations were curtailed. These facilities have resumed safe operations.

 

Midstream and Marketing

 

Midstream and marketing pre-tax income for the first quarter of 2019 was $279 million, compared to $675 million for the fourth quarter of 2018. The decrease in income reflected lower Midland-to-Gulf-Coast spreads as well as non-cash mark-to-market losses in the first quarter of 2019.

 

Conference Call Information

 

Occidental has moved its conference call to Monday, May 6, 2019, at 8 a.m. Eastern/7 a.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. A recording of the webcast will be posted on the Investor Relations section of the website within several hours after the call is completed.

 

Supplemental Non-GAAP Measures

 

This press release refers to core income and cash flow from operations before working capital, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). Definitions and reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP are included in the financial schedules of this press release. Occidental’s definition of these non-GAAP measures may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

 

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; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; technological developments; uncertainties about the estimated quantities of oil and natural gas reserves; lower-than-expected production from operations, development projects or acquisitions; exploration risks; general economic slowdowns domestically or internationally; political conditions and events; liability under environmental regulations including remedial actions; litigation; actions by third parties, including service providers; 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 to risk management; and changes in laws, regulations or tax rates.

 

Such factors also include the ultimate outcome of any possible transaction between Occidental and Anadarko, including the possibility that Anadarko will reject the proposed transaction with Occidental or that the terms of any definitive agreement will be materially different from those described herein; uncertainties as to whether Anadarko will cooperate with Occidental regarding the proposed transaction; Occidental’s ability to consummate the proposed transaction with Anadarko or the proposed transactions with Total S.A. (Total); the conditions to the completion of the proposed transactions, including the receipt of Anadarko stockholder approval for the proposed transaction between Occidental and Anadarko; that the regulatory approvals required for the proposed transactions may not be obtained on the terms expected or on the anticipated schedule or at all; Occidental’s ability to finance the proposed transaction with Anadarko, including completion of any contemplated equity investment; Occidental’s indebtedness, including the substantial indebtedness Occidental expects to incur in connection with the proposed transaction with Anadarko and the need to generate sufficient cash flows to service and repay such debt; Occidental’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transactions contemplated by the binding agreement with Total; Occidental’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction with Anadarko; the possibility that Occidental may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate Anadarko’s operations with those of Occidental; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of Anadarko may be difficult; that Anadarko and Occidental are subject to intense competition and increased competition is expected in the future; general economic conditions that are less favorable than expected.

 


 

Words such as “estimate,” “guidance,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “strive,” “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 obligations 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 Occidental’s Annual Report on Form 10-K for the year ended December 31, 2018, and in Occidental’s other filings with the SEC.

 

No Offer or Solicitation

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

Additional Information and Where to Find It

 

This press release relates to a proposal which Occidental has made for an acquisition of Anadarko. In furtherance of this proposal and subject to future developments, Occidental (and, if a negotiated transaction is agreed, Anadarko) may file one or more registration statements, proxy statements, tender offer statements or other documents with the SEC. This press release is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document Occidental and/or Anadarko may file with the SEC in connection with the proposed transactions. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OCCIDENTAL, ANADARKO AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s) or prospectus(es) (if and when available) will be mailed to stockholders of Occidental and/or Anadarko, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC by Occidental free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Occidental (if and when available) will also be made available free of charge by accessing Occidental’s website at oxy.com.

 


 

Participants

 

This press release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, Occidental and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about Occidental’s executive officers and directors is available in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 21, 2019, and in its proxy statement for the 2019 Annual Meeting which was filed with the SEC on March 28, 2019. To the extent holdings of Occidental securities have changed since the amounts printed in the proxy statement for the 2019 Annual Meeting, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website http://www.sec.gov.

 

 

About Occidental

 

Occidental is an international oil and gas exploration and production company with operations in the United States, Middle East 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 purchases, markets, gathers, processes, transports and stores hydrocarbons and other commodities. The company’s wholly owned subsidiary OxyChem manufactures and markets basic chemicals and vinyls. Occidental posts or provides links to important information on its website at oxy.com.

 

 

-0-

 

 

Contacts:

 

Media:
Melissa E. Schoeb
713-366-5615
melissa_schoeb@oxy.com

 

or

 

Investors:

Jeff Alvarez

713-215-7864

jeff_alvarez@oxy.com

 

On the web: oxy.com

 


 

Occidental Petroleum Corporation

Quarter 1 2019 Earnings Release Schedules Index

 

Schedule #

 

Schedule Description

1

 

Summary Highlights

 

 

 

2

 

Segment Results Before Tax Allocations

 

 

· Reported results

 

 

· Non-core adjustments

 

 

· Core results

 

 

 

3

 

Segment Results After Tax Allocations

 

 

· Reported results

 

 

· Non-core adjustments

 

 

· Core results

 

 

· Reconciliation - Diluted EPS

 

 

 

4

 

Non-Core Adjustments Detail

 

 

· Before tax allocations

 

 

· After tax allocations

 

 

 

5

 

Consolidated Condensed Statements of Operations

 

 

Reconciliation - Return on Capital Employed

 

 

 

6

 

Consolidated Condensed Balance Sheets

 

 

 

7

 

Consolidated Condensed Statement of Cash Flows

 

 

Details of Capital Expenditures and Depreciation, Depletion and Amortization

 

 

 

8

 

Daily Production - TOTAL REPORTED

 

 

· MBOE/D

 

 

· By Commodity

 

 

 

9

 

Sales Volumes and Realized Prices

 

 

· MBOE/D

 

 

· Realized prices and related marker prices

 

 

 

10

 

Oil and Gas $/BOE Costs and Exploration Expense

 

 

 

11

 

Segment Core Results Pre-tax Variance Roll-forwards

 

 

· Quarter-over-Quarter

 

 

· Year-over-Year

 


 

SCHEDULE 1

 

Occidental Petroleum Corporation

Summary Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

Quarterly

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Income ($ millions)

 

$

708

 

$

848

 

$

1,869

 

$

706

 

$

4,131

 

$

631

 

 

 

 

 

 

 

 

$

631

Reported EPS - Diluted ($/share)

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

$

5.39

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

Effective tax rate

 

32%

 

26%

 

28%

 

15%

 

26%

 

26%

 

 

 

 

 

 

 

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Income (Non-GAAP) ($ millions)

 

$

708

 

$

848

 

$

1,360

 

$

922

 

$

3,838

 

$

631

 

 

 

 

 

 

 

 

$

631

Core EPS - Diluted (Non-GAAP) ($/share)

 

$

0.92

 

$

1.10

 

$

1.77

 

$

1.22

 

$

5.01

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

Effective tax rate

 

32%

 

26%

 

27%

 

12%

 

25%

 

26%

 

 

 

 

 

 

 

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (millions)

 

765.6

 

765.7

 

761.7

 

753.8

 

761.7

 

748.9

 

 

 

 

 

 

 

 

748.9

Diluted (millions)

 

767.0

 

767.4

 

763.3

 

755.4

 

763.3

 

750.5

 

 

 

 

 

 

 

 

750.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production - Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total US (MBOE/D)

 

336

 

358

 

384

 

410

 

372

 

421

 

 

 

 

 

 

 

 

421

US oil (MBBL/D)

 

228

 

240

 

256

 

274

 

250

 

277

 

 

 

 

 

 

 

 

277

Worldwide (MBOE/D)

 

609

 

639

 

681

 

700

 

658

 

719

 

 

 

 

 

 

 

 

719

Worldwide sales (MBOE/D)

 

610

 

622

 

696

 

702

 

658

 

713

 

 

 

 

 

 

 

 

713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide oil ($/BBL)

 

$

61.04

 

$

63.12

 

$

62.67

 

$

56.11

 

$

60.64

 

$

52.62

 

 

 

 

 

 

 

 

$

52.62

Worldwide NGL ($/BBL)

 

$

25.35

 

$

27.21

 

$

29.55

 

$

22.88

 

$

26.25

 

$

18.14

 

 

 

 

 

 

 

 

$

18.14

Domestic gas ($/MCF)

 

$

2.06

 

$

1.49

 

$

1.58

 

$

1.33

 

$

1.59

 

$

1.36

 

 

 

 

 

 

 

 

$

1.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating before working capital

 

$

1,697

 

$

1,988

 

$

2,553

 

$

1,875

 

$

8,113

 

$

1,832

 

 

 

 

 

 

 

 

$

1,832

Working capital changes

 

(688)

 

(232)

 

(149)

 

548

 

(521)

 

(884)

 

 

 

 

 

 

 

 

(884)

Other, net

 

-

 

-

 

-

 

77

 

77

 

-

 

 

 

 

 

 

 

 

-

Operating cash flow

 

$

1,009

 

$

1,756

 

$

2,404

 

$

2,500

 

$

7,669

 

$

948

 

 

 

 

 

 

 

 

$

948

Capital expenditures

 

$

(1,032)

 

$

(1,287)

 

$

(1,319)

 

$

(1,337)

 

$

(4,975)

 

$

(1,259)

 

 

 

 

 

 

 

 

$

(1,259)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

2019

 

 

 

 

 

Year-to-date

 

Mar

 

Jun

 

Sep

 

Dec

 

 

 

Mar

 

Jun

 

Sep

 

Dec

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Income ($ millions)

 

$

708

 

$

1,556

 

$

3,425

 

$

4,131

 

 

 

$

631

 

 

 

 

 

 

 

 

 

Reported EPS - Diluted ($/share)

 

$

0.92

 

$

2.02

 

$

4.45

 

$

5.39

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

Effective tax rate

 

32%

 

29%

 

28%

 

26%

 

 

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Income (Non-GAAP) ($ millions)

 

$

708

 

$

1,556

 

$

2,916

 

$

3,838

 

 

 

$

631

 

 

 

 

 

 

 

 

 

Core EPS - Diluted (Non-GAAP) ($/share)

 

$

0.92

 

$

2.02

 

$

3.79

 

$

5.01

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

Effective tax rate

 

32%

 

29%

 

28%

 

25%

 

 

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (millions)

 

765.6

 

765.7

 

764.3

 

761.7

 

 

 

748.9

 

 

 

 

 

 

 

 

 

Diluted (millions)

 

767.0

 

767.2

 

765.8

 

763.3

 

 

 

750.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production - Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total US (MBOE/D)

 

336

 

347

 

359

 

372

 

 

 

421

 

 

 

 

 

 

 

 

 

US oil (MBBL/D)

 

228

 

234

 

241

 

250

 

 

 

277

 

 

 

 

 

 

 

 

 

Worldwide (MBOE/D)

 

609

 

624

 

643

 

658

 

 

 

719

 

 

 

 

 

 

 

 

 

Worldwide sales (MBOE/D)

 

610

 

616

 

643

 

658

 

 

 

713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide oil ($/BBL)

 

$

61.04

 

$

62.07

 

$

62.29

 

$

60.64

 

 

 

$

52.62

 

 

 

 

 

 

 

 

 

Worldwide NGL ($/BBL)

 

$

25.35

 

$

26.34

 

$

27.54

 

$

26.25

 

 

 

$

18.14

 

 

 

 

 

 

 

 

 

Domestic gas ($/MCF)

 

$

2.06

 

$

1.76

 

$

1.70

 

$

1.59

 

 

 

$

1.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating before working capital

 

$

1,697

 

$

3,685

 

$

6,238

 

$

8,113

 

 

 

$

1,832

 

 

 

 

 

 

 

 

 

Working capital changes

 

(688)

 

(920)

 

(1,069)

 

(521)

 

 

 

(884)

 

 

 

 

 

 

 

 

 

Other, net

 

-

 

-

 

-

 

77

 

 

 

-

 

 

 

 

 

 

 

 

 

Operating cash flow

 

$

1,009

 

$

2,765

 

$

5,169

 

$

7,669

 

 

 

$

948

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

(1,032)

 

$

(2,319)

 

$

(3,638)

 

$

(4,975)

 

 

 

$

(1,259)

 

 

 

 

 

 

 

 

 

 


 

SCHEDULE 2

 

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

Reported Results

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

255

 

$

300

 

$

209

 

$

(143)

 

$

621

 

$

54

 

 

 

 

 

 

 

 

 

 

$

54

Foreign

 

502

 

495

 

571

 

328

 

1,896

 

454

 

 

 

 

 

 

 

454

Exploration

 

(7)

 

(15)

 

(13)

 

(40)

 

(75)

 

(24)

 

 

 

 

 

 

 

(24)

 

 

750

 

780

 

767

 

145

 

2,442

 

484

 

 

 

 

 

 

 

484

Chemical

 

298

 

317

 

321

 

223

 

1,159

 

265

 

 

 

 

 

 

 

265

Midstream and Marketing

 

179

 

250

 

1,698

 

675

 

2,802

 

279

 

 

 

 

 

 

 

279

Segment Income

 

1,227

 

1,347

 

2,786

 

1,043

 

6,403

 

1,028

 

 

 

 

 

 

 

1,028

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

(92)

 

(91)

 

(92)

 

(81)

 

(356)

 

(83)

 

 

 

 

 

 

 

(83)

Other

 

(88)

 

(106)

 

(115)

 

(130)

 

(439)

 

(89)

 

 

 

 

 

 

 

(89)

Pre-tax Income

 

1,047

 

1,150

 

2,579

 

832

 

5,608

 

856

 

 

 

 

 

 

 

856

Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal and state

 

(95)

 

(76)

 

(362)

 

70

 

(463)

 

(74)

 

 

 

 

 

 

 

(74)

Foreign

 

(244)

 

(226)

 

(348)

 

(196)

 

(1,014)

 

(151)

 

 

 

 

 

 

 

(151)

Net Income

 

$

708

 

$

848

 

$

1,869

 

$

706

 

$

4,131

 

$

631

 

 

 

 

 

 

 

 

 

 

$

631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

$

5.40

 

$

0.84

 

 

 

 

 

 

 

 

 

 

$

0.84

Diluted

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

$

5.39

 

$

0.84

 

 

 

 

 

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

32%

 

26%

 

28%

 

15%

 

26%

 

26%

 

 

 

 

 

 

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-core Adjustments

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

$

-

Foreign

 

-

 

-

 

(196)

 

(220)

 

(416)

 

-

 

 

 

 

 

 

 

-

Exploration

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

-

 

 

-

 

-

 

(196)

 

(220)

 

(416)

 

-

 

 

 

 

 

 

 

-

Chemical

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

-

Midstream and Marketing

 

-

 

-

 

902

 

5

 

907

 

-

 

 

 

 

 

 

 

-

Segment Income (Loss)

 

-

 

-

 

706

 

(215)

 

491

 

-

 

 

 

 

 

 

 

-

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

-

Pre-tax Income (Loss)

 

-

 

-

 

706

 

(215)

 

491

 

-

 

 

 

 

 

 

 

-

Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal and state

 

-

 

-

 

(197)

 

(1)

 

(198)

 

-

 

 

 

 

 

 

 

-

Foreign

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

-

Net Income

 

$

-

 

$

-

 

$

509

 

$

(216)

 

$

293

 

$

-

 

 

 

 

 

 

 

 

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Results (Non-GAAP)

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

255

 

$

300

 

$

209

 

$

(143)

 

$

621

 

$

54

 

 

 

 

 

 

 

 

 

 

$

54

Foreign

 

502

 

495

 

767

 

548

 

2,312

 

454

 

 

 

 

 

 

 

454

Exploration

 

(7)

 

(15)

 

(13)

 

(40)

 

(75)

 

(24)

 

 

 

 

 

 

 

(24)

 

 

750

 

780

 

963

 

365

 

2,858

 

484

 

 

 

 

 

 

 

484

Chemical

 

298

 

317

 

321

 

223

 

1,159

 

265

 

 

 

 

 

 

 

265

Midstream and Marketing

 

179

 

250

 

796

 

670

 

1,895

 

279

 

 

 

 

 

 

 

279

Segment Income

 

1,227

 

1,347

 

2,080

 

1,258

 

5,912

 

1,028

 

 

 

 

 

 

 

1,028

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

(92)

 

(91)

 

(92)

 

(81)

 

(356)

 

(83)

 

 

 

 

 

 

 

(83)

Other

 

(88)

 

(106)

 

(115)

 

(130)

 

(439)

 

(89)

 

 

 

 

 

 

 

(89)

Pre-tax Income

 

1,047

 

1,150

 

1,873

 

1,047

 

5,117

 

856

 

 

 

 

 

 

 

856

Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal and state

 

(95)

 

(76)

 

(165)

 

71

 

(265)

 

(74)

 

 

 

 

 

 

 

(74)

Foreign

 

(244)

 

(226)

 

(348)

 

(196)

 

(1,014)

 

(151)

 

 

 

 

 

 

 

(151)

Core Income

 

$

708

 

$

848

 

$

1,360

 

$

922

 

$

3,838

 

$

631

 

 

 

 

 

 

 

 

 

 

$

631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

$

1.10

 

$

1.78

 

$

1.22

 

$

5.02

 

$

0.84

 

 

 

 

 

 

 

 

 

 

$

0.84

Diluted

 

$

0.92

 

$

1.10

 

$

1.77

 

$

1.22

 

$

5.01

 

$

0.84

 

 

 

 

 

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

 

32%

 

26%

 

27%

 

12%

 

25%

 

26%

 

 

 

 

 

 

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Measure

Core income is a non-GAAP measure.  Occidental defines core income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount.  These events may recur, even across successive reporting periods.  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 net income is considered representative of management’s performance over the long term, and core income is not considered to be an alternative to net income reported in accordance with GAAP.

 


 

SCHEDULE 3

 

Occidental Petroleum Corporation

Segment Results After Tax Allocations

(Amounts in millions, except per share amounts)

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

Reported Results

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

199

 

$

233

 

$

163

 

$

(111)

 

 

$

484

 

$

42

 

 

 

 

 

 

 

 

$

42

Foreign

 

255

 

247

 

260

 

62

 

 

824

 

248

 

 

 

 

 

 

 

 

248

Exploration

 

(7)

 

(12)

 

(11)

 

(34)

 

 

(64)

 

(22)

 

 

 

 

 

 

 

 

(22)

 

 

447

 

468

 

412

 

(83)

 

 

1,244

 

268

 

 

 

 

 

 

 

 

268

Chemical

 

230

 

247

 

248

 

160

 

 

885

 

205

 

 

 

 

 

 

 

 

205

Midstream and Marketing

 

146

 

209

 

1,342

 

541

 

 

2,238

 

227

 

 

 

 

 

 

 

 

227

Segment Income

 

823

 

924

 

2,002

 

618

 

 

4,367

 

700

 

 

 

 

 

 

 

 

700

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

(92)

 

(91)

 

(92)

 

(81)

 

 

(356)

 

(83)

 

 

 

 

 

 

 

 

(83)

Other

 

(88)

 

(106)

 

(115)

 

(130)

 

 

(439)

 

(89)

 

 

 

 

 

 

 

 

(89)

Taxes

 

65

 

121

 

74

 

299

 

 

559

 

103

 

 

 

 

 

 

 

 

103

Net Income

 

$

708

 

$

848

 

$

1,869

 

$

706

 

 

$

4,131

 

$

631

 

 

 

 

 

 

 

 

$

631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

 

$

5.40

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

Diluted

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

 

$

5.39

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-core Adjustments

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

-

 

$

-

 

$

-

 

$

-

 

 

$

-

 

$

-

 

 

 

 

 

 

 

 

$

-

Foreign

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

Exploration

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

 

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

Chemical

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Midstream and Marketing

 

-

 

-

 

705

 

4

 

 

709

 

-

 

 

 

 

 

 

 

 

-

Segment Income (Loss)

 

-

 

-

 

509

 

(216)

 

 

293

 

-

 

 

 

 

 

 

 

 

-

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Other

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Taxes

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Net Income

 

$

-

 

$

-

 

$

509

 

$

(216)

 

 

$

293

 

$

-

 

 

 

 

 

 

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Results (Non-GAAP)

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

199

 

$

233

 

$

163

 

$

(111)

 

 

$

484

 

$

42

 

 

 

 

 

 

 

 

$

42

Foreign

 

255

 

247

 

456

 

282

 

 

1,240

 

248

 

 

 

 

 

 

 

 

248

Exploration

 

(7)

 

(12)

 

(11)

 

(34)

 

 

(64)

 

(22)

 

 

 

 

 

 

 

 

(22)

 

 

447

 

468

 

608

 

137

 

 

1,660

 

268

 

 

 

 

 

 

 

 

268

Chemical

 

230

 

247

 

248

 

160

 

 

885

 

205

 

 

 

 

 

 

 

 

205

Midstream and Marketing

 

146

 

209

 

637

 

537

 

 

1,529

 

227

 

 

 

 

 

 

 

 

227

Segment Income

 

823

 

924

 

1,493

 

834

 

 

4,074

 

700

 

 

 

 

 

 

 

 

700

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

(92)

 

(91)

 

(92)

 

(81)

 

 

(356)

 

(83)

 

 

 

 

 

 

 

 

(83)

Other

 

(88)

 

(106)

 

(115)

 

(130)

 

 

(439)

 

(89)

 

 

 

 

 

 

 

 

(89)

Taxes

 

65

 

121

 

74

 

299

 

 

559

 

103

 

 

 

 

 

 

 

 

103

Core Income

 

$

708

 

$

848

 

$

1,360

 

$

922

 

 

$

3,838

 

$

631

 

 

 

 

 

 

 

 

$

631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

$

1.10

 

$

1.78

 

$

1.22

 

 

$

5.02

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

Diluted

 

$

0.92

 

$

1.10

 

$

1.77

 

$

1.22

 

 

$

5.01

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Reconciliation - Diluted Earnings Per Share 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Diluted Earnings Per Share (GAAP)

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

 

$

5.39

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

After-Tax Non-Core Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

-

 

$

-

 

$

-

 

$

-

 

 

$

-

 

$

-

 

 

 

 

 

 

 

 

$

-

Foreign

 

-

 

-

 

(0.26)

 

(0.29)

 

 

(0.55)

 

-

 

 

 

 

 

 

 

 

-

Exploration

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Chemical

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Midstream and Marketing

 

-

 

-

 

0.93

 

-

 

 

0.93

 

-

 

 

 

 

 

 

 

 

-

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Other

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Taxes

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Total After-Tax Non-Core Adjustments

 

$

-

 

$

-

 

$

0.67

 

$

(0.29)

 

 

$

0.38

 

$

-

 

 

 

 

 

 

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Diluted Earnings Per Share (Non-GAAP)

 

$

0.92

 

$

1.10

 

$

1.77

 

$

1.22

 

 

$

5.01

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Diluted Shares Outstanding (millions)

 

767.0

 

767.4

 

763.3

 

755.4

 

 

763.3

 

750.5

 

 

 

 

 

 

 

 

750.5

 

The difference between reported average diluted shares outstanding and core average diluted shares outstanding is immaterial and does not impact the calculation of core earnings per share. As such, core earnings per share is calculated as core income divided by reported average diluted shares outstanding.

 


 

SCHEDULE 4

 

Occidental Petroleum Corporation

Non-Core Adjustments Detail

(Amounts in millions)

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

Before Tax Allocations

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No non-core items

 

$

-

 

$

-

 

$

-

 

$

-

 

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

$

-

 

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairments and related items

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

 

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Oil and Gas

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No non-core items

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Total Chemical

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstream and Marketing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and equity investment gains

 

-

 

-

 

902

 

5

 

 

907

 

-

 

 

 

 

 

 

 

 

-

Total Midstream and Marketing

 

-

 

-

 

902

 

5

 

 

907

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No non-core items

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Total Corporate

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes

 

-

 

-

 

(197)

 

(1)

 

 

(198)

 

-

 

 

 

 

 

 

 

 

-

Totals

 

$

-

 

$

-

 

$

509

 

$

(216)

 

 

$

293

 

$

-

 

 

 

 

 

 

 

 

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

After Tax Allocations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No non-core items

 

$

-

 

$

-

 

$

-

 

$

-

 

 

$

-

 

$

-

 

 

 

 

 

 

 

 

$

-

 

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset impairments and related items

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

 

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Oil and Gas

 

-

 

-

 

(196)

 

(220)

 

 

(416)

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No non-core items

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Total Chemical

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstream and Marketing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and equity sales gains

 

-

 

-

 

705

 

4

 

 

709

 

-

 

 

 

 

 

 

 

 

-

Total Midstream and Marketing

 

-

 

-

 

705

 

4

 

 

709

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No non-core items

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Total Corporate

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes

 

-

 

-

 

-

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Income From Continuing Operations

 

-

 

-

 

509

 

(216)

 

 

293

 

-

 

 

 

 

 

 

 

 

-

Totals

 

$

-

 

$

-

 

$

509

 

$

(216)

 

 

$

293

 

$

-

 

 

 

 

 

 

 

 

$

-

 


 

SCHEDULE 5

 

Occidental Petroleum Corporation

Consolidated Condensed Statements of Operations

(Amounts in millions, except per-share amounts)

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas

 

$

2,454

 

$

2,531

 

$

2,889

 

$

2,567

 

 

$

10,441

 

$

2,351

 

 

 

 

 

 

 

 

$

2,351

Chemical

 

1,154

 

1,176

 

1,185

 

1,142

 

 

4,657

 

1,059

 

 

 

 

 

 

 

 

1,059

Midstream and Marketing

 

389

 

603

 

1,367

 

1,297

 

 

3,656

 

816

 

 

 

 

 

 

 

 

816

Eliminations

 

(234)

 

(227)

 

(225)

 

(244)

 

 

(930)

 

(222)

 

 

 

 

 

 

 

 

(222)

 

 

3,763

 

4,083

 

5,216

 

4,762

 

 

17,824

 

4,004

 

 

 

 

 

 

 

 

4,004

Interest, dividends and other income

 

29

 

38

 

34

 

35

 

 

136

 

78

 

 

 

 

 

 

 

 

78

Gains on sale of assets, net

 

33

 

10

 

926

 

5

 

 

974

 

7

 

 

 

 

 

 

 

 

7

 

 

3,825

 

4,131

 

6,176

 

4,802

 

 

18,934

 

4,089

 

 

 

 

 

 

 

 

4,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COSTS AND OTHER DEDUCTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

1,350

 

1,365

 

1,443

 

1,605

 

 

5,763

 

1,345

 

 

 

 

 

 

 

 

1,345

Purchased commodities

 

13

 

100

 

343

 

349

 

 

805

 

365

 

 

 

 

 

 

 

 

365

Selling, general and administrative expenses

 

130

 

142

 

151

 

162

 

 

585

 

140

 

 

 

 

 

 

 

 

140

Other operating and non-operating expenses

 

177

 

260

 

280

 

311

 

 

1,028

 

238

 

 

 

 

 

 

 

 

238

Taxes other than on income

 

108

 

115

 

110

 

106

 

 

439

 

111

 

 

 

 

 

 

 

 

111

Depreciation, depletion and amortization

 

921

 

947

 

1,023

 

1,086

 

 

3,977

 

973

 

 

 

 

 

 

 

 

973

Asset impairments and related items

 

30

 

12

 

214

 

305

 

 

561

 

-

 

 

 

 

 

 

 

 

Exploration expense

 

15

 

21

 

24

 

50

 

 

110

 

36

 

 

 

 

 

 

 

 

36

Interest and debt expense, net

 

97

 

97

 

96

 

99

 

 

389

 

98

 

 

 

 

 

 

 

 

98

 

 

2,841

 

3,059

 

3,684

 

4,073

 

 

13,657

 

3,306

 

 

 

 

 

 

 

 

3,306

INCOME BEFORE INCOME TAXES AND OTHER ITEMS

 

984

 

1,072

 

2,492

 

729

 

 

5,277

 

783

 

 

 

 

 

 

 

 

783

Provision for domestic and foreign income taxes

 

(339)

 

(302)

 

(710)

 

(126)

 

 

(1,477)

 

(225)

 

 

 

 

 

 

 

 

(225)

Income from equity investments

 

63

 

78

 

87

 

103

 

 

331

 

73

 

 

 

 

 

 

 

 

73

NET INCOME

 

$

708

 

$

848

 

$

1,869

 

$

706

 

 

$

4,131

 

$

631

 

 

 

 

 

 

 

 

$

631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EARNINGS PER COMMON SHARE

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

 

$

5.40

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

DILUTED EARNINGS PER COMMON SHARE

 

$

0.92

 

$

1.10

 

$

2.44

 

$

0.93

 

 

$

5.39

 

$

0.84

 

 

 

 

 

 

 

 

$

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIVIDENDS PER COMMON SHARE

 

$

0.77

 

$

0.77

 

$

0.78

 

$

0.78

 

 

$

3.10

 

$

0.78

 

 

 

 

 

 

 

 

$

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

765.6

 

765.7

 

761.7

 

753.8

 

 

761.7

 

748.9

 

 

 

 

 

 

 

 

748.9

DILUTED

 

767.0

 

767.4

 

763.3

 

755.4

 

 

763.3

 

750.5

 

 

 

 

 

 

 

 

750.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation - Return on Capital Employed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

$

4,131

 

$

631

 

 

 

 

 

 

 

 

 

 

Interest and debt expense, net

 

 

 

 

 

 

 

 

 

 

389

 

98

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

(33)

 

(15)

 

 

 

 

 

 

 

 

 

Income tax

 

 

 

 

 

 

 

 

 

 

(75)

 

(17)

 

 

 

 

 

 

 

 

 

Net Income plus after-tax net interest expense

 

 

 

 

 

 

 

 

 

 

$

4,412

 

$

697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income plus after-tax net interest expense (annualized)

 

 

 

 

 

 

 

 

 

 

$

4,412

 

$

2,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, net (current and long-term) at December 31, 2017

 

 

 

 

 

 

 

 

 

 

$

9,828

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity at December 31, 2017

 

 

 

 

 

 

 

 

 

 

20,572

 

 

 

 

 

 

 

 

 

 

 

 

 

Total debt and stockholders' equity at December 31, 2017

 

 

 

 

 

 

 

 

 

 

$

30,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, net (current and long-term) at December 31, 2018

 

 

 

 

 

 

 

 

 

 

$

10,317

 

$

10,317

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity at December 31, 2018

 

 

 

 

 

 

 

 

 

 

21,330

 

21,330

 

 

 

 

 

 

 

 

 

Total debt and stockholders’ equity at December 31, 2018

 

 

 

 

 

 

 

 

 

 

$

31,647

 

$

31,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, net (current and long-term) at March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

$

10,319

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity at March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

21,236

 

 

 

 

 

 

 

 

 

Total debt and stockholders’ equity at March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

$

31,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average capital employed

 

 

 

 

 

 

 

 

 

 

$

31,024

 

$

31,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on capital employed (annualized)

 

 

 

 

 

 

 

 

 

 

14%

 

9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation - Cash Return on Capital Employed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income plus after-tax net interest expense

 

 

 

 

 

 

 

 

 

 

$

4,412

 

$

697

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization (DD&A)

 

 

 

 

 

 

 

 

 

 

 

3,977

 

 

973

 

 

 

 

 

 

 

 

 

Net Income plus after-tax net interest expense and DD&A

 

 

 

 

 

 

 

 

 

 

$

8,389

 

$

1,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income plus after-tax net interest expense and DD&A (annualized)

 

 

 

 

 

 

 

 

 

 

$

8,389

 

$

6,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash return on capital employed (annualized)

 

 

 

 

 

 

 

 

 

 

 

27%

 

21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ROCE is defined by Occidental as net income plus after-tax net interest expense divided by average total debt plus stockholders’ equity. CROCE is ROCE that adds back DD&A. This definition may differ from the definition used by other companies. Management believes that ROCE and CROCE are useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. ROCE and CROCE are not considered to be an alternative to net income reported in accordance with GAAP.

 


 

SCHEDULE 6

Occidental Petroleum Corporation

Consolidated Condensed Balance Sheets

(Amounts in millions)

 

 

2018

 

2019

 

 

MAR

 

JUN

 

SEP

 

DEC

 

MAR

 

JUN

 

SEP

 

DEC

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,606

 

$

1,362

 

$

2,954

 

$

3,033

 

$

1,752

 

 

 

 

 

 

Trade receivables, net

 

5,184

 

5,521

 

6,000

 

4,893

 

5,310

 

 

 

 

 

 

Inventories

 

1,057

 

1,347

 

1,009

 

1,260

 

1,484

 

 

 

 

 

 

Assets held for sale

 

335

 

1,664

 

-

 

-

 

-

 

 

 

 

 

 

Other current assets

 

712

 

1,096

 

1,149

 

746

 

724

 

 

 

 

 

 

Total current assets

 

8,894

 

10,990

 

11,112

 

9,932

 

9,270

 

 

 

 

 

 

INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in unconsolidated entities

 

1,509

 

1,551

 

1,568

 

1,680

 

1,725

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

71,262

 

71,214

 

72,980

 

74,420

 

75,813

 

 

 

 

 

 

Accumulated depreciation, depletion and amortization

 

(39,918)

 

(40,782)

 

(41,825)

 

(42,983)

 

(43,913)

 

 

 

 

 

 

 

 

31,344

 

30,432

 

31,155

 

31,437

 

31,900

 

 

 

 

 

 

OPERATING LEASE ASSETS

 

-

 

-

 

-

 

-

 

684

 

 

 

 

 

 

LONG-TERM RECEIVABLES AND OTHER ASSETS, NET

 

1,061

 

1,094

 

1,122

 

805

 

801

 

 

 

 

 

 

TOTAL ASSETS

 

$

42,808

 

$

44,067

 

$

44,957

 

$

43,854

 

$

44,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

$

-

 

$

-

 

$

116

 

$

116

 

$

116

 

 

 

 

 

 

Current lease liabilities

 

-

 

-

 

-

 

-

 

240

 

 

 

 

 

 

Accounts payable

 

5,059

 

5,412

 

5,443

 

4,885

 

5,261

 

 

 

 

 

 

Accrued liabilities

 

2,011

 

2,521

 

2,813

 

2,411

 

1,920

 

 

 

 

 

 

Liabilities of assets held for sale

 

-

 

145

 

-

 

-

 

-

 

 

 

 

 

 

Total current liabilities

 

7,070

 

8,078

 

8,372

 

7,412

 

7,537

 

 

 

 

 

 

LONG-TERM DEBT, NET

 

10,309

 

10,312

 

10,198

 

10,201

 

10,203

 

 

 

 

 

 

DEFERRED CREDITS AND OTHER LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred domestic and foreign income taxes

 

659

 

738

 

1,162

 

907

 

918

 

 

 

 

 

 

Asset retirement obligations

 

1,248

 

1,244

 

1,249

 

1,424

 

1,430

 

 

 

 

 

 

Pension and post retirement obligations

 

1,008

 

1,010

 

828

 

809

 

816

 

 

 

 

 

 

Environmental remediation reserves

 

729

 

731

 

740

 

762

 

755

 

 

 

 

 

 

Lease liabilities

 

-

 

-

 

-

 

-

 

465

 

 

 

 

 

 

Other

 

1,063

 

1,023

 

919

 

1,009

 

1,020

 

 

 

 

 

 

 

 

4,707

 

4,746

 

4,898

 

4,911

 

5,404

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $.20 per share par value

 

179

 

179

 

179

 

179

 

179

 

 

 

 

 

 

Treasury stock

 

(9,168)

 

(9,268)

 

(10,162)

 

(10,473)

 

(10,653)

 

 

 

 

 

 

Additional paid-in capital

 

7,916

 

7,967

 

7,991

 

8,046

 

8,083

 

 

 

 

 

 

Retained earnings

 

22,107

 

22,361

 

23,635

 

23,750

 

23,795

 

 

 

 

 

 

Accumulated other comprehensive loss

 

(312)

 

(308)

 

(154)

 

(172)

 

(168)

 

 

 

 

 

 

Total equity attributable to common stock

 

20,722

 

20,931

 

21,489

 

21,330

 

21,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

42,808

 

$

44,067

 

$

44,957

 

$

43,854

 

$

44,380

 

 

 

 

 

 

 


 

SCHEDULE 7

 

Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(Amounts in millions)

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

OPERATING CASH FLOW

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

708

 

$

848

 

$

1,869

 

$

706

 

 

$

 4,131

 

$

631

 

 

 

 

 

 

 

 

$

 631

Depreciation, depletion and amortization (see detail below)

 

921

 

947

 

1,023

 

1,086

 

 

3,977

 

973

 

 

 

 

 

 

 

 

973

Deferred income tax (benefit) provision

 

94

 

77

 

379

 

(179)

 

 

371

 

10

 

 

 

 

 

 

 

 

10

Asset impairments and other non-cash charges

 

(26)

 

116

 

(718)

 

262

 

 

(366)

 

218

 

 

 

 

 

 

 

 

218

Operating cash flow before working capital

 

1,697

 

1,988

 

2,553

 

1,875

 

 

8,113

 

1,832

 

 

 

 

 

 

 

 

1,832

Working capital changes

 

(688)

 

(232)

 

(149)

 

548

 

 

(521)

 

(884)

 

 

 

 

 

 

 

 

(884)

Other, net

 

-

 

-

 

-

 

77

 

 

77

 

-

 

 

 

 

 

 

 

 

-

Operating cash flow

 

1,009

 

1,756

 

2,404

 

2,500

 

 

7,669

 

948

 

 

 

 

 

 

 

 

948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTING CASH FLOW

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (see detail below)

 

(1,032)

 

(1,287)

 

(1,319)

 

(1,337)

 

 

(4,975)

 

(1,259)

 

 

 

 

 

 

 

 

(1,259)

Payments for purchases of assets and businesses

 

(177)

 

(65)

 

(484)

 

(202)

 

 

(928)

 

(69)

 

 

 

 

 

 

 

 

(69)

Sales of assets, net

 

275

 

55

 

2,415

 

79

 

 

2,824

 

16

 

 

 

 

 

 

 

 

16

Changes in capital accrual

 

(45)

 

39

 

13

 

48

 

 

55

 

(51)

 

 

 

 

 

 

 

 

(51)

Other investing activities

 

8

 

(57)

 

(39)

 

(94)

 

 

(182)

 

(52)

 

 

 

 

 

 

 

 

(52)

Investing cash flow

 

(971)

 

(1,315)

 

586

 

(1,506)

 

 

(3,206)

 

(1,415)

 

 

 

 

 

 

 

 

(1,415)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCING CASH FLOW

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends paid

 

(592)

 

(593)

 

(595)

 

(594)

 

 

(2,374)

 

(591)

 

 

 

 

 

 

 

 

(591)

Purchases of treasury stock

 

-

 

(97)

 

(811)

 

(340)

 

 

(1,248)

 

(237)

 

 

 

 

 

 

 

 

(237)

Proceeds from long-term debt, net

 

978

 

-

 

-

 

-

 

 

978

 

-

 

 

 

 

 

 

 

 

-

Payment of long-term debt

 

(500)

 

-

 

-

 

-

 

 

(500)

 

-

 

 

 

 

 

 

 

 

-

Other financing activities

 

10

 

5

 

8

 

19

 

 

42

 

14

 

 

 

 

 

 

 

 

14

Financing cash flow

 

(104)

 

(685)

 

(1,398)

 

(915)

 

 

(3,102)

 

(814)

 

 

 

 

 

 

 

 

(814)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

(66)

 

(244)

 

1,592

 

79

 

 

1,361

 

(1,281)

 

 

 

 

 

 

 

 

(1,281)

Cash and cash equivalents - beginning of period

 

1,672

 

1,606

 

1,362

 

2,954

 

 

1,672

 

3,033

 

 

 

 

 

 

 

 

3,033

Cash and cash equivalents - end of period

 

$

 1,606

 

$

 1,362

 

$

 2,954

 

$

 3,033

 

 

$

 3,033

 

$

 1,752

 

 

 

 

 

 

 

 

$

 1,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, Depletion and Amortization

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

502

 

$

556

 

$

611

 

$

652

 

 

$

2,321

 

$

570

 

 

 

 

 

 

 

 

$

570

Latin America

 

27

 

25

 

26

 

24

 

 

102

 

26

 

 

 

 

 

 

 

 

26

Middle East

 

208

 

183

 

209

 

231

 

 

831

 

199

 

 

 

 

 

 

 

 

199

Chemical

 

87

 

88

 

89

 

90

 

 

354

 

89

 

 

 

 

 

 

 

 

89

Midstream and Marketing

 

87

 

86

 

78

 

80

 

 

331

 

79

 

 

 

 

 

 

 

 

79

Corporate

 

10

 

9

 

10

 

9

 

 

38

 

10

 

 

 

 

 

 

 

 

10

 

 

$

921

 

$

947

 

$

1,023

 

$

1,086

 

 

$

3,977

 

$

973

 

 

 

 

 

 

 

 

$

973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Resources

 

$

(574)

 

$

(742)

 

$

(783)

 

$

(674)

 

 

$

(2,773)

 

$

(775)

 

 

 

 

 

 

 

 

$

 (775)

Permian EOR

 

(124)

 

(116)

 

(119)

 

(159)

 

 

(518)

 

(133)

 

 

 

 

 

 

 

 

(133)

Other Domestic

 

(4)

 

(2)

 

-

 

(3)

 

 

(9)

 

(6)

 

 

 

 

 

 

 

 

(6)

Latin America

 

(28)

 

(59)

 

(54)

 

(71)

 

 

(212)

 

(34)

 

 

 

 

 

 

 

 

(34)

Middle East

 

(174)

 

(180)

 

(160)

 

(151)

 

 

(665)

 

(155)

 

 

 

 

 

 

 

 

(155)

Exploration Drilling

 

(36)

 

(25)

 

(48)

 

(127)

 

 

(236)

 

(77)

 

 

 

 

 

 

 

 

(77)

Chemical

 

(41)

 

(60)

 

(74)

 

(96)

 

 

(271)

 

(38)

 

 

 

 

 

 

 

 

(38)

Midstream and Marketing

 

(44)

 

(81)

 

(68)

 

(23)

 

 

(216)

 

(26)

 

 

 

 

 

 

 

 

(26)

Corporate

 

(7)

 

(22)

 

(13)

 

(33)

 

 

(75)

 

(15)

 

 

 

 

 

 

 

 

(15)

 

 

$

(1,032)

 

$

(1,287)

 

$

(1,319)

 

$

(1,337)

 

 

$

(4,975)

 

$

(1,259)

 

 

 

 

 

 

 

 

$

 (1,259)

 


 

SCHEDULE 8

 

Occidental Petroleum Corporation

Oil & Gas Net Production Volumes Per Day by Geographical Locations

TOTAL REPORTED PRODUCTION

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

REPORTED NET MBOE VOLUMES PER DAY:

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Resources

 

177

 

201

 

225

 

250

 

 

214

 

261

 

 

 

 

 

 

 

 

261

Permian EOR

 

154

 

153

 

155

 

156

 

 

154

 

156

 

 

 

 

 

 

 

 

156

Other Domestic

 

5

 

4

 

4

 

4

 

 

4

 

4

 

 

 

 

 

 

 

 

4

Total

 

336

 

358

 

384

 

410

 

 

372

 

421

 

 

 

 

 

 

 

 

421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

33

 

32

 

31

 

31

 

 

32

 

33

 

 

 

 

 

 

 

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Al Hosn

 

61

 

68

 

81

 

82

 

 

73

 

82

 

 

 

 

 

 

 

 

82

Dolphin

 

36

 

41

 

41

 

40

 

 

40

 

40

 

 

 

 

 

 

 

 

40

Oman

 

85

 

89

 

88

 

84

 

 

86

 

91

 

 

 

 

 

 

 

 

91

Qatar

 

58

 

51

 

56

 

53

 

 

55

 

52

 

 

 

 

 

 

 

 

52

Total

 

240

 

249

 

266

 

259

 

 

254

 

265

 

 

 

 

 

 

 

 

265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REPORTED PRODUCTION

 

609

 

639

 

681

 

700

 

 

658

 

719

 

 

 

 

 

 

 

 

719

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REPORTED NET PRODUCTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VOLUMES PER DAY BY COMMODITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil (MBBL)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Resources

 

109

 

123

 

139

 

155

 

 

132

 

157

 

 

 

 

 

 

 

 

157

Permian EOR

 

117

 

116

 

116

 

118

 

 

117

 

118

 

 

 

 

 

 

 

 

118

Other Domestic

 

2

 

1

 

1

 

1

 

 

1

 

2

 

 

 

 

 

 

 

 

2

Total

 

228

 

240

 

256

 

274

 

 

250

 

277

 

 

 

 

 

 

 

 

277

NGLs (MBBL)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Resources

 

31

 

37

 

41

 

45

 

 

38

 

49

 

 

 

 

 

 

 

 

49

Permian EOR

 

28

 

28

 

31

 

30

 

 

29

 

30

 

 

 

 

 

 

 

 

30

Other Domestic

 

-

 

-

 

1

 

-

 

 

-

 

-

 

 

 

 

 

 

 

 

-

Total

 

59

 

65

 

73

 

75

 

 

67

 

79

 

 

 

 

 

 

 

 

79

Natural Gas (MMCF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permian Resources

 

222

 

246

 

270

 

300

 

 

261

 

330

 

 

 

 

 

 

 

 

330

Permian EOR

 

56

 

54

 

48

 

48

 

 

50

 

46

 

 

 

 

 

 

 

 

46

Other Domestic

 

16

 

16

 

14

 

17

 

 

16

 

13

 

 

 

 

 

 

 

 

13

Total

 

294

 

316

 

332

 

365

 

 

327

 

389

 

 

 

 

 

 

 

 

389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil (MBBL)

 

32

 

31

 

30

 

30

 

 

31

 

32

 

 

 

 

 

 

 

 

32

Natural Gas (MMCF)

 

6

 

6

 

6

 

6

 

 

6

 

7

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil (MBBL)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Al Hosn

 

11

 

12

 

14

 

15

 

 

13

 

14

 

 

 

 

 

 

 

 

14

Dolphin

 

6

 

7

 

7

 

6

 

 

7

 

6

 

 

 

 

 

 

 

 

6

Oman

 

64

 

65

 

63

 

62

 

 

63

 

68

 

 

 

 

 

 

 

 

68

Qatar

 

58

 

51

 

56

 

53

 

 

55

 

52

 

 

 

 

 

 

 

 

52

Total

 

139

 

135

 

140

 

136

 

 

138

 

140

 

 

 

 

 

 

 

 

140

NGLs (MBBL)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Al Hosn

 

19

 

22

 

26

 

26

 

 

23

 

26

 

 

 

 

 

 

 

 

26

Dolphin

 

7

 

8

 

8

 

8

 

 

8

 

8

 

 

 

 

 

 

 

 

8

Total

 

26

 

30

 

34

 

34

 

 

31

 

34

 

 

 

 

 

 

 

 

34

Natural Gas (MMCF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Al Hosn

 

183

 

204

 

246

 

245

 

 

220

 

250

 

 

 

 

 

 

 

 

250

Dolphin

 

139

 

156

 

158

 

154

 

 

152

 

154

 

 

 

 

 

 

 

 

154

Oman

 

127

 

146

 

148

 

134

 

 

139

 

140

 

 

 

 

 

 

 

 

140

Total

 

449

 

506

 

552

 

533

 

 

511

 

544

 

 

 

 

 

 

 

 

544

 


 

SCHEDULE 9

 

Occidental Petroleum Corporation

Oil & Gas Sales Volumes Per Day and Realized Prices by Geographical Locations

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

NET SALES MBOE VOLUMES PER DAY:

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

336

 

358

 

384

 

410

 

 

372

 

421

 

 

 

 

 

 

 

 

421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

33

 

31

 

32

 

30

 

 

32

 

28

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Al Hosn

 

61

 

68

 

81

 

82

 

 

73

 

82

 

 

 

 

 

 

 

 

82

Dolphin

 

37

 

41

 

41

 

41

 

 

40

 

39

 

 

 

 

 

 

 

 

39

Oman

 

85

 

72

 

102

 

86

 

 

86

 

91

 

 

 

 

 

 

 

 

91

Qatar

 

58

 

52

 

56

 

53

 

 

55

 

52

 

 

 

 

 

 

 

 

52

Total

 

241

 

233

 

280

 

262

 

 

254

 

264

 

 

 

 

 

 

 

 

264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL REPORTED SALES

 

610

 

622

 

696

 

702

 

 

658

 

713

 

 

 

 

 

 

 

 

713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REALIZED PRICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil ($/BBL)

 

$

61.03

 

$

61.08

 

$

56.36

 

$

48.25

 

 

$

56.30

 

$

48.38

 

 

 

 

 

 

 

 

$

48.38

NGLs ($/BBL)

 

$

26.89

 

$

28.87

 

$

31.82

 

$

23.10

 

 

$

27.64

 

$

16.79

 

 

 

 

 

 

 

 

$

16.79

Natural Gas ($/MCF)

 

$

2.06

 

$

1.49

 

$

1.58

 

$

1.33

 

 

$

1.59

 

$

1.36

 

 

 

 

 

 

 

 

$

1.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil ($/BBL)

 

$

59.24

 

$

65.66

 

$

69.94

 

$

62.49

 

 

$

64.32

 

$

55.52

 

 

 

 

 

 

 

 

$

55.52

Natural Gas ($/MCF)

 

$

5.68

 

$

6.07

 

$

6.74

 

$

7.39

 

 

$

6.43

 

$

7.37

 

 

 

 

 

 

 

 

$

7.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil ($/BBL)

 

$

61.45

 

$

66.59

 

$

71.71

 

$

70.30

 

 

$

67.69

 

$

60.50

 

 

 

 

 

 

 

 

$

60.50

NGLs ($/BBL)

 

$

21.89

 

$

23.58

 

$

24.66

 

$

22.38

 

 

$

23.20

 

$

21.30

 

 

 

 

 

 

 

 

$

21.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Worldwide

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil ($/BBL)

 

$

61.04

 

$

63.12

 

$

62.67

 

$

56.11

 

 

$

60.64

 

$

52.62

 

 

 

 

 

 

 

 

$

52.62

NGLs ($/BBL)

 

$

25.35

 

$

27.21

 

$

29.55

 

$

22.88

 

 

$

26.25

 

$

18.14

 

 

 

 

 

 

 

 

$

18.14

Natural Gas ($/MCF)

 

$

1.82

 

$

1.58

 

$

1.62

 

$

1.51

 

 

$

1.62

 

$

1.55

 

 

 

 

 

 

 

 

$

1.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Index Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WTI Oil ($/BBL)

 

$

62.87

 

$

67.88

 

$

69.50

 

$

58.81

 

 

$

64.77

 

$

54.90

 

 

 

 

 

 

 

 

$

54.90

Brent Oil ($/BBL)

 

$

67.18

 

$

74.90

 

$

75.97

 

$

68.08

 

 

$

71.53

 

$

63.90

 

 

 

 

 

 

 

 

$

63.90

NYMEX Natural Gas ($/MCF)

 

$

2.87

 

$

2.75

 

$

2.88

 

$

3.40

 

 

$

2.97

 

$

3.24

 

 

 

 

 

 

 

 

$

3.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage of Index Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Worldwide oil as a percentage of WTI

 

97%

 

93%

 

90%

 

95%

 

 

94%

 

96%

 

 

 

 

 

 

 

 

96%

Worldwide oil as a percentage of Brent

 

91%

 

84%

 

82%

 

82%

 

 

85%

 

82%

 

 

 

 

 

 

 

 

82%

Worldwide NGL as a percentage of WTI

 

40%

 

40%

 

43%

 

39%

 

 

41%

 

33%

 

 

 

 

 

 

 

 

33%

Worldwide NGL as a percentage of Brent

 

38%

 

36%

 

39%

 

34%

 

 

37%

 

28%

 

 

 

 

 

 

 

 

28%

Domestic gas as a percentage of NYMEX

 

72%

 

54%

 

55%

 

39%

 

 

54%

 

42%

 

 

 

 

 

 

 

 

42%

 


 

SCHEDULE 10

 

Occidental Petroleum Corporation

Oil and Gas Costs

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash operating expenses ($/BOE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

13.32

 

$

12.80

 

$

12.39

 

$

11.35

 

 

$

12.41

 

$

11.90

 

 

 

 

 

 

 

 

$

11.90

Latin America

 

$

12.17

 

$

12.17

 

$

13.18

 

$

15.86

 

 

$

13.32

 

$

14.37

 

 

 

 

 

 

 

 

$

14.37

Middle East

 

$

10.75

 

$

11.44

 

$

10.56

 

$

12.09

 

 

$

11.20

 

$

10.71

 

 

 

 

 

 

 

 

$

10.71

Total Oil and Gas

 

$

12.24

 

$

12.26

 

$

11.69

 

$

11.82

 

 

$

11.98

 

$

11.55

 

 

 

 

 

 

 

 

$

11.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes other than on income ($/BOE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

3.27

 

$

3.19

 

$

2.91

 

$

2.68

 

 

$

3.00

 

$

2.79

 

 

 

 

 

 

 

 

$

2.79

Total Oil and Gas

 

$

1.82

 

$

1.86

 

$

1.63

 

$

1.59

 

 

$

1.72

 

$

1.68

 

 

 

 

 

 

 

 

$

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DD&A expense ($/BOE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

16.63

 

$

17.07

 

$

17.28

 

$

17.27

 

 

$

17.08

 

$

15.04

 

 

 

 

 

 

 

 

$

15.04

Latin America

 

$

8.99

 

$

8.95

 

$

8.81

 

$

8.77

 

 

$

8.88

 

$

10.38

 

 

 

 

 

 

 

 

$

10.38

Middle East

 

$

9.62

 

$

8.58

 

$

8.15

 

$

9.59

 

 

$

8.96

 

$

8.40

 

 

 

 

 

 

 

 

$

8.40

Total Oil and Gas

 

$

13.44

 

$

13.48

 

$

13.22

 

$

14.05

 

 

$

13.56

 

$

12.40

 

 

 

 

 

 

 

 

$

12.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A and other operating expenses ($/BOE)

 

$

2.74

 

$

2.96

 

$

3.17

 

$

5.82

 

 

$

3.79

 

$

2.92

 

 

 

 

 

 

 

 

$

2.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exploration Expense ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

8

 

$

17

 

$

17

 

$

22

 

 

$

64

 

$

16

 

 

 

 

 

 

 

 

$

16

Latin America

 

1

 

1

 

6

 

11

 

 

19

 

1

 

 

 

 

 

 

 

 

1

Middle East

 

6

 

3

 

1

 

17

 

 

27

 

19

 

 

 

 

 

 

 

 

19

 

 

$

15

 

$

21

 

$

24

 

$

50

 

 

$

110

 

$

36

 

 

 

 

 

 

 

 

$

36

 


 

SCHEDULE 11

 

Occidental Petroleum Corporation

Segment Core Results Pre-tax Variance Roll-forwards

(Amounts in millions)

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

TY

 

Qtr 1

 

Qtr 2

 

Qtr 3

 

Qtr 4

 

 

YTD

Quarter-over-Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior quarter core income

 

$

381

 

$

750

 

$

780

 

$

963

 

 

 

 

$

365

 

 

 

 

 

 

 

 

 

Sales price

 

235

 

66

 

(22)

 

(325)

 

 

 

 

(73)

 

 

 

 

 

 

 

 

 

Sales volume

 

(68)

 

(20)

 

254

 

(4)

 

 

 

 

(127)

 

 

 

 

 

 

 

 

 

Operating expenses

 

(11)

 

(23)

 

(54)

 

(15)

 

 

 

 

22

 

 

 

 

 

 

 

 

 

DD&A rate

 

171

 

(5)

 

43

 

(38)

 

 

 

 

114

 

 

 

 

 

 

 

 

 

Exploration expense

 

41

 

(7)

 

(2)

 

(27)

 

 

 

 

15

 

 

 

 

 

 

 

 

 

All others

 

1

 

19

 

(36)

 

(189)

 

 

 

 

168

 

 

 

 

 

 

 

 

 

Current quarter core income

 

$

750

 

$

780

 

$

963

 

$

365

 

 

 

 

$

484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior quarter core income

 

$

217

 

$

298

 

$

317

 

$

321

 

 

 

 

$

223

 

 

 

 

 

 

 

 

 

Sales price

 

36

 

5

 

11

 

(26)

 

 

 

 

(62)

 

 

 

 

 

 

 

 

 

Sales volume / mix

 

(10)

 

10

 

15

 

13

 

 

 

 

(23)

 

 

 

 

 

 

 

 

 

Operations / manufacturing

 

46

 

6

 

(31)

 

(71)

 

 

 

 

74

 

 

 

 

 

 

 

 

 

All others

 

9

 

(2)

 

9

 

(14)

 

 

 

 

53

 

 

 

 

 

 

 

 

 

Current quarter core income

 

$

298

 

$

317

 

$

321

 

$

223

 

 

 

 

$

265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstream and Marketing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior quarter core income

 

$

129

 

$

179

 

$

250

 

$

796

 

 

 

 

$

670

 

 

 

 

 

 

 

 

 

Marketing

 

(9)

 

121

 

481

 

(71)

 

 

 

 

(375)

 

 

 

 

 

 

 

 

 

Gas plants

 

63

 

(75)

 

26

 

10

 

 

 

 

(12)

 

 

 

 

 

 

 

 

 

Pipelines

 

(6)

 

20

 

33

 

(56)

 

 

 

 

(28)

 

 

 

 

 

 

 

 

 

Power generation

 

1

 

5

 

6

 

(9)

 

 

 

 

(1)

 

 

 

 

 

 

 

 

 

All others

 

1

 

-

 

-

 

-

 

 

 

 

25

 

 

 

 

 

 

 

 

 

Current quarter core income

 

$

179

 

$

250

 

$

796

 

$

670

 

 

 

 

$

279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-over-Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year core income

 

$

220

 

$

117

 

$

139

 

$

381

 

 

$

857

 

$

750

 

 

 

 

 

 

 

 

$

750

Sales price

 

410

 

624

 

672

 

9

 

 

1,715

 

(394)

 

 

 

 

 

 

 

 

(394)

Sales volume

 

(25)

 

(159)

 

24

 

23

 

 

(137)

 

143

 

 

 

 

 

 

 

 

143

Operating expenses

 

(24)

 

(43)

 

(127)

 

(103)

 

 

(297)

 

(70)

 

 

 

 

 

 

 

 

(70)

DD&A rate

 

175

 

220

 

255

 

253

 

 

903

 

112

 

 

 

 

 

 

 

 

112

Exploration expense

 

(4)

 

(13)

 

(16)

 

5

 

 

(28)

 

(21)

 

 

 

 

 

 

 

 

(21)

All others

 

(2)

 

34

 

16

 

(203)

 

 

(155)

 

(36)

 

 

 

 

 

 

 

 

(36)

Current quarter core income

 

$

750

 

$

780

 

$

963

 

$

365

 

 

$

2,858

 

$

484

 

 

 

 

 

 

 

 

$

484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year core income

 

$

170

 

$

230

 

$

200

 

$

217

 

 

$

817

 

$

298

 

 

 

 

 

 

 

 

$

298

Sales price

 

135

 

86

 

39

 

17

 

 

277

 

(64)

 

 

 

 

 

 

 

 

(64)

Sales volume / mix

 

(33)

 

(43)

 

64

 

22

 

 

10

 

(3)

 

 

 

 

 

 

 

 

(3)

Operations / manufacturing

 

(12)

 

48

 

(5)

 

(37)

 

 

(6)

 

(13)

 

 

 

 

 

 

 

 

(13)

All others

 

38

 

(4)

 

23

 

4

 

 

61

 

47

 

 

 

 

 

 

 

 

47

Current quarter core income

 

$

298

 

$

317

 

$

321

 

$

223

 

 

$

1,159

 

$

265

 

 

 

 

 

 

 

 

$

265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstream and Marketing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior year core income (loss)

 

$

(47)

 

$

25

 

$

4

 

$

129

 

 

$

111

 

$

179

 

 

 

 

 

 

 

 

$

179

Marketing

 

129

 

203

 

697

 

521

 

 

1,550

 

158

 

 

 

 

 

 

 

 

158

Gas plants

 

77

 

15

 

39

 

27

 

 

158

 

(48)

 

 

 

 

 

 

 

 

(48)

Pipelines

 

23

 

11

 

52

 

(9)

 

 

77

 

(31)

 

 

 

 

 

 

 

 

(31)

Power generation

 

(3)

 

1

 

4

 

2

 

 

4

 

-

 

 

 

 

 

 

 

 

-

All others

 

-

 

(5)

 

-

 

-

 

 

(5)

 

21

 

 

 

 

 

 

 

 

21

Current quarter core income

 

$

179

 

$

250

 

$

796

 

$

670

 

 

$

1,895

 

$

279

 

 

 

 

 

 

 

 

$

279