EX-99 2 ex991-20080502.htm EXHIBIT 99.1 Exhibit 99.1

EXHIBIT 99.1

 

Occidental Petroleum Corporation

2008 Annual Stockholders Meeting

 

1

 

Dr. Ray R. Irani

Chairman and Chief Executive Officer

 

2

 

Net Income

$ in billions

$1.5

2003

$2.6

2004

$5.3

2005

$4.2

2006

$5.4

2007

 

3

 

Total Debt

$ in billions

$4.6

2003

$3.9

2004

$3.0

2005

$2.9

2006

$1.8

2007

(GAAP reconciliation available at  www.oxy.com)

 

4

 

Rising Dividends

$/Share at Year-End

$0.50

2002

$0.52

2003

$0.55

2004

$0.72

2005

$0.88

2006

$1.00

2007

$1.28

2008

 

5

 

2002-2007 Share Price

$/Share* at Year-End

$14.23

2002

$21.12

2003

$29.18

2004

$39.94

2005

$48.83

2006

$76.99

2007

* Adjusted for stock split

 

6

 

Comparative Total Returns

Oxy

Peer Group

S&P 500

$100

$100

$100

2002

$129

$125

$153

2003

$143

$156

$216

2004

$150

$182

$301

2005

$173

$226

$374

2006

$183

$283

$599

2007

The Peer Group consists of Anadarko Petroleum Corporation, Apache Corporation, BP p.l.c. (BP), Chevron Corporation,
ConocoPhillips, Devon Energy Corporation, ExxonMobil Corporation, Royal Dutch Shell plc and Occidental.

 

7

 

Stock Market Value

$ in billions

$5.5

1990

$6.8

1995

$9.0

2000

$32.1

2005

$41.0

2006

$63.6

2007

 

8

 

“Buy” Oxy Stock

Citigroup

Buy

Credit Suisse

Buy

Deutsche Bank

Buy

JP Morgan

Buy

Merrill Lynch

Buy

Morgan Stanley

Buy

BMO Nesbitt Burns

Buy

Oppenheimer & Co.

Buy

Raymond James

Buy

Simmons & Co.

Buy

UBS

Buy

Wall Street Access

Buy

 

9

 

Oil & Natural Gas Production

Thousand BOE/day

International

United States

448

2003

451

2004

466

2005

545

2006

570

2007

 

10

 

2007 Income Per BOE After Taxes

$/Barrel of Oil Equivalent

$9.53

APC

$11.96

COP

$12.53

BP

$12.63

RDS

$14.51

DVN

$14.91

CVX

$15.28

APA

$17.00

XOM

$21.30

OXY

(GAAP reconciliation available at  www.oxy.com)

 

11

 

A Year of Strong Progress

 

12

 

U.S. Assets Acquired in 2007

Oxy Blocks

California

Utah

Colorado

New

Mexico

Oklahoma

Texas

 

13

 

Dolphin Project

Sea Lines

Ras

Laffan

QATAR

Doha

Saudi
Arabia

Arabian Gulf

Export Line

Abu Dhabi

UNITED ARAB EMIRATES

Dubai

Existing

Lines

Oman

 

14

 

Dolphin Project

 

15

 

Extended Libya Agreements

Oxy Blocks

Tunisia

Tripoli

Benghazi

Mediterranean Sea

Algeria

LIBYA

Egypt

Niger

Chad

Sudan

 

16

 

Extended Libya Agreements

Libya production projected to increase from 1.6 million to 3
million BOE per day by 2010

Oxy-managed production expected to triple to around 300,000
BOE per day by 2013

 

17

 

Chemical Operations

 

18

 

First in North America

 

19

 

 

20

 

Looking Ahead

 

21

 

Looking Ahead

Oil and Natural Gas Production

Thousand BOE/day

10% production increase
in 2008

570

2007

625

2008

 

22

 

Partnership with Abu Dhabi

 

23

 

Teaming up for Success

 

24

 

Recognition:  Top CFO

“…an economic strategist, helping navigate the economy’s shoals
and keeping jittery investors abreast of fast-changing conditions.”

STEPHEN CHAZEN

Top Ranked

Oil & Gas Industry CFO

 

25

 

 

26

 

Statements in this presentation that contain words such as "will," "expect," or
"estimate," or otherwise relate to the future, are forward-looking and involve
risks and uncertainties that could materially affect expected results.  Factors
that could cause results to differ materially include, but are not limited
to:  exploration risks, such as drilling of unsuccessful wells; global commodity
pricing fluctuations and supply/demand considerations for oil, gas and
chemicals; higher-than-expected costs; political risk; operational interruption;
changes in tax rates; and not successfully completing (or any material delay in)
any expansion, capital expenditure, acquisition, or disposition.  You should not
place undue reliance on these forward-looking statements which speak only as
of the date of this presentation.  Unless legally required, Occidental disclaims
any obligation to update any forward-looking statements as a result of new
information, future events or otherwise.  U.S. investors are urged to consider
carefully the disclosure in our Form 10-K, available through the following toll-
free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet
at http://www.oxy.com.  You also can obtain a copy from the SEC by calling 1
-800-SEC-0330.

 

27

 

A Socially Responsible Company

 

28

 

 

Total Debt

Reconciliation to Generally Accepted Accounting Principles (GAAP)

Expressed in $ Millions

 

 

Current Maturities

 

31-Dec-03

 

31-Dec-04

 

31-Dec-05

 

31-Dec-06

 

31-Dec-07

 

Long-term debt

 

23

 

459

 

46

 

171

 

35

 

Trust preferred securities

 

453

 

–

 

–

 

–

 

–

 

 

 

476

 

459

 

46

 

171

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

–

 

–

 

–

 

–

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current Debt

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

4,000

 

3,351

 

2,877

 

2,621

 

1,742

 

Unamortized debt discount

 

(7

)

(6

)

(4

)

(2

)

(1

)

 

 

3,993

 

3,345

 

2,873

 

2,619

 

1,741

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital lease obligations

 

26

 

26

 

25

 

25

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

Subsidiary preferred stock

 

75

 

75

 

75

 

75

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL DEBT

 

4,570

 

3,905

 

3,019

 

2,890

 

1,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Per BOE After Taxes

Reconciliation to Generally Accepted Accounting Principles (GAAP)

( Millions, except $/BOE)

For the Year Ended December 31, 2007

 

 

 

 

 

 

 

Consolidated

Other

 

 

 

Subsidiaries

Interests

Combined

Revenues

 

 

13,391

 

 

(68

)

$

13,323

 

Production costs

 

 

2,690

 

 

(5

)

 

2,685

 

Exploration expenses

 

 

422

 

 

(5

)

 

417

 

Other operating expenses

 

 

615

 

 

(3

)

 

612

 

DD&A

 

 

2,024

 

 

(6

)

 

2,018

 

Pre-tax income

 

 

7,640

 

 

(49

)

 

7,591

 

Income tax expense

 

 

3,178

 

 

(6

)

 

3,172

 

Results of operations

 

$

4,462

 

$

(43

)

$

4,419

 

 

 

 

 

 

 

 

 

 

 

 

BOE Sales

 

 

 

 

 

 

 

 

208

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

$

64.21

 

Production costs

 

 

 

 

 

 

 

 

12.94

 

Exploration expenses

 

 

 

 

 

 

 

 

2.01

 

Other operating expenses

 

 

 

 

 

 

 

 

2.95

 

DD&A

 

 

 

 

 

 

 

 

9.73

 

Pre-tax income

 

 

 

 

 

 

 

 

36.58

 

Income tax expense

 

 

 

 

 

 

 

 

15.29

 

Results of operations

 

 

 

 

 

 

 

$

21.30