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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ___________ to ___________
 
Commission file number 1-9210
_____________________
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
95-4035997
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
5 Greenway Plaza, Suite 110
 
Houston,
Texas
77046
 
(Address of principal executive offices) (Zip Code)
 
(713) 215-7000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.20 par value
OXY
New York Stock Exchange
9 ¼% Senior Debentures due 2019
OXY 19A
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ Yes   o No
   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes   o No
  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. (See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act):
  
Large Accelerated Filerþ    Accelerated Filer        o    Non-Accelerated Filer     o
Smaller Reporting Company        Emerging Growth Company    
  
If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    o
  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes   þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Class
 
Outstanding at July 11, 2019
 
 
Common stock $0.20 par value
 
748,348,543
 




OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES


TABLE OF CONTENTS



 
 
 
 
PAGE
 
 
 
 
 
Part I
Financial Information
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019 and December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Three months and six months ended June 30, 2019, and 2018
 
 
 
 
 
 
 
 
 
 
 
Three months and six months ended June 30, 2019, and 2018
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2019, and 2018
 
 
 
 
 
 
 
 
 
 
 
Three months and six months ended June 30, 2019, and 2018
7
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
Item 3.
 
 
 
 
 
 
Item 4.
 
 
 
 
 
Part II
Other Information
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
Item 1A.
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
Item 6.


1



PART I    FINANCIAL INFORMATION
 

Item 1.
Financial Statements (unaudited)

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS AS OF
JUNE 30, 2019, AND DECEMBER 31, 2018
(Amounts in millions)

 
 
2019
 
2018
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
Cash and cash equivalents
 
$
1,751

 
$
3,033

 
Trade receivables, net
 
5,273

 
4,893

 
Inventories
 
1,582

 
1,260

 
Other current assets
 
819

 
746

 
Total current assets
 
9,425

 
9,932

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INVESTMENTS IN UNCONSOLIDATED ENTITIES
 
1,777

 
1,680

 
 
 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation, depletion and amortization of $44,889 at June 30, 2019 and $42,983 at December 31, 2018
 
32,115

 
31,437

 
 
 
 
 
 
 
OPERATING LEASE ASSETS, NET
 
681

 

 
 
 
 
 
 
 
LONG-TERM RECEIVABLES AND OTHER ASSETS, NET
 
772

 
805

 
 
 
 
 
 
 
TOTAL ASSETS
 
$
44,770

 
$
43,854

 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated condensed financial statements.
 


2



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS AS OF
JUNE 30, 2019, AND DECEMBER 31, 2018
(Amounts in millions except share amounts)

 
 
2019
 
2018
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
Current maturities of long-term debt
 
$
116

 
$
116

 
Current lease liabilities
 
252

 

 
Accounts payable
 
5,445

 
4,885

 
Accrued liabilities
 
2,067

 
2,411

 
Total current liabilities
 
7,880

 
7,412

 
 
 
 
 
 
 
LONG-TERM DEBT, NET
 
10,155

 
10,201

 
 
 
 
 
 
 
DEFERRED CREDITS AND OTHER LIABILITIES
 
 
 
 
 
Deferred domestic and foreign income taxes, net
 
950

 
907

 
Asset retirement obligations
 
1,433

 
1,424

 
Pension and postretirement obligations
 
819

 
809

 
Environmental remediation reserves
 
764

 
762

 
Lease liabilities
 
445

 

 
Other
 
977

 
1,009

 
 
 
5,388

 
4,911

 
STOCKHOLDERS' EQUITY
 
 
 
 
 
Common stock, at par value (896,720,621 shares at June 30, 2019, and 895,115,637 shares at December 31, 2018)
 
179

 
179

 
Treasury stock (148,416,051 shares at June 30, 2019, and 145,726,051 shares at December 31, 2018)
 
(10,653
)
 
(10,473
)
 
Additional paid-in capital
 
8,157

 
8,046

 
Retained earnings
 
23,848

 
23,750

 
Accumulated other comprehensive loss
 
(184
)
 
(172
)
 
Total stockholders’ equity
 
21,347

 
21,330

 
 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
44,770

 
$
43,854

 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated condensed financial statements.
 

3



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019, AND 2018
(Amounts in millions, except per-share amounts)

 
 
Three months ended June 30
 
Six months ended June 30
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
REVENUES AND OTHER INCOME
 
 
 
 
 
 
 
 
Net sales
 
$
4,420

 
$
4,083

 
$
8,424

 
$
7,846

Interest, dividends and other income
 
41

 
38

 
119

 
67

Gain on sale of assets, net
 
15

 
10

 
22

 
43

 
 
4,476

 
4,131

 
8,565

 
7,956

COSTS AND OTHER DEDUCTIONS
 
 
 
 
 
 
 
 
Cost of sales
 
1,386

 
1,365

 
2,731

 
2,715

Purchased commodities
 
431

 
100

 
796

 
113

Selling, general and administrative expenses
 
163

 
142

 
303

 
272

Other operating and non-operating expenses
 
260

 
260

 
498

 
437

Taxes other than on income
 
123

 
115

 
234

 
223

Depreciation, depletion and amortization
 
1,031

 
947

 
2,004

 
1,868

Asset impairments and related items
 

 
12

 

 
42

Anadarko transaction-related costs
 
50

 

 
50

 

Exploration expense
 
35

 
21

 
71

 
36

Interest and debt expense, net
 
153

 
97

 
251

 
194

 
 
3,632

 
3,059

 
6,938

 
5,900

 
 
 
 
 
 
 
 
 
Income before income taxes and other items
 
844

 
1,072

 
1,627

 
2,056

Provision for domestic and foreign income taxes
 
(306
)
 
(302
)
 
(531
)
 
(641
)
Income from equity investments
 
97

 
78

 
170

 
141

NET INCOME
 
$
635

 
$
848

 
$
1,266

 
$
1,556

 
 
 
 
 
 
 
 
 
BASIC EARNINGS PER COMMON SHARE
 
$
0.84

 
$
1.10

 
$
1.68

 
$
2.02

 
 
 
 
 
 
 
 
 
DILUTED EARNINGS PER COMMON SHARE
 
$
0.84

 
$
1.10

 
$
1.68

 
$
2.02

 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated condensed financial statements.


4



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019, AND 2018
(Amounts in millions)

 
 
Three months ended June 30
 
Six months ended June 30
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net income
 
$
635

 
$
848

 
$
1,266

 
$
1,556

Other comprehensive income (loss) items:
 
 
 
 
 
 
 
 
Foreign currency translation losses
 

 
(1
)
 

 

Unrealized losses on derivatives (a)
 
(18
)
 
(1
)
 
(16
)
 
(4
)
Pension and postretirement gains (b)
 
2

 
5

 
4

 
9

Reclassification of realized losses on derivatives (c)
 

 
1

 

 
3

Other comprehensive income (loss), net of tax
 
(16
)
 
4

 
(12
)
 
8

Comprehensive income
 
$
619

 
$
852

 
$
1,254

 
$
1,564


(a)
Net of tax of $5 and zero for the three months ended June 30, 2019, and 2018, and $5 and $1 for the six months ended June 30, 2019, and 2018, respectively.
(b)
Net of tax of zero and $(2) for the three months ended June 30, 2019, and 2018, and $(1) and $(3) for the six months ended June 30, 2019, and 2018, respectively.
(c)
Net of tax of zero for the three and six months ended June 30, 2019, and zero and $(1) for the three and six months ended June 30, 2018, respectively.

The accompanying notes are an integral part of these consolidated condensed financial statements.

5



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2019, AND 2018
(Amounts in millions)

 
 
2019
 
2018
 
 
 
 
 
 
 
CASH FLOW FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
 
$
1,266

 
$
1,556

 
Adjustments to reconcile net income to net cash provided by
operating activities:
 
 
 
 
 
Depreciation, depletion and amortization of assets
 
2,004

 
1,868

 
Deferred income tax provision
 
47

 
171

 
Other noncash charges to income
 
351

 
96

 
Asset impairments and related items
 

 
42

 
Gain on sale of assets, net
 
(22
)
 
(43
)
 
Undistributed earnings from equity investments
 
(64
)
 
(20
)
 
Dry hole expenses
 
21

 
15

 
Changes in operating assets and liabilities, net
 
(642
)
 
(920
)
 
Net cash provided by operating activities
 
2,961

 
2,765

 
 
 
 
 
 
 
CASH FLOW FROM INVESTING ACTIVITIES
 
 
 
 
 
Capital expenditures
 
(2,470
)
 
(2,319
)
 
Change in capital accrual
 
(108
)
 
(6
)
 
Payments for purchases of assets and businesses
 
(76
)
 
(242
)
 
Sales of assets, net
 
32

 
330

 
Equity investments and other, net
 
(81
)
 
(49
)
 
Net cash used by investing activities
 
(2,703
)
 
(2,286
)
 
 
 
 
 
 
 
CASH FLOW FROM FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from long-term debt, net of issuance costs
 
(108
)
 
978

 
Payments of long-term debt
 

 
(500
)
 
Preferred stock issuance costs
 
(50
)
 

 
Proceeds from issuance of common stock
 
37

 
13

 
Purchase of treasury stock
 
(237
)
 
(97
)
 
Cash dividends paid
 
(1,178
)
 
(1,185
)
 
Other financing, net
 
(4
)
 
2

 
Net cash used by financing activities
 
(1,540
)
 
(789
)
 
 
 
 
 
 
 
Decrease in cash and cash equivalents
 
(1,282
)
 
(310
)
 
Cash and cash equivalents — beginning of period
 
3,033

 
1,672

 
Cash and cash equivalents — end of period
 
$
1,751

 
$
1,362

 
The accompanying notes are an integral part of these consolidated condensed financial statements.
 



6



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2019, AND 2018
(Amounts in millions)

 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive loss
 
Total Equity
Balance, March 31, 2018
 
$
179

 
$
(9,168
)
 
$
7,916

 
$
22,107

 
$
(312
)
 
$
20,722

Net income
 

 

 

 
848

 

 
848

Other comprehensive income, net of tax
 

 

 

 

 
4

 
4

Dividends on common stock, $0.77 per share
 

 

 

 
(594
)
 

 
(594
)
Issuance of common stock, net
 

 

 
51

 

 

 
51

Purchases of treasury stock
 

 
(100
)
 

 

 

 
(100
)
Balance, June 30, 2018
 
$
179

 
$
(9,268
)
 
$
7,967

 
$
22,361

 
$
(308
)
 
$
20,931

 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive loss
 
Total Equity
Balance, March 31, 2019
 
$
179

 
$
(10,653
)
 
$
8,083

 
$
23,795

 
$
(168
)
 
$
21,236

Net income
 

 

 

 
635

 

 
635

Other comprehensive loss, net of tax
 

 

 

 

 
(16
)
 
(16
)
Dividends on common stock, $0.78 per share
 

 

 

 
(582
)
 

 
(582
)
Issuance of common stock, net
 

 

 
74

 

 

 
74

Balance, June 30, 2019
 
$
179

 
$
(10,653
)
 
$
8,157

 
$
23,848

 
$
(184
)
 
$
21,347


7





OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2019, AND 2018
(Amounts in millions)

 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive loss
 
Total Equity
Balance, December 31, 2017
 
$
179

 
$
(9,168
)
 
$
7,884

 
$
21,935

 
$
(258
)
 
$
20,572

Net income
 

 

 

 
1,556

 

 
1,556

Other comprehensive income, net of tax
 

 

 

 

 
8

 
8

Dividends on common stock, $1.54 per share
 

 

 

 
(1,188
)
 

 
(1,188
)
Issuance of common stock, net
 

 

 
83

 

 

 
83

Purchases of treasury stock
 

 
(100
)
 

 

 

 
(100
)
Reclassification of stranded tax effects
 

 

 

 
58

 
(58
)
 

Balance, June 30, 2018
 
$
179

 
$
(9,268
)
 
$
7,967

 
$
22,361

 
$
(308
)
 
$
20,931

 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive loss
 
Total Equity
Balance, December 31, 2018
 
$
179

 
$
(10,473
)
 
$
8,046

 
$
23,750

 
$
(172
)
 
$
21,330

Net income
 

 

 

 
1,266

 

 
1,266

Other comprehensive loss, net of tax
 

 

 

 

 
(12
)
 
(12
)
Dividends on common stock, $1.56 per share
 

 

 

 
(1,168
)
 

 
(1,168
)
Issuance of common stock, net
 

 

 
111

 

 

 
111

Purchases of treasury stock
 

 
(180
)
 

 

 

 
(180
)
Balance, June 30, 2019
 
$
179

 
$
(10,653
)
 
$
8,157

 
$
23,848

 
$
(184
)
 
$
21,347





8



OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
JUNE 30, 2019

1. General

In these unaudited, consolidated, condensed financial statements, "Occidental" means Occidental Petroleum Corporation, a Delaware corporation (OPC), or OPC and one or more entities in which it owns a controlling interest (subsidiaries). Occidental has made its disclosures in accordance with United States generally accepted accounting principles (GAAP) as they apply to interim reporting, and condensed or omitted, as permitted by the Securities and Exchange Commission’s (SEC) rules and regulations, certain information and disclosures normally included in consolidated financial statements and the notes. These unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in Occidental’s Annual Report on Form 10-K for the year ended December 31, 2018.

In the opinion of Occidental’s management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to fairly present Occidental’s consolidated financial position as of June 30, 2019, and December 31, 2018, and the consolidated statements of operations, comprehensive income, cash flows and stockholders' equity for the three and six months ended June 30, 2019, and 2018, as applicable. Certain data in the financial statements and notes for prior periods have been reclassified to conform to the current presentation. The income and cash flows for the periods ended June 30, 2019, and 2018, are not necessarily indicative of the income or cash flows to be expected for the full year.

2. Accounting and Disclosure Changes

In January 2019, Occidental adopted the new lease standard Topic 842 - Leases (ASC 842). The new standard requires Occidental to recognize most leases, including operating leases, on the consolidated condensed balance sheet. The new rules require lessees to recognize a right-of-use asset (ROU) and lease liability for all leases with lease terms of more than 12 months. Occidental adopted the standard using the modified retrospective approach, including adopting several optional practical expedients. Occidental has developed and implemented an internal software solution to support the identification, documentation, tracking, accounting and supplemental reporting of leases under ASC 842. Continued enhancements to the software solution through 2019 are expected to ensure manual processes are streamlined while maintaining control functionality surrounding completeness in population and reporting. See Note 13, Leases.

3. Revenue Recognition

Revenue from customers is recognized when obligations under the terms of a contract with our customers are satisfied; this generally occurs with the delivery of oil, gas, natural gas liquids (NGL), chemicals or services such as transportation. Occidental does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to Occidental. As of June 30, 2019, trade receivables, net, of $5.3 billion represent rights to payment for which Occidental has satisfied its obligations under a contract and its right to payment is conditioned only on the passage of time.

The following table shows a reconciliation of revenue from customers to total net sales (in millions):
 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenue from customers
 
$
3,731

 
$
3,831

 
$
7,166

 
$
7,556

All other revenues (a)
 
689

 
252

 
1,258

 
290

Total net sales
 
$
4,420

 
$
4,083

 
$
8,424

 
$
7,846

(a) Includes net marketing margin and chemical exchange contracts.


9



The following table presents Occidental's revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, gas and NGL at the lease or concession area. Chemical revenues are shown by geographic area based on the location of the sale. Excluding net marketing revenue, midstream revenues are shown by the location of sale (in millions):
For the three months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue by Product
 
United States
 
Middle East
 
Latin America
 
Other International
 
Eliminations
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas Segment
 
 
 
 
 
 
 
 
 
 
 
 
Oil
 
$
1,447

 
$
825

 
$
212

 
$

 
$

 
$
2,484

NGL
 
84

 
68

 

 

 

 
152

Gas
 
8

 
76

 
5

 

 

 
89

Other
 
(1
)
 
(6
)
 

 

 

 
(7
)
Segment Total
 
$
1,538

 
$
963

 
$
217

 
$

 
$

 
$
2,718

 
 
 
 
 
 
 
 
 
 
 
 
 
Chemical Segment
 
$
935

 
$

 
$
40

 
$
18

 
$

 
$
993