UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 5, 2006
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
|
Delaware |
1-9210 |
95-4035997 | |
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(State or other jurisdiction |
(Commission |
(I.R.S. Employer | |
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| |
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10889 Wilshire Boulevard |
| ||
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(Address of principal executive offices) |
(ZIP code) | ||
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| ||
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Registrant’s telephone number, including area code: | |||
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(310) 208-8800 | |||
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
|
[ |
] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
[ |
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ |
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ |
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 – Other Events
Item 8.01. Other Events
Occidental filed a press release on July 5, 2006, reclassifying its Ecuador operations as discontinued operations and giving guidance for its second quarter earnings per share. Attached as Exhibit 99.1 is the press release dated July 5, 2006. Attached as Exhibit 99.2 are tables retrospectively applying the reclassification.
Forward-Looking Statements
Statements in this filings, including the exhibits, 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 significantly affect expected results. Occidental offers no assurance as to the result of its arbitration claim or any other legal process it may pursue regarding Block 15. You should not place undue reliance on these forward-looking statements which speak only as of the date of this filing. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. U.S. investors are urged to consider carefully the disclosure in Occidental's 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.
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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OCCIDENTAL PETROLEUM CORPORATION |
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(Registrant) |
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DATE: July 5, 2006 |
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/s/ Jim A. Leonard |
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Jim A. Leonard, Vice President and Controller |
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(Principal Accounting and Duly Authorized Officer) |
EXHIBIT INDEX
|
99.1 |
Press release dated July 5, 2006 |
|
99.2 |
Retrospective application |
| ||
Exhibit 99.1
For Immediate Release: July 5, 2006
OCCIDENTAL RECLASSES ECUADOR AS DISCONTINUED OPERATIONS AND
GIVES GUIDANCE FOR THE SECOND QUARTER EARNINGS
LOS ANGELES -- The recent seizure of Occidental's Block 15 investment in Ecuador will result in Occidental recording in the second quarter of 2006 a net year-to-date after-tax charge of $306 million, ($0.71 per share) in discontinued operations. This charge will cause first quarter 2006 diluted earnings per share from continuing operations to change to $2.67 per share from the previous disclosure of $2.83 per share. Occidental expects second quarter 2006 diluted earnings per share from continuing operations to be between $2.70 and $2.80 per share.
On May 15, 2006, Ecuador's Minister of Energy terminated Occidental's contract for the operation of Block 15, which comprises all its oil producing operations in the country, and the Government of Ecuador seized Occidental's Block 15 assets shortly thereafter. The process resulting in this action began more than two years ago shortly after Occidental prevailed, by unanimous decision of an international arbitration panel, in a legal dispute over tax refunds that the Government of Ecuador wrongfully withheld from Occidental. The panel's decision was subsequently upheld by a London court.
As a result of the seizure, Occidental has classified its Block 15 operations as discontinued operations. In the second quarter of 2006, Occidental will record a net year-to-date after-tax charge of $306 million, ($0.71 per share) in discontinued operations. This discontinued operations amount comprises after-tax charges for the write-off of the investment in Ecuador, as well as ship or pay obligations entered into with OCP Pipeline to ship oil produced at Block 15, partially offset by $109 million net of tax income from operations in the first five months of 2006.
Following is a reconciliation of the first quarter 2006 net income, diluted earnings per share and worldwide daily net production after retrospective application.
|
Previous |
Ecuador |
Retrospective | ||||
|
(Amounts in $ millions) |
||||||
|
Income from |
||||||
|
continuing operations |
$ 1,216 |
$ (65) |
$ 1,151 | |||
|
Discontinued operations, net |
13 |
65 |
78 | |||
|
------- |
------- |
------- | ||||
|
Net income |
$ 1,229 |
$ 0 |
$ 1,229 | |||
|
======= |
======= |
======= | ||||
|
Diluted Earnings per Share |
||||||
|
Income from |
||||||
|
continuing operations |
$ 2.83 |
$ (0.16) |
$ 2.67 | |||
|
Discontinued operations, net |
0.03 |
0.16 |
0.19 | |||
|
------- |
------- |
------- | ||||
|
$ 2.86 |
$ 0.00 |
$ 2.86 | ||||
|
======= |
======= |
======= | ||||
|
Net production per day (MBOE) |
636 |
(44) |
592 |
Occidental will report its Block 15 results for current and prior periods as discontinued operations in its statements of income and cash flows in accordance with Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Balance sheet amounts will be reclassified to assets of discontinued operations and liabilities of discontinued operations. Oil & Gas disclosures will be adjusted to exclude the Ecuadorian operations. Retrospective applications of reported income, core income and oil & gas net production per day for the total years 2002 through 2005 and the quarterly periods of 2005 and 2006 are available in pdf format by clicking here: http://www.oxy.com/publications/070306/retrospectiveApplication.pdf
On May 17, 2006, Occidental filed an arbitration claim against the Government of Ecuador, seeking redress for illegal confiscation of Occidental’s Block 15 operations in Ecuador. The company filed its claim with the International Centre for Settlement of Investment Disputes in Washington DC, invoking the
2
protections of the US-Ecuador Bilateral Investment Treaty. Occidental requested that the arbitration panel order interim relief by restoring its rights in Ecuador and preventing Ecuador from replacing Occidental with another third party operator in Block 15 until its claims can be decided, a process that could take well over a year.
Forward-Looking Statements
Statements in this release 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 significantly affect expected results. You should not place undue reliance on these forward-looking statements which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. U.S. investors are urged to consider carefully the disclosure in Occidental’s 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.
-0-
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Contacts: |
Lawrence P. Meriage (media) |
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310-443-6562 | |
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Kenneth J. Huffman (investors) | |
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212-603-8183 | |
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On the Web: www.oxy.com |
3
Exhibit 99.2
Occidental Petroleum Corporation
Financial Data
RETROSPECTIVE APPLICATION
Millions, except per share amounts
|
2002 |
2003 |
2004 |
2005 |
2006 |
||||||||||||||||||||||||||||||||
|
12 Mos |
12 Mos |
12 Mos |
Qtr 1 |
Qtr 2 |
Qtr 3 |
Qtr 4 |
12 Mos |
Qtr 1 |
||||||||||||||||||||||||||||
|
Segment net sales |
||||||||||||||||||||||||||||||||||||
|
Oil & Gas |
4,536 |
5,783 |
7,093 |
2,089 |
2,220 |
2,617 |
2,879 |
9,805 |
3,125 |
|||||||||||||||||||||||||||
|
Chemicals |
2,613 |
3,092 |
3,675 |
1,061 |
1,128 |
1,190 |
1,262 |
4,641 |
1,241 |
|||||||||||||||||||||||||||
|
Other |
— |
145 |
111 |
23 |
37 |
50 |
41 |
151 |
30 |
|||||||||||||||||||||||||||
|
7,149 |
9,020 |
|
10,879 |
|
|
3,173 |
|
|
|
3,385 |
|
|
|
3,857 |
|
|
|
4,182 |
|
|
|
14,597 |
|
|
4,396 |
|
||||||||||
|
Segment earnings |
||||||||||||||||||||||||||||||||||||
|
Oil & Gas |
$ |
2,160 |
$ |
3,129 |
$ |
4,021 |
$ |
1,279 |
$ |
1,255 |
$ |
1,638 |
$ |
1,796 |
$ |
5,968 |
$ |
1,910 |
||||||||||||||||||
|
Chemicals |
177 |
223 |
414 |
214 |
225 |
3 |
165 |
607 |
248 |
|||||||||||||||||||||||||||
|
2,337 |
3,352 |
4,435 |
1,493 |
1,480 |
1,641 |
1,961 |
6,575 |
2,158 |
||||||||||||||||||||||||||||
|
Unallocated corporate items |
||||||||||||||||||||||||||||||||||||
|
Interest |
(321 |
) |
(333 |
) |
(240 |
) |
(61 |
) |
(47 |
) |
(70 |
) |
(23 |
) |
(201 |
) |
(29 |
) |
||||||||||||||||||
|
Other |
(424 |
) |
(271 |
) |
(150 |
) |
(51 |
) |
73 |
660 |
(89 |
) |
593 |
(73 |
) |
|||||||||||||||||||||
|
Income taxes |
(425 |
) |
(1,189 |
) |
(1,639 |
) |
(584 |
) |
(26 |
) |
(574 |
) |
(743 |
) |
(1,927 |
) |
(905 |
) |
||||||||||||||||||
|
Income from continuing operations |
1,167 |
1,559 |
2,406 |
797 |
1,480 |
1,657 |
1,106 |
5,040 |
1,151 |
|||||||||||||||||||||||||||
|
Discontinued operations, net |
(83 |
) |
36 |
162 |
49 |
56 |
87 |
46 |
238 |
78 |
(a) | |||||||||||||||||||||||||
|
Change in accounting principles, net |
(95 |
) |
(68 |
) |
— |
— |
— |
3 |
— |
3 |
— |
|||||||||||||||||||||||||
|
Net Income |
$ |
989 |
|
$ |
1,527 |
|
$ |
2,568 |
|
$ |
846 |
|
|
$ |
1,536 |
|
|
$ |
1,747 |
|
|
$ |
1,152 |
|
|
$ |
5,281 |
|
$ |
1,229 |
|
|||||
|
Basic earnings per common share |
||||||||||||||||||||||||||||||||||||
|
Income from continuing operations |
$ |
3.10 |
$ |
4.06 |
$ |
6.08 |
$ |
1.99 |
$ |
3.68 |
$ |
4.10 |
$ |
2.73 |
$ |
12.49 |
$ |
2.71 |
||||||||||||||||||
|
Discontinued operations, net |
(0.22 |
) |
0.10 |
0.41 |
0.12 |
0.14 |
0.21 |
0.11 |
0.59 |
0.19 |
(a) | |||||||||||||||||||||||||
|
Change in accounting principles, net |
(0.25 |
) |
(0.18 |
) |
— |
— |
— |
0.01 |
— |
0.01 |
— |
|||||||||||||||||||||||||
|
$ |
2.63 |
|
$ |
3.98 |
|
$ |
6.49 |
|
$ |
2.11 |
|
|
$ |
3.82 |
|
|
$ |
4.32 |
|
|
$ |
2.84 |
|
|
$ |
13.09 |
|
$ |
2.90 |
|
||||||
|
Diluted earnings per common share |
||||||||||||||||||||||||||||||||||||
|
Income from continuing operations |
$ |
3.08 |
$ |
4.01 |
$ |
5.99 |
$ |
1.96 |
$ |
3.63 |
$ |
4.03 |
$ |
2.69 |
$ |
12.32 |
$ |
2.67 |
||||||||||||||||||
|
Discontinued operations, net |
(0.22 |
) |
0.10 |
0.41 |
0.12 |
0.14 |
0.21 |
0.11 |
0.58 |
0.19 |
(a) | |||||||||||||||||||||||||
|
Change in accounting principles, net |
(0.25 |
) |
(0.18 |
) |
— |
— |
— |
0.01 |
— |
0.01 |
— |
|||||||||||||||||||||||||
|
$ |
2.61 |
|
$ |
3.93 |
|
$ |
6.40 |
|
$ |
2.08 |
|
|
$ |
3.77 |
|
|
$ |
4.25 |
|
|
$ |
2.80 |
|
|
$ |
12.91 |
|
$ |
2.86 |
|
||||||
|
Dividends per common share |
$ |
1.00 |
|
$ |
1.04 |
|
$ |
1.10 |
|
$ |
0.31 |
|
|
$ |
0.31 |
|
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
1.29 |
|
$ |
0.36 |
|
|||||
(a) Discontinued operations, net for the 1st quarter 2006 included $13 million ($0.03 per share basic) for Vintage held for sale properties and $65 million ($0.16 per share basic) for Ecuador.
Occidental Petroleum Corporation
Financial Core Data
RETROSPECTIVE APPLICATION
Millions, except per share amounts
|
|
2002 |
|
2003 |
|
2004 |
|
2005 |
|
2006 | ||||||||||||||||||||||||||
|
|
12 Mos |
|
12 Mos |
|
12 Mos |
|
Qtr 1 |
|
Qtr 2 |
|
Qtr 3 |
|
Qtr 4 |
|
12 Mos |
|
Qtr 1 | ||||||||||||||||||
|
Oil & Gas |
$ |
2,160 |
|
|
$ |
3,129 |
|
|
$ |
4,021 |
|
|
$ |
1,279 |
|
|
$ |
1,281 |
|
|
$ |
1,647 |
|
|
$ |
1,805 |
|
|
$ |
6,012 |
|
|
$ |
1,910 |
|
|
Chemicals |
|
177 |
|
|
|
223 |
|
|
|
414 |
|
|
|
214 |
|
|
|
225 |
|
|
|
167 |
|
|
|
171 |
|
|
|
777 |
|
|
|
248 |
|
|
Segment earnings |
|
2,337 |
|
|
|
3,352 |
|
|
|
4,435 |
|
|
|
1,493 |
|
|
|
1,506 |
|
|
|
1,814 |
|
|
|
1,976 |
|
|
|
6,789 |
|
|
|
2,158 |
|
|
Unallocated corporate items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
(321 |
) |
|
|
(272 |
) |
|
|
(229 |
) |
|
|
(51 |
) |
|
|
(46 |
) |
|
|
(40 |
) |
|
|
(22 |
) |
|
|
(159 |
) |
|
|
(29 |
) |
|
Other |
|
(182 |
) |
|
|
(271 |
) |
|
|
(256 |
) |
|
|
(51 |
) |
|
|
(67 |
) |
|
|
(39 |
) |
|
|
(89 |
) |
|
|
(246 |
) |
|
|
(73 |
) |
|
Taxes |
|
(831 |
) |
|
|
(1,210 |
) |
|
|
(1,651 |
) |
|
|
(578 |
) |
|
|
(594 |
) |
|
|
(731 |
) |
|
|
(749 |
) |
|
|
(2,652 |
) |
|
|
(905 |
) |
|
Core Income |
$ |
1,003 |
|
|
$ |
1,599 |
|
|
$ |
2,299 |
|
|
$ |
813 |
|
|
$ |
799 |
|
|
$ |
1,004 |
|
|
$ |
1,116 |
|
|
$ |
3,732 |
|
|
$ |
1,151 |
|
|
Significant items affecting earnings (see detail below) |
|
(14 |
) |
|
|
(72 |
) |
|
|
269 |
|
|
|
33 |
|
|
|
737 |
|
|
|
743 |
|
|
|
36 |
|
|
|
1,549 |
|
|
|
78 |
|
|
Reported income |
$ |
989 |
|
|
$ |
1,527 |
|
|
$ |
2,568 |
|
|
$ |
846 |
|
|
$ |
1,536 |
|
|
$ |
1,747 |
|
|
$ |
1,152 |
|
|
$ |
5,281 |
|
|
$ |
1,229 |
|
|
Core earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.67 |
|
|
$ |
4.17 |
|
|
$ |
5.81 |
|
|
$ |
2.03 |
|
|
$ |
1.99 |
|
|
$ |
2.48 |
|
|
$ |
2.75 |
|
|
$ |
9.25 |
|
|
$ |
2.71 |
|
|
Diluted |
$ |
2.64 |
|
|
$ |
4.11 |
|
|
$ |
5.73 |
|
|
$ |
2.00 |
|
|
$ |
1.96 |
|
|
$ |
2.44 |
|
|
$ |
2.71 |
|
|
$ |
9.12 |
|
|
$ |
2.67 |
|
|
Significant items affecting earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hurricane related insurance charge |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(9 |
) |
|
$ |
(9 |
) |
|
$ |
(18 |
) |
|
$ |
— |
|
|
Contract settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(44 |
) |
|
|
— |
|
|
Chemicals |
|||||||||||||||||||||||||||||||||||
|
Write-off of plants |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(159 |
) |
|
|
— |
|
|
|
(159 |
) |
|
|
— |
|
|
Hurricane related insurance charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(6 |
) |
|
|
(11 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(164 |
) |
|
|
(6 |
) |
|
|
(170 |
) |
|
|
— |
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt repurchase expense |
|
— |
|
|
|
(61 |
) |
|
|
— |
|
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(30 |
) |
|
|
(1 |
) |
|
|
(42 |
) |
|
|
— |
|
|
Trust preferred redemption charge |
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on Lyondell stock issuance |
|
— |
|
|
|
— |
|
|
|
121 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on sale of Lyondell shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
140 |
|
|
|
— |
|
|
|
— |
|
|
|
140 |
|
|
|
— |
|
|
Gain on sale of Premcor / Valero shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
726 |
|
|
|
— |
|
|
|
726 |
|
|
|
— |
|
|
Pre-tax loss on sale of Equistar investment |
|
(242 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Equity investment hurricane related insurance chg |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
Equity investment impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
Hurricane related insurance charge |
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
State tax issue |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
Settlement of federal tax issue |
|
— |
|
|
|
— |
|
|
|
47 |
|
|
|
— |
|
|
|
619 |
|
|
|
— |
|
|
|
— |
|
|
|
619 |
|
|
|
— |
|
|
Tax reserve reversals - statute of limitations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
— |
|
|
|
335 |
|
|
|
— |
|
|
Tax effect of pre-tax adjustments |
|
406 |
|
|
|
21 |
|
|
|
(35 |
) |
|
|
4 |
|
|
|
(51 |
) |
|
|
(178 |
) |
|
|
6 |
|
|
|
(219 |
) |
|
|
— |
|
|
Discontinued operations, net |
|
(83 |
) |
|
|
36 |
|
|
|
162 |
|
|
|
49 |
|
|
|
56 |
|
|
|
87 |
|
|
|
46 |
|
|
|
238 |
|
|
|
78 |
|
|
Changes in accounting principles, net |
|
(95 |
) |
|
|
(68 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
|
(14 |
) |
|
|
(72 |
) |
|
|
269 |
|
|
|
33 |
|
|
|
763 |
|
|
|
916 |
|
|
|
51 |
|
|
|
1,763 |
|
|
|
78 |
|
|
CONSOLIDATED |
$ |
(14 |
) |
|
$ |
(72 |
) |
|
$ |
269 |
|
|
$ |
33 |
|
|
$ |
737 |
|
|
$ |
743 |
|
|
$ |
36 |
|
|
$ |
1,549 |
|
|
$ |
78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occidental Petroleum Corporation
Operational Data
RETROSPECTIVE APPLICATION
Oil & Gas Net Production Per Day by Geographical Locations
|
|
|
2002 |
|
2003 |
|
2004 |
|
2005 |
|
2006 | |||||||||||||||||
|
NET PRODUCTION PER DAY: |
|
12 Mos |
|
12 Mos |
|
12 Mos |
|
Qtr 1 |
|
Qtr 2 |
|
Qtr 3 |
|
Qtr 4 |
|
12 Mos |
|
Qtr 1 | |||||||||
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBBL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
86 |
|
|
81 |
|
|
78 |
|
|
77 |
|
|
75 |
|
|
73 |
|
|
78 |
|
|
76 |
|
|
82 |
|
|
Permian |
|
142 |
|
|
150 |
|
|
154 |
|
|
148 |
|
|
156 |
|
|
165 |
|
|
170 |
|
|
161 |
|
|
166 |
|
|
Horn Mountain |
|
1 |
|
|
21 |
|
|
19 |
|
|
18 |
|
|
11 |
|
|
10 |
|
|
14 |
|
|
13 |
|
|
15 |
|
|
Hugoton / Other |
|
3 |
|
|
4 |
|
|
3 |
|
|
4 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
Total |
|
232 |
|
|
256 |
|
|
254 |
|
|
247 |
|
|
245 |
|
|
251 |
|
|
265 |
|
|
253 |
|
|
266 |
|
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
286 |
|
|
252 |
|
|
237 |
|
|
241 |
|
|
240 |
|
|
239 |
|
|
247 |
|
|
242 |
|
|
250 |
|
|
Hugoton / Other |
|
148 |
|
|
138 |
|
|
127 |
|
|
129 |
|
|
133 |
|
|
133 |
|
|
139 |
|
|
133 |
|
|
133 |
|
|
Permian |
|
130 |
|
|
129 |
|
|
130 |
|
|
146 |
|
|
166 |
|
|
186 |
|
|
180 |
|
|
170 |
|
|
189 |
|
|
Horn Mountain |
|
— |
|
|
13 |
|
|
13 |
|
|
12 |
|
|
9 |
|
|
6 |
|
|
6 |
|
|
8 |
|
|
10 |
|
|
Total |
|
564 |
|
|
532 |
|
|
507 |
|
|
528 |
|
|
548 |
|
|
564 |
|
|
572 |
|
|
553 |
|
|
582 |
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
Colombia |
|
40 |
|
|
37 |
|
|
37 |
|
|
32 |
|
|
36 |
|
|
38 |
|
|
36 |
|
|
36 |
|
|
39 |
|
|
Total |
|
40 |
|
|
37 |
|
|
37 |
|
|
32 |
|
|
36 |
|
|
38 |
|
|
36 |
|
|
36 |
|
|
63 |
|
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
Bolivia |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
Total |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26 |
|
|
Middle East and North Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman |
|
13 |
|
|
12 |
|
|
13 |
|
|
23 |
|
|
19 |
|
|
12 |
|
|
13 |
|
|
17 |
|
|
17 |
|
|
Qatar |
|
42 |
|
|
45 |
|
|
45 |
|
|
43 |
|
|
43 |
|
|
42 |
|
|
42 |
|
|
42 |
|
|
44 |
|
|
Yemen |
|
37 |
|
|
35 |
|
|
32 |
|
|
35 |
|
|
28 |
|
|
23 |
|
|
24 |
|
|
28 |
|
|
32 |
|
|
Libya |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
24 |
|
|
8 |
|
|
22 |
|
|
Total |
|
92 |
|
|
92 |
|
|
90 |
|
|
101 |
|
|
90 |
|
|
86 |
|
|
103 |
|
|
95 |
|
|
115 |
|
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman |
|
— |
|
|
— |
|
|
55 |
|
|
56 |
|
|
61 |
|
|
35 |
|
|
25 |
|
|
44 |
|
|
25 |
|
|
Other Eastern Hemisphere |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBBL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pakistan |
|
10 |
|
|
9 |
|
|
7 |
|
|
5 |
|
|
6 |
|
|
5 |
|
|
5 |
|
|
5 |
|
|
4 |
|
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pakistan |
|
63 |
|
|
74 |
|
|
75 |
|
|
78 |
|
|
72 |
|
|
81 |
|
|
77 |
|
|
77 |
|
|
75 |
|
|
Consolidated subsidiaries (MBOE) |
|
479 |
|
|
495 |
|
|
494 |
|
|
495 |
|
|
491 |
|
|
493 |
|
|
521 |
|
|
501 |
|
|
566 |
|
|
Colombia - minority interest |
|
(5 |
) |
|
(5 |
) |
|
(4 |
) |
|
(4 |
) |
|
(5 |
) |
|
(5 |
) |
|
(4 |
) |
|
(4 |
) |
|
(5 |
) |
|
Russia - Occidental net interest |
|
27 |
|
|
30 |
|
|
29 |
|
|
30 |
|
|
28 |
|
|
27 |
|
|
28 |
|
|
28 |
|
|
29 |
|
|
Yemen - Occidental net interest |
|
1 |
|
|
2 |
|
|
1 |
|
|
2 |
|
|
2 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
2 |
|
|
Total worldwide production (MBOE) |
|
502 |
|
|
522 |
|
|
520 |
|
|
523 |
|
|
516 |
|
|
516 |
|
|
546 |
|
|
526 |
|
|
592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|