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) September 5, 2006
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
|
Delaware |
1-9210 |
95-4035997 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
10889 Wilshire Boulevard Los Angeles, California |
90024 |
|
(Address of principal executive offices) |
(ZIP code) |
Registrant’s telephone number, including area code:
(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)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 7 – Regulation FD
Item 7.01. Regulation FD Disclosure
Attached as Exhibit 99.1 is a presentation made by Dr. Ray R. Irani, Occidental's Chairman, President & Chief Executive Officer, at the Lehman Brothers Twentieth Annual CEO Energy/Power Conference.
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.
|
OCCIDENTAL PETROLEUM CORPORATION |
||
|
(Registrant) |
||
|
DATE: September 5, 2006 |
/s/ Jim A. Leonard |
|
|
Jim A. Leonard, Vice President and Controller (Principal Accounting and Duly Authorized Officer) |
EXHIBIT INDEX
|
99.1 |
Presentation dated September 5, 2006 |
EXHIBIT 99.1
September 5, 2006
Dr. Ray R. Irani
Chairman, President & Chief
Executive Officer
Lehman Brothers
Twentieth Annual CEO
Energy/Power Conference
1
Core Area Growth Projects
Large pipeline of growth
projects
U.S.
California & Permian
Latin America
Argentina
Colombia
Middle East & North Africa
Libya
Oman
Qatar
United Arab Emirates
2
2
Production Growth Profile
Grow oil & gas production
Minimum volume growth of 5
percent per year
More likely growth of 7 – 10
percent
Maintain top quartile financial
returns
3
3
Oil & Gas ROCE*
2005
2004
2003
2002
2001
International
Returns
(%)
56.56
41.40
31.03
26.08
25.97
WTI
($/Barrel)
36
33
29
37
24
Domestic
Returns
(%)
26
20
16
10
17
* Net income from continuing operations divided by average capital employed.
4
4
Return Targets*
New Projects & Acquisitions
Domestic ..........................
International .....................
15+%
20+%
* Assumes moderate product prices
5
5
U.S. – California & West Texas
Principal Properties
California (San Joaquin Basin)
West Texas (Permian Basin)
Reserves & Production
Estimated Proved Reserves
56 million BOE
Current Production
8,900 BOE/Day
50-50 split between oil & gas
Light oil makes up 85% of oil reserves & production
Expect significant production growth – primarily in
California
Plains Properties Acquisition
6
6
Argentina
2005 production – 37,000
BOE/Day
2006 annualized
production – 41,000
BOE/Day
Inventory of 700 drilling
locations
2006: 145 wells
Ramp up in future years
Increase production to
70,000 BOE/Day by 2011
San Jorge
Basin
7
7
UAE / Qatar – Dolphin Project
$4 billion gross capital
Oxy’s share 24.5%
Project status
Pipeline nearly complete
Platforms, wells & receiving
facilities on schedule
Gas processing plant may –
or may not – be complete
at year-end
Production ramp up in
2007
Phase I
8
8
Oman – Overview
Mukhaizna Overview
Discovered in 1975
2+ billion barrels of heavy oil
Previous peak production -
15,000 barrels/day
Transfer of operatorship
to Oxy & partners
3-4 years of technical work &
negotiation
9
9
Oman – Mukhaizna Project
Project Overview
Gross Capital – $3.5 Billion
1800+ wells
Central processing facility
Water treatment plant
Steam generation facilities
Pipelines
2006 Work Program
$450 – $500 MM (Gross)
Drill 65 wells
Initial steam injection
10
10
Oxy Libya Holdings
11
11
Oxy 2006 Exploration Program
163
131
124
59
106
59
52
35
36
12
12
2010 Worldwide Production Outlook
Does not depend on exploration success
Does not include future acquisitions
Does not include new EOR/development projects
Does not include swap/sale of mature non-operated
properties
Range reflects timing differences
13
13
Additional Growth Opportunities
Base Production ......................
New EOR/development projects
Middle East/North Africa .....
Latin America .....................
Exploration ..............................
Domestic acquisitions ..............
Mature non-operated ...............
Total ........................................
665 - 750
50 - 75
20 - 30
20 - 40
35 - 50
(20 - 30)
770 - 915
5.3%-8.5%
9.3%-14.8%
2010 Production
(Thousand BOE/Day)
Growth Rate
(Percentage)
14
14
Competitive Advantages
Economies of scale
Infrastructure
Operating experience
Large technical data base
Strong regional relations
15
15
Top 10 Permian Oil Producers
2005 Gross Operated Production
(Thousand Barrels/Day)
195
74
56
30
26
25
30
24
19
17
OXY
CVX
KMI
APA
HES
COP
XTO
PXD
XOM
DVN
Source: 2005 IHS Energy Data
16
16
1st Half 2006 ROCE & ROE
Annualized returns
ROCE --------------------------------------------
ROE -----------------------------------------------
22%
25%
17
17
Enhancing Stockholder Value
Implemented a 2 for 1 common stock split
Increased post-split quarterly dividend by 22
percent per common share
Post-split dividend rate = $0.22 per share
Repurchased 20 million shares on post-split
basis for $986 million (February thru June)
Authorized repurchase of an additional 20
million post-split shares
18
18
Financial Plan
Continue to increase the dividend regularly
Repurchase shares
Reduce outstanding post-split shares to 800
million
Keep debt levels low & maintain “A” credit
ratings
19
19
Conclusion - Focus on Key Metrics
Focus on key performance metrics that drive top
quartile financial returns
Continue to improve quality of assets
Grow reserves at a rate exceeding production
Keep finding & development costs low
Optimize profit/BOE
Optimize free cash flow/BOE
Maintain financial discipline
Maintain “A” credit rating
Achieve top quartile returns on equity & capital
employed
Generate top quartile total returns
20
20
21
Occidental Petroleum Corporation
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
significantly 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 risks;
unrealized acquisition benefits or higher than expected integration costs; 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 does not undertake any obligation to
update any
forward-looking statements as a result of new information, future events or otherwise. The United States
Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the
SEC, to disclose
only proved reserves demonstrated by actual production or conclusive formation tests to
be economically producible under existing economic and operating conditions. We use certain terms in
this presentation, such as estimated proved reserves, probable,
possible and recoverable reserves and oil
in place, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. Additionally, the
SEC requires oil and natural gas companies, in their filings, to disclose non-financial
statistical information
about their consolidated entities separately from such information about their equity holdings and not to
show combined totals. Certain information in this presentation is shown on a combined basis; however,
the
information is disclosed separately in the Appendix. U.S investors are urged to consider carefully the
disclosure in our Form 10-K, available through 1-888-699-7383 or at www.oxy.com. You also can obtain
a
copy from the SEC by calling 1-800-SEC-0330.
22
22
Appendix
23
23
Worldwide Oil & Gas Operations
Long Beach
Permian Basin
Horn Mountain
Hugoton
Elk Hills
Colombia
Libya
Russia
Pakistan
Oman
U.A.E.
Yemen
Qatar
.
.
.
Argentina
24
24
Return on Equity
Percentage
2001
2002
2003
2004
5-Year
Average
22
17
21
28
41
2005
28
25
25
Return on Capital Employed
Percentage
2001
2002
2003
2004
5 Year
Average
13
11
15
20
33
2005
19
See Appendix for GAAP reconciliation.
26
26
Reserves Replacement
228
240
357
253
382
331
292
168
183
191
190
191
191
185
Worldwide
Reserve Additions
(Million BOE)
Worldwide
Production
(Million BOE)
2001
2002
2003
2004
2005
3-Year Average
5-Year Average
See Appendix for GAAP reconciliation.
27
27
Finding & Development Costs
1,116
1,122
1,507
1,662
4,283
2,484
1,938
228
240
357
253
382
331
292
Costs
Incurred
($ Millions)
Reserve
Additions
(Million BOE)
2001
2002
2003
2004
2005
3-Year Average
5-Year Average
See Appendix for GAAP reconciliation.
28
28
Finding & Development Costs
2005
2004
2003
2002
2001
3-Year Average
5-Year Average
2,103
1,508
1,139
930
1,034
1,583
1,343
2,180
154
368
192
82
901
595
4,283
1,662
1,507
1,122
1,116
2,484
1,938
49
91
76
83
93
64
69
Organic
Growth
Acquisitions
Total
Organic
(% Total)
Costs Incurred
($ Million)
382
253
357
240
228
331
292
Total
Reserve
Additions
(Million BOE)
29
29
OxyChem – 16.7
Chemical Companies Comparisons
OxyChem – 22.2
8.0
11.6
2.9
14.0
7.6
7.2
8.2
13.9
11.8
13.0
13.4
11.2
EBIT
Percent of Sales
EBITDA
12.0
8.1
11.9
10.6
9.9
20.7
19.4
19.4
15.7
15.5
17.3
18.4
Excludes special items.
30
30
Capitalized Costs and Results of Operations
Reconciliation to Generally Accepted Accounting Principles (GAAP)
($ Millions)
|
Consolidated Subsidiaries Capitalized Costs |
Consolidated Subsidiaries Results of Operations | |||||||||||
|
US |
Foreign |
Total |
US |
Foreign |
Total | |||||||
|
Operations including Ecuador |
||||||||||||
|
2001 |
8,713 |
1,520 |
10,233 |
1,450 |
350 |
1,800 | ||||||
|
2002 |
8,713 |
1,981 |
10,694 |
832 |
618 |
1,450 | ||||||
|
2003 |
8,908 |
2,339 |
11,247 |
1,401 |
652 |
2,053 | ||||||
|
2004 |
8,884 |
2,960 |
11,844 |
1,797 |
984 |
2,781 | ||||||
|
2005 |
10,639 |
3,932 |
14,571 |
2,578 |
1,384 |
3,962 | ||||||
|
Less – Ecuador |
||||||||||||
|
2001 |
— |
109 |
109 |
— |
14 |
14 | ||||||
|
2002 |
— |
176 |
176 |
— |
18 |
18 | ||||||
|
2003 |
— |
223 |
223 |
— |
78 |
78 | ||||||
|
2004 |
— |
290 |
290 |
— |
184 |
184 | ||||||
|
2005 |
— |
363 |
363 |
— |
246 |
246 | ||||||
|
Continuing Operations |
||||||||||||
|
2001 |
8,713 |
1,411 |
10,124 |
1,450 |
336 |
1,786 | ||||||
|
2002 |
8,713 |
1,805 |
10,518 |
832 |
600 |
1,432 | ||||||
|
2003 |
8,908 |
2,116 |
11,024 |
1,401 |
574 |
1,975 | ||||||
|
2004 |
8,884 |
2,670 |
11,554 |
1,797 |
800 |
2,597 | ||||||
|
2005 |
10,639 |
3,569 |
14,208 |
2,578 |
1,138 |
3,716 | ||||||
Occidental Petroleum Corporation
Return on Capital Employed (%)
($ Millions)
|
Reconciliation to Generally Accepted Accounting Principles (GAAP) |
2004 |
2005 |
Six |
Annualized | |
|
GAAP measure - earnings applicable to common shareholders |
2,568 |
5,281 |
2,086 |
||
|
Interest expense |
239 |
201 |
62 |
||
|
Tax effect of interest expense |
(84) |
(70) |
(22) |
||
|
Earnings before tax-effected interest expense |
2,723 |
5,412 |
2,126 |
||
|
GAAP stockholders' equity |
10,550 |
15,032 |
17,962 |
||
|
DEBT |
|||||
|
GAAP debt |
|||||
|
Debt, including current maturities |
3,804 |
2,919 |
2,887 |
||
|
Non-GAAP debt |
|||||
|
Capital lease obligation |
26 |
25 |
25 |
||
|
Subsidiary preferred stock |
75 |
75 |
75 |
||
|
Total debt |
3,905 |
3,019 |
2,987 |
||
|
Total capital employed |
14,455 |
18,051 |
20,949 |
||
|
Return on Capital Employed (%) |
20.2 |
33.3 |
10.9 |
21.8 |
Return on Capital Employed (ROCE)
($ Millions)
|
Reconciliation to Generally Accepted Accounting Principles (GAAP) |
2001 |
2002 |
2003 |
2004 |
2005 |
5 Year | |
|
GAAP measure - earnings applicable |
1,154 |
989 |
1,527 |
2,568 |
5,281 |
2,304 | |
|
to common shareholders |
|||||||
|
Interest expense |
392 |
281 |
295 |
239 |
201 |
282 | |
|
Tax effect of interest expense |
(137) |
(98) |
(103) |
(84) |
(70) |
(98) | |
|
Earnings before tax-effected interest expense |
1,409 |
1,172 |
1,719 |
2,723 |
5,412 |
2,487 | |
|
GAAP average stockholders' equity |
5,634 |
6,318 |
7,929 |
10,550 |
15,032 |
8,373 | |
|
Average Debt |
|||||||
|
GAAP debt |
|||||||
|
Notes payable |
54 |
— |
— |
— |
— |
9 | |
|
Non-recourse debt |
— |
— |
— |
— |
— |
317 | |
|
Debt, including current maturities |
4,065 |
4,203 |
4,016 |
3,804 |
2,919 |
3,758 | |
|
Non-GAAP debt |
|||||||
|
Capital lease obligation |
26 |
26 |
26 |
26 |
25 |
26 | |
|
Subsidiary preferred stock |
— |
75 |
75 |
75 |
75 |
50 | |
|
Gas sales agreements |
282 |
— |
— |
— |
— |
116 | |
|
Trust preferred securities |
463 |
455 |
453 |
— |
— |
307 | |
|
Average total debt |
4,890 |
4,759 |
4,570 |
3,905 |
3,019 |
4,583 | |
|
Total average capital employed |
10,524 |
11,077 |
12,499 |
14,455 |
18,051 |
12,956 | |
|
ROCE |
13.0 |
10.9 |
14.6 |
20.2 |
33.3 |
19.2 |
Worldwide Production and Proved Reserve Additions
Million BOE
Reconciliation to Generally Accepted Accounting Principles (GAAP)
|
Consolidated Subsidiaries |
Other Interests |
Worldwide | |||||||||
|
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE | |||
|
PRODUCTION |
|||||||||||
|
Operations including Ecuador |
|||||||||||
|
2001 |
124 |
241 |
164 |
9 |
— |
9 |
133 |
241 |
173 | ||
|
2002 |
142 |
229 |
180 |
8 |
— |
8 |
150 |
229 |
188 | ||
|
2003 |
153 |
221 |
190 |
10 |
— |
10 |
163 |
221 |
200 | ||
|
2004 |
159 |
233 |
198 |
9 |
— |
9 |
168 |
233 |
207 | ||
|
2005 |
158 |
246 |
199 |
7 |
6 |
8 |
165 |
252 |
207 | ||
|
Less – Ecuador |
|||||||||||
|
2001 |
5 |
— |
5 |
— |
— |
— |
5 |
— |
5 | ||
|
2002 |
5 |
— |
5 |
— |
— |
— |
5 |
— |
5 | ||
|
2003 |
9 |
— |
9 |
— |
— |
— |
9 |
— |
9 | ||
|
2004 |
17 |
— |
17 |
— |
— |
— |
17 |
— |
17 | ||
|
2005 |
16 |
— |
16 |
— |
— |
— |
16 |
— |
16 | ||
|
Continuing Operations |
|||||||||||
|
2001 |
119 |
241 |
159 |
9 |
— |
9 |
128 |
241 |
168 | ||
|
2002 |
137 |
229 |
175 |
8 |
— |
8 |
145 |
229 |
183 | ||
|
2003 |
144 |
221 |
181 |
10 |
— |
10 |
154 |
221 |
191 | ||
|
2004 |
142 |
233 |
181 |
9 |
— |
9 |
151 |
233 |
190 | ||
|
2005 |
142 |
246 |
183 |
7 |
6 |
8 |
149 |
252 |
191 | ||
|
Three-Year Average |
143 |
233 |
182 |
9 |
2 |
9 |
151 |
235 |
191 | ||
|
Five-Year Average |
137 |
234 |
176 |
9 |
1 |
9 |
145 |
235 |
185 | ||
|
Proved Reserve Additions |
|||||||||||
|
Operations including Ecuador |
|||||||||||
|
2001 |
219 |
100 |
236 |
8 |
— |
8 |
227 |
100 |
244 | ||
|
2002 |
221 |
216 |
257 |
6 |
— |
6 |
227 |
216 |
263 | ||
|
2003 |
223 |
766 |
351 |
16 |
9 |
18 |
239 |
775 |
368 | ||
|
2004 |
162 |
624 |
266 |
4 |
(9) |
2 |
166 |
615 |
268 | ||
|
2005 |
255 |
752 |
380 |
9 |
6 |
10 |
264 |
758 |
390 | ||
|
Less – Ecuador |
|||||||||||
|
2001 |
16 |
— |
16 |
— |
— |
— |
16 |
— |
16 | ||
|
2002 |
23 |
— |
23 |
— |
— |
— |
23 |
— |
23 | ||
|
2003 |
11 |
— |
11 |
— |
— |
— |
11 |
— |
11 | ||
|
2004 |
15 |
— |
15 |
— |
— |
— |
15 |
— |
15 | ||
|
2005 |
8 |
— |
8 |
— |
— |
— |
8 |
— |
8 | ||
|
Continuing Operations |
|||||||||||
|
2001 |
203 |
100 |
220 |
8 |
— |
8 |
211 |
100 |
228 | ||
|
2002 |
198 |
216 |
234 |
6 |
— |
6 |
204 |
216 |
240 | ||
|
2003 |
212 |
766 |
340 |
16 |
9 |
18 |
228 |
775 |
357 | ||
|
2004 |
147 |
624 |
250 |
4 |
(9) |
3 |
151 |
615 |
253 | ||
|
2005 |
247 |
752 |
372 |
9 |
6 |
10 |
256 |
758 |
382 | ||
|
Three-Year Average |
202 |
714 |
321 |
10 |
2 |
10 |
212 |
716 |
331 | ||
|
Five-Year Average |
201 |
492 |
283 |
9 |
1 |
9 |
210 |
493 |
292 | ||
Costs Incurred
$ Millions
Reconciliation to Generally Accepted Accounting Principles (GAAP)
|
Operations including Ecuador |
Operations excluding Ecuador | ||||||||
|
Consolidated |
Other |
Worldwide |
Less: |
Consolidated |
Other |
Worldwide | |||
|
2001 |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
29 |
— |
29 |
— |
29 |
— |
29 | ||
|
Unproved properties |
53 |
— |
53 |
— |
53 |
— |
53 | ||
|
Exploration costs |
176 |
(5) |
171 |
15 |
161 |
(5) |
156 | ||
|
Development costs |
907 |
11 |
918 |
40 |
867 |
11 |
878 | ||
|
Costs incurred |
1,165 |
6 |
1,171 |
55 |
1,110 |
6 |
1,116 | ||
|
2002 |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
163 |
— |
163 |
— |
163 |
— |
163 | ||
|
Unproved properties |
29 |
— |
29 |
— |
29 |
— |
29 | ||
|
Exploration costs |
134 |
— |
134 |
25 |
109 |
— |
109 | ||
|
Development costs |
890 |
7 |
897 |
76 |
814 |
7 |
821 | ||
|
Costs incurred |
1,216 |
7 |
1,223 |
101 |
1,115 |
7 |
1,122 | ||
|
2003 |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
364 |
— |
364 |
— |
364 |
— |
364 | ||
|
Unproved properties |
4 |
— |
4 |
— |
4 |
— |
4 | ||
|
Exploration costs |
98 |
(1) |
97 |
10 |
88 |
(1) |
87 | ||
|
Development costs |
1,109 |
10 |
1,119 |
67 |
1,042 |
10 |
1,052 | ||
|
Costs incurred |
1,575 |
9 |
1,584 |
77 |
1,498 |
9 |
1,507 | ||
|
2004 |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
158 |
(12) |
146 |
— |
158 |
(12) |
146 | ||
|
Unproved properties |
8 |
— |
8 |
— |
8 |
— |
8 | ||
|
Exploration costs |
158 |
— |
158 |
21 |
137 |
— |
137 | ||
|
Development costs |
1,463 |
10 |
1,473 |
102 |
1,361 |
10 |
1,371 | ||
|
Costs incurred |
1,787 |
(2) |
1,785 |
123 |
1,664 |
(2) |
1,662 | ||
|
2005 |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
1,782 |
— |
1,782 |
— |
1,782 |
— |
1,782 | ||
|
Unproved properties |
398 |
— |
398 |
— |
398 |
— |
398 | ||
|
Exploration costs |
257 |
(2) |
255 |
13 |
244 |
(2) |
242 | ||
|
Development costs |
1,932 |
15 |
1,947 |
86 |
1,846 |
15 |
1,861 | ||
|
Costs incurred |
4,369 |
13 |
4,382 |
99 |
4,270 |
13 |
4,283 | ||
|
3 Year Average |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
768 |
(4) |
764 | ||||||
|
Unproved properties |
137 |
— |
137 | ||||||
|
Exploration costs |
156 |
(1) |
155 | ||||||
|
Development costs |
1,416 |
12 |
1,428 | ||||||
|
Costs incurred |
2,477 |
7 |
2,484 | ||||||
|
5 Year Average |
|||||||||
|
Property acquisition costs |
|||||||||
|
Proved properties |
499 |
(2) |
497 | ||||||
|
Unproved properties |
98 |
— |
98 | ||||||
|
Exploration costs |
148 |
(2) |
146 | ||||||
|
Development costs |
1,186 |
11 |
1,197 | ||||||
|
Costs incurred |
1,931 |
7 |
1,938 | ||||||
Sources of Worldwide Proved Reserve Additions
Million BOE
Reconciliation to Generally Accepted Accounting Principles (GAAP)
|
Operations including Ecuador |
Operations excluding Ecuador | ||||||||||||||||||||||||
|
Consolidated Subsidiaries |
Other Interests |
Worldwide |
Less |
Consolidated Subsidiaries |
Other Interests |
Worldwide | |||||||||||||||||||
|
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE | |||||||
|
2001 |
|||||||||||||||||||||||||
|
Revisions |
21 |
(49) |
13 |
8 |
— |
8 |
29 |
(49) |
21 |
11 |
10 |
(49) |
2 |
8 |
— |
8 |
18 |
(49) |
10 | ||||||
|
Improved Recovery |
139 |
23 |
143 |
— |
— |
— |
139 |
23 |
143 |
— |
139 |
23 |
143 |
— |
— |
— |
139 |
23 |
143 | ||||||
|
Extensions and Discoveries |
56 |
122 |
76 |
— |
— |
— |
56 |
122 |
76 |
5 |
51 |
122 |
71 |
— |
— |
— |
51 |
122 |
71 | ||||||
|
Purchases |
3 |
4 |
4 |
— |
— |
— |
3 |
4 |
4 |
— |
3 |
4 |
4 |
— |
— |
— |
3 |
4 |
4 | ||||||
|
219 |
100 |
236 |
8 |
— |
8 |
227 |
100 |
244 |
16 |
203 |
100 |
220 |
8 |
— |
8 |
211 |
100 |
228 | |||||||
|
2002 |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE | ||||||
|
Revisions |
13 |
(54) |
4 |
(1) |
— |
(1) |
12 |
(54) |
3 |
12 |
1 |
(54) |
(8) |
(1) |
— |
(1) |
— |
(54) |
(9) | ||||||
|
Improved Recovery |
112 |
151 |
137 |
5 |
— |
5 |
117 |
151 |
142 |
— |
112 |
151 |
137 |
5 |
— |
5 |
117 |
151 |
142 | ||||||
|
Extensions and Discoveries |
40 |
60 |
50 |
— |
— |
— |
40 |
60 |
50 |
11 |
29 |
60 |
39 |
— |
— |
— |
29 |
60 |
39 | ||||||
|
Purchases |
56 |
59 |
66 |
2 |
— |
2 |
58 |
59 |
68 |
— |
56 |
59 |
66 |
2 |
— |
2 |
58 |
59 |
68 | ||||||
|
221 |
216 |
257 |
6 |
— |
6 |
227 |
216 |
263 |
23 |
198 |
216 |
234 |
6 |
— |
6 |
204 |
216 |
240 | |||||||
|
2003 |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE | ||||||
|
Revisions |
(1) |
44 |
6 |
6 |
— |
6 |
5 |
44 |
12 |
— |
(1) |
44 |
6 |
6 |
— |
6 |
5 |
44 |
12 | ||||||
|
Improved Recovery |
85 |
70 |
97 |
4 |
9 |
6 |
89 |
79 |
102 |
— |
85 |
70 |
97 |
4 |
9 |
6 |
89 |
79 |
102 | ||||||
|
Extensions and Discoveries |
41 |
597 |
141 |
6 |
— |
6 |
47 |
597 |
147 |
11 |
30 |
597 |
130 |
6 |
— |
6 |
36 |
597 |
136 | ||||||
|
Purchases |
98 |
55 |
107 |
— |
— |
— |
98 |
55 |
107 |
— |
98 |
55 |
107 |
— |
— |
— |
98 |
55 |
107 | ||||||
|
223 |
766 |
351 |
16 |
9 |
18 |
239 |
775 |
368 |
11 |
212 |
766 |
340 |
16 |
9 |
18 |
228 |
775 |
357 | |||||||
|
2004 |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE | ||||||
|
Revisions |
5 |
241 |
45 |
5 |
(9) |
3 |
10 |
232 |
48 |
(3) |
8 |
241 |
48 |
5 |
(9) |
3 |
13 |
232 |
51 | ||||||
|
Improved Recovery |
88 |
185 |
120 |
1 |
— |
1 |
89 |
185 |
121 |
— |
88 |
185 |
120 |
1 |
— |
1 |
89 |
185 |
121 | ||||||
|
Extensions and Discoveries |
30 |
191 |
61 |
2 |
— |
2 |
32 |
191 |
63 |
18 |
12 |
191 |
43 |
2 |
— |
2 |
14 |
191 |
45 | ||||||
|
Purchases |
39 |
7 |
40 |
(4) |
— |
(4) |
35 |
7 |
36 |
— |
39 |
7 |
40 |
(4) |
— |
(4) |
35 |
7 |
36 | ||||||
|
162 |
624 |
266 |
4 |
(9) |
2 |
166 |
615 |
268 |
15 |
147 |
624 |
251 |
4 |
(9) |
2 |
151 |
615 |
253 | |||||||
|
2005 |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE |
OIL |
GAS |
BOE | ||||||
|
Revisions |
(26) |
30 |
(21) |
8 |
6 |
9 |
(18) |
36 |
(12) |
(8) |
(18) |
30 |
(13) |
8 |
6 |
9 |
(10) |
36 |
(4) | ||||||
|
Improved Recovery |
117 |
131 |
139 |
— |
— |
— |
117 |
131 |
139 |
10 |
107 |
131 |
129 |
— |
— |
— |
107 |
131 |
129 | ||||||
|
Extensions and Discoveries |
52 |
427 |
123 |
1 |
— |
1 |
53 |
427 |
124 |
6 |
46 |
427 |
117 |
1 |
— |
1 |
47 |
427 |
118 | ||||||
|
Purchases |
112 |
164 |
139 |
— |
— |
— |
112 |
164 |
139 |
— |
112 |
164 |
139 |
— |
— |
— |
112 |
164 |
139 | ||||||
|
255 |
752 |
380 |
9 |
6 |
10 |
264 |
758 |
390 |
8 |
247 |
752 |
372 |
9 |
6 |
10 |
256 |
758 |
382 | |||||||
|
3 Year Average |
331 | ||||||||||||||||||||||||
|
5 Year Average |
292 | ||||||||||||||||||||||||
Chemical - Percent of Sales
Reconciliation to Generally Accepted Accounting Principles (GAAP)
For the Year Ended December 31, 2005
|
Sales |
|||
|
Oil and Gas |
10,416 |
||
|
Chemical |
4,641 |
||
|
Other |
151 |
||
|
15,208 |
|||
|
Chemicals |
$ AMT |
% of Sales | |
|
Segment income |
607 |
||
|
Less: significant items affecting earnings |
|||
|
Hurricane insurance charges |
11 |
||
|
Write-off of plants |
159 |
||
|
Core earnings - EBIT |
777 |
16.7% | |
|
DD&A expense |
251 |
||
|
EBITDA |
1,028 |
22.2% |