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) May 2, 2008
OCCIDENTAL PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
1-9210 |
95-4035997 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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10889 Wilshire Boulevard Los Angeles, California |
90024 |
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(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
The presentation made on May 2, 2008, by Dr. Ray R. Irani at the Occidental Petroleum Corporation 2008 Annual Meeting of Stockholders in Santa Monica, California, including an appendix reconciling non-GAAP financial measures included in that presentation, is attached to this report as Exhibit 99.1.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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99.1 |
Presentation given by Dr. Ray R. Irani, including an appendix reconciling non-GAAP financial measures included in that presentation. |
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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: May 2, 2008 |
/s/ JIM A. LEONARD |
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Jim A. Leonard, Vice President and Controller (Principal Accounting and Duly Authorized Officer) |
EXHIBIT INDEX
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99.1 |
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Presentation given by Dr. Ray R. Irani, including an appendix reconciling non-GAAP financial measures included in that presentation. |
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.
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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
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U.S. Assets Acquired in 2007
Oxy Blocks
California
Utah
Colorado
New
Mexico
Oklahoma
Texas
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Dolphin Project
Sea Lines
Ras
Laffan
QATAR
Doha
Saudi
Arabia
Arabian Gulf
Export Line
Abu Dhabi
UNITED ARAB EMIRATES
Dubai
Existing
Lines
Oman
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Dolphin Project
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Extended Libya Agreements
Oxy Blocks
Tunisia
Tripoli
Benghazi
Mediterranean Sea
Algeria
LIBYA
Egypt
Niger
Chad
Sudan
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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
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Chemical Operations
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First in North America
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20
Looking Ahead
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Looking Ahead
Oil and Natural Gas Production
Thousand BOE/day
10% production increase
in 2008
570
2007
625
2008
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Partnership with Abu Dhabi
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Teaming up for Success
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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
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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.
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A Socially Responsible Company
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Total Debt
Reconciliation to Generally Accepted Accounting Principles (GAAP)
Expressed in $ Millions
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Current Maturities |
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31-Dec-03 |
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31-Dec-04 |
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31-Dec-05 |
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31-Dec-06 |
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31-Dec-07 |
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Long-term debt |
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23 |
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459 |
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46 |
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171 |
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35 |
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Trust preferred securities |
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453 |
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– |
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– |
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– |
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– |
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476 |
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459 |
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46 |
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171 |
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35 |
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Notes payable |
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– |
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– |
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– |
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– |
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12 |
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Non-current Debt |
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Long-term debt |
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4,000 |
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3,351 |
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2,877 |
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2,621 |
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1,742 |
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Unamortized debt discount |
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(7 |
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(6 |
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(4 |
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(2 |
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(1 |
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3,993 |
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3,345 |
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2,873 |
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2,619 |
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1,741 |
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Capital lease obligations |
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26 |
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26 |
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25 |
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25 |
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25 |
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Subsidiary preferred stock |
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75 |
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75 |
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75 |
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75 |
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– |
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TOTAL DEBT |
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4,570 |
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3,905 |
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3,019 |
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2,890 |
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1,813 |
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Income Per BOE After Taxes | ||||||||||
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Reconciliation to Generally Accepted Accounting Principles (GAAP) | ||||||||||
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( Millions, except $/BOE) | ||||||||||
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For the Year Ended December 31, 2007 | ||||||||||
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Consolidated |
Other |
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Subsidiaries |
Interests |
Combined | ||||||
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Revenues |
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13,391 |
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(68 |
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$ |
13,323 |
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Production costs |
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2,690 |
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(5 |
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2,685 |
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Exploration expenses |
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422 |
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(5 |
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417 |
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Other operating expenses |
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615 |
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(3 |
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612 |
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DD&A |
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2,024 |
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(6 |
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2,018 |
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Pre-tax income |
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7,640 |
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(49 |
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7,591 |
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Income tax expense |
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3,178 |
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(6 |
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3,172 |
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Results of operations |
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$ |
4,462 |
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$ |
(43 |
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$ |
4,419 |
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BOE Sales |
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208 |
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Revenues |
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$ |
64.21 |
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Production costs |
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12.94 |
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Exploration expenses |
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2.01 |
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Other operating expenses |
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2.95 |
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DD&A |
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9.73 |
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Pre-tax income |
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36.58 |
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Income tax expense |
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15.29 |
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Results of operations |
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$ |
21.30 |
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