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): August 10, 2020
OCCIDENTAL PETROLEUM CORPORATION
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||
Registrant’s Telephone Number, Including Area Code: (713 ) 215-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing 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)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (CFR 240.12b-2).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 10, 2020, Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended June 30, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
The information contained in this report and the exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
| 99.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
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 | |||||
| By: | /s/ Christopher O. Champion | ||||
| Christopher O. Champion | |||||
| Vice President, Chief Accounting Officer and Controller | |||||
Date: August 10, 2020
Occidental Announces 2nd Quarter 2020 Results
•All business segments exceeded guidance and continued to deliver operational excellence
–Combined production of 1,406 Mboed from continuing operations, exceeding midpoint of guidance by 36 Mboed
–Permian Resources exceeded high-end of guidance by 5 percent, producing 465 Mboed
–OxyChem and Gulf of Mexico achieved all-time safety records
•Significantly lowered cost structure by fully delivering acquisition cost synergies and additional cost savings
–Achieved 2020 annualized run rate of $1.5 billion of total overhead savings, including $900 million of synergies and $600 million of additional cost reductions
–Achieved 2020 annualized run rate of $800 million of operating cost reductions, including realizing $200 million in synergies and $600 million of additional cost savings
–Extensive cost management coupled with strong production resulted in second quarter domestic operating expenses to come in below guidance at $4.69 per BOE
•In July, raised $2.0 billion in senior unsecured debt and completed debt tender offer to retire $2.0 billion of 2021 debt maturities
HOUSTON — August 10, 2020 — Occidental (NYSE:OXY) today announced a net loss attributable to common stockholders for the second quarter of 2020 of $8.4 billion, or $9.12 per diluted share, and an adjusted loss attributable to common stockholders of $1.6 billion, or $1.76 per diluted share. Second quarter after-tax items affecting comparability included impairment charges of approximately $5.2 billion on oil and gas continuing operations and $1.4 billion in discontinued operations for total impairment charges of $6.6 billion.
“We continue to make progress on our debt structure and have significantly exceeded our cost savings targets while delivering operational excellence across our business,” said President and Chief Executive Officer Vicki Hollub. “These decisive financial and operational actions reflect our leadership as a low-cost operator, positioning us for success when market conditions improve.”
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax loss on continuing operations for the second quarter was $7.7 billion, compared to income of $236 million for the first quarter of 2020. The second quarter results included pre-tax impairment charges on continuing operations of approximately $4.3 billion for unproved domestic onshore acreage, $1.2 billion for proved domestic onshore and Gulf of Mexico oil and gas properties and $0.9 billion for international assets. On an after-tax basis, oil and gas impairments on continuing operations in the second quarter of 2020 were $5.2 billion. In addition, second quarter results were impacted by the steep decline in oil prices due to the continued significant drop in oil demand as governments around the world implemented measures to contain the spread of COVID-19. For the second quarter of 2020, average WTI and Brent marker prices were $27.85 per barrel and $33.26 per barrel, respectively. Average worldwide realized crude oil prices decreased by 51 percent from the prior quarter to $23.17 per barrel. Average worldwide realized NGL prices decreased by 40 percent from the prior quarter to $7.79 per BOE. Average domestic realized gas prices decreased by 24 percent from the prior quarter to $0.90 per Mcf.
Total average daily production volume of 1,406 thousands of barrels of oil equivalent per day (Mboed) for the second quarter exceeded the midpoint of guidance by 36 Mboed. Permian Resources produced 465 Mboed, exceeding the high-end of guidance by 5 percent. International average daily production volumes of 290 Mboed came within the guidance range.
OxyChem
Chemical pre-tax income for the second quarter of $108 million exceeded guidance by 35 percent. Compared to prior quarter income of $186 million, the decline in income resulted primarily from the negative impact of the COVID-19 pandemic on product demand. Operational spending at various facilities was lower in the second quarter offset by softening realized domestic and export PVC prices and volumes.
Midstream and Marketing
Midstream and marketing pre-tax loss for the second quarter was $7 million, compared to a loss of $1.3 billion for the first quarter of 2020. Excluding the WES goodwill charges from the first quarter of 2020, the decrease reflected mark-to-market gains in the marketing business, partially offset by higher equity investment income from WES. Excluding WES equity income, midstream and marketing pre-tax loss for the second quarter was $147 million.
Supplemental Non-GAAP Measure
This press release refers to adjusted income (loss), a supplemental measure not calculated in accordance with generally accepted accounting principles in the United States (GAAP). A definition of adjusted income (loss) and a reconciliation to net income (loss), the comparable GAAP financial measure, is included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss) may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.
About Occidental
Occidental is an international energy company with operations in the United States, Middle East, Africa and Latin America. We are the largest onshore oil producer in the U.S., including in the Permian Basin, and a leading offshore producer in the Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon dioxide management to advance a lower-carbon world. Visit oxy.com for more information.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, and they include, but are not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.
Although Occidental believes that the expectations reflected in any of our forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the pandemic; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets, repay or refinance debt and the impact of changes to Occidental’s credit ratings; assumptions about energy markets and fluctuations in global and local commodity and commodity-futures prices; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment; not successfully completing, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; uncertainties and liabilities associated with acquired and divested properties and businesses; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties about the estimated quantities of oil, natural gas and natural gas liquids reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling or other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; adverse tax consequences; governmental actions and political conditions and events; legislative or regulatory changes; environmental risks and liability under international, provincial, federal, regional, state, tribal, local and foreign environmental laws and regulations (including remedial actions); asset and goodwill impairments; litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of our counterparties; failure of risk management; Occidental’s ability to retain and hire key personnel; reorganization or restructuring of Occidental’s operations; changes in tax rates; and actions by third parties that are beyond Occidental’s control. The unprecedented nature of the COVID-19 pandemic and recent market decline may make it more difficult to identify potential risks, give rise to risks that are currently unknown or amplify the impact of known risks.
Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contacts
Media | Investors | ||||
Melissa E. Schoeb | Jeff Alvarez | ||||
713-366-5615 | 713-215-7864 | ||||
melissa_schoeb@oxy.com | jeff_alvarez@oxy.com | ||||
Occidental Petroleum Corporation | ||
2nd Quarter 2020 | ||
Earnings Release Schedules Index | ||
Schedule # and Description
•Before Tax Allocations
•After Tax Allocations
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reconciliation - Diluted EPS
•Detail of Capital Expenditures and Depreciation, Depletion and Amortization
•MBOE/D
•By Commodity
•MBOE/D
•Realized Prices and Related Index Prices
SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
| 2019 | 2020 | |||||||||||||||||||||||||||||||||||||
| Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Net Income (Loss) ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported income (loss) attributable to common stockholders | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | $ | (2,232) | $ | (8,353) | $ | (10,585) | ||||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | $ | (2.49) | $ | (9.12) | $ | (11.68) | ||||||||||||||||||||||
| Effective tax rate on reported income (loss) (%) | 26 | % | 33 | % | (28) | % | (19) | % | 243 | % | 1 | % | 18 | % | 15 | % | ||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | 631 | $ | 729 | $ | 93 | $ | (269) | $ | 1,184 | $ | (467) | $ | (1,612) | $ | (2,079) | |||||||||||||||||||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | $ | (0.52) | $ | (1.76) | $ | (2.29) | |||||||||||||||||||||
| Effective tax rate on adjusted income (loss) (%) | 26 | % | 30 | % | 55 | % | 92 | % | 40 | % | (14) | % | 15 | % | 11 | % | ||||||||||||||||||||||
| Average Shares Outstanding | ||||||||||||||||||||||||||||||||||||||
| Basic (millions) | 748.9 | 748.3 | 845.7 | 894.9 | 809.5 | 896.7 | 915.5 | 906.2 | ||||||||||||||||||||||||||||||
| Diluted (millions) | 750.5 | 749.5 | 845.7 | 894.9 | 809.5 | 896.7 | 915.5 | 906.2 | ||||||||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 421 | 446 | 835 | 1,145 | 714 | 1,175 | 1,116 | 1,146 | ||||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 277 | 289 | 486 | 642 | 425 | 662 | 603 | 633 | ||||||||||||||||||||||||||||||
| Worldwide - Reported (MBOE/D) | 719 | 741 | 1,155 | 1,491 | 1,029 | 1,498 | 1,438 | 1,468 | ||||||||||||||||||||||||||||||
| Worldwide - Continuing Operations (MBOE/D) | 667 | 689 | 1,112 | 1,460 | 985 | 1,470 | 1,406 | 1,438 | ||||||||||||||||||||||||||||||
| Worldwide Sales - Continuing Operations (MBOE/D) | 661 | 692 | 1,114 | 1,458 | 985 | 1,467 | 1,416 | 1,441 | ||||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 52.62 | $ | 58.91 | $ | 56.43 | $ | 56.72 | $ | 56.32 | $ | 46.97 | $ | 23.17 | $ | 35.52 | ||||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 18.14 | $ | 18.00 | $ | 14.90 | $ | 18.05 | $ | 17.05 | $ | 13.09 | $ | 7.79 | $ | 10.43 | ||||||||||||||||||||||
| Domestic gas ($/MCF) | $ | 1.36 | $ | 0.23 | $ | 1.25 | $ | 1.61 | $ | 1.31 | $ | 1.18 | $ | 0.90 | $ | 1.04 | ||||||||||||||||||||||
| Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) | (c) | $ | 1,832 | $ | 1,771 | $ | 390 | $ | 2,316 | $ | 6,309 | $ | 1,484 | $ | 587 | $ | 2,071 | |||||||||||||||||||||
| Working capital changes | (884) | 242 | 2,122 | (453) | 1,027 | (189) | (222) | (411) | ||||||||||||||||||||||||||||||
| Operating cash flow | $ | 948 | $ | 2,013 | $ | 2,512 | $ | 1,863 | $ | 7,336 | $ | 1,295 | $ | 365 | $ | 1,660 | ||||||||||||||||||||||
| Capital expenditures | $ | (1,259) | $ | (1,211) | $ | (1,717) | $ | (2,180) | $ | (6,367) | $ | (1,300) | $ | (375) | $ | (1,675) | ||||||||||||||||||||||
| 2019 | 2020 | |||||||||||||||||||||||||||||||||||||
| Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | ||||||||||||||||||||||||||||||
| Net Income (Loss) ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported income (loss) attributable to common stockholders | $ | 631 | $ | 1,266 | $ | 354 | $ | (985) | $ | (2,232) | $ | (10,585) | ||||||||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | 0.84 | $ | 1.68 | $ | 0.45 | $ | (1.22) | $ | (2.49) | $ | (11.68) | ||||||||||||||||||||||||||
| Effective tax rate on reported income (loss) (%) | 32 | % | 30 | % | 55 | % | 243 | % | 1 | % | 15 | % | ||||||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | 631 | $ | 1,360 | $ | 1,453 | $ | 1,184 | $ | (467) | $ | (2,079) | |||||||||||||||||||||||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | 0.84 | $ | 1.80 | $ | 1.85 | $ | 1.45 | $ | (0.52) | $ | (2.29) | |||||||||||||||||||||||||
| Effective tax rate on adjusted income (loss) (%) | 26 | % | 29 | % | 33 | % | 40 | % | (14) | % | 11 | % | ||||||||||||||||||||||||||
| Average Shares Outstanding | ||||||||||||||||||||||||||||||||||||||
| Basic (millions) | 748.9 | 748.7 | 781.1 | 809.5 | 896.7 | 906.2 | ||||||||||||||||||||||||||||||||
| Diluted (millions) | 750.5 | 750.0 | 782.2 | 809.5 | 896.7 | 906.2 | ||||||||||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 421 | 434 | 569 | 714 | 1,175 | 1,146 | ||||||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 277 | 283 | 351 | 425 | 662 | 633 | ||||||||||||||||||||||||||||||||
| Worldwide - Reported (MBOE/D) | 719 | 730 | 874 | 1,029 | 1,498 | 1,468 | ||||||||||||||||||||||||||||||||
| Worldwide - Continuing Operations (MBOE/D) | 667 | 678 | 825 | 985 | 1,470 | 1,438 | ||||||||||||||||||||||||||||||||
| Worldwide Sales - Continuing Operations (MBOE/D) | 661 | 676 | 824 | 985 | 1,467 | 1,441 | ||||||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 52.62 | $ | 55.86 | $ | 56.10 | $ | 56.32 | $ | 46.97 | $ | 35.52 | ||||||||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 18.14 | $ | 18.07 | $ | 16.43 | $ | 17.05 | $ | 13.09 | $ | 10.43 | ||||||||||||||||||||||||||
| Domestic gas ($/MCF) | $ | 1.36 | $ | 0.77 | $ | 1.05 | $ | 1.31 | $ | 1.18 | $ | 1.04 | ||||||||||||||||||||||||||
| Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,832 | $ | 3,603 | $ | 3,993 | $ | 6,309 | $ | 1,484 | $ | 2,071 | |||||||||||||||||||||||||
| Working capital changes | (884) | (642) | 1,480 | 1,027 | (189) | (411) | ||||||||||||||||||||||||||||||||
| Operating cash flow | $ | 948 | $ | 2,961 | $ | 5,473 | $ | 7,336 | $ | 1,295 | $ | 1,660 | ||||||||||||||||||||||||||
| Capital expenditures | $ | (1,259) | $ | (2,470) | $ | (4,187) | $ | (6,367) | $ | (1,300) | $ | (1,675) | ||||||||||||||||||||||||||
| (a) See schedule 3 for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
| (b) See schedule 4 for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
| (c) See schedule 7 for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(amounts in millions)
| 2019 | 2020 | |||||||||||||||||||||||||||||||||||||
| Before Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | ||||||||||||||||||||||||||||||||||||||
| Asset impairments | $ | — | $ | — | $ | (285) | $ | (3) | $ | (288) | $ | (282) | $ | (5,514) | $ | (5,796) | ||||||||||||||||||||||
| Asset sales gains, net | — | — | — | 475 | 475 | — | 14 | 14 | ||||||||||||||||||||||||||||||
| Rig termination and others | — | — | — | — | — | (35) | (3) | (38) | ||||||||||||||||||||||||||||||
| Oil collars MTM | — | — | 75 | (182) | (107) | 952 | 5 | 957 | ||||||||||||||||||||||||||||||
| Total Domestic | — | — | (210) | 290 | 80 | 635 | (5,498) | (4,863) | ||||||||||||||||||||||||||||||
| Foreign | ||||||||||||||||||||||||||||||||||||||
| Asset impairments | — | — | (40) | 1 | (39) | (264) | (931) | (1,195) | ||||||||||||||||||||||||||||||
| Rig termination and others | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||
| Total Foreign | — | — | (40) | 1 | (39) | (264) | (937) | (1,201) | ||||||||||||||||||||||||||||||
| Total Oil and Gas | — | — | (250) | 291 | 41 | 371 | (6,435) | (6,064) | ||||||||||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||||||||||||||
| No items affecting comparability | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Chemical | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Midstream & Marketing | ||||||||||||||||||||||||||||||||||||||
| Asset and equity investment sales gains, net | — | — | 111 | 3 | 114 | — | — | — | ||||||||||||||||||||||||||||||
| WES stand up and other asset impairments | — | — | — | (1,002) | (1,002) | (1,458) | (7) | (1,465) | ||||||||||||||||||||||||||||||
| Interest rate swap MTM, net | — | — | — | 30 | 30 | — | — | — | ||||||||||||||||||||||||||||||
| Total Midstream & Marketing | — | — | 111 | (969) | (858) | (1,458) | (7) | (1,465) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | — | (50) | (924) | (673) | (1,647) | (148) | (149) | (297) | ||||||||||||||||||||||||||||||
| Bridge loan financing fees | — | (57) | (65) | — | (122) | — | — | — | ||||||||||||||||||||||||||||||
| Acquisition-related pension & termination benefits | — | — | 20 | 17 | 37 | — | 114 | 114 | ||||||||||||||||||||||||||||||
| Interest rate swap MTM, net | — | — | (53) | 175 | 122 | (669) | 4 | (665) | ||||||||||||||||||||||||||||||
| Other charges and asset impairments | — | — | — | (22) | (22) | — | — | — | ||||||||||||||||||||||||||||||
| Warrants gains MTM | — | — | 20 | 61 | 81 | 84 | (79) | 5 | ||||||||||||||||||||||||||||||
| Total Corporate | — | (107) | (1,002) | (442) | (1,551) | (733) | (110) | (843) | ||||||||||||||||||||||||||||||
| State tax rate revaluation | — | — | (23) | 5 | (18) | — | — | — | ||||||||||||||||||||||||||||||
| Income taxes | — | 13 | 174 | 58 | 245 | 55 | 1,226 | 1,281 | ||||||||||||||||||||||||||||||
| Loss from continuing operations | — | (94) | (990) | (1,057) | (2,141) | (1,765) | (5,326) | (7,091) | ||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | — | — | — | (13) | (13) | — | — | — | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes (a) | — | — | (15) | — | (15) | — | (1,415) | (1,415) | ||||||||||||||||||||||||||||||
| Total | $ | — | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) | $ | (1,765) | $ | (6,741) | $ | (8,506) | ||||||||||||||||||||||
| 2019 | 2020 | |||||||||||||||||||||||||||||||||||||
| After Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | ||||||||||||||||||||||||||||||||||||||
| Asset impairments | $ | — | $ | — | $ | (223) | $ | (1) | $ | (224) | $ | (219) | $ | (4,299) | $ | (4,518) | ||||||||||||||||||||||
| Asset and equity investment sales gains | — | — | — | 369 | 369 | — | 11 | 11 | ||||||||||||||||||||||||||||||
| Rig termination and others | — | — | — | — | — | (27) | 5 | (22) | ||||||||||||||||||||||||||||||
| Oil collars MTM | — | — | 58 | (141) | (83) | 741 | 4 | 745 | ||||||||||||||||||||||||||||||
| Total Domestic | — | — | (165) | 227 | 62 | 495 | (4,279) | (3,784) | ||||||||||||||||||||||||||||||
| Foreign | ||||||||||||||||||||||||||||||||||||||
| Asset impairments | — | — | (40) | 1 | (39) | (264) | (931) | (1,195) | ||||||||||||||||||||||||||||||
| Rig termination and others | — | — | — | — | — | — | (6) | (6) | ||||||||||||||||||||||||||||||
| Total Foreign | — | — | (40) | 1 | (39) | (264) | (937) | (1,201) | ||||||||||||||||||||||||||||||
| Total Oil and Gas | — | — | (205) | 228 | 23 | 231 | (5,216) | (4,985) | ||||||||||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||||||||||||||
| No items affecting comparability | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | ||||||||||||||||||||||||||||||||||||||
| Asset and equity sales gains | — | — | 87 | 2 | 89 | — | — | — | ||||||||||||||||||||||||||||||
| WES stand up and other asset impairments | — | — | — | (997) | (997) | (1,443) | (6) | (1,449) | ||||||||||||||||||||||||||||||
| Interest rate swap MTM, net | — | — | — | 26 | 26 | — | — | — | ||||||||||||||||||||||||||||||
| Total Midstream & Marketing | — | — | 87 | (969) | (882) | (1,443) | (6) | (1,449) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | — | (50) | (792) | (514) | (1,356) | (115) | (117) | (232) | ||||||||||||||||||||||||||||||
| Bridge loan financing fees | — | (44) | (51) | — | (95) | — | — | — | ||||||||||||||||||||||||||||||
| Acquisition-related pension & termination benefits | — | — | 16 | 13 | 29 | — | 89 | 89 | ||||||||||||||||||||||||||||||
| Interest rate swap MTM, net | — | — | (42) | 137 | 95 | (522) | 3 | (519) | ||||||||||||||||||||||||||||||
| Other charges and asset impairments | — | — | — | (18) | (18) | — | — | — | ||||||||||||||||||||||||||||||
| Warrants gains MTM | — | — | 20 | 61 | 81 | 84 | (79) | 5 | ||||||||||||||||||||||||||||||
| Total Corporate | — | (94) | (849) | (321) | (1,264) | (553) | (104) | (657) | ||||||||||||||||||||||||||||||
| State tax rate revaluation | — | — | (23) | 5 | (18) | — | — | |||||||||||||||||||||||||||||||
| Loss from continuing operations | — | (94) | (990) | (1,057) | (2,141) | (1,765) | (5,326) | (7,091) | ||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | — | — | — | (13) | (13) | — | — | — | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | — | (15) | — | (15) | — | (1,415) | (1,415) | ||||||||||||||||||||||||||||||
| Total | $ | — | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) | $ | (1,765) | $ | (6,741) | $ | (8,506) | ||||||||||||||||||||||
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.
SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
| 2019 | 2020 | ||||||||||||||||||||||||||||||||||
| Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 54 | $ | 153 | $ | (79) | $ | 710 | $ | 838 | $ | 233 | $ | (6,841) | $ | (6,608) | |||||||||||||||||||
| Foreign | 454 | 596 | 391 | 410 | 1,851 | 40 | (860) | (820) | |||||||||||||||||||||||||||
| Exploration | (24) | (23) | (44) | (78) | (169) | (37) | (33) | (70) | |||||||||||||||||||||||||||
| Total Oil & Gas | 484 | 726 | 268 | 1,042 | 2,520 | 236 | (7,734) | (7,498) | |||||||||||||||||||||||||||
| Chemical | 265 | 208 | 207 | 119 | 799 | 186 | 108 | 294 | |||||||||||||||||||||||||||
| Midstream & Marketing | 279 | 331 | 400 | (769) | 241 | (1,287) | (7) | (1,294) | |||||||||||||||||||||||||||
| Segment income (loss) | 1,028 | 1,265 | 875 | 392 | 3,560 | (865) | (7,633) | (8,498) | |||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (83) | (143) | (360) | (416) | (1,002) | (352) | (310) | (662) | |||||||||||||||||||||||||||
| Other | (89) | (181) | (1,089) | (845) | (2,204) | (821) | (241) | (1,062) | |||||||||||||||||||||||||||
| Income (loss) from continuing operations before taxes | 856 | 941 | (574) | (869) | 354 | (2,038) | (8,184) | (10,222) | |||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | (74) | (38) | 181 | (35) | 34 | 90 | 1,577 | 1,667 | |||||||||||||||||||||||||||
| Foreign | (151) | (268) | (344) | (132) | (895) | (65) | (109) | (174) | |||||||||||||||||||||||||||
| Income (loss) from continuing operations | 631 | 635 | (737) | (1,036) | (507) | (2,013) | (6,716) | (8,729) | |||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | — | (15) | — | (15) | — | (1,415) | (1,415) | |||||||||||||||||||||||||||
| Net income (loss) | 631 | 635 | (752) | (1,036) | (522) | (2,013) | (8,131) | (10,144) | |||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | (42) | (103) | (145) | — | — | — | |||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | (118) | (200) | (318) | (219) | (222) | (441) | |||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | $ | (2,232) | $ | (8,353) | $ | (10,585) | |||||||||||||||||||
| Reported diluted earnings per share | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | $ | (2.49) | $ | (9.12) | $ | (11.68) | |||||||||||||||||||
| Effective Tax Rate | 26 | % | 33 | % | (28) | % | (19) | % | 243 | % | 1 | % | 18 | % | 15 | % | |||||||||||||||||||
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | YTD | |||||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | — | $ | — | $ | (210) | $ | 290 | $ | 80 | $ | 635 | $ | (5,498) | $ | (4,863) | |||||||||||||||||||
| Foreign | — | — | (40) | 1 | (39) | (264) | (937) | (1,201) | |||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Total Oil & Gas | — | — | (250) | 291 | 41 | 371 | (6,435) | (6,064) | |||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Midstream & Marketing | — | — | 111 | (969) | (858) | (1,458) | (7) | (1,465) | |||||||||||||||||||||||||||
| Segment income (loss) | — | — | (139) | (678) | (817) | (1,087) | (6,442) | (7,529) | |||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | — | (57) | (65) | — | (122) | — | — | — | |||||||||||||||||||||||||||
| Other | — | (50) | (937) | (442) | (1,429) | (733) | (110) | (843) | |||||||||||||||||||||||||||
| Income (loss) from continuing operations before taxes | — | (107) | (1,141) | (1,120) | (2,368) | (1,820) | (6,552) | (8,372) | |||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | — | 13 | 151 | 63 | 227 | 55 | 1,226 | 1,281 | |||||||||||||||||||||||||||
| Foreign | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Income (loss) from continuing operations | — | (94) | (990) | (1,057) | (2,141) | (1,765) | (5,326) | (7,091) | |||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | — | (15) | — | (15) | — | (1,415) | (1,415) | |||||||||||||||||||||||||||
| Net income (loss) | — | (94) | (1,005) | (1,057) | (2,156) | (1,765) | (6,741) | (8,506) | |||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | — | (13) | (13) | — | — | — | |||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | — | $ | (94) | $ | (1,005) | $ | (1,070) | $ | (2,169) | $ | (1,765) | $ | (6,741) | $ | (8,506) | |||||||||||||||||||
| Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | TY | |||||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 54 | $ | 153 | $ | 131 | $ | 420 | $ | 758 | $ | (402) | $ | (1,343) | $ | (1,745) | |||||||||||||||||||
| Foreign | 454 | 596 | 431 | 409 | 1,890 | 304 | 77 | 381 | |||||||||||||||||||||||||||
| Exploration | (24) | (23) | (44) | (78) | (169) | (37) | (33) | (70) | |||||||||||||||||||||||||||
| Total Oil & Gas | 484 | 726 | 518 | 751 | 2,479 | (135) | (1,299) | (1,434) | |||||||||||||||||||||||||||
| Chemical | 265 | 208 | 207 | 119 | 799 | 186 | 108 | 294 | |||||||||||||||||||||||||||
| Midstream & Marketing | 279 | 331 | 289 | 200 | 1,099 | 171 | — | 171 | |||||||||||||||||||||||||||
| Adjusted segment income | 1,028 | 1,265 | 1,014 | 1,070 | 4,377 | 222 | (1,191) | (969) | |||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (83) | (86) | (295) | (416) | (880) | (352) | (310) | (662) | |||||||||||||||||||||||||||
| Other | (89) | (131) | (152) | (403) | (775) | (88) | (131) | (219) | |||||||||||||||||||||||||||
| Adjusted income (loss) from continuing operations before taxes | 856 | 1,048 | 567 | 251 | 2,722 | (218) | (1,632) | (1,850) | |||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | (74) | (51) | 30 | (98) | (193) | 35 | 351 | 386 | |||||||||||||||||||||||||||
| Foreign | (151) | (268) | (344) | (132) | (895) | (65) | (109) | (174) | |||||||||||||||||||||||||||
| Adjusted income (loss) | 631 | 729 | 253 | 21 | 1,634 | (248) | (1,390) | (1,638) | |||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | (42) | (90) | (132) | — | — | — | |||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | (118) | (200) | (318) | (219) | (222) | (441) | |||||||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders | $ | 631 | $ | 729 | $ | 93 | $ | (269) | $ | 1,184 | $ | (467) | $ | (1,612) | $ | (2,079) | |||||||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | $ | (0.52) | $ | (1.76) | $ | (2.29) | |||||||||||||||||||
| Effective Tax Rate | 26 | % | 30 | % | 55 | % | 92 | % | 40 | % | (14) | % | 15 | % | 11 | % | |||||||||||||||||||
(a) Non-GAAP Measure Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.
SCHEDULE 4
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
| 2019 | 2020 | |||||||||||||||||||||||||||||||||||||
| Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 42 | $ | 119 | $ | (63) | $ | 554 | $ | 652 | $ | 182 | $ | (5,336) | $ | (5,154) | ||||||||||||||||||||||
| Foreign | 248 | 351 | 165 | 179 | 943 | (85) | (926) | (1,011) | ||||||||||||||||||||||||||||||
| Exploration | (22) | (21) | (40) | (72) | (155) | (32) | (26) | (58) | ||||||||||||||||||||||||||||||
| Total Oil & Gas | 268 | 449 | 62 | 661 | 1,440 | 65 | (6,288) | (6,223) | ||||||||||||||||||||||||||||||
| Chemical | 205 | 159 | 161 | 83 | 608 | 142 | 82 | 224 | ||||||||||||||||||||||||||||||
| Midstream & Marketing | 227 | 274 | 352 | (809) | 44 | (1,306) | 2 | (1,304) | ||||||||||||||||||||||||||||||
| Segment income (loss) | 700 | 882 | 575 | (65) | 2,092 | (1,099) | (6,204) | (7,303) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (83) | (130) | (295) | (416) | (924) | (352) | (310) | (662) | ||||||||||||||||||||||||||||||
| Other | (89) | (181) | (1,024) | (845) | (2,139) | (641) | (235) | (876) | ||||||||||||||||||||||||||||||
| Taxes | 103 | 64 | 7 | 290 | 464 | 79 | 33 | 112 | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | 631 | 635 | (737) | (1,036) | (507) | (2,013) | (6,716) | (8,729) | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | — | (15) | — | (15) | — | (1,415) | (1,415) | ||||||||||||||||||||||||||||||
| Net income (loss) | 631 | 635 | (752) | (1,036) | (522) | (2,013) | (8,131) | (10,144) | ||||||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | (42) | (103) | (145) | — | — | — | ||||||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | (118) | (200) | (318) | (219) | (222) | (441) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | $ | (2,232) | $ | (8,353) | $ | (10,585) | ||||||||||||||||||||||
| Reported diluted earnings per share | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | $ | (2.49) | $ | (9.12) | $ | (11.68) | ||||||||||||||||||||||
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | — | $ | — | $ | (165) | $ | 227 | $ | 62 | $ | 495 | $ | (4,279) | $ | (3,784) | ||||||||||||||||||||||
| Foreign | — | — | (40) | 1 | (39) | (264) | (937) | (1,201) | ||||||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Oil & Gas | — | — | (205) | 228 | 23 | 231 | (5,216) | (4,985) | ||||||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | — | — | 87 | (969) | (882) | (1,443) | (6) | (1,449) | ||||||||||||||||||||||||||||||
| Segment loss | — | — | (118) | (741) | (859) | (1,212) | (5,222) | (6,434) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | — | (44) | (51) | — | (95) | — | — | — | ||||||||||||||||||||||||||||||
| Other | — | (50) | (798) | (321) | (1,169) | (553) | (104) | (657) | ||||||||||||||||||||||||||||||
| Taxes | — | — | (23) | 5 | (18) | — | — | — | ||||||||||||||||||||||||||||||
| Loss from continuing operations | — | (94) | (990) | (1,057) | (2,141) | (1,765) | (5,326) | (7,091) | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | — | (15) | — | (15) | — | (1,415) | (1,415) | ||||||||||||||||||||||||||||||
| Net loss | — | (94) | (1,005) | (1,057) | (2,156) | (1,765) | (6,741) | (8,506) | ||||||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | — | (13) | (13) | — | — | — | ||||||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | — | $ | (94) | $ | (990) | $ | (1,070) | $ | (2,169) | $ | (1,765) | $ | (6,741) | $ | (8,506) | ||||||||||||||||||||||
| Adjusted Income (Loss) (Non-GAAP) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 42 | $ | 119 | $ | 102 | $ | 327 | $ | 590 | $ | (313) | $ | (1,057) | $ | (1,370) | ||||||||||||||||||||||
| Foreign | 248 | 351 | 205 | 178 | 982 | 179 | 11 | 190 | ||||||||||||||||||||||||||||||
| Exploration | (22) | (21) | (40) | (72) | (155) | (32) | (26) | (58) | ||||||||||||||||||||||||||||||
| Total Oil & Gas | 268 | 449 | 267 | 433 | 1,417 | (166) | (1,072) | (1,238) | ||||||||||||||||||||||||||||||
| Chemical | 205 | 159 | 161 | 83 | 608 | 142 | 82 | 224 | ||||||||||||||||||||||||||||||
| Midstream & Marketing | 227 | 274 | 265 | 160 | 926 | 137 | 8 | 145 | ||||||||||||||||||||||||||||||
| Segment income | 700 | 882 | 693 | 676 | 2,951 | 113 | (982) | (869) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (83) | (86) | (244) | (416) | (829) | (352) | (310) | (662) | ||||||||||||||||||||||||||||||
| Other | (89) | (131) | (226) | (524) | (970) | (88) | (131) | (219) | ||||||||||||||||||||||||||||||
| Taxes | 103 | 64 | 30 | 285 | 482 | 79 | 33 | 112 | ||||||||||||||||||||||||||||||
| Adjusted income (loss) | 631 | 729 | 253 | 21 | 1,634 | (248) | (1,390) | (1,638) | ||||||||||||||||||||||||||||||
| Less: Adjusted loss attributable to noncontrolling interests | — | — | (42) | (90) | (132) | — | — | — | ||||||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | (118) | (200) | (318) | (219) | (222) | (441) | ||||||||||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders | $ | 631 | $ | 729 | $ | 93 | $ | (269) | $ | 1,184 | $ | (467) | $ | (1,612) | $ | (2,079) | ||||||||||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | $ | (0.52) | $ | (1.76) | $ | (2.29) | ||||||||||||||||||||||
| Reconciliation - Diluted Earnings Per Share | ||||||||||||||||||||||||||||||||||||||
| Reported Diluted Earnings Per Share (GAAP) | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | $ | (2.49) | $ | (9.12) | $ | (11.68) | ||||||||||||||||||||||
| After-Tax Adjustments for Items Affecting Comparability | ||||||||||||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | — | $ | — | $ | (0.19) | $ | 0.25 | $ | 0.08 | $ | 0.55 | $ | (4.67) | $ | (4.18) | ||||||||||||||||||||||
| Foreign | — | — | (0.05) | — | (0.05) | (0.29) | (1.02) | (1.33) | ||||||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | — | — | 0.10 | (1.09) | (1.09) | (1.61) | (0.01) | (1.60) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | — | (0.06) | (0.06) | — | (0.12) | — | — | — | ||||||||||||||||||||||||||||||
| Other | — | (0.07) | (0.94) | (0.36) | (1.44) | (0.62) | (0.11) | (0.72) | ||||||||||||||||||||||||||||||
| Taxes | — | — | (0.03) | 0.01 | (0.02) | — | — | — | ||||||||||||||||||||||||||||||
| Discontinued Operations | — | — | (0.02) | — | (0.02) | — | (1.55) | (1.56) | ||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | — | — | — | (0.01) | (0.01) | — | — | — | ||||||||||||||||||||||||||||||
| Total After-Tax Adjustments for Items Affecting Comparability | $ | — | $ | (0.13) | $ | (1.19) | $ | (1.20) | $ | (2.67) | $ | (1.97) | $ | (7.36) | $ | (9.39) | ||||||||||||||||||||||
| Adjusted Diluted Earnings Per Share (Non-GAAP) | $ | 0.84 | $ | 0.97 | $ | 0.11 | $ | (0.30) | $ | 1.45 | $ | (0.52) | $ | (1.76) | $ | (2.29) | ||||||||||||||||||||||
| Average Diluted Shares Outstanding (millions) | 750.5 | 749.5 | 845.7 | 894.9 | 809.5 | 896.7 | 915.5 | 906.2 | ||||||||||||||||||||||||||||||
The difference between reported average diluted shares outstanding and adjusted average diluted shares outstanding is immaterial and does not impact the calculation of adjusted earnings per share. As such, adjusted earnings per share is calculated as adjusted income (loss) divided by reported average diluted shares outstanding.
SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
| 2019 | 2020 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Oil & Gas | $ | 2,351 | $ | 2,718 | $ | 3,993 | $ | 4,879 | $ | 13,941 | $ | 5,060 | $ | 2,040 | $ | 7,100 | |||||||||||||||||||
| Chemical | 1,059 | 998 | 1,071 | 974 | 4,102 | 962 | 846 | 1,808 | |||||||||||||||||||||||||||
| Midstream & Marketing | 816 | 909 | 1,163 | 1,244 | 4,132 | 790 | 204 | 994 | |||||||||||||||||||||||||||
| Eliminations | (222) | (205) | (368) | (469) | (1,264) | (199) | (162) | (361) | |||||||||||||||||||||||||||
| Total | 4,004 | 4,420 | 5,859 | 6,628 | 20,911 | 6,613 | 2,928 | 9,541 | |||||||||||||||||||||||||||
| Interest, dividends and other income | 78 | 41 | 56 | 42 | 217 | 34 | 33 | 67 | |||||||||||||||||||||||||||
| Gains on sale of assets, net | 7 | 15 | 128 | 472 | 622 | 7 | 15 | 22 | |||||||||||||||||||||||||||
| Total | 4,089 | 4,476 | 6,043 | 7,142 | 21,750 | 6,654 | 2,976 | 9,630 | |||||||||||||||||||||||||||
| COSTS AND OTHER DEDUCTIONS | |||||||||||||||||||||||||||||||||||
| Oil and gas operating expense | 645 | 717 | 974 | 946 | 3,282 | 1,069 | 631 | 1,700 | |||||||||||||||||||||||||||
| Transportation expense | 31 | 33 | 221 | 350 | 635 | 565 | 367 | 932 | |||||||||||||||||||||||||||
| Chemical and midstream costs of sales | 669 | 636 | 741 | 745 | 2,791 | 612 | 577 | 1,189 | |||||||||||||||||||||||||||
| Purchased commodities | 365 | 431 | 441 | 442 | 1,679 | 393 | 214 | 607 | |||||||||||||||||||||||||||
| Selling, general and administrative | 140 | 163 | 245 | 345 | 893 | 264 | 225 | 489 | |||||||||||||||||||||||||||
| Other operating and non-operating expense | 238 | 260 | 362 | 561 | 1,421 | 197 | 114 | 311 | |||||||||||||||||||||||||||
| Taxes other than on income | 111 | 123 | 244 | 362 | 840 | 225 | 68 | 293 | |||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 973 | 1,031 | 1,767 | 2,369 | 6,140 | 2,309 | 2,119 | 4,428 | |||||||||||||||||||||||||||
| Asset impairments and other charges | — | — | 325 | 1,036 | 1,361 | 1,803 | 6,470 | 8,273 | |||||||||||||||||||||||||||
| Anadarko acquisition-related costs | — | 50 | 924 | 673 | 1,647 | 148 | 149 | 297 | |||||||||||||||||||||||||||
| Exploration expense | 36 | 35 | 63 | 113 | 247 | 37 | 33 | 70 | |||||||||||||||||||||||||||
| Interest and debt expense, net | 98 | 153 | 381 | 434 | 1,066 | 352 | 310 | 662 | |||||||||||||||||||||||||||
| Total | 3,306 | 3,632 | 6,688 | 8,376 | 22,002 | 7,974 | 11,277 | 19,251 | |||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | 783 | 844 | (645) | (1,234) | (252) | (1,320) | (8,301) | (9,621) | |||||||||||||||||||||||||||
| OTHER ITEMS | |||||||||||||||||||||||||||||||||||
| Gains (losses) on interest rate swaps and warrants, net | — | — | (33) | 266 | 233 | (585) | (76) | (661) | |||||||||||||||||||||||||||
| Income (loss) from equity investments | 73 | 97 | 104 | 99 | 373 | (133) | 193 | 60 | |||||||||||||||||||||||||||
| Total | 73 | 97 | 71 | 365 | 606 | (718) | 117 | (601) | |||||||||||||||||||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 856 | 941 | (574) | (869) | 354 | (2,038) | (8,184) | (10,222) | |||||||||||||||||||||||||||
| Income tax (expense) benefit | (225) | (306) | (163) | (167) | (861) | 25 | 1,468 | 1,493 | |||||||||||||||||||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 631 | 635 | (737) | (1,036) | (507) | (2,013) | (6,716) | (8,729) | |||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | — | (15) | — | (15) | — | (1,415) | (1,415) | |||||||||||||||||||||||||||
| NET INCOME (LOSS) | 631 | 635 | (752) | (1,036) | (522) | (2,013) | (8,131) | (10,144) | |||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | (42) | (103) | (145) | — | — | — | |||||||||||||||||||||||||||
| Less: Preferred stock dividend | — | — | (118) | (200) | (318) | (219) | (222) | (441) | |||||||||||||||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 631 | $ | 635 | $ | (912) | $ | (1,339) | $ | (985) | $ | (2,232) | $ | (8,353) | $ | (10,585) | |||||||||||||||||||
| EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | |||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.84 | $ | 0.84 | $ | (1.06) | $ | (1.50) | $ | (1.20) | $ | (2.49) | $ | (7.58) | $ | (10.12) | |||||||||||||||||||
| Discontinued operations, net | — | — | (0.02) | — | (0.02) | — | (1.54) | (1.56) | |||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | $ | (2.49) | $ | (9.12) | $ | (11.68) | |||||||||||||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.84 | $ | 0.84 | $ | (1.08) | $ | (1.50) | $ | (1.22) | $ | (2.49) | $ | (9.12) | $ | (11.68) | |||||||||||||||||||
| DIVIDENDS PER COMMON SHARE | $ | 0.78 | $ | 0.78 | $ | 0.79 | $ | 0.79 | $ | 3.14 | $ | 0.79 | $ | 0.01 | $ | 0.80 | |||||||||||||||||||
| AVERAGE COMMON SHARES OUTSTANDING | |||||||||||||||||||||||||||||||||||
| BASIC | 748.9 | 748.3 | 845.7 | 894.9 | 809.5 | 896.7 | 915.5 | 906.2 | |||||||||||||||||||||||||||
| DILUTED | 750.5 | 749.5 | 845.7 | 894.9 | 809.5 | 896.7 | 915.5 | 906.2 | |||||||||||||||||||||||||||
SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
| 2019 | 2020 | ||||||||||||||||||||||||||||
| MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | ||||||||||||||||||||||
| CURRENT ASSETS | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1,752 | $ | 1,751 | $ | 4,840 | $ | 3,032 | $ | 2,021 | $ | 1,011 | |||||||||||||||||
| Restricted cash and restricted cash equivalents | — | — | 467 | 485 | 269 | 124 | |||||||||||||||||||||||
| Trade receivables, net | 5,310 | 5,273 | 5,854 | 6,373 | 2,458 | 2,359 | |||||||||||||||||||||||
| Inventories | 1,484 | 1,582 | 1,744 | 1,581 | 1,567 | 1,477 | |||||||||||||||||||||||
| Assets held for sale | — | — | 4,195 | 3,870 | 3,606 | 1,412 | |||||||||||||||||||||||
| Other current assets | 724 | 819 | 1,853 | 1,432 | 2,398 | 2,054 | |||||||||||||||||||||||
| Total current assets | 9,270 | 9,425 | 18,953 | 16,773 | 12,319 | 8,437 | |||||||||||||||||||||||
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 1,725 | 1,777 | 3,684 | 6,389 | 6,050 | 6,128 | |||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||||||||
| Property, plant and equipment | 75,813 | 77,004 | 138,834 | 124,267 | 125,388 | 125,523 | |||||||||||||||||||||||
| Accumulated depreciation, depletion and amortization | (43,913) | (44,889) | (46,865) | (42,037) | (44,615) | (52,919) | |||||||||||||||||||||||
| Net property, plant and equipment | 31,900 | 32,115 | 91,969 | 82,230 | 80,773 | 72,604 | |||||||||||||||||||||||
| OPERATING LEASE ASSETS | 684 | 681 | 1,107 | 1,411 | 1,216 | 1,129 | |||||||||||||||||||||||
| LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 793 | 765 | 1,269 | 2,527 | 1,285 | 1,154 | |||||||||||||||||||||||
| INTANGIBLES, NET | 8 | 7 | 2,387 | — | — | — | |||||||||||||||||||||||
| GOODWILL - WES Midstream | — | — | 6,074 | — | — | — | |||||||||||||||||||||||
| TOTAL ASSETS | $ | 44,380 | $ | 44,770 | $ | 125,443 | $ | 109,330 | $ | 101,643 | $ | 89,452 | |||||||||||||||||
| CURRENT LIABILITIES | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | $ | 116 | $ | 116 | $ | 31 | $ | 51 | $ | 2,464 | $ | 2,460 | |||||||||||||||||
| Current operating lease liabilities | 240 | 252 | 474 | 579 | 461 | 420 | |||||||||||||||||||||||
| Accounts payable | 5,261 | 5,445 | 6,826 | 7,050 | 3,888 | 3,034 | |||||||||||||||||||||||
| Accrued liabilities | 1,920 | 2,067 | 5,311 | 5,447 | 3,504 | 3,215 | |||||||||||||||||||||||
| Accrued income taxes | — | — | 1,036 | — | — | — | |||||||||||||||||||||||
| Liabilities of assets held for sale | — | — | 1,920 | 1,718 | 1,589 | 790 | |||||||||||||||||||||||
| Total current liabilities | 7,537 | 7,880 | 15,598 | 14,845 | 11,906 | 9,919 | |||||||||||||||||||||||
| LONG-TERM DEBT, NET | |||||||||||||||||||||||||||||
| Long-term debt, net - Occidental | 10,203 | 10,155 | 39,946 | 38,537 | 36,058 | 36,034 | |||||||||||||||||||||||
| Long-term debt, net - WES Midstream | — | — | 7,637 | — | — | — | |||||||||||||||||||||||
| Total long-term debt, net | 10,203 | 10,155 | 47,583 | 38,537 | 36,058 | 36,034 | |||||||||||||||||||||||
| DEFERRED CREDITS AND OTHER LIABILITIES | |||||||||||||||||||||||||||||
| Deferred income taxes | 918 | 950 | 9,920 | 9,717 | 9,403 | 7,887 | |||||||||||||||||||||||
| Asset retirement obligations | 1,430 | 1,433 | 4,187 | 4,411 | 4,454 | 4,316 | |||||||||||||||||||||||
| Pension and postretirement obligations | 816 | 819 | 1,940 | 1,823 | 1,983 | 1,816 | |||||||||||||||||||||||
| Environmental remediation reserves | 755 | 764 | 905 | 1,035 | 1,017 | 1,000 | |||||||||||||||||||||||
| Operating lease liabilities | 465 | 445 | 695 | 872 | 784 | 740 | |||||||||||||||||||||||
| Other | 1,020 | 977 | 3,610 | 3,858 | 4,743 | 4,394 | |||||||||||||||||||||||
| Total deferred credits and other liabilities | 5,404 | 5,388 | 21,257 | 21,716 | 22,384 | 20,153 | |||||||||||||||||||||||
| EQUITY | |||||||||||||||||||||||||||||
| Preferred stock, $1.00 per share par value | — | — | 9,762 | 9,762 | 9,762 | 9,762 | |||||||||||||||||||||||
| Common stock, $.20 per share par value | 179 | 179 | 209 | 209 | 210 | 213 | |||||||||||||||||||||||
| Treasury stock | (10,653) | (10,653) | (10,653) | (10,653) | (10,653) | (10,657) | |||||||||||||||||||||||
| Additional paid-in capital | 8,083 | 8,157 | 14,867 | 14,955 | 15,081 | 16,235 | |||||||||||||||||||||||
| Retained earnings | 23,795 | 23,848 | 22,227 | 20,180 | 17,229 | 8,105 | |||||||||||||||||||||||
| Accumulated other comprehensive loss | (168) | (184) | (332) | (221) | (334) | (312) | |||||||||||||||||||||||
| Total stockholder's equity | 21,236 | 21,347 | 36,080 | 34,232 | 31,295 | 23,346 | |||||||||||||||||||||||
| Noncontrolling interest | — | — | 4,925 | — | — | — | |||||||||||||||||||||||
| Total equity | 21,236 | 21,347 | 41,005 | 34,232 | 31,295 | 23,346 | |||||||||||||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 44,380 | $ | 44,770 | $ | 125,443 | $ | 109,330 | $ | 101,643 | $ | 89,452 | |||||||||||||||||
SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)
| 2019 | 2020 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| OPERATING CASH FLOW FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 631 | $ | 635 | $ | (752) | $ | (1,036) | $ | (522) | $ | (2,013) | $ | (8,131) | $ | (10,144) | |||||||||||||||||||
| Depreciation, depletion and amortization (see detail below) | 973 | 1,031 | 1,767 | 2,369 | 6,140 | 2,309 | 2,119 | 4,428 | |||||||||||||||||||||||||||
| Deferred income tax provision (benefit) | 10 | 37 | (1,097) | 23 | (1,027) | (218) | (1,525) | (1,743) | |||||||||||||||||||||||||||
| Asset impairments and other non-cash charges | 218 | 68 | 472 | 960 | 1,718 | 1,406 | 8,124 | 9,530 | |||||||||||||||||||||||||||
| Operating cash flow from continuing operations before working capital (NON-GAAP) (see below) | 1,832 | 1,771 | 390 | 2,316 | 6,309 | 1,484 | 587 | 2,071 | |||||||||||||||||||||||||||
| Working capital changes | (884) | 242 | 2,122 | (453) | 1,027 | (189) | (222) | (411) | |||||||||||||||||||||||||||
| Operating cash flow from continuing operations (GAAP) | 948 | 2,013 | 2,512 | 1,863 | 7,336 | 1,295 | 365 | 1,660 | |||||||||||||||||||||||||||
| INVESTING CASH FLOW FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||
| Capital expenditures (see detail below) | (1,259) | (1,211) | (1,717) | (2,180) | (6,367) | (1,300) | (375) | (1,675) | |||||||||||||||||||||||||||
| Payments for purchases of assets and businesses | (69) | (7) | (27,850) | (162) | (28,088) | (35) | (13) | (48) | |||||||||||||||||||||||||||
| Sales of assets, net | 16 | 16 | 4,777 | 1,334 | 6,143 | 112 | 69 | 181 | |||||||||||||||||||||||||||
| Changes in capital accrual | (51) | (57) | (20) | (121) | (249) | (435) | (307) | (742) | |||||||||||||||||||||||||||
| Other investing activities | (52) | (29) | (59) | (151) | (291) | 142 | 61 | 203 | |||||||||||||||||||||||||||
| Investing cash flow from continuing operations | (1,415) | (1,288) | (24,869) | (1,280) | (28,852) | (1,516) | (565) | (2,081) | |||||||||||||||||||||||||||
| FINANCING CASH FLOW FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||
| Cash dividends paid | (591) | (587) | (588) | (858) | (2,624) | (913) | (714) | (1,627) | |||||||||||||||||||||||||||
| Purchases of treasury stock | (237) | — | — | — | (237) | — | — | — | |||||||||||||||||||||||||||
| Proceeds from debt - Occidental | — | (108) | 21,665 | — | 21,557 | — | — | — | |||||||||||||||||||||||||||
| Proceeds from debt - WES Midstream | — | — | 1,240 | 219 | 1,459 | — | — | — | |||||||||||||||||||||||||||
| Payments of debt - Occidental | — | — | (4,949) | (2,010) | (6,959) | — | — | — | |||||||||||||||||||||||||||
| Payments of debt - WES Midstream | — | — | (1,000) | — | (1,000) | — | — | — | |||||||||||||||||||||||||||
| WES Midstream distribution to noncontrolling interests | — | — | (127) | (130) | (257) | — | — | — | |||||||||||||||||||||||||||
| Proceeds from issuance of preferred stock | — | (50) | 10,000 | — | 9,950 | — | — | — | |||||||||||||||||||||||||||
| Other financing activities | 14 | 19 | (8) | 282 | 307 | (106) | (217) | (323) | |||||||||||||||||||||||||||
| Financing cash flow from continuing operations | (814) | (726) | 26,233 | (2,497) | 22,196 | (1,019) | (931) | (1,950) | |||||||||||||||||||||||||||
| Cash Flow From Discontinued Operations | — | — | (262) | 123 | (139) | 30 | (20) | 10 | |||||||||||||||||||||||||||
| Increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | (1,281) | (1) | 3,614 | (1,791) | 541 | (1,210) | (1,151) | (2,361) | |||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and restricted cash equivalents - beginning of period | 3,033 | 1,752 | 1,751 | 5,365 | 3,033 | 3,574 | 2,364 | 3,574 | |||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and cash equivalents - end of period | $ | 1,752 | $ | 1,751 | $ | 5,365 | $ | 3,574 | $ | 3,574 | $ | 2,364 | $ | 1,213 | $ | 1,213 | |||||||||||||||||||
| Capital Expenditures | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | YTD | |||||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Permian Resources | $ | (775) | $ | (747) | $ | (905) | $ | (887) | $ | (3,314) | $ | (604) | $ | (101) | $ | (705) | |||||||||||||||||||
| Permian EOR | (133) | (135) | (121) | (116) | (505) | (92) | (21) | (113) | |||||||||||||||||||||||||||
| DJ Basin | — | — | (110) | (210) | (320) | (164) | (11) | (175) | |||||||||||||||||||||||||||
| Gulf of Mexico | — | — | (47) | (140) | (187) | (102) | (40) | (142) | |||||||||||||||||||||||||||
| Other Domestic | (6) | (5) | (24) | (46) | (81) | (30) | (9) | (39) | |||||||||||||||||||||||||||
| Latin America | (34) | (35) | (49) | (55) | (173) | (25) | (9) | (34) | |||||||||||||||||||||||||||
| Middle East & Africa | (155) | (153) | (138) | (133) | (579) | (127) | (98) | (225) | |||||||||||||||||||||||||||
| Exploration Drilling | (77) | (40) | (75) | (161) | (353) | (100) | (28) | (128) | |||||||||||||||||||||||||||
| Chemical | (38) | (54) | (56) | (119) | (267) | (41) | (41) | (82) | |||||||||||||||||||||||||||
| Midstream & Marketing | (26) | (26) | (161) | (248) | (461) | (13) | (16) | (29) | |||||||||||||||||||||||||||
| Corporate | (15) | (16) | (31) | (65) | (127) | (2) | (1) | (3) | |||||||||||||||||||||||||||
| Total Capital Expenditures | $ | (1,259) | $ | (1,211) | $ | (1,717) | $ | (2,180) | $ | (6,367) | $ | (1,300) | $ | (375) | $ | (1,675) | |||||||||||||||||||
| Depreciation, Depletion and Amortization | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | YTD | |||||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| United States | $ | 570 | $ | 615 | $ | 1,217 | $ | 1,712 | $ | 4,114 | $ | 1,881 | $ | 1,764 | $ | 3,645 | |||||||||||||||||||
| Latin America | 26 | 37 | 37 | 34 | 134 | 45 | 37 | 82 | |||||||||||||||||||||||||||
| Middle East & Africa | 199 | 200 | 257 | 249 | 905 | 197 | 169 | 366 | |||||||||||||||||||||||||||
| Chemical | 89 | 92 | 93 | 94 | 368 | 90 | 86 | 176 | |||||||||||||||||||||||||||
| Midstream & Marketing | 79 | 76 | 147 | 261 | 563 | 80 | 74 | 154 | |||||||||||||||||||||||||||
| Corporate | 10 | 11 | 16 | 19 | 56 | 16 | (11) | 5 | |||||||||||||||||||||||||||
| Total Depreciation, Depletion and Amortization | $ | 973 | $ | 1,031 | $ | 1,767 | $ | 2,369 | $ | 6,140 | $ | 2,309 | $ | 2,119 | $ | 4,428 | |||||||||||||||||||
| Adjusted Operating Cash Flow From Continuing Operations Before Working Capital (Non-GAAP) | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | ||||||||||||||||||||||||||||||
| Operating cash flow from continuing operations (GAAP) | $ | 2,512 | $ | 1,863 | $ | 4,375 | $ | 1,295 | $ | 365 | |||||||||||||||||||||||||
| Less: Working capital and other, net | (2,122) | 453 | (1,669) | 189 | 222 | ||||||||||||||||||||||||||||||
| Operating cash flow from continuing operations before working capital (Non-GAAP) | 390 | 2,316 | 2,706 | 1,484 | 587 | ||||||||||||||||||||||||||||||
| Add back impacts from: | |||||||||||||||||||||||||||||||||||
| Tax impact on divestitures | 880 | (643) | 237 | — | — | ||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | 924 | 673 | 1,597 | 148 | 124 | ||||||||||||||||||||||||||||||
| Adjusted operating cash flow from continuing operations before working capital (Non-GAAP) | $ | 2,194 | $ | 2,346 | $ | 2,871 | $ | 1,632 | $ | 711 | |||||||||||||||||||||||||
SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
| 2019 | 2020 | ||||||||||||||||||||||||||||||||||
| REPORTED NET MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Permian Resources | 261 | 289 | 390 | 476 | 355 | 474 | 465 | 470 | |||||||||||||||||||||||||||
| Permian EOR | 156 | 153 | 154 | 153 | 154 | 151 | 141 | 146 | |||||||||||||||||||||||||||
| DJ Basin | — | — | 163 | 314 | 120 | 326 | 312 | 319 | |||||||||||||||||||||||||||
| Gulf of Mexico | — | — | 90 | 141 | 58 | 163 | 142 | 153 | |||||||||||||||||||||||||||
| Other Domestic | 4 | 4 | 38 | 61 | 27 | 61 | 56 | 58 | |||||||||||||||||||||||||||
| Total | 421 | 446 | 835 | 1,145 | 714 | 1,175 | 1,116 | 1,146 | |||||||||||||||||||||||||||
| Latin America | 33 | 35 | 33 | 35 | 34 | 34 | 34 | 34 | |||||||||||||||||||||||||||
| Middle East / Africa | |||||||||||||||||||||||||||||||||||
| Algeria | — | — | 32 | 62 | 24 | 54 | 40 | 47 | |||||||||||||||||||||||||||
| Al Hosn | 82 | 82 | 80 | 83 | 82 | 77 | 80 | 79 | |||||||||||||||||||||||||||
| Dolphin | 40 | 40 | 44 | 43 | 42 | 40 | 49 | 44 | |||||||||||||||||||||||||||
| Oman | 91 | 86 | 88 | 92 | 89 | 90 | 87 | 88 | |||||||||||||||||||||||||||
| Total | 213 | 208 | 244 | 280 | 237 | 261 | 256 | 258 | |||||||||||||||||||||||||||
| TOTAL CONTINUING OPERATIONS PRODUCTION | 667 | 689 | 1,112 | 1,460 | 985 | 1,470 | 1,406 | 1,438 | |||||||||||||||||||||||||||
| DISCONTINUED AND EXITED OPERATIONS | 52 | 52 | 43 | 31 | 44 | 28 | 32 | 30 | |||||||||||||||||||||||||||
| TOTAL REPORTED PRODUCTION | 719 | 741 | 1,155 | 1,491 | 1,029 | 1,498 | 1,438 | 1,468 | |||||||||||||||||||||||||||
| REPORTED NET PRODUCTION | |||||||||||||||||||||||||||||||||||
| VOLUMES PER DAY BY COMMODITY: | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian Resources | 157 | 170 | 221 | 273 | 207 | 273 | 258 | 265 | |||||||||||||||||||||||||||
| Permian EOR | 118 | 117 | 116 | 117 | 117 | 115 | 105 | 110 | |||||||||||||||||||||||||||
| DJ Basin | — | — | 64 | 120 | 46 | 121 | 107 | 114 | |||||||||||||||||||||||||||
| Gulf of Mexico | — | — | 75 | 117 | 48 | 136 | 118 | 128 | |||||||||||||||||||||||||||
| Other Domestic | 2 | 2 | 10 | 15 | 7 | 17 | 15 | 16 | |||||||||||||||||||||||||||
| Total | 277 | 289 | 486 | 642 | 425 | 662 | 603 | 633 | |||||||||||||||||||||||||||
| NGL (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian Resources | 49 | 58 | 88 | 106 | 74 | 101 | 108 | 105 | |||||||||||||||||||||||||||
| Permian EOR | 30 | 29 | 30 | 29 | 30 | 30 | 27 | 29 | |||||||||||||||||||||||||||
| DJ Basin | — | — | 38 | 73 | 28 | 79 | 78 | 79 | |||||||||||||||||||||||||||
| Gulf of Mexico | — | — | 7 | 10 | 4 | 12 | 10 | 10 | |||||||||||||||||||||||||||
| Other Domestic | — | — | 5 | 9 | 4 | 8 | 7 | 7 | |||||||||||||||||||||||||||
| Total | 79 | 87 | 168 | 227 | 140 | 230 | 230 | 230 | |||||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Permian Resources | 330 | 364 | 488 | 580 | 442 | 600 | 596 | 600 | |||||||||||||||||||||||||||
| Permian EOR | 46 | 44 | 45 | 41 | 44 | 33 | 51 | 41 | |||||||||||||||||||||||||||
| DJ Basin | — | — | 364 | 727 | 275 | 756 | 763 | 758 | |||||||||||||||||||||||||||
| Gulf of Mexico | — | — | 50 | 86 | 34 | 90 | 83 | 87 | |||||||||||||||||||||||||||
| Other Domestic | 13 | 11 | 138 | 223 | 98 | 216 | 204 | 210 | |||||||||||||||||||||||||||
| Total | 389 | 419 | 1,085 | 1,657 | 893 | 1,695 | 1,697 | 1,696 | |||||||||||||||||||||||||||
| Latin America | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | 32 | 34 | 32 | 34 | 33 | 33 | 33 | 33 | |||||||||||||||||||||||||||
| Natural Gas (MMCF) | 7 | 7 | 8 | 8 | 8 | 8 | 7 | 7 | |||||||||||||||||||||||||||
| Middle East / Africa | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria | — | — | 31 | 56 | 22 | 50 | 37 | 44 | |||||||||||||||||||||||||||
| Al Hosn | 14 | 14 | 14 | 14 | 14 | 13 | 14 | 14 | |||||||||||||||||||||||||||
| Dolphin | 6 | 7 | 7 | 7 | 7 | 6 | 8 | 7 | |||||||||||||||||||||||||||
| Oman | 68 | 65 | 66 | 67 | 66 | 67 | 65 | 65 | |||||||||||||||||||||||||||
| Total | 88 | 86 | 118 | 144 | 109 | 136 | 124 | 130 | |||||||||||||||||||||||||||
| NGL (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria | — | — | 1 | 6 | 2 | 4 | 3 | 3 | |||||||||||||||||||||||||||
| Al Hosn | 26 | 26 | 25 | 26 | 26 | 25 | 25 | 25 | |||||||||||||||||||||||||||
| Dolphin | 8 | 8 | 8 | 8 | 8 | 8 | 10 | 9 | |||||||||||||||||||||||||||
| Total | 34 | 34 | 34 | 40 | 36 | 37 | 38 | 37 | |||||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Al Hosn | 250 | 251 | 246 | 257 | 251 | 234 | 244 | 239 | |||||||||||||||||||||||||||
| Dolphin | 154 | 152 | 171 | 166 | 161 | 155 | 188 | 170 | |||||||||||||||||||||||||||
| Oman | 140 | 125 | 133 | 152 | 138 | 139 | 132 | 136 | |||||||||||||||||||||||||||
| Total | 544 | 528 | 550 | 575 | 550 | 528 | 564 | 545 | |||||||||||||||||||||||||||
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
| 2019 | 2020 | ||||||||||||||||||||||||||||||||||
| NET SALES MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| United States | 421 | 446 | 835 | 1,145 | 714 | 1,175 | 1,116 | 1,146 | |||||||||||||||||||||||||||
| Latin America | 28 | 38 | 36 | 33 | 34 | 36 | 31 | 33 | |||||||||||||||||||||||||||
| Middle East / Africa | |||||||||||||||||||||||||||||||||||
| Algeria | — | — | 32 | 62 | 24 | 50 | 50 | 50 | |||||||||||||||||||||||||||
| Al Hosn | 82 | 82 | 80 | 83 | 82 | 77 | 80 | 79 | |||||||||||||||||||||||||||
| Dolphin | 39 | 41 | 44 | 43 | 42 | 40 | 49 | 44 | |||||||||||||||||||||||||||
| Oman | 91 | 85 | 87 | 92 | 89 | 89 | 90 | 89 | |||||||||||||||||||||||||||
| Total | 212 | 208 | 243 | 280 | 237 | 256 | 269 | 262 | |||||||||||||||||||||||||||
| TOTAL CONTINUING OPERATIONS SALES | 661 | 692 | 1,114 | 1,458 | 985 | 1,467 | 1,416 | 1,441 | |||||||||||||||||||||||||||
| DISCONTINUED AND EXITED OPERATIONS | 52 | 52 | 43 | 31 | 44 | 28 | 28 | 28 | |||||||||||||||||||||||||||
| TOTAL REPORTED SALES | 713 | 744 | 1,157 | 1,489 | 1,029 | 1,495 | 1,444 | 1,469 | |||||||||||||||||||||||||||
| REALIZED PRICES | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 48.38 | $ | 55.14 | $ | 54.90 | $ | 56.00 | $ | 54.31 | $ | 45.71 | $ | 21.27 | $ | 34.07 | |||||||||||||||||||
| NGL ($/BBL) | $ | 16.79 | $ | 16.28 | $ | 13.91 | $ | 17.25 | $ | 16.03 | $ | 11.98 | $ | 7.22 | $ | 9.60 | |||||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.36 | $ | 0.23 | $ | 1.25 | $ | 1.61 | $ | 1.31 | $ | 1.18 | $ | 0.90 | $ | 1.04 | |||||||||||||||||||
| Latin America | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 55.52 | $ | 62.66 | $ | 54.98 | $ | 54.96 | $ | 57.26 | $ | 47.20 | $ | 24.02 | $ | 36.45 | |||||||||||||||||||
| Natural Gas ($/MCF) | $ | 7.37 | $ | 7.01 | $ | 7.05 | $ | 6.69 | $ | 7.01 | $ | 6.62 | $ | 6.31 | $ | 6.47 | |||||||||||||||||||
| Middle East / Africa | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 60.50 | $ | 65.83 | $ | 61.74 | $ | 60.24 | $ | 62.03 | $ | 53.28 | $ | 31.42 | $ | 42.18 | |||||||||||||||||||
| NGL ($/BBL) | $ | 21.30 | $ | 22.50 | $ | 20.41 | $ | 23.02 | $ | 21.85 | $ | 20.32 | $ | 11.23 | $ | 15.58 | |||||||||||||||||||
| Total Worldwide | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 52.62 | $ | 58.91 | $ | 56.43 | $ | 56.72 | $ | 56.32 | $ | 46.97 | $ | 23.17 | $ | 35.52 | |||||||||||||||||||
| NGL ($/BBL) | $ | 18.14 | $ | 18.00 | $ | 14.90 | $ | 18.05 | $ | 17.05 | $ | 13.09 | $ | 7.79 | $ | 10.43 | |||||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.55 | $ | 1.03 | $ | 1.38 | $ | 1.63 | $ | 1.45 | $ | 1.32 | $ | 1.10 | $ | 1.20 | |||||||||||||||||||
| Index Prices | |||||||||||||||||||||||||||||||||||
| WTI Oil ($/BBL) | $ | 54.90 | $ | 59.82 | $ | 56.45 | $ | 56.96 | $ | 57.03 | $ | 46.17 | $ | 27.85 | $ | 37.01 | |||||||||||||||||||
| Brent Oil ($/BBL) | $ | 63.90 | $ | 68.32 | $ | 62.01 | $ | 62.50 | $ | 64.18 | $ | 50.95 | $ | 33.26 | $ | 42.11 | |||||||||||||||||||
| NYMEX Natural Gas ($/MCF) | $ | 3.24 | $ | 2.67 | $ | 2.27 | $ | 2.50 | $ | 2.67 | $ | 2.05 | $ | 1.77 | $ | 1.91 | |||||||||||||||||||
| Percentage of Index Prices | |||||||||||||||||||||||||||||||||||
| Worldwide oil as a percentage of WTI | 96 | % | 98 | % | 100 | % | 100 | % | 99 | % | 102 | % | 83 | % | 96 | % | |||||||||||||||||||
| Worldwide oil as a percentage of Brent | 82 | % | 86 | % | 91 | % | 91 | % | 88 | % | 92 | % | 70 | % | 84 | % | |||||||||||||||||||
| Worldwide NGL as a percentage of WTI | 33 | % | 30 | % | 26 | % | 32 | % | 30 | % | 28 | % | 28 | % | 28 | % | |||||||||||||||||||
| Worldwide NGL as a percentage of Brent | 28 | % | 26 | % | 24 | % | 29 | % | 27 | % | 26 | % | 23 | % | 25 | % | |||||||||||||||||||
| Domestic gas as a percentage of NYMEX | 42 | % | 9 | % | 55 | % | 64 | % | 49 | % | 58 | % | 51 | % | 54 | % | |||||||||||||||||||
SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
| 2019 | 2020 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| Lease operating expenses ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 11.83 | $ | 11.16 | $ | 8.45 | $ | 6.84 | $ | 8.71 | $ | 6.70 | $ | 4.69 | $ | 5.72 | |||||||||||||||||||
| Latin America | $ | 14.00 | $ | 9.94 | $ | 14.58 | $ | 14.68 | $ | 13.18 | $ | 12.30 | $ | 5.85 | $ | 9.31 | |||||||||||||||||||
| Middle East / Africa | $ | 9.73 | $ | 9.59 | $ | 10.39 | $ | 8.38 | $ | 9.51 | $ | 9.88 | $ | 7.61 | $ | 8.72 | |||||||||||||||||||
| Total Oil and Gas | $ | 11.14 | $ | 10.55 | $ | 9.11 | $ | 7.32 | $ | 9.07 | $ | 7.39 | $ | 5.27 | $ | 6.35 | |||||||||||||||||||
| Transportation costs ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 0.07 | $ | 0.07 | $ | 2.97 | $ | 3.92 | $ | 2.48 | $ | 4.21 | $ | 3.41 | $ | 3.82 | |||||||||||||||||||
| Total Oil and Gas | $ | 0.42 | $ | 0.43 | $ | 2.38 | $ | 3.24 | $ | 2.00 | $ | 3.52 | $ | 2.83 | $ | 3.18 | |||||||||||||||||||
| Taxes other than on income ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 2.79 | $ | 2.89 | $ | 2.40 | $ | 2.32 | $ | 2.50 | $ | 1.65 | $ | 0.63 | $ | 1.15 | |||||||||||||||||||
| Total Oil and Gas | $ | 1.68 | $ | 1.76 | $ | 2.20 | $ | 2.48 | $ | 2.13 | $ | 1.66 | $ | 0.54 | $ | 1.11 | |||||||||||||||||||
| DD&A expense ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 15.04 | $ | 15.16 | $ | 15.84 | $ | 16.23 | $ | 15.78 | $ | 17.72 | $ | 17.23 | $ | 17.48 | |||||||||||||||||||
| Latin America | $ | 10.38 | $ | 10.58 | $ | 11.00 | $ | 11.37 | $ | 10.85 | $ | 13.76 | $ | 12.98 | $ | 13.39 | |||||||||||||||||||
| Middle East / Africa | $ | 8.40 | $ | 8.44 | $ | 10.11 | $ | 9.53 | $ | 9.15 | $ | 8.48 | $ | 6.89 | $ | 7.67 | |||||||||||||||||||
| Total Oil and Gas | $ | 12.40 | $ | 12.58 | $ | 14.31 | $ | 14.82 | $ | 13.85 | $ | 16.01 | $ | 15.17 | $ | 15.60 | |||||||||||||||||||
| G&A and other operating expenses ($/BOE) | $ | 4.00 | $ | 3.54 | $ | 3.68 | $ | 3.64 | $ | 3.72 | $ | 2.34 | $ | 2.14 | $ | 2.24 | |||||||||||||||||||
| O&G MTM (Gain) Loss - Collars and CO2 ($ millions) | $ | (69) | $ | 3 | $ | (64) | $ | 145 | $ | 15 | $ | (870) | $ | (54) | $ | (924) | |||||||||||||||||||
| Exploration Expense ($ millions) | |||||||||||||||||||||||||||||||||||
| United States | $ | 16 | $ | 15 | $ | 31 | $ | 37 | $ | 99 | $ | 21 | $ | 22 | $ | 43 | |||||||||||||||||||
| Latin America | 1 | 9 | 7 | 28 | 45 | (3) | 1 | (2) | |||||||||||||||||||||||||||
| Middle East / Africa | 19 | 11 | 25 | 48 | 103 | 19 | 10 | 29 | |||||||||||||||||||||||||||
| Total Exploration Expense | $ | 36 | $ | 35 | $ | 63 | $ | 113 | $ | 247 | $ | 37 | $ | 33 | $ | 70 | |||||||||||||||||||