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 3, 2021
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:
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 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 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 3, 2021 , 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, 2021. 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 | |||||||||||
| Date: | By: | /s/ Christopher O. Champion | |||||||||
| Christopher O. Champion | |||||||||||
| Vice President, Chief Accounting Officer and Controller | |||||||||||
Occidental Announces 2nd Quarter 2021 Results
•Cash flow from continuing operations of $3.3 billion and cash flow from continuing operations before working capital of $2.7 billion
•Maintained capital discipline with spending of $698 million, resulting in free cash flow excluding working capital of $2.0 billion
•Executed debt tender offer and repaid over $3.0 billion of long-term debt in July
•Advanced divestiture progress with Permian Basin non-strategic acreage sale
•Exceeded production guidance midpoint by 48 Mboed, with production of 1,203 Mboed from continuing operations
•Exceeded pre-tax income guidance for both OxyChem and midstream and marketing segments
•OxyChem on track for record earnings with total year pre-tax guidance of $1.25 billion
HOUSTON — August 3, 2021 — Occidental (NYSE:OXY) today announced a net loss attributable to common stockholders for the second quarter of 2021 of $97 million, or $0.10 per diluted share, and adjusted income attributable to common stockholders of $311 million, or $0.32 per diluted share, compared to a net loss attributable to common stockholders for the prior quarter of $346 million, or $0.36 per diluted share, and an adjusted loss attributable to common stockholders of $136 million, or $0.15 per diluted share. Second quarter after-tax items affecting comparability of $389 million included $426 million of net derivative mark-to-market losses, partially offset by a state tax rate revaluation of $55 million.
“Our strong second quarter operational performance continued to drive robust financial performance, resulting in our highest level of free cash flow in over a decade for the second consecutive quarter," said President and Chief Executive Officer Vicki Hollub. "The successful execution of the tender offer is part of our ongoing commitment to reduce debt and improve our balance sheet. The excess cash we have available to apply to early debt retirement is a direct result of the progress we continue to make with our divestiture program and the substantial free cash flow we are positioned to generate in the current oil price environment.”
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income on continuing operations for the second quarter of 2021 was $631 million, compared to a pre-tax loss of $62 million in the prior quarter. The second quarter results included pre-tax charges of $161 million, primarily related to derivative mark-to-market losses. Excluding items affecting comparability, second quarter of 2021 oil and gas results improved over the prior quarter due to higher crude oil prices, higher sales volumes across all products and lower operating expenses, partially offset by higher exploration expense and transportation costs. For the second quarter of 2021, average WTI and Brent marker prices were $66.07 per barrel and $69.02 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 15 percent from the prior quarter to $64.18 per barrel. Average worldwide realized natural gas liquids prices increased by approximately 7 percent from the prior quarter to $25.06 per barrel of oil equivalent. Average domestic realized gas prices increased slightly by roughly 1 percent from the prior quarter to $2.59 per Mcf.
Total average global production from continuing operations of 1,203 thousand of barrels of oil equivalent per day (Mboed) for the second quarter exceeded the midpoint of guidance by 48 Mboed, with Permian, Rockies and Gulf of Mexico production of 504 Mboed, 308 Mboed and 149 Mboed, respectively. International average daily production volumes were 242 Mboed.
OxyChem
Chemical pre-tax income of $312 million for the second quarter of 2021 exceeded guidance by $12 million. Compared to prior quarter pre-tax income of $251 million, the increase in second quarter of 2021 income was driven primarily by improved pricing and sales volumes across most product lines, along with favorable ethylene and energy costs.
Midstream and Marketing
Midstream and marketing's second quarter pre-tax income, excluding WES equity income, exceeded guidance. WES equity income for the second quarter of 2021 was $115 million. Midstream and marketing pre-tax loss for the second quarter of 2021 was $30 million, compared to pre-tax income of $282 million in the prior quarter. Second quarter loss included net derivative mark-to-market losses of $180 million along with a $22 million settlement gain. Excluding items affecting comparability, second quarter of 2021 midstream and marketing income decreased compared to the prior quarter, primarily due to the timing impact of crude export sales in the marketing business and lower margins on waterborne sales as well as the marketing business's ability to optimize long-haul gas transportation in the Rockies in the first quarter of 2021, partially offset by higher Dolphin Pipeline income as planned maintenance was completed in the first quarter and higher sulfur prices at Al Hosn Gas.
Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from continuing operations before working capital and free cash flow, supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow from continuing operations before working capital and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), cash flow from continuing operations before working capital and free cash flow 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 assets in the United States, Middle East, Africa, and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore 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 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,” "commit," "advance," “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 its 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 in Occidental’s credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; 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; future impairments of our proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; 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 and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas 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 and 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; inflation; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate
benchmark; governmental actions and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deepwater and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Oxy Low Carbon Ventures or announced greenhouse gas reduction targets; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.
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, 2020, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contacts
Media | Investors | ||||
Eric Moses | Jeff Alvarez | ||||
713-497-2017 | 713-215-7864 | ||||
eric_moses@oxy.com | jeff_alvarez@oxy.com | ||||
Occidental Petroleum Corporation | ||
2nd Quarter 2021 | ||
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
| 2020 | 2021 | |||||||||||||||||||||||||||||||||||||
| Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
Net Loss ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | (443) | ||||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | ||||||||||||||||||||||
| Effective tax rate on reported income (loss) (%) | 1 | % | 18 | % | 10 | % | 19 | % | 14 | % | 5 | % | 30 | % | 13 | % | ||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 175 | |||||||||||||||||||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | |||||||||||||||||||||
| Effective tax rate on adjusted income (loss) (%) | 2 | % | 15 | % | 8 | % | 8 | % | 11 | % | (327) | % | 31 | % | 24 | % | ||||||||||||||||||||||
| Average Shares Outstanding - Reported Loss | ||||||||||||||||||||||||||||||||||||||
| Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 933.8 | ||||||||||||||||||||||||||||||
| Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 933.8 | ||||||||||||||||||||||||||||||
| Average Shares Outstanding - Adjusted Income (Loss) | (b) | |||||||||||||||||||||||||||||||||||||
| Basic (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 933.8 | ||||||||||||||||||||||||||||||
| Diluted (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 956.8 | 952.4 | ||||||||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 932 | ||||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 662 | 603 | 508 | 477 | 561 | 488 | 517 | 502 | ||||||||||||||||||||||||||||||
| Worldwide - Reported (MBOE/D) | 1,497 | 1,434 | 1,265 | 1,195 | 1,347 | 1,139 | 1,225 | 1,182 | ||||||||||||||||||||||||||||||
| Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,373 | 1,204 | 1,143 | 1,289 | 1,117 | 1,203 | 1,160 | ||||||||||||||||||||||||||||||
| Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,386 | 1,192 | 1,158 | 1,291 | 1,113 | 1,199 | 1,156 | ||||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 46.96 | $ | 23.14 | $ | 38.51 | $ | 40.76 | $ | 37.34 | $ | 55.65 | $ | 64.18 | $ | 60.05 | ||||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 13.09 | $ | 7.79 | $ | 14.85 | $ | 14.95 | $ | 12.58 | $ | 23.44 | $ | 25.06 | $ | 24.31 | ||||||||||||||||||||||
| Domestic gas ($/MCF) | $ | 1.18 | $ | 0.90 | $ | 1.18 | $ | 1.55 | $ | 1.18 | $ | 2.56 | $ | 2.59 | $ | 2.58 | ||||||||||||||||||||||
| Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 587 | $ | 1,644 | $ | 1,405 | $ | 5,120 | $ | 2,135 | $ | 2,710 | $ | 4,845 | |||||||||||||||||||||
| Working capital changes | (189) | (222) | (829) | (38) | (1,278) | (1,347) | 614 | (733) | ||||||||||||||||||||||||||||||
| Operating cash flow | $ | 1,295 | $ | 365 | $ | 815 | $ | 1,367 | $ | 3,842 | $ | 788 | $ | 3,324 | $ | 4,112 | ||||||||||||||||||||||
| Capital expenditures | $ | (1,300) | $ | (375) | $ | (246) | $ | (614) | $ | (2,535) | $ | (579) | $ | (698) | $ | (1,277) | ||||||||||||||||||||||
| 2020 | 2021 | |||||||||||||||||||||||||||||||||||||
| Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | ||||||||||||||||||||||||||||||
| Net Loss ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported loss attributable to common stockholders | $ | (2,232) | $ | (10,585) | $ | (14,363) | $ | (15,675) | $ | (346) | $ | (443) | ||||||||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | (2.49) | $ | (11.68) | $ | (15.72) | $ | (17.06) | $ | (0.36) | $ | (0.47) | ||||||||||||||||||||||||||
| Effective tax rate on reported income (loss) (%) | 1 | % | 15 % | 14 % | 14 % | 5 | % | 13 | % | |||||||||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | $ | (2,290) | $ | (3,078) | $ | (3,688) | $ | (136) | $ | 175 | |||||||||||||||||||||||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | $ | (2.53) | $ | (3.37) | $ | (4.01) | $ | (0.15) | $ | 0.18 | |||||||||||||||||||||||||
| Effective tax rate on adjusted income (loss) (%) | 2 | % | 13 | % | 12 | % | 11 % | (327) | % | 24 | % | |||||||||||||||||||||||||||
| Average Shares Outstanding - Reported Loss | ||||||||||||||||||||||||||||||||||||||
| Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 933.8 | ||||||||||||||||||||||||||||||||
| Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 947.9 | 933.8 | ||||||||||||||||||||||||||||||||
| Average Shares Outstanding - Adjusted Income (Loss) | (b) | |||||||||||||||||||||||||||||||||||||
| Basic (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 933.8 | ||||||||||||||||||||||||||||||||
| Diluted (millions) | 896.7 | 906.2 | 913.9 | 918.7 | 933.1 | 952.4 | ||||||||||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 1,175 | 1,146 | 1,083 | 1,037 | 904 | 932 | ||||||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 662 | 633 | 591 | 561 | 488 | 502 | ||||||||||||||||||||||||||||||||
| Worldwide - Reported (MBOE/D) | 1,497 | 1,466 | 1,398 | 1,347 | 1,139 | 1,182 | ||||||||||||||||||||||||||||||||
| Worldwide - Continuing Operations (MBOE/D) | 1,437 | 1,405 | 1,337 | 1,289 | 1,117 | 1,160 | ||||||||||||||||||||||||||||||||
| Worldwide Sales - Continuing Operations (MBOE/D) | 1,432 | 1,409 | 1,336 | 1,291 | 1,113 | 1,156 | ||||||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 46.96 | $ | 35.52 | $ | 36.44 | $ | 37.34 | $ | 55.65 | $ | 60.05 | ||||||||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 13.09 | $ | 10.43 | $ | 11.84 | $ | 12.58 | $ | 23.44 | $ | 24.31 | ||||||||||||||||||||||||||
| Domestic gas ($/MCF) | $ | 1.18 | $ | 1.04 | $ | 1.09 | $ | 1.18 | $ | 2.56 | $ | 2.58 | ||||||||||||||||||||||||||
Cash Flows - Continuing Operations ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,484 | $ | 2,071 | $ | 3,715 | $ | 5,120 | $ | 2,135 | $ | 4,845 | |||||||||||||||||||||||||
| Working capital changes | (189) | (411) | (1,240) | (1,278) | (1,347) | (733) | ||||||||||||||||||||||||||||||||
| Operating cash flow | $ | 1,295 | $ | 1,660 | $ | 2,475 | $ | 3,842 | $ | 788 | $ | 4,112 | ||||||||||||||||||||||||||
| Capital expenditures | $ | (1,300) | $ | (1,675) | $ | (1,921) | $ | (2,535) | $ | (579) | $ | (1,277) | ||||||||||||||||||||||||||
| (a) See schedule 3 for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
| (b) See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations. | ||||||||||||||||||||||||||||||||||||||
| (c) See schedule 7 for non-GAAP reconciliation. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE 2
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(Amounts in millions)
| 2020 | 2021 | |||||||||||||||||||||||||||||||||||||
| 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 | $ | (282) | $ | (5,514) | $ | (21) | $ | (87) | $ | (5,904) | $ | (135) | $ | (21) | $ | (156) | ||||||||||||||||||||||
| Asset sales gains (losses), net | — | 14 | (439) | (850) | (1,275) | — | — | — | ||||||||||||||||||||||||||||||
| Rig termination and others | (35) | (3) | (23) | 2 | (59) | — | — | — | ||||||||||||||||||||||||||||||
| Oil, gas and CO2 derivative gains (losses), net | 870 | 53 | 136 | 31 | 1,090 | (40) | (140) | (180) | ||||||||||||||||||||||||||||||
| Total Domestic | 553 | (5,450) | (347) | (904) | (6,148) | (175) | (161) | (336) | ||||||||||||||||||||||||||||||
| International | ||||||||||||||||||||||||||||||||||||||
| Asset impairments | (264) | (931) | — | — | (1,195) | — | — | — | ||||||||||||||||||||||||||||||
| Asset sales gains (losses), net | — | — | (356) | 3 | (353) | — | — | — | ||||||||||||||||||||||||||||||
| Rig termination and others | — | (6) | (4) | (3) | (13) | — | — | — | ||||||||||||||||||||||||||||||
| Total International | (264) | (937) | (360) | — | (1,561) | — | — | — | ||||||||||||||||||||||||||||||
| Total Oil and Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (161) | (336) | ||||||||||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||||||||||||||
| No items affecting comparability | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | ||||||||||||||||||||||||||||||||||||||
| Asset sales gains (losses) and others, net | — | — | (46) | — | (46) | 102 | 22 | 124 | ||||||||||||||||||||||||||||||
| Goodwill impairment and equity losses | (1,458) | (7) | (2,729) | — | (4,194) | — | — | — | ||||||||||||||||||||||||||||||
| Derivative gains (losses), net | 251 | 54 | (20) | (188) | 97 | 15 | (180) | (165) | ||||||||||||||||||||||||||||||
| Total Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | (158) | (41) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | (148) | (149) | (5) | (37) | (339) | (41) | (52) | (93) | ||||||||||||||||||||||||||||||
| Acquisition-related pension & termination benefits | — | 114 | — | — | 114 | — | — | — | ||||||||||||||||||||||||||||||
| Interest rate swap gains (losses), net | (669) | 4 | 88 | 149 | (428) | 399 | (223) | 176 | ||||||||||||||||||||||||||||||
| Warrants gains (losses), net | 84 | (79) | — | — | 5 | — | — | — | ||||||||||||||||||||||||||||||
| Total Corporate | (733) | (110) | 83 | 112 | (648) | 358 | (275) | 83 | ||||||||||||||||||||||||||||||
| Valuation allowance on tax assets | — | — | (37) | 2 | (35) | — | — | — | ||||||||||||||||||||||||||||||
| Income taxes | 17 | 1,204 | 386 | 239 | 1,846 | (65) | 128 | 63 | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (176) | ||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes (a) | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | ||||||||||||||||||||||||||||||
| Total | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (618) | ||||||||||||||||||||||
| 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 | $ | (219) | $ | (4,299) | $ | (17) | $ | (67) | $ | (4,602) | $ | (106) | $ | (16) | $ | (122) | ||||||||||||||||||||||
| Asset sales gains (losses), net | — | 11 | (342) | (663) | (994) | — | — | — | ||||||||||||||||||||||||||||||
| Rig termination and others | (27) | 5 | (18) | 2 | (38) | — | — | — | ||||||||||||||||||||||||||||||
| Oil, gas and CO2 derivative gains (losses), net | 677 | 42 | 105 | 24 | 848 | (31) | (110) | (141) | ||||||||||||||||||||||||||||||
| Total Domestic | 431 | (4,241) | (272) | (704) | (4,786) | (137) | (126) | (263) | ||||||||||||||||||||||||||||||
| International | ||||||||||||||||||||||||||||||||||||||
| Asset impairments | (264) | (931) | — | — | (1,195) | — | — | — | ||||||||||||||||||||||||||||||
| Asset sales gains (losses), net | — | — | (356) | 3 | (353) | — | — | — | ||||||||||||||||||||||||||||||
| Rig termination and others | — | (6) | (4) | (3) | (13) | — | — | — | ||||||||||||||||||||||||||||||
| Total International | (264) | (937) | (360) | — | (1,561) | — | — | — | ||||||||||||||||||||||||||||||
| Total Oil and Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (126) | (263) | ||||||||||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||||||||||||||
| No items affecting comparability | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | ||||||||||||||||||||||||||||||||||||||
| Asset sales gains (losses), net | — | — | (50) | — | (50) | 79 | 17 | 96 | ||||||||||||||||||||||||||||||
| Goodwill impairment and equity losses | (1,443) | (6) | (2,402) | 23 | (3,828) | — | — | — | ||||||||||||||||||||||||||||||
| Derivative gains (losses), net | 195 | 42 | (15) | (147) | 75 | 12 | (141) | (129) | ||||||||||||||||||||||||||||||
| Total Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | (124) | (33) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | (115) | (117) | (3) | (29) | (264) | (31) | (41) | (72) | ||||||||||||||||||||||||||||||
| Acquisition-related pension & termination benefits | — | 89 | — | — | 89 | — | — | — | ||||||||||||||||||||||||||||||
| Interest rate swap gains (losses), net | (522) | 3 | 69 | 116 | (334) | 312 | (175) | 137 | ||||||||||||||||||||||||||||||
| Warrants gains (losses), net | 84 | (79) | — | — | 5 | — | — | — | ||||||||||||||||||||||||||||||
| Total Corporate | (553) | (104) | 66 | 87 | (504) | 281 | (216) | 65 | ||||||||||||||||||||||||||||||
| Valuation allowance on tax assets | — | — | (37) | 2 | (35) | — | — | — | ||||||||||||||||||||||||||||||
| State tax rate revaluation | — | — | — | — | — | — | 55 | 55 | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (176) | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes (a) | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | ||||||||||||||||||||||||||||||
| Total | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (618) | ||||||||||||||||||||||
(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)
| 2020 | 2021 | ||||||||||||||||||||||||||||||||||
| Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 233 | $ | (6,841) | $ | (885) | $ | (1,265) | $ | (8,758) | $ | (214) | $ | 367 | $ | 153 | |||||||||||||||||||
| International | 40 | (860) | (158) | 236 | (742) | 180 | 350 | 530 | |||||||||||||||||||||||||||
| Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (86) | (114) | |||||||||||||||||||||||||||
| Total Oil & Gas | 236 | (7,734) | (1,072) | (1,062) | (9,632) | (62) | 631 | 569 | |||||||||||||||||||||||||||
| Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 312 | 563 | |||||||||||||||||||||||||||
| Midstream & Marketing | (1,287) | (7) | (2,791) | (90) | (4,175) | 282 | (30) | 252 | |||||||||||||||||||||||||||
| Segment income (loss) | (865) | (7,633) | (3,685) | (960) | (13,143) | 471 | 913 | 1,384 | |||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | |||||||||||||||||||||||||||
| Other | (821) | (241) | (20) | (56) | (1,138) | 239 | (385) | (146) | |||||||||||||||||||||||||||
| Income (loss) from continuing operations before taxes | (2,038) | (8,184) | (4,058) | (1,425) | (15,705) | 315 | 143 | 458 | |||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | 90 | 1,577 | 511 | 429 | 2,607 | 102 | 8 | 110 | |||||||||||||||||||||||||||
| International | (65) | (109) | (108) | (153) | (435) | (118) | (51) | (169) | |||||||||||||||||||||||||||
| Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 399 | |||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||||||||||||||||||
| Net income (loss) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | (43) | |||||||||||||||||||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | (443) | |||||||||||||||||||
| Reported diluted loss per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | |||||||||||||||||||
| Effective Tax Rate | 1 | % | 18 | % | 10 | % | 19 | % | 14 | % | 5 | % | 30 | % | 13 | % | |||||||||||||||||||
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 553 | $ | (5,450) | $ | (347) | $ | (904) | $ | (6,148) | $ | (175) | $ | (161) | $ | (336) | |||||||||||||||||||
| International | (264) | (937) | (360) | — | (1,561) | — | — | — | |||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Total Oil & Gas | 289 | (6,387) | (707) | (904) | (7,709) | (175) | (161) | (336) | |||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Midstream & Marketing | (1,207) | 47 | (2,795) | (188) | (4,143) | 117 | (158) | (41) | |||||||||||||||||||||||||||
| Segment income (loss) | (918) | (6,340) | (3,502) | (1,092) | (11,852) | (58) | (319) | (377) | |||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Other | (733) | (110) | 83 | 112 | (648) | 358 | (275) | 83 | |||||||||||||||||||||||||||
| Income (loss) from continuing operations before taxes | (1,651) | (6,450) | (3,419) | (980) | (12,500) | 300 | (594) | (294) | |||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | 17 | 1,204 | 349 | 241 | 1,811 | (65) | 183 | 118 | |||||||||||||||||||||||||||
| International | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (176) | |||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||||||||||||||||||
| Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (408) | (618) | |||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (618) | |||||||||||||||||||
| Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | (320) | $ | (1,391) | $ | (538) | $ | (361) | $ | (2,610) | $ | (39) | $ | 528 | $ | 489 | |||||||||||||||||||
| International | 304 | 77 | 202 | 236 | 819 | 180 | 350 | 530 | |||||||||||||||||||||||||||
| Exploration | (37) | (33) | (29) | (33) | (132) | (28) | (86) | (114) | |||||||||||||||||||||||||||
| Total Oil & Gas | (53) | (1,347) | (365) | (158) | (1,923) | 113 | 792 | 905 | |||||||||||||||||||||||||||
| Chemical | 186 | 108 | 178 | 192 | 664 | 251 | 312 | 563 | |||||||||||||||||||||||||||
| Midstream & Marketing | (80) | (54) | 4 | 98 | (32) | 165 | 128 | 293 | |||||||||||||||||||||||||||
| Adjusted segment income (loss) | 53 | (1,293) | (183) | 132 | (1,291) | 529 | 1,232 | 1,761 | |||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | |||||||||||||||||||||||||||
| Other | (88) | (131) | (103) | (168) | (490) | (119) | (110) | (229) | |||||||||||||||||||||||||||
| Adjusted income (loss) from continuing operations before taxes | (387) | (1,734) | (639) | (445) | (3,205) | 15 | 737 | 752 | |||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | 73 | 373 | 162 | 188 | 796 | 167 | (175) | (8) | |||||||||||||||||||||||||||
| International | (65) | (109) | (108) | (153) | (435) | (118) | (51) | (169) | |||||||||||||||||||||||||||
| Adjusted income (loss) | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 511 | 575 | |||||||||||||||||||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 175 | |||||||||||||||||||
| Adjusted diluted earnings (loss) per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | |||||||||||||||||||
| Effective Tax Rate | 2 | % | 15 | % | 8 | % | 8 | % | 11 | % | (327) | % | 31 | % | 24 | % | |||||||||||||||||||
(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)
| 2020 | 2021 | |||||||||||||||||||||||||||||||||||||
| Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 182 | $ | (5,336) | $ | (690) | $ | (987) | $ | (6,831) | $ | (167) | $ | 286 | $ | 119 | ||||||||||||||||||||||
| International | (85) | (926) | (233) | 98 | (1,146) | 69 | 193 | 262 | ||||||||||||||||||||||||||||||
| Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (72) | (95) | ||||||||||||||||||||||||||||||
| Total Oil & Gas | 65 | (6,288) | (949) | (918) | (8,090) | (121) | 407 | 286 | ||||||||||||||||||||||||||||||
| Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 240 | 433 | ||||||||||||||||||||||||||||||
| Midstream & Marketing | (1,306) | 2 | (2,455) | (64) | (3,823) | 251 | (3) | 248 | ||||||||||||||||||||||||||||||
| Segment income (loss) | (1,099) | (6,204) | (3,267) | (836) | (11,406) | 323 | 644 | 967 | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | ||||||||||||||||||||||||||||||
| Other | (641) | (235) | (20) | (56) | (952) | 162 | (271) | (109) | ||||||||||||||||||||||||||||||
| Taxes | 79 | 33 | (15) | 152 | 249 | 209 | 112 | 321 | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 399 | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | ||||||||||||||||||||||||||||||
| Net income (loss) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | (43) | ||||||||||||||||||||||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | ||||||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | (443) | ||||||||||||||||||||||
| Reported diluted loss per share | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | ||||||||||||||||||||||
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 431 | $ | (4,241) | $ | (272) | $ | (704) | $ | (4,786) | $ | (137) | $ | (126) | $ | (263) | ||||||||||||||||||||||
| International | (264) | (937) | (360) | — | (1,561) | — | — | — | ||||||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total Oil & Gas | 167 | (5,178) | (632) | (704) | (6,347) | (137) | (126) | (263) | ||||||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | (1,248) | 36 | (2,467) | (124) | (3,803) | 91 | (124) | (33) | ||||||||||||||||||||||||||||||
| Segment loss | (1,081) | (5,142) | (3,099) | (828) | (10,150) | (46) | (250) | (296) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Other | (553) | (104) | 66 | 87 | (504) | 281 | (216) | 65 | ||||||||||||||||||||||||||||||
| Taxes | — | — | (37) | 2 | (35) | — | 55 | 55 | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | (1,634) | (5,246) | (3,070) | (739) | (10,689) | 235 | (411) | (176) | ||||||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | ||||||||||||||||||||||||||||||
| Net loss | (1,634) | (6,661) | (2,990) | (702) | (11,987) | (210) | (408) | (618) | ||||||||||||||||||||||||||||||
| Less: Preferred stock dividends | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Net loss attributable to common stockholders | $ | (1,634) | $ | (6,661) | $ | (2,990) | $ | (702) | $ | (11,987) | $ | (210) | $ | (408) | $ | (618) | ||||||||||||||||||||||
| 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 | $ | (249) | $ | (1,095) | $ | (418) | $ | (283) | $ | (2,045) | $ | (30) | $ | 412 | $ | 382 | ||||||||||||||||||||||
| International | 179 | 11 | 127 | 98 | 415 | 69 | 193 | 262 | ||||||||||||||||||||||||||||||
| Exploration | (32) | (26) | (26) | (29) | (113) | (23) | (72) | (95) | ||||||||||||||||||||||||||||||
| Total Oil & Gas | (102) | (1,110) | (317) | (214) | (1,743) | 16 | 533 | 549 | ||||||||||||||||||||||||||||||
| Chemical | 142 | 82 | 137 | 146 | 507 | 193 | 240 | 433 | ||||||||||||||||||||||||||||||
| Midstream & Marketing | (58) | (34) | 12 | 60 | (20) | 160 | 121 | 281 | ||||||||||||||||||||||||||||||
| Segment income | (18) | (1,062) | (168) | (8) | (1,256) | 369 | 894 | 1,263 | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (352) | (310) | (353) | (409) | (1,424) | (395) | (385) | (780) | ||||||||||||||||||||||||||||||
| Other | (88) | (131) | (86) | (143) | (448) | (119) | (55) | (174) | ||||||||||||||||||||||||||||||
| Taxes | 79 | 33 | 22 | 150 | 284 | 209 | 57 | 266 | ||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | (379) | (1,470) | (585) | (410) | (2,844) | 64 | 511 | 575 | ||||||||||||||||||||||||||||||
| Less: Preferred stock dividends | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | ||||||||||||||||||||||||||||||
| Adjusted income (loss) attributable to common stockholders | $ | (598) | $ | (1,692) | $ | (788) | $ | (610) | $ | (3,688) | $ | (136) | $ | 311 | $ | 175 | ||||||||||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | ||||||||||||||||||||||
| Reconciliation - Diluted Earnings Per Share (a) | ||||||||||||||||||||||||||||||||||||||
| Reported Diluted Loss Per Share (GAAP) | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | ||||||||||||||||||||||
| After-Tax Adjustments for Items Affecting Comparability | ||||||||||||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 0.48 | $ | (4.63) | $ | (0.30) | $ | (0.76) | $ | (5.21) | $ | (0.14) | $ | (0.13) | $ | (0.28) | ||||||||||||||||||||||
| International | (0.29) | (1.02) | (0.39) | — | (1.70) | — | — | — | ||||||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Midstream & Marketing | (1.39) | 0.04 | (2.65) | (0.13) | (4.14) | 0.10 | (0.13) | (0.04) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Other | (0.62) | (0.11) | 0.07 | 0.09 | (0.55) | 0.30 | (0.22) | 0.07 | ||||||||||||||||||||||||||||||
| Taxes | — | — | (0.04) | — | (0.04) | — | 0.06 | 0.06 | ||||||||||||||||||||||||||||||
| Discontinued Operations | — | (1.55) | 0.09 | 0.04 | (1.41) | (0.47) | — | (0.46) | ||||||||||||||||||||||||||||||
| Total After-Tax Adjustments for Items Affecting Comparability | $ | (1.82) | $ | (7.27) | $ | (3.22) | $ | (0.76) | $ | (13.05) | $ | (0.21) | $ | (0.42) | $ | (0.65) | ||||||||||||||||||||||
| Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP) | $ | (0.67) | $ | (1.85) | $ | (0.85) | $ | (0.65) | $ | (4.01) | $ | (0.15) | $ | 0.32 | $ | 0.18 | ||||||||||||||||||||||
| Average Diluted Shares Outstanding -Reported (millions) | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 933.8 | ||||||||||||||||||||||||||||||
| (a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(Amounts in millions, except per share amounts)
| 2020 | 2021 | ||||||||||||||||||||||||||||||||||
| 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 | $ | 5,060 | $ | 2,040 | $ | 2,989 | $ | 2,977 | $ | 13,066 | $ | 3,664 | $ | 4,505 | $ | 8,169 | |||||||||||||||||||
| Chemical | 962 | 846 | 937 | 988 | 3,733 | 1,088 | 1,187 | 2,275 | |||||||||||||||||||||||||||
| Midstream & Marketing | 790 | 204 | 364 | 410 | 1,768 | 807 | 497 | 1,304 | |||||||||||||||||||||||||||
| Eliminations | (199) | (162) | (182) | (215) | (758) | (266) | (231) | (497) | |||||||||||||||||||||||||||
| Total | 6,613 | 2,928 | 4,108 | 4,160 | 17,809 | 5,293 | 5,958 | 11,251 | |||||||||||||||||||||||||||
| Interest, dividends and other income | 34 | 33 | 21 | 30 | 118 | 75 | 49 | 124 | |||||||||||||||||||||||||||
| Gains (losses) on sale of assets, net | 7 | 15 | (846) | (842) | (1,666) | 111 | 3 | 114 | |||||||||||||||||||||||||||
| Total | 6,654 | 2,976 | 3,283 | 3,348 | 16,261 | 5,479 | 6,010 | 11,489 | |||||||||||||||||||||||||||
| COSTS AND OTHER DEDUCTIONS | |||||||||||||||||||||||||||||||||||
| Oil and gas operating expense | 1,069 | 631 | 656 | 709 | 3,065 | 776 | 712 | 1,488 | |||||||||||||||||||||||||||
| Transportation and gathering expense | 565 | 367 | 343 | 325 | 1,600 | 329 | 364 | 693 | |||||||||||||||||||||||||||
| Chemical and midstream costs of sales | 612 | 577 | 618 | 601 | 2,408 | 594 | 676 | 1,270 | |||||||||||||||||||||||||||
| Purchased commodities | 393 | 214 | 333 | 455 | 1,395 | 558 | 487 | 1,045 | |||||||||||||||||||||||||||
| Selling, general and administrative | 264 | 225 | 166 | 209 | 864 | 166 | 177 | 343 | |||||||||||||||||||||||||||
| Other operating and non-operating expense | 197 | 114 | 231 | 342 | 884 | 258 | 248 | 506 | |||||||||||||||||||||||||||
| Taxes other than on income | 225 | 68 | 180 | 149 | 622 | 210 | 244 | 454 | |||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 2,309 | 2,119 | 1,915 | 1,754 | 8,097 | 2,194 | 2,371 | 4,565 | |||||||||||||||||||||||||||
| Asset impairments and other charges | 1,803 | 6,470 | 2,723 | 87 | 11,083 | 135 | 21 | 156 | |||||||||||||||||||||||||||
| Anadarko acquisition-related costs | 148 | 149 | 5 | 37 | 339 | 41 | 52 | 93 | |||||||||||||||||||||||||||
| Exploration expense | 37 | 33 | 29 | 33 | 132 | 28 | 86 | 114 | |||||||||||||||||||||||||||
| Interest and debt expense, net | 352 | 310 | 353 | 409 | 1,424 | 395 | 385 | 780 | |||||||||||||||||||||||||||
| Total | 7,974 | 11,277 | 7,552 | 5,110 | 31,913 | 5,684 | 5,823 | 11,507 | |||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | (1,320) | (8,301) | (4,269) | (1,762) | (15,652) | (205) | 187 | (18) | |||||||||||||||||||||||||||
| OTHER ITEMS | |||||||||||||||||||||||||||||||||||
| Gains (losses) on interest rate swaps and warrants, net | (585) | (76) | 88 | 150 | (423) | 399 | (223) | 176 | |||||||||||||||||||||||||||
| Income (loss) from equity investments | (133) | 193 | 123 | 187 | 370 | 121 | 179 | 300 | |||||||||||||||||||||||||||
| Total | (718) | 117 | 211 | 337 | (53) | 520 | (44) | 476 | |||||||||||||||||||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2,038) | (8,184) | (4,058) | (1,425) | (15,705) | 315 | 143 | 458 | |||||||||||||||||||||||||||
| Income tax benefit (expense) | 25 | 1,468 | 403 | 276 | 2,172 | (16) | (43) | (59) | |||||||||||||||||||||||||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (2,013) | (6,716) | (3,655) | (1,149) | (13,533) | 299 | 100 | 399 | |||||||||||||||||||||||||||
| Discontinued operations, net of taxes | — | (1,415) | 80 | 37 | (1,298) | (445) | 3 | (442) | |||||||||||||||||||||||||||
| NET INCOME (LOSS) | (2,013) | (8,131) | (3,575) | (1,112) | (14,831) | (146) | 103 | (43) | |||||||||||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Less: Preferred stock dividend | (219) | (222) | (203) | (200) | (844) | (200) | (200) | (400) | |||||||||||||||||||||||||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (2,232) | $ | (8,353) | $ | (3,778) | $ | (1,312) | $ | (15,675) | $ | (346) | $ | (97) | $ | (443) | |||||||||||||||||||
| EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | |||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | (2.49) | $ | (7.58) | $ | (4.16) | $ | (1.45) | $ | (15.65) | $ | 0.11 | $ | (0.11) | $ | — | |||||||||||||||||||
| Discontinued operations, net | — | (1.54) | 0.09 | 0.04 | (1.41) | (0.48) | 0.01 | (0.47) | |||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.37) | $ | (0.10) | $ | (0.47) | |||||||||||||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | (2.49) | $ | (9.12) | $ | (4.07) | $ | (1.41) | $ | (17.06) | $ | (0.36) | $ | (0.10) | $ | (0.47) | |||||||||||||||||||
| DIVIDENDS PER COMMON SHARE | $ | 0.79 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.82 | $ | 0.01 | $ | 0.01 | $ | 0.02 | |||||||||||||||||||
| AVERAGE COMMON SHARES OUTSTANDING | |||||||||||||||||||||||||||||||||||
| BASIC | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 933.1 | 934.2 | 933.8 | |||||||||||||||||||||||||||
| DILUTED | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | 947.9 | 934.2 | 933.8 | |||||||||||||||||||||||||||
SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(Amounts in millions)
| 2020 | 2021 | ||||||||||||||||||||||||||||
| MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | ||||||||||||||||||||||
| CURRENT ASSETS | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 2,021 | $ | 1,011 | $ | 1,896 | $ | 2,008 | $ | 2,270 | $ | 4,569 | |||||||||||||||||
| Restricted cash and restricted cash equivalents | 269 | 124 | 51 | 170 | 183 | 180 | |||||||||||||||||||||||
| Trade receivables, net | 2,458 | 2,359 | 2,083 | 2,115 | 3,046 | 3,288 | |||||||||||||||||||||||
| Inventories | 1,567 | 1,477 | 1,660 | 1,898 | 2,173 | 1,837 | |||||||||||||||||||||||
| Assets held for sale | 3,606 | 1,412 | 3,559 | 1,433 | 1,249 | 1,774 | |||||||||||||||||||||||
| Other current assets | 2,398 | 2,054 | 1,445 | 1,195 | 1,153 | 1,196 | |||||||||||||||||||||||
| Total current assets | 12,319 | 8,437 | 10,694 | 8,819 | 10,074 | 12,844 | |||||||||||||||||||||||
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 6,050 | 6,128 | 3,125 | 3,250 | 3,170 | 3,249 | |||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||||||||
| Gross property, plant and equipment | 125,388 | 125,523 | 120,459 | 118,964 | 119,278 | 116,566 | |||||||||||||||||||||||
| Accumulated depreciation, depletion and amortization | (44,615) | (52,919) | (52,038) | (53,075) | (55,205) | (54,720) | |||||||||||||||||||||||
| Net property, plant and equipment | 80,773 | 72,604 | 68,421 | 65,889 | 64,073 | 61,846 | |||||||||||||||||||||||
| OPERATING LEASE ASSETS | 1,216 | 1,129 | 1,196 | 1,062 | 949 | 860 | |||||||||||||||||||||||
| LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 1,285 | 1,154 | 998 | 1,044 | 1,089 | 1,138 | |||||||||||||||||||||||
| TOTAL ASSETS | $ | 101,643 | $ | 89,452 | $ | 84,434 | $ | 80,064 | $ | 79,355 | $ | 79,937 | |||||||||||||||||
| CURRENT LIABILITIES | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | $ | 2,464 | $ | 2,460 | $ | 2,558 | $ | 440 | $ | 559 | $ | 651 | |||||||||||||||||
| Current operating lease liabilities | 461 | 420 | 459 | 473 | 369 | 331 | |||||||||||||||||||||||
| Accounts payable | 3,888 | 3,034 | 2,682 | 2,987 | 3,416 | 3,544 | |||||||||||||||||||||||
| Accrued liabilities | 3,504 | 3,215 | 3,470 | 3,570 | 3,566 | 4,325 | |||||||||||||||||||||||
| Liabilities of assets held for sale | 1,589 | 790 | 1,331 | 753 | 721 | 735 | |||||||||||||||||||||||
| Total current liabilities | 11,906 | 9,919 | 10,500 | 8,223 | 8,631 | 9,586 | |||||||||||||||||||||||
| LONG-TERM DEBT, NET | 36,058 | 36,034 | 35,899 | 35,745 | 35,466 | 35,352 | |||||||||||||||||||||||
| DEFERRED CREDITS AND OTHER LIABILITIES | |||||||||||||||||||||||||||||
| Deferred income taxes,net | 9,403 | 7,887 | 7,508 | 7,113 | 6,941 | 6,808 | |||||||||||||||||||||||
| Asset retirement obligations | 4,454 | 4,316 | 4,135 | 3,977 | 4,030 | 3,949 | |||||||||||||||||||||||
| Pension and postretirement obligations | 1,983 | 1,816 | 1,728 | 1,763 | 1,553 | 1,551 | |||||||||||||||||||||||
| Environmental remediation liabilities | 1,017 | 1,000 | 975 | 1,028 | 1,029 | 1,020 | |||||||||||||||||||||||
| Operating lease liabilities | 784 | 740 | 786 | 641 | 628 | 583 | |||||||||||||||||||||||
| Other | 4,743 | 4,394 | 3,043 | 3,001 | 2,777 | 2,844 | |||||||||||||||||||||||
| Total deferred credits and other liabilities | 22,384 | 20,153 | 18,175 | 17,523 | 16,958 | 16,755 | |||||||||||||||||||||||
| EQUITY | |||||||||||||||||||||||||||||
| Preferred stock, $1.00 per share par value | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | 9,762 | |||||||||||||||||||||||
| Common stock, $0.20 per share par value | 210 | 213 | 216 | 216 | 217 | 217 | |||||||||||||||||||||||
| Treasury stock | (10,653) | (10,657) | (10,657) | (10,665) | (10,668) | (10,668) | |||||||||||||||||||||||
| Additional paid-in capital | 15,081 | 16,235 | 16,505 | 16,552 | 16,585 | 16,638 | |||||||||||||||||||||||
| Retained earnings | 17,229 | 8,105 | 4,317 | 2,996 | 2,639 | 2,533 | |||||||||||||||||||||||
| Accumulated other comprehensive loss | (334) | (312) | (283) | (288) | (235) | (238) | |||||||||||||||||||||||
| Total equity | 31,295 | 23,346 | 19,860 | 18,573 | 18,300 | 18,244 | |||||||||||||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 101,643 | $ | 89,452 | $ | 84,434 | $ | 80,064 | $ | 79,355 | $ | 79,937 | |||||||||||||||||
SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(Amounts in millions)
| 2020 | 2021 | ||||||||||||||||||||||||||||||||||
| 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 loss | $ | (2,013) | $ | (8,131) | $ | (3,575) | $ | (1,112) | $ | (14,831) | $ | (146) | $ | 103 | $ | (43) | |||||||||||||||||||
| Depreciation, depletion and amortization (see detail below) | 2,309 | 2,119 | 1,915 | 1,754 | 8,097 | 2,194 | 2,371 | 4,565 | |||||||||||||||||||||||||||
| Deferred income tax benefit | (218) | (1,525) | (374) | (400) | (2,517) | (81) | (131) | (212) | |||||||||||||||||||||||||||
| Asset impairments and other non-cash charges | 1,406 | 8,124 | 3,678 | 1,163 | 14,371 | 168 | 367 | 535 | |||||||||||||||||||||||||||
| Operating cash flow from continuing operations before working capital (Non-GAAP) (see below) (a) | 1,484 | 587 | 1,644 | 1,405 | 5,120 | 2,135 | 2,710 | 4,845 | |||||||||||||||||||||||||||
| Working capital changes | (189) | (222) | (829) | (38) | (1,278) | (1,347) | 614 | (733) | |||||||||||||||||||||||||||
| Operating cash flow from continuing operations (GAAP) | 1,295 | 365 | 815 | 1,367 | 3,842 | 788 | 3,324 | 4,112 | |||||||||||||||||||||||||||
| INVESTING CASH FLOW FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||
| Capital expenditures (see detail below) | (1,300) | (375) | (246) | (614) | (2,535) | (579) | (698) | (1,277) | |||||||||||||||||||||||||||
| Payments for purchases of assets and businesses | (35) | (13) | (54) | (12) | (114) | (105) | (8) | (113) | |||||||||||||||||||||||||||
| Sales of assets, net | 112 | 69 | 12 | 2,088 | 2,281 | 496 | 7 | 503 | |||||||||||||||||||||||||||
| Changes in capital accrual | (435) | (307) | 17 | 206 | (519) | (75) | (19) | (94) | |||||||||||||||||||||||||||
| Other investing activities | 142 | 61 | (15) | (79) | 109 | (10) | (17) | (27) | |||||||||||||||||||||||||||
| Investing cash flow from continuing operations | (1,516) | (565) | (286) | 1,589 | (778) | (273) | (735) | (1,008) | |||||||||||||||||||||||||||
| FINANCING CASH FLOW FROM CONTINUING OPERATIONS | |||||||||||||||||||||||||||||||||||
| Cash dividends paid | (913) | (714) | (7) | (211) | (1,845) | (211) | (209) | (420) | |||||||||||||||||||||||||||
| Purchases of treasury stock | — | — | (4) | (8) | (12) | (3) | — | (3) | |||||||||||||||||||||||||||
| Proceeds from debt | — | — | 4,956 | 1,980 | 6,936 | — | — | — | |||||||||||||||||||||||||||
| Payments of debt | — | — | (4,615) | (4,301) | (8,916) | (174) | — | (174) | |||||||||||||||||||||||||||
| Other financing activities | (106) | (217) | (27) | (321) | (671) | 36 | (50) | (14) | |||||||||||||||||||||||||||
| Financing cash flow from continuing operations | (1,019) | (931) | 303 | (2,861) | (4,508) | (352) | (259) | (611) | |||||||||||||||||||||||||||
| Cash Flow From Discontinued Operations | 30 | (20) | 29 | 25 | 64 | 111 | (32) | 79 | |||||||||||||||||||||||||||
| Increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | (1,210) | (1,151) | 861 | 120 | (1,380) | 274 | 2,298 | 2,572 | |||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and restricted cash equivalents - beginning of period | 3,574 | 2,364 | 1,213 | 2,074 | 3,574 | 2,194 | 2,468 | 2,194 | |||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and cash equivalents - end of period | $ | 2,364 | $ | 1,213 | $ | 2,074 | $ | 2,194 | $ | 2,194 | $ | 2,468 | $ | 4,766 | $ | 4,766 | |||||||||||||||||||
| Capital Expenditures | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | $ | (1,244) | $ | (317) | $ | (186) | $ | (461) | $ | (2,208) | $ | (513) | $ | (599) | $ | (1,112) | |||||||||||||||||||
| Chemical | (41) | (41) | (55) | (118) | (255) | (47) | (67) | (114) | |||||||||||||||||||||||||||
| Midstream & Marketing | (13) | (16) | (2) | (19) | (50) | (17) | (24) | (41) | |||||||||||||||||||||||||||
| Corporate | (2) | (1) | (3) | (16) | (22) | (2) | (8) | (10) | |||||||||||||||||||||||||||
| Total Capital Expenditures | $ | (1,300) | $ | (375) | $ | (246) | $ | (614) | $ | (2,535) | $ | (579) | $ | (698) | $ | (1,277) | |||||||||||||||||||
| Depreciation, Depletion and Amortization | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| United States | $ | 1,881 | $ | 1,764 | $ | 1,563 | $ | 1,403 | $ | 6,611 | $ | 1,852 | $ | 2,024 | $ | 3,876 | |||||||||||||||||||
| International | 242 | 206 | 182 | 173 | 803 | 166 | 174 | 340 | |||||||||||||||||||||||||||
| Chemical | 90 | 86 | 90 | 90 | 356 | 84 | 84 | 168 | |||||||||||||||||||||||||||
| Midstream & Marketing | 80 | 74 | 78 | 80 | 312 | 82 | 80 | 162 | |||||||||||||||||||||||||||
| Corporate | 16 | (11) | 2 | 8 | 15 | 10 | 9 | 19 | |||||||||||||||||||||||||||
| Total Depreciation, Depletion and Amortization | $ | 2,309 | $ | 2,119 | $ | 1,915 | $ | 1,754 | $ | 8,097 | $ | 2,194 | $ | 2,371 | $ | 4,565 | |||||||||||||||||||
| Free Cash Flow (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Operating cash flow from continuing operations (GAAP) | $ | 1,295 | $ | 365 | $ | 815 | $ | 1,367 | $ | 3,842 | $ | 788 | $ | 3,324 | $ | — | $ | — | $ | 4,112 | |||||||||||||||
| Plus: Working capital and other, net | 189 | 222 | 829 | 38 | 1,278 | 1,347 | (614) | — | — | 733 | |||||||||||||||||||||||||
| Operating cash flow from continuing operations before working capital (Non-GAAP) | 1,484 | 587 | 1,644 | 1,405 | 5,120 | 2,135 | 2,710 | — | — | 4,845 | |||||||||||||||||||||||||
| Less: Capital Expenditures (GAAP) | (1,300) | (375) | (246) | (614) | (2,535) | (579) | (698) | — | — | (1,277) | |||||||||||||||||||||||||
| Free Cash Flow (Non-GAAP) | $ | 184 | $ | 212 | $ | 1,398 | $ | 791 | $ | 2,585 | $ | 1,556 | $ | 2,012 | $ | — | $ | — | $ | 3,568 | |||||||||||||||
| (a) Non-GAAP Measures. Operating cash flow before working capital and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash from continuing operations less working capital and free cash flow as operating cash flow before working capital less capital expenditures. These non-GAAP measures are 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 performance between periods. Reported operating cash flow from continuing operations is considered representative of management's performance over the long term, and operating cash flow before working capital and free cash flow are not considered to be alternatives to reported operating cash flow in accordance with GAAP. | |||||||||||||||||||||||||||||||||||
SCHEDULE 8
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
| 2020 | 2021 | ||||||||||||||||||||||||||||||||||
| 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 | 625 | 606 | 554 | 517 | 575 | 457 | 504 | 480 | |||||||||||||||||||||||||||
| Rockies & Other Domestic | 387 | 368 | 297 | 278 | 332 | 296 | 308 | 302 | |||||||||||||||||||||||||||
| Gulf of Mexico | 163 | 142 | 109 | 105 | 130 | 151 | 149 | 150 | |||||||||||||||||||||||||||
| Total | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 932 | |||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Algeria & Other International | 55 | 41 | 42 | 39 | 45 | 39 | 43 | 42 | |||||||||||||||||||||||||||
| Al Hosn | 77 | 80 | 76 | 79 | 78 | 57 | 81 | 69 | |||||||||||||||||||||||||||
| Dolphin | 40 | 49 | 46 | 43 | 44 | 38 | 42 | 40 | |||||||||||||||||||||||||||
| Oman | 90 | 87 | 80 | 82 | 85 | 79 | 76 | 77 | |||||||||||||||||||||||||||
| Total | 262 | 257 | 244 | 243 | 252 | 213 | 242 | 228 | |||||||||||||||||||||||||||
| TOTAL CONTINUING OPERATIONS PRODUCTION | 1,437 | 1,373 | 1,204 | 1,143 | 1,289 | 1,117 | 1,203 | 1,160 | |||||||||||||||||||||||||||
| OPERATIONS EXITED OR EXITING | 60 | 61 | 61 | 52 | 58 | 22 | 22 | 22 | |||||||||||||||||||||||||||
| TOTAL REPORTED PRODUCTION | 1,497 | 1,434 | 1,265 | 1,195 | 1,347 | 1,139 | 1,225 | 1,182 | |||||||||||||||||||||||||||
| REPORTED NET PRODUCTION | |||||||||||||||||||||||||||||||||||
| VOLUMES PER DAY BY COMMODITY: | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian | 388 | 363 | 324 | 303 | 343 | 271 | 297 | 284 | |||||||||||||||||||||||||||
| Rockies & Other Domestic | 138 | 122 | 93 | 85 | 109 | 92 | 96 | 94 | |||||||||||||||||||||||||||
| Gulf of Mexico | 136 | 118 | 91 | 89 | 109 | 125 | 124 | 124 | |||||||||||||||||||||||||||
| Total | 662 | 603 | 508 | 477 | 561 | 488 | 517 | 502 | |||||||||||||||||||||||||||
| NGL (MBOE) | |||||||||||||||||||||||||||||||||||
| Permian | 131 | 135 | 126 | 117 | 129 | 97 | 113 | 105 | |||||||||||||||||||||||||||
| Rockies & Other Domestic | 87 | 85 | 78 | 84 | 83 | 92 | 100 | 96 | |||||||||||||||||||||||||||
| Gulf of Mexico | 12 | 10 | 8 | 7 | 9 | 11 | 11 | 11 | |||||||||||||||||||||||||||
| Total | 230 | 230 | 212 | 208 | 221 | 200 | 224 | 212 | |||||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Permian | 633 | 647 | 625 | 579 | 620 | 531 | 563 | 547 | |||||||||||||||||||||||||||
| Rockies & Other Domestic | 972 | 967 | 757 | 656 | 838 | 673 | 674 | 672 | |||||||||||||||||||||||||||
| Gulf of Mexico | 90 | 83 | 57 | 54 | 71 | 90 | 85 | 87 | |||||||||||||||||||||||||||
| Total | 1,695 | 1,697 | 1,439 | 1,289 | 1,529 | 1,294 | 1,322 | 1,306 | |||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 50 | 37 | 38 | 37 | 41 | 36 | 39 | 38 | |||||||||||||||||||||||||||
| Al Hosn | 13 | 14 | 13 | 14 | 14 | 10 | 14 | 12 | |||||||||||||||||||||||||||
| Dolphin | 6 | 8 | 8 | 7 | 7 | 6 | 7 | 6 | |||||||||||||||||||||||||||
| Oman | 67 | 65 | 61 | 66 | 65 | 64 | 62 | 63 | |||||||||||||||||||||||||||
| Total | 136 | 124 | 120 | 124 | 127 | 116 | 122 | 119 | |||||||||||||||||||||||||||
| NGL (MBOE) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 4 | 3 | 3 | 1 | 3 | 2 | 3 | 3 | |||||||||||||||||||||||||||
| Al Hosn | 25 | 25 | 24 | 25 | 24 | 18 | 25 | 22 | |||||||||||||||||||||||||||
| Dolphin | 8 | 10 | 9 | 8 | 9 | 8 | 8 | 8 | |||||||||||||||||||||||||||
| Total | 37 | 38 | 36 | 34 | 36 | 28 | 36 | 33 | |||||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | |||||||||||||||||||||||||||
| Al Hosn | 234 | 244 | 233 | 240 | 238 | 174 | 252 | 212 | |||||||||||||||||||||||||||
| Dolphin | 155 | 188 | 176 | 167 | 170 | 146 | 160 | 153 | |||||||||||||||||||||||||||
| Oman | 139 | 132 | 111 | 98 | 120 | 89 | 83 | 86 | |||||||||||||||||||||||||||
| Total | 536 | 571 | 527 | 512 | 535 | 416 | 502 | 458 | |||||||||||||||||||||||||||
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
| 2020 | 2021 | ||||||||||||||||||||||||||||||||||
| 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 | 1,175 | 1,116 | 960 | 900 | 1,037 | 904 | 961 | 932 | |||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Algeria & Other International | 51 | 51 | 32 | 51 | 46 | 36 | 39 | 38 | |||||||||||||||||||||||||||
| Al Hosn | 77 | 80 | 76 | 79 | 78 | 57 | 81 | 69 | |||||||||||||||||||||||||||
| Dolphin | 40 | 49 | 46 | 43 | 45 | 37 | 42 | 40 | |||||||||||||||||||||||||||
| Oman | 89 | 90 | 78 | 85 | 85 | 79 | 76 | 77 | |||||||||||||||||||||||||||
| Total | 257 | 270 | 232 | 258 | 254 | 209 | 238 | 224 | |||||||||||||||||||||||||||
| TOTAL CONTINUING OPERATIONS SALES | 1,432 | 1,386 | 1,192 | 1,158 | 1,291 | 1,113 | 1,199 | 1,156 | |||||||||||||||||||||||||||
| OPERATIONS EXITED OR EXITING | 63 | 58 | 64 | 54 | 60 | 28 | 9 | 19 | |||||||||||||||||||||||||||
| TOTAL REPORTED SALES | 1,495 | 1,444 | 1,256 | 1,212 | 1,351 | 1,141 | 1,208 | 1,175 | |||||||||||||||||||||||||||
| REALIZED PRICES | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 45.71 | $ | 21.27 | $ | 38.22 | $ | 40.54 | $ | 36.39 | $ | 56.18 | $ | 64.39 | $ | 60.43 | |||||||||||||||||||
| NGL ($/BOE) | $ | 11.98 | $ | 7.22 | $ | 14.62 | $ | 14.50 | $ | 11.98 | $ | 23.62 | $ | 25.33 | $ | 24.53 | |||||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.18 | $ | 0.90 | $ | 1.18 | $ | 1.55 | $ | 1.18 | $ | 2.56 | $ | 2.59 | $ | 2.58 | |||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 53.24 | $ | 31.42 | $ | 39.86 | $ | 41.52 | $ | 41.50 | $ | 53.39 | $ | 63.26 | $ | 58.44 | |||||||||||||||||||
| NGL ($/BOE) | $ | 20.32 | $ | 11.23 | $ | 16.24 | $ | 17.51 | $ | 16.22 | $ | 22.11 | $ | 23.36 | $ | 22.84 | |||||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.73 | $ | 1.67 | $ | 1.64 | $ | 1.62 | $ | 1.67 | $ | 1.70 | $ | 1.68 | $ | 1.69 | |||||||||||||||||||
| Total Worldwide | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 46.96 | $ | 23.14 | $ | 38.51 | $ | 40.76 | $ | 37.34 | $ | 55.65 | $ | 64.18 | $ | 60.05 | |||||||||||||||||||
| NGL ($/BOE) | $ | 13.09 | $ | 7.79 | $ | 14.85 | $ | 14.95 | $ | 12.58 | $ | 23.44 | $ | 25.06 | $ | 24.31 | |||||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.31 | $ | 1.10 | $ | 1.31 | $ | 1.57 | $ | 1.31 | $ | 2.36 | $ | 2.34 | $ | 2.35 | |||||||||||||||||||
| Index Prices | |||||||||||||||||||||||||||||||||||
| WTI Oil ($/BBL) | $ | 46.17 | $ | 27.85 | $ | 40.93 | $ | 42.66 | $ | 39.40 | $ | 57.84 | $ | 66.07 | $ | 61.96 | |||||||||||||||||||
| Brent Oil ($/BBL) | $ | 50.95 | $ | 33.26 | $ | 43.37 | $ | 45.24 | $ | 43.21 | $ | 61.10 | $ | 69.02 | $ | 65.06 | |||||||||||||||||||
| NYMEX Natural Gas ($/MCF) | $ | 2.05 | $ | 1.77 | $ | 1.94 | $ | 2.66 | $ | 2.11 | $ | 2.72 | $ | 2.76 | $ | 2.74 | |||||||||||||||||||
| Percentage of Index Prices | |||||||||||||||||||||||||||||||||||
| Worldwide oil as a percentage of WTI | 102 | % | 83 | % | 94 | % | 96 | % | 95 | % | 96 | % | 97 | % | 97 | % | |||||||||||||||||||
| Worldwide oil as a percentage of Brent | 92 | % | 70 | % | 89 | % | 90 | % | 87 | % | 91 | % | 93 | % | 92 | % | |||||||||||||||||||
| Worldwide NGL as a percentage of WTI | 28 | % | 28 | % | 36 | % | 35 | % | 32 | % | 41 | % | 38 | % | 39 | % | |||||||||||||||||||
| Worldwide NGL as a percentage of Brent | 26 | % | 23 | % | 34 | % | 33 | % | 29 | % | 38 | % | 36 | % | 37 | % | |||||||||||||||||||
| Domestic gas as a percentage of NYMEX | 58 | % | 51 | % | 61 | % | 58 | % | 56 | % | 94 | % | 94 | % | 94 | % | |||||||||||||||||||
SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
| 2020 | 2021 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| Lease operating expenses ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 6.70 | $ | 4.69 | $ | 5.38 | $ | 6.05 | $ | 5.71 | $ | 7.20 | $ | 6.00 | $ | 6.58 | |||||||||||||||||||
| International | $ | 10.18 | $ | 7.42 | $ | 8.40 | $ | 9.20 | $ | 8.80 | $ | 11.83 | $ | 9.81 | $ | 10.75 | |||||||||||||||||||
| Total Oil and Gas | $ | 7.39 | $ | 5.27 | $ | 6.04 | $ | 6.80 | $ | 6.38 | $ | 8.07 | $ | 6.76 | $ | 7.39 | |||||||||||||||||||
| Transportation costs ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 4.21 | $ | 3.41 | $ | 3.66 | $ | 3.70 | $ | 3.75 | $ | 3.81 | $ | 3.96 | $ | 3.89 | |||||||||||||||||||
| Total Oil and Gas | $ | 3.52 | $ | 2.83 | $ | 3.02 | $ | 2.95 | $ | 3.09 | $ | 3.24 | $ | 3.31 | $ | 3.28 | |||||||||||||||||||
| Taxes other than on income ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 1.65 | $ | 0.63 | $ | 1.70 | $ | 1.36 | $ | 1.32 | $ | 2.11 | $ | 2.24 | $ | 2.18 | |||||||||||||||||||
| Total Oil and Gas | $ | 1.66 | $ | 0.54 | $ | 1.56 | $ | 1.35 | $ | 1.27 | $ | 2.06 | $ | 2.21 | $ | 2.14 | |||||||||||||||||||
| DD&A expense ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 17.72 | $ | 17.23 | $ | 17.73 | $ | 16.91 | $ | 17.41 | $ | 22.77 | $ | 23.16 | $ | 22.97 | |||||||||||||||||||
| International | $ | 9.13 | $ | 7.52 | $ | 7.40 | $ | 6.57 | $ | 7.66 | $ | 8.82 | $ | 7.98 | $ | 8.37 | |||||||||||||||||||
| Total Oil and Gas | $ | 16.01 | $ | 15.17 | $ | 15.48 | $ | 14.42 | $ | 15.31 | $ | 20.14 | $ | 20.14 | $ | 20.14 | |||||||||||||||||||
| G&A and other operating expenses ($/BOE) | $ | 2.34 | $ | 2.14 | $ | 2.33 | $ | 2.98 | $ | 2.44 | $ | 2.41 | $ | 2.37 | $ | 2.39 | |||||||||||||||||||
| Exploration Expense ($ millions) | |||||||||||||||||||||||||||||||||||
| United States | $ | 16 | $ | 22 | $ | 23 | $ | 7 | $ | 68 | $ | 22 | $ | 64 | $ | 86 | |||||||||||||||||||
| International | 21 | 11 | 6 | 26 | 64 | 6 | 22 | 28 | |||||||||||||||||||||||||||
| Total Exploration Expense | $ | 37 | $ | 33 | $ | 29 | $ | 33 | $ | 132 | $ | 28 | $ | 86 | $ | 114 | |||||||||||||||||||
| Capital Expenditures ($ millions) | |||||||||||||||||||||||||||||||||||
| Permian | $ | (696) | $ | (122) | $ | (65) | $ | (159) | $ | (1,042) | $ | (223) | $ | (277) | $ | (500) | |||||||||||||||||||
| Rockies & Other Domestic | (194) | (20) | (25) | (109) | (348) | (122) | (112) | (234) | |||||||||||||||||||||||||||
| Gulf of Mexico | (102) | (40) | (21) | (82) | (245) | (73) | (66) | (139) | |||||||||||||||||||||||||||
| International | (152) | (107) | (77) | (108) | (444) | (84) | (88) | (172) | |||||||||||||||||||||||||||
| Exploration Drilling | (100) | (28) | 2 | (3) | (129) | (11) | (56) | (67) | |||||||||||||||||||||||||||
| Total Oil and Gas | $ | (1,244) | $ | (317) | $ | (186) | $ | (461) | $ | (2,208) | $ | (513) | $ | (599) | $ | (1,112) | |||||||||||||||||||