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): November 7, 2023
(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 November 7, 2023 , Occidental Petroleum Corporation (the “Company”) issued a press release announcing the Company’s financial condition and results of operations for the quarter ended September 30, 2023. 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 in Exhibit 99.1 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.
Date: | OCCIDENTAL PETROLEUM CORPORATION | |||||||
| By: | /s/ Christopher O. Champion | |||||||
| Name: | Christopher O. Champion | |||||||
| Title: | Vice President, Chief Accounting Officer and Controller | |||||||
 | PRESS RELEASE | ||||
Occidental Announces 3rd Quarter 2023 Results
•Strong operational performance drove operating cash flow of $3.1 billion and cash flow from operations before working capital of $3.3 billion
•Capital spending of $1.6 billion, resulting in quarterly free cash flow before working capital of $1.7 billion
•Production of 1,220 Mboed exceeded the mid-point of guidance by 34 Mboed; full-year production guidance raised 11 Mboed
•OxyChem exceeded guidance with pre-tax income of $373 million
•Repurchased $600 million of common stock, with year-to-date purchases accounting for approximately 60% of the $3.0 billion repurchase program
•Triggered the redemption of $342 million of preferred stock, bringing year-to-date redemptions to over $1.5 billion or 15% of preferred equity
•Secured joint venture partner for first Direct Air Capture plant
•Earnings per diluted share of $1.20 and adjusted earnings per diluted share of $1.18
HOUSTON — November 7, 2023 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the third quarter of 2023 of $1.2 billion, or $1.20 per diluted share, and adjusted income attributable to common stockholders of $1.1 billion, or $1.18 per diluted share.
"Our teams continued their outstanding performance across all three of our business segments resulting in our strongest earnings and cash flow from operations to date this year," said President and Chief Executive Officer Vicki Hollub. "We have now completed approximately 60% of our $3.0 billion share repurchase program and retired over 15% of the preferred equity, all while advancing our low carbon initiatives both domestically and internationally."
Third quarter after-tax items affecting comparability of $22 million were primarily comprised of after-tax gains on sales of $111 million related to certain non-core proved and unproved properties in the Permian Basin and $40 million for the sale of 5.1 million Western Midstream Partners, LP (WES) limited partner units, partially offset by derivative losses in marketing of $63 million, preferred stock redemption premiums of $42 million and other equity method investment charges of $27 million.
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income for the third quarter of 2023 was $2.0 billion, compared to pre-tax income of $1.1 billion for the second quarter of 2023. Excluding items affecting comparability, third quarter oil and gas income improved from the prior quarter due to higher domestic crude oil prices and volumes. For the third quarter of 2023, average WTI and Brent marker prices were $82.26 per barrel and $86.08 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 10% from the prior quarter to $80.70 per barrel. Average worldwide realized NGL prices increased by approximately 10% from the prior quarter to $21.04 per barrel. Average domestic
realized gas prices increased by approximately 41% from the prior quarter to $1.92 per thousand cubic feet (Mcf).
Total average global production of 1,220 thousand barrels of oil equivalent per day (Mboed) for the third quarter exceeded the midpoint of guidance by 34 Mboed. Rockies & Other Domestic and Gulf of Mexico daily production volumes exceeded guidance at 263 Mboed and 146 Mboed, respectively, and Permian came in at the high end of guidance at 588 Mboed. International volumes came in just below guidance at 223 Mboed.
OxyChem
OxyChem pre-tax income of $373 million for the third quarter of 2023 exceeded guidance. Compared to second quarter of 2023 income of $436 million, the decrease in third quarter income was driven primarily by lower realized caustic soda prices.
Midstream and Marketing
Midstream and marketing pre-tax results for the third quarter of 2023 reflected a loss of $130 million, compared to a loss of $30 million for the second quarter of 2023. WES adjusted equity method investment income for the third quarter was $138 million. Excluding items affecting comparability, the increase in midstream and marketing pre-tax third quarter results, compared to the second quarter, reflected higher crude margins due the timing impact of crude sales in the marketing business, partially offset by higher expenses due to the increase in activities in the low carbon ventures businesses.
Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from operations before working capital and free cash flow, which are 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 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 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 primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas 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, including, but 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 an earlier date is specified. 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.
Actual outcomes or results may differ from anticipated results, sometimes materially. Forward-looking and other statements regarding Occidental's sustainability efforts and aspirations are not an indication that these statements are necessarily material to investors or require disclosure in Occidental's filings with the U.S. Securities and Exchange Commission (SEC). In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future, including future rulemaking. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; 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 and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; 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; the scope and duration of global or regional health pandemics or epidemics, and actions taken by governmental authorities and other third parties in connection therewith; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; 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; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; governmental actions, war (including the Russia-Ukraine war and the Israel-Hamas war) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts 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; supply, transportation, and labor constraints; 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 that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the SEC, including Occidental’s 2022 Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contacts
Media | Investors | ||||
Eric Moses | Neil Backhouse | ||||
713-497-2017 | 713-366-5604 | ||||
eric_moses@oxy.com | neil_backhouse@oxy.com | ||||
Occidental Petroleum Corporation | ||
| Third Quarter 2023 | ||
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
•Free Cash Flow (non-GAAP)
•MBOE/D
•By Commodity
•MBOE/D
•Realized Prices and Related Index Prices
SCHEDULE 1
Occidental Petroleum Corporation
Summary Highlights
| 2022 | 2023 | |||||||||||||||||||||||||||||||||||||
| Quarterly | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Net Income ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported income attributable to common stockholders | $ | 4,676 | $ | 3,555 | $ | 2,546 | $ | 1,727 | $ | 12,504 | $ | 983 | $ | 605 | $ | 1,156 | $ | 2,744 | ||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | 4.65 | $ | 3.47 | $ | 2.52 | $ | 1.74 | $ | 12.40 | $ | 1.00 | $ | 0.63 | $ | 1.20 | $ | 2.83 | ||||||||||||||||||||
| Effective tax rate on reported income (loss) (%) | (58) | % | 25 | % | 25 | % | 20 | % | 6 | % | 27 | % | 35 | % | 24 | % | 28 | % | ||||||||||||||||||||
| Adjusted income attributable to common stockholders (Non-GAAP) | (a) | $ | 2,127 | $ | 3,240 | $ | 2,465 | $ | 1,600 | $ | 9,432 | $ | 1,069 | $ | 661 | $ | 1,134 | $ | 2,864 | |||||||||||||||||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | 2.12 | $ | 3.16 | $ | 2.44 | $ | 1.61 | $ | 9.35 | $ | 1.09 | $ | 0.68 | $ | 1.18 | $ | 2.95 | |||||||||||||||||||
| Effective tax rate on adjusted income (loss) (%) | 25 | % | 25 | % | 26 | % | 25 | % | 25 | % | 27 | % | 31 | % | 24 | % | 27 | % | ||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 896 | 919 | 944 | 987 | 937 | 1,014 | 990 | 997 | 1,000 | |||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 483 | 495 | 508 | 542 | 507 | 551 | 521 | 534 | 535 | |||||||||||||||||||||||||||||
| Worldwide Production (MBOE/D) | 1,079 | 1,147 | 1,180 | 1,227 | 1,159 | 1,220 | 1,218 | 1,220 | 1,219 | |||||||||||||||||||||||||||||
| Worldwide Sales (MBOE/D) | 1,074 | 1,150 | 1,179 | 1,230 | 1,159 | 1,214 | 1,222 | 1,222 | 1,220 | |||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide oil ($/BBL) | $ | 91.91 | $ | 107.72 | $ | 94.89 | $ | 83.64 | $ | 94.36 | $ | 74.22 | $ | 73.59 | $ | 80.70 | $ | 76.19 | ||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 39.61 | $ | 42.04 | $ | 35.22 | $ | 26.35 | $ | 35.48 | $ | 24.41 | $ | 19.08 | $ | 21.04 | $ | 21.45 | ||||||||||||||||||||
| Domestic gas ($/MCF) | $ | 4.17 | $ | 6.25 | $ | 7.06 | $ | 4.45 | $ | 5.48 | $ | 3.01 | $ | 1.36 | $ | 1.92 | $ | 2.09 | ||||||||||||||||||||
| Cash Flows ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) | (c) | $ | 4,178 | $ | 5,148 | $ | 4,700 | $ | 4,109 | $ | 18,135 | $ | 3,153 | $ | 2,651 | $ | 3,339 | $ | 9,143 | |||||||||||||||||||
| Working capital changes | $ | (939) | $ | 181 | $ | (433) | $ | (134) | $ | (1,325) | $ | (283) | $ | 419 | $ | (210) | $ | (74) | ||||||||||||||||||||
| Operating cash flow | $ | 3,239 | $ | 5,329 | $ | 4,267 | $ | 3,975 | $ | 16,810 | $ | 2,870 | $ | 3,070 | $ | 3,129 | $ | 9,069 | ||||||||||||||||||||
| Capital expenditures | $ | (858) | $ | (972) | $ | (1,147) | $ | (1,520) | $ | (4,497) | $ | (1,461) | $ | (1,646) | $ | (1,619) | $ | (4,726) | ||||||||||||||||||||
| 2022 | 2023 | |||||||||||||||||||||||||||||||||||||
| Year-to-date | Mar | Jun | Sep | Dec | Mar | Jun | Sep | Dec | ||||||||||||||||||||||||||||||
| Net Income ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Reported income attributable to common stockholders | $ | 4,676 | $ | 8,231 | $ | 10,777 | $ | 12,504 | $ | 983 | $ | 1,588 | $ | 2,744 | ||||||||||||||||||||||||
| Reported EPS - Diluted ($/share) | $ | 4.65 | $ | 8.11 | $ | 10.64 | $ | 12.40 | $ | 1.00 | $ | 1.63 | $ | 2.83 | ||||||||||||||||||||||||
| Effective tax rate on reported income (loss) (%) | (58) | % | (7) | % | 3 | % | 6 | % | 27 | % | 31 | % | 28 | % | ||||||||||||||||||||||||
| Adjusted income attributable to common stockholders (Non-GAAP) | (a) | $ | 2,127 | $ | 5,367 | $ | 7,832 | $ | 9,432 | $ | 1,069 | $ | 1,730 | $ | 2,864 | |||||||||||||||||||||||
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | 2.12 | $ | 5.29 | $ | 7.74 | $ | 9.35 | $ | 1.09 | $ | 1.78 | $ | 2.95 | |||||||||||||||||||||||
| Effective tax rate on adjusted income (loss) (%) | 25 | % | 25 | % | 25 | % | 25 | % | 27 | % | 29 | % | 27 | % | ||||||||||||||||||||||||
| Daily Production Volumes | ||||||||||||||||||||||||||||||||||||||
| Total US (MBOE/D) | 896 | 907 | 920 | 937 | 1,014 | 1,002 | 1,000 | |||||||||||||||||||||||||||||||
| US Oil (MBBL/D) | 483 | 489 | 495 | 507 | 551 | 535 | 535 | |||||||||||||||||||||||||||||||
| Worldwide Production (MBOE/D) | 1,079 | 1,113 | 1,136 | 1,159 | 1,220 | 1,219 | 1,219 | |||||||||||||||||||||||||||||||
| Worldwide Sales (MBOE/D) | 1,074 | 1,112 | 1,135 | 1,159 | 1,214 | 1,218 | 1,220 | |||||||||||||||||||||||||||||||
| Commodity Price Realizations | ||||||||||||||||||||||||||||||||||||||
| Worldwide Oil ($/BBL) | $ | 91.91 | $ | 100.10 | $ | 98.30 | $ | 94.36 | $ | 74.22 | $ | 73.91 | $ | 76.19 | ||||||||||||||||||||||||
| Worldwide NGL ($/BBL) | $ | 39.61 | $ | 40.90 | $ | 38.85 | $ | 35.48 | $ | 24.41 | $ | 21.67 | $ | 21.45 | ||||||||||||||||||||||||
| Domestic Gas ($/MCF) | $ | 4.17 | $ | 5.20 | $ | 5.83 | $ | 5.48 | $ | 3.01 | $ | 2.18 | $ | 2.09 | ||||||||||||||||||||||||
| Cash Flows ($ millions) | ||||||||||||||||||||||||||||||||||||||
| Operating cash flows before working capital (Non-GAAP) | (c) | $ | 4,178 | $ | 9,326 | $ | 14,026 | $ | 18,135 | $ | 3,153 | $ | 5,804 | $ | 9,143 | |||||||||||||||||||||||
| Working capital changes | $ | (939) | $ | (758) | $ | (1,191) | $ | (1,325) | $ | (283) | $ | 136 | $ | (74) | ||||||||||||||||||||||||
| Operating cash flow | $ | 3,239 | $ | 8,568 | $ | 12,835 | $ | 16,810 | $ | 2,870 | $ | 5,940 | $ | 9,069 | ||||||||||||||||||||||||
| Capital expenditures | (858) | (1,830) | (2,977) | (4,497) | (1,461) | (3,107) | (4,726) | |||||||||||||||||||||||||||||||
| (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)
| 2022 | 2023 | |||||||||||||||||||||||||||||||||||||
| Before Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Asset sales gains, net - Domestic | $ | 125 | $ | 12 | $ | 10 | $ | 1 | $ | 148 | $ | — | $ | — | $ | 142 | $ | 142 | ||||||||||||||||||||
| Asset sales gains, net - International | — | 10 | — | 45 | 55 | — | — | — | — | |||||||||||||||||||||||||||||
| Legal settlement gain | — | — | — | — | — | 26 | — | — | 26 | |||||||||||||||||||||||||||||
| Asset impairments - Domestic | — | — | — | — | — | — | (209) | — | (209) | |||||||||||||||||||||||||||||
| Total Oil and Gas | 125 | 22 | 10 | 46 | 203 | 26 | (209) | 142 | (41) | |||||||||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||||||||||||||
| No items affecting comparability | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Total Chemical | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Midstream & Marketing | ||||||||||||||||||||||||||||||||||||||
| Asset sales gains, net | — | — | 62 | 36 | 98 | — | — | 51 | 51 | |||||||||||||||||||||||||||||
| Asset impairments and other charges included in income from equity investments and other | — | — | — | — | — | (26) | — | (34) | (60) | |||||||||||||||||||||||||||||
| Derivative gains (losses), net | (198) | 96 | (84) | (73) | (259) | (8) | 48 | (81) | (41) | |||||||||||||||||||||||||||||
| (198) | 96 | (22) | (37) | (161) | (34) | 48 | (64) | (50) | ||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | (65) | (13) | (4) | (7) | (89) | — | — | — | — | |||||||||||||||||||||||||||||
| Interest rate swap gains (losses), net | 135 | 127 | 70 | (15) | 317 | — | — | — | — | |||||||||||||||||||||||||||||
| Maxus receivable valuation allowance adjustment | — | (22) | — | — | (22) | — | 260 | — | 260 | |||||||||||||||||||||||||||||
| Early debt extinguishment | (18) | 179 | (18) | 6 | 149 | — | — | — | — | |||||||||||||||||||||||||||||
| Total Corporate | 52 | 271 | 48 | (16) | 355 | — | 260 | — | 260 | |||||||||||||||||||||||||||||
| Income tax impact of legal entity reorganization | 2,594 | — | — | 123 | 2,717 | — | — | — | — | |||||||||||||||||||||||||||||
| Foreign entity reorganization tax benefit | — | — | 42 | — | 42 | — | — | — | — | |||||||||||||||||||||||||||||
| Exploration license expiration tax benefit | — | 13 | 10 | — | 23 | — | — | — | — | |||||||||||||||||||||||||||||
| State tax rate revaluation | (29) | — | — | — | (29) | — | — | — | — | |||||||||||||||||||||||||||||
| Deferred taxes on Algeria contract renewal | — | — | — | — | — | — | (68) | 3 | (65) | |||||||||||||||||||||||||||||
| Income tax impact on items affecting comparability | 5 | (87) | (7) | 11 | (78) | 2 | (22) | (17) | (37) | |||||||||||||||||||||||||||||
| Preferred stock redemption premium | — | — | — | — | — | (80) | (65) | (42) | (187) | |||||||||||||||||||||||||||||
| Total | $ | 2,549 | $ | 315 | $ | 81 | $ | 127 | $ | 3,072 | $ | (86) | $ | (56) | $ | 22 | $ | (120) | ||||||||||||||||||||
| 2022 | 2023 | |||||||||||||||||||||||||||||||||||||
| After Tax Allocations | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Asset sales gains, net - Domestic | $ | 98 | $ | 9 | $ | 8 | $ | — | $ | 115 | $ | — | $ | — | $ | 111 | $ | 111 | ||||||||||||||||||||
| Asset sales gains, net - International | — | 6 | — | 46 | 52 | — | — | — | — | |||||||||||||||||||||||||||||
| Legal settlement gain | — | — | — | — | — | 20 | — | — | 20 | |||||||||||||||||||||||||||||
| Asset impairments - Domestic | — | — | — | — | — | — | (164) | (164) | ||||||||||||||||||||||||||||||
| Total Oil and Gas | 98 | 15 | 8 | 46 | 167 | 20 | (164) | 111 | (33) | |||||||||||||||||||||||||||||
| Chemical | ||||||||||||||||||||||||||||||||||||||
| No items affecting comparability | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Total Chemical | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Midstream & Marketing | ||||||||||||||||||||||||||||||||||||||
| Asset sales gains, net | — | — | 49 | 28 | 77 | — | — | 40 | 40 | |||||||||||||||||||||||||||||
| Asset impairments and other charges included in income from equity investments and other | — | — | — | — | — | (20) | — | (27) | (47) | |||||||||||||||||||||||||||||
| Derivative gains (losses), net | (155) | 75 | (66) | (57) | (203) | (6) | 37 | (63) | (32) | |||||||||||||||||||||||||||||
| Total Midstream & Marketing | (155) | 75 | (17) | (29) | (126) | (26) | 37 | (50) | (39) | |||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Anadarko acquisition-related costs | (51) | (10) | (3) | (6) | (70) | — | — | — | — | |||||||||||||||||||||||||||||
| Interest rate swap gains (losses), net | 106 | 99 | 55 | (12) | 248 | — | — | — | — | |||||||||||||||||||||||||||||
| Maxus receivable valuation allowance adjustment | — | (17) | — | — | (17) | — | 204 | — | 204 | |||||||||||||||||||||||||||||
| Early debt extinguishment | (14) | 140 | (14) | 5 | 117 | — | — | — | — | |||||||||||||||||||||||||||||
| Total Corporate | 41 | 212 | 38 | (13) | 278 | — | 204 | — | 204 | |||||||||||||||||||||||||||||
| Income tax impact of legal entity reorganization | 2,594 | — | — | 123 | 2,717 | — | — | — | — | |||||||||||||||||||||||||||||
| Foreign entity reorganization tax benefit | — | — | 42 | — | 42 | — | — | — | — | |||||||||||||||||||||||||||||
| Exploration license expiration tax benefit | — | 13 | 10 | — | 23 | — | — | — | — | |||||||||||||||||||||||||||||
| State tax rate revaluation | (29) | — | — | — | (29) | — | — | — | — | |||||||||||||||||||||||||||||
| Deferred taxes on Algeria contract renewal | — | — | — | — | — | — | (68) | 3 | (65) | |||||||||||||||||||||||||||||
| Preferred stock redemption premium | — | — | — | — | — | (80) | (65) | (42) | (187) | |||||||||||||||||||||||||||||
| Total | $ | 2,549 | $ | 315 | $ | 81 | $ | 127 | $ | 3,072 | $ | (86) | $ | (56) | $ | 22 | $ | (120) | ||||||||||||||||||||
SCHEDULE 3
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(amounts in millions, except per share and effective tax rate amounts)
| 2022 | 2023 | ||||||||||||||||||||||||||||||||||
| Reported Income | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 2,546 | $ | 3,322 | $ | 2,646 | $ | 1,925 | $ | 10,439 | $ | 1,371 | $ | 699 | $ | 1,627 | $ | 3,697 | |||||||||||||||||
| International | 377 | 798 | 746 | 659 | 2,580 | 371 | 462 | 467 | 1,300 | ||||||||||||||||||||||||||
| Exploration | (25) | (26) | (47) | (118) | (216) | (102) | (102) | (125) | (329) | ||||||||||||||||||||||||||
| Total Oil & Gas | 2,898 | 4,094 | 3,345 | 2,466 | 12,803 | 1,640 | 1,059 | 1,969 | 4,668 | ||||||||||||||||||||||||||
| Chemical | 671 | 800 | 580 | 457 | 2,508 | 472 | 436 | 373 | 1,281 | ||||||||||||||||||||||||||
| Midstream & Marketing | (50) | 264 | 104 | (45) | 273 | 2 | (30) | (130) | (158) | ||||||||||||||||||||||||||
| Segment income | 3,519 | 5,158 | 4,029 | 2,878 | 15,584 | 2,114 | 1,465 | 2,212 | 5,791 | ||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (371) | (114) | (285) | (260) | (1,030) | (238) | (230) | (230) | (698) | ||||||||||||||||||||||||||
| Other | (65) | (58) | (96) | (218) | (437) | (142) | 92 | (173) | (223) | ||||||||||||||||||||||||||
| Income before taxes | 3,083 | 4,986 | 3,648 | 2,400 | 14,117 | 1,734 | 1,327 | 1,809 | 4,870 | ||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | 2,037 | (916) | (599) | (274) | 248 | (300) | (203) | (322) | (825) | ||||||||||||||||||||||||||
| International | (244) | (315) | (303) | (199) | (1,061) | (171) | (264) | (112) | (547) | ||||||||||||||||||||||||||
| Net income | 4,876 | 3,755 | 2,746 | 1,927 | 13,304 | 1,263 | 860 | 1,375 | 3,498 | ||||||||||||||||||||||||||
| Less: Preferred stock dividends and redemption premiums | (200) | (200) | (200) | (200) | (800) | (280) | (255) | (219) | (754) | ||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 4,676 | $ | 3,555 | $ | 2,546 | $ | 1,727 | $ | 12,504 | $ | 983 | $ | 605 | $ | 1,156 | $ | 2,744 | |||||||||||||||||
| Reported diluted income per share | $ | 4.65 | $ | 3.47 | $ | 2.52 | $ | 1.74 | $ | 12.40 | $ | 1.00 | $ | 0.63 | $ | 1.20 | $ | 2.83 | |||||||||||||||||
| Effective Tax Rate | (58) | % | 25 | % | 25 | % | 20 | % | 6 | % | 27 | % | 35 | % | 24 | % | 28 | % | |||||||||||||||||
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 125 | $ | 12 | $ | 10 | $ | 1 | $ | 148 | $ | 26 | $ | (209) | $ | 142 | $ | (41) | |||||||||||||||||
| International | — | 10 | — | 45 | 55 | — | — | — | — | ||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Total Oil & Gas | 125 | 22 | 10 | 46 | 203 | 26 | (209) | 142 | (41) | ||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Midstream & Marketing | (198) | 96 | (22) | (37) | (161) | (34) | 48 | (64) | (50) | ||||||||||||||||||||||||||
| Segment income (loss) | (73) | 118 | (12) | 9 | 42 | (8) | (161) | 78 | (91) | ||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (18) | 179 | (18) | 6 | 149 | — | — | — | — | ||||||||||||||||||||||||||
| Other | 70 | 92 | 66 | (22) | 206 | — | 260 | — | 260 | ||||||||||||||||||||||||||
| Income (loss) before taxes | (21) | 389 | 36 | (7) | 397 | (8) | 99 | 78 | 169 | ||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | 2,570 | (70) | 45 | 133 | 2,678 | 2 | (22) | (17) | (37) | ||||||||||||||||||||||||||
| International | — | (4) | — | 1 | (3) | — | (68) | 3 | (65) | ||||||||||||||||||||||||||
| Net income (loss) | 2,549 | 315 | 81 | 127 | 3,072 | (6) | 9 | 64 | 67 | ||||||||||||||||||||||||||
| Less: Preferred stock redemption premiums | — | — | — | — | — | (80) | (65) | (42.00) | (187) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 2,549 | $ | 315 | $ | 81 | $ | 127 | $ | 3,072 | $ | (86) | $ | (56) | $ | 22 | $ | (120) | |||||||||||||||||
| Adjusted Income (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | |||||||||||||||||||||||||||||||||||
| Domestic | $ | 2,421 | $ | 3,310 | $ | 2,636 | $ | 1,924 | $ | 10,291 | $ | 1,345 | $ | 908 | $ | 1,485 | $ | 3,738 | |||||||||||||||||
| International | 377 | 788 | 746 | 614 | 2,525 | 371 | 462 | 467 | 1,300 | ||||||||||||||||||||||||||
| Exploration | (25) | (26) | (47) | (118) | (216) | (102) | (102) | (125) | (329) | ||||||||||||||||||||||||||
| Total Oil & Gas | 2,773 | 4,072 | 3,335 | 2,420 | 12,600 | 1,614 | 1,268 | 1,827 | 4,709 | ||||||||||||||||||||||||||
| Chemical | 671 | 800 | 580 | 457 | 2,508 | 472 | 436 | 373 | 1,281 | ||||||||||||||||||||||||||
| Midstream & Marketing | 148 | 168 | 126 | (8) | 434 | 36 | (78) | (66) | (108) | ||||||||||||||||||||||||||
| Adjusted segment income | 3,592 | 5,040 | 4,041 | 2,869 | 15,542 | 2,122 | 1,626 | 2,134 | 5,882 | ||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Interest | (353) | (293) | (267) | (266) | (1,179) | (238) | (230) | (230) | (698) | ||||||||||||||||||||||||||
| Other | (135) | (150) | (162) | (196) | (643) | (142) | (168) | (173) | (483) | ||||||||||||||||||||||||||
| Adjusted income before taxes | 3,104 | 4,597 | 3,612 | 2,407 | 13,720 | 1,742 | 1,228 | 1,731 | 4,701 | ||||||||||||||||||||||||||
| Taxes | |||||||||||||||||||||||||||||||||||
| Federal and state | (533) | (846) | (644) | (407) | (2,430) | (302) | (181) | (305) | (788) | ||||||||||||||||||||||||||
| International | (244) | (311) | (303) | (200) | (1,058) | (171) | (196) | (115) | (482) | ||||||||||||||||||||||||||
| Adjusted income | 2,327 | 3,440 | 2,665 | 1,800 | 10,232 | 1,269 | 851 | 1,311 | 3,431 | ||||||||||||||||||||||||||
| Less: Preferred stock dividends and redemption premiums | (200) | (200) | (200) | (200) | (800) | (200) | (190) | (177) | (567) | ||||||||||||||||||||||||||
| Adjusted income attributable to common stockholders | $ | 2,127 | $ | 3,240 | $ | 2,465 | $ | 1,600 | $ | 9,432 | $ | 1,069 | $ | 661 | $ | 1,134 | $ | 2,864 | |||||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 2.12 | $ | 3.16 | $ | 2.44 | $ | 1.61 | $ | 9.35 | $ | 1.09 | $ | 0.68 | $ | 1.18 | $ | 2.95 | |||||||||||||||||
| Effective Tax Rate | 25 | % | 25 | % | 26 | % | 25 | % | 25 | % | 27 | % | 31 | % | 24 | % | 27 | % | |||||||||||||||||
(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)
| 2022 | 2023 | |||||||||||||||||||||||||||||||||||||
| Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 1,986 | $ | 2,591 | $ | 2,065 | $ | 1,501 | $ | 8,143 | $ | 1,069 | $ | 545 | $ | 1,269 | $ | 2,883 | ||||||||||||||||||||
| International | 184 | 466 | 459 | 448 | 1,557 | 216 | 274 | 310 | 800 | |||||||||||||||||||||||||||||
| Exploration | (23) | (24) | (37) | (102) | (186) | (82) | (92) | (103) | (277) | |||||||||||||||||||||||||||||
| Total Oil & Gas | 2,147 | 3,033 | 2,487 | 1,847 | 9,514 | 1,203 | 727 | 1,476 | 3,406 | |||||||||||||||||||||||||||||
| Chemical | 519 | 620 | 449 | 348 | 1,936 | 364 | 337 | 288 | 989 | |||||||||||||||||||||||||||||
| Midstream & Marketing | (70) | 247 | 83 | (25) | 235 | 3 | (13) | (94) | (104) | |||||||||||||||||||||||||||||
| Segment income | 2,596 | 3,900 | 3,019 | 2,170 | 11,685 | 1,570 | 1,051 | 1,670 | 4,291 | |||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (367) | (114) | (285) | (260) | (1,026) | (238) | (230) | (230) | (698) | |||||||||||||||||||||||||||||
| Other | (65) | (104) | (96) | (218) | (483) | (142) | 92 | (173) | (223) | |||||||||||||||||||||||||||||
| Taxes | 2,712 | 73 | 108 | 235 | 3,128 | 73 | (53) | 108 | 128 | |||||||||||||||||||||||||||||
| Net income | 4,876 | 3,755 | 2,746 | 1,927 | 13,304 | 1,263 | 860 | 1,375 | 3,498 | |||||||||||||||||||||||||||||
| Less: Preferred stock dividends and redemption premiums | (200) | (200) | (200) | (200) | (800) | (280) | (255) | (219) | (754) | |||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 4,676 | $ | 3,555 | $ | 2,546 | $ | 1,727 | $ | 12,504 | $ | 983 | $ | 605 | $ | 1,156 | $ | 2,744 | ||||||||||||||||||||
| Reported diluted income per share | $ | 4.65 | $ | 3.47 | $ | 2.52 | $ | 1.74 | $ | 12.40 | $ | 1.00 | $ | 0.63 | $ | 1.20 | $ | 2.83 | ||||||||||||||||||||
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 98 | $ | 9 | $ | 8 | $ | — | $ | 115 | $ | 20 | $ | (164) | $ | 111 | $ | (33) | ||||||||||||||||||||
| International | — | 6 | — | 46 | 52 | — | — | — | — | |||||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Total Oil & Gas | 98 | 15 | 8 | 46 | 167 | 20 | (164) | 111 | (33) | |||||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Midstream & Marketing | (155) | 75 | (17) | (29) | (126) | (26) | 37 | (50) | (39) | |||||||||||||||||||||||||||||
| Segment income (loss) | (57) | 90 | (9) | 17 | 41 | (6) | (127) | 61 | (72) | |||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (14) | 140 | (14) | 5 | 117 | — | — | — | — | |||||||||||||||||||||||||||||
| Other | 55 | 72 | 52 | (18) | 161 | — | 204 | — | 204 | |||||||||||||||||||||||||||||
| Taxes | 2,565 | 13 | 52 | 123 | 2,753 | — | (68) | 3 | (65) | |||||||||||||||||||||||||||||
| Net income (loss) | 2,549 | 315 | 81 | 127 | 3,072 | (6) | 9 | 64 | 67 | |||||||||||||||||||||||||||||
| Less: Preferred stock redemption premiums | — | — | — | — | — | (80) | (65) | (42) | (187) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 2,549 | $ | 315 | $ | 81 | $ | 127 | $ | 3,072 | $ | (86) | $ | (56) | $ | 22 | $ | (120) | ||||||||||||||||||||
| 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 | $ | 1,888 | $ | 2,582 | $ | 2,057 | $ | 1,501 | $ | 8,028 | $ | 1,049 | $ | 709 | $ | 1,158 | $ | 2,916 | ||||||||||||||||||||
| International | 184 | 460 | 459 | 402 | 1,505 | 216 | 274 | 310 | 800 | |||||||||||||||||||||||||||||
| Exploration | (23) | (24) | (37) | (102) | (186) | (82) | (92) | (103) | (277) | |||||||||||||||||||||||||||||
| Total Oil & Gas | 2,049 | 3,018 | 2,479 | 1,801 | 9,347 | 1,183 | 891 | 1,365 | 3,439 | |||||||||||||||||||||||||||||
| Chemical | 519 | 620 | 449 | 348 | 1,936 | 364 | 337 | 288 | 989 | |||||||||||||||||||||||||||||
| Midstream & Marketing | 85 | 172 | 100 | 4 | 361 | 29 | (50) | (44) | (65) | |||||||||||||||||||||||||||||
| Segment income | 2,653 | 3,810 | 3,028 | 2,153 | 11,644 | 1,576 | 1,178 | 1,609 | 4,363 | |||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (353) | (254) | (271) | (265) | (1,143) | (238) | (230) | (230) | (698) | |||||||||||||||||||||||||||||
| Other | (120) | (176) | (148) | (200) | (644) | (142) | (112) | (173) | (427) | |||||||||||||||||||||||||||||
| Taxes | 147 | 60 | 56 | 112 | 375 | 73 | 15 | 105 | 193 | |||||||||||||||||||||||||||||
| Adjusted income | 2,327 | 3,440 | 2,665 | 1,800 | 10,232 | 1,269 | 851 | 1,311 | 3,431 | |||||||||||||||||||||||||||||
| Less: Preferred stock dividends and redemption premiums | (200) | (200) | (200) | (200) | (800) | (200) | (190) | (177) | (567) | |||||||||||||||||||||||||||||
| Adjusted income attributable to common stockholders | $ | 2,127 | $ | 3,240 | $ | 2,465 | $ | 1,600 | $ | 9,432 | $ | 1,069 | $ | 661 | $ | 1,134 | $ | 2,864 | ||||||||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 2.12 | $ | 3.16 | $ | 2.44 | $ | 1.61 | $ | 9.35 | $ | 1.09 | $ | 0.68 | $ | 1.18 | $ | 2.95 | ||||||||||||||||||||
| Reconciliation - Diluted Earnings Per Share | ||||||||||||||||||||||||||||||||||||||
| Reported Diluted Earnings Per Share (GAAP) | $ | 4.65 | $ | 3.47 | $ | 2.52 | $ | 1.74 | $ | 12.40 | $ | 1.00 | $ | 0.63 | $ | 1.20 | $ | — | $ | 2.83 | ||||||||||||||||||
| After-Tax Adjustments for Items Affecting Comparability | ||||||||||||||||||||||||||||||||||||||
| Oil & Gas | ||||||||||||||||||||||||||||||||||||||
| Domestic | $ | 0.09 | $ | 0.01 | $ | 0.01 | $ | — | $ | 0.11 | $ | 0.02 | $ | (0.17) | $ | 0.11 | $ | (0.03) | ||||||||||||||||||||
| International | — | 0.01 | — | 0.05 | 0.05 | — | — | — | — | |||||||||||||||||||||||||||||
| Exploration | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Chemical | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Midstream & Marketing | (0.16) | 0.08 | (0.02) | (0.03) | (0.13) | (0.03) | 0.04 | (0.05) | (0.04) | |||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||||||||
| Interest | (0.02) | 0.14 | (0.01) | 0.01 | 0.12 | — | — | — | — | |||||||||||||||||||||||||||||
| Other | 0.05 | 0.07 | 0.05 | (0.02) | 0.16 | — | 0.22 | — | 0.21 | |||||||||||||||||||||||||||||
| Taxes | 2.57 | — | 0.05 | 0.12 | 2.74 | — | (0.07) | — | (0.07) | |||||||||||||||||||||||||||||
| Preferred stock redemption premiums | — | — | — | — | — | (0.08) | (0.07) | (0.04) | (0.19) | |||||||||||||||||||||||||||||
| Total After-Tax Adjustments for Items Affecting Comparability | $ | 2.53 | $ | 0.31 | $ | 0.08 | $ | 0.13 | $ | 3.05 | $ | (0.09) | $ | (0.05) | $ | 0.02 | $ | (0.12) | ||||||||||||||||||||
| Adjusted Diluted Earnings Per Share (Non-GAAP) | $ | 2.12 | $ | 3.16 | $ | 2.44 | $ | 1.61 | $ | 9.35 | $ | 1.09 | $ | 0.68 | $ | 1.18 | $ | 2.95 | ||||||||||||||||||||
| Average Diluted Shares Outstanding - Reported (millions) | 997.7 | 1,018.3 | 1,002.5 | 990.5 | 1,002.0 | 975.3 | 958.8 | 958.2 | 964.4 | |||||||||||||||||||||||||||||
| (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 5
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(amounts in millions, except per-share amounts)
| 2022 | 2023 | ||||||||||||||||||||||||||||||||||
| 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 | $ | 6,075 | $ | 7,696 | $ | 7,098 | $ | 6,296 | $ | 27,165 | $ | 5,325 | $ | 4,941 | $ | 5,594 | $ | 15,860 | |||||||||||||||||
| Chemical | 1,684 | 1,909 | 1,691 | 1,473 | 6,757 | 1,405 | 1,375 | 1,309 | 4,089 | ||||||||||||||||||||||||||
| Midstream & Marketing | 882 | 1,474 | 1,005 | 775 | 4,136 | 751 | 616 | 552 | 1,919 | ||||||||||||||||||||||||||
| Eliminations | (292) | (403) | (404) | (325) | (1,424) | (256) | (230) | (297) | (783) | ||||||||||||||||||||||||||
| Total | 8,349 | 10,676 | 9,390 | 8,219 | 36,634 | 7,225 | 6,702 | 7,158 | 21,085 | ||||||||||||||||||||||||||
| Interest, dividends and other income | 49 | 36 | 37 | 31 | 153 | 29 | 28 | 50 | 107 | ||||||||||||||||||||||||||
| Gains on sale of assets, net | 135 | 23 | 74 | 76 | 308 | 4 | 1 | 192 | 197 | ||||||||||||||||||||||||||
| Total | 8,533 | 10,735 | 9,501 | 8,326 | 37,095 | 7,258 | 6,731 | 7,400 | 21,389 | ||||||||||||||||||||||||||
| COSTS AND OTHER DEDUCTIONS | |||||||||||||||||||||||||||||||||||
| Oil and gas operating expense | 864 | 1,005 | 1,056 | 1,103 | 4,028 | 1,081 | 1,130 | 1,189 | 3,400 | ||||||||||||||||||||||||||
| Transportation and gathering expense | 347 | 364 | 378 | 386 | 1,475 | 384 | 375 | 363 | 1,122 | ||||||||||||||||||||||||||
| Chemical and midstream costs of sales | 818 | 835 | 835 | 785 | 3,273 | 745 | 791 | 682 | 2,218 | ||||||||||||||||||||||||||
| Purchased commodities | 811 | 1,031 | 785 | 660 | 3,287 | 498 | 490 | 520 | 1,508 | ||||||||||||||||||||||||||
| Selling, general and administrative | 196 | 244 | 247 | 258 | 945 | 241 | 277 | 258 | 776 | ||||||||||||||||||||||||||
| Other operating and non-operating expense | 299 | 291 | 319 | 362 | 1,271 | 308 | 10 | 328 | 646 | ||||||||||||||||||||||||||
| Taxes other than on income | 335 | 426 | 427 | 360 | 1,548 | 306 | 266 | 290 | 862 | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 1,643 | 1,728 | 1,736 | 1,819 | 6,926 | 1,721 | 1,709 | 1,712 | 5,142 | ||||||||||||||||||||||||||
| Asset impairments and other charges | — | — | — | — | — | — | 209 | — | 209 | ||||||||||||||||||||||||||
| Anadarko acquisition-related costs | 65 | 13 | 4 | 7 | 89 | — | — | — | — | ||||||||||||||||||||||||||
| Exploration expense | 25 | 26 | 47 | 118 | 216 | 102 | 102 | 125 | 329 | ||||||||||||||||||||||||||
| Interest and debt expense, net | 371 | 114 | 285 | 260 | 1,030 | 238 | 230 | 230 | 698 | ||||||||||||||||||||||||||
| Total | 5,774 | 6,077 | 6,119 | 6,118 | 24,088 | 5,624 | 5,589 | 5,697 | 16,910 | ||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES AND OTHER ITEMS | 2,759 | 4,658 | 3,382 | 2,208 | 13,007 | 1,634 | 1,142 | 1,703 | 4,479 | ||||||||||||||||||||||||||
| OTHER ITEMS | |||||||||||||||||||||||||||||||||||
| Gains (losses) on interest rate swaps and warrants, net | 135 | 127 | 70 | (15) | 317 | — | — | — | — | ||||||||||||||||||||||||||
| Income from equity method investments and other | 189 | 201 | 196 | 207 | 793 | 100 | 185 | 106 | 391 | ||||||||||||||||||||||||||
| Total | 324 | 328 | 266 | 192 | 1,110 | 100 | 185 | 106 | 391 | ||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 3,083 | 4,986 | 3,648 | 2,400 | 14,117 | 1,734 | 1,327 | 1,809 | 4,870 | ||||||||||||||||||||||||||
| Income tax benefit (expense) | 1,793 | (1,231) | (902) | (473) | (813) | (471) | (467) | (434) | (1,372) | ||||||||||||||||||||||||||
| NET INCOME | 4,876 | 3,755 | 2,746 | 1,927 | 13,304 | 1,263 | 860 | 1,375 | 3,498 | ||||||||||||||||||||||||||
| Less: Preferred stock dividend | (200) | (200) | (200) | (200) | (800) | (280) | (255) | (219) | (754) | ||||||||||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 4,676 | $ | 3,555 | $ | 2,546 | $ | 1,727 | $ | 12,504 | $ | 983 | $ | 605 | $ | 1,156 | $ | 2,744 | |||||||||||||||||
| EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 4.96 | $ | 3.76 | $ | 2.74 | $ | 1.90 | $ | 13.41 | $ | 1.08 | $ | 0.68 | $ | 1.30 | $ | 3.06 | |||||||||||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 4.65 | $ | 3.47 | $ | 2.52 | $ | 1.74 | $ | 12.40 | $ | 1.00 | $ | 0.63 | $ | 1.20 | $ | 2.83 | |||||||||||||||||
| DIVIDENDS PER COMMON SHARE | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.52 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.54 | |||||||||||||||||
| AVERAGE COMMON SHARES OUTSTANDING | |||||||||||||||||||||||||||||||||||
| BASIC | 936.7 | 939.2 | 922.0 | 905.7 | 926.2 | 901.2 | 889.3 | 884.0 | 891.9 | ||||||||||||||||||||||||||
| DILUTED | 997.7 | 1,018.3 | 1,002.5 | 990.5 | 1,002.0 | 975.3 | 958.8 | 958.2 | 964.4 | ||||||||||||||||||||||||||
| INCOME TAX BENEFIT (EXPENSE) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | |||||||||||||||||||||||||
| CURRENT | |||||||||||||||||||||||||||||||||||
| Federal | $ | (215) | $ | (640) | $ | (297) | $ | (120) | $ | (1,272) | $ | (265) | $ | (181) | $ | (243) | $ | (689) | |||||||||||||||||
| State and local | (34) | (50) | (43) | 22 | (105) | (18) | (14) | (21) | (53) | ||||||||||||||||||||||||||
| International | (198) | (338) | (290) | (254) | (1,080) | (171) | (191) | (120) | (482) | ||||||||||||||||||||||||||
| Total | $ | (447) | $ | (1,028) | $ | (630) | $ | (352) | $ | (2,457) | $ | (454) | $ | (386) | $ | (384) | $ | (1,224) | |||||||||||||||||
| DEFERRED | |||||||||||||||||||||||||||||||||||
| Federal | $ | 2,213 | $ | (231) | $ | (264) | $ | (149) | $ | 1,569 | $ | (14) | $ | (5) | $ | (56) | $ | (75) | |||||||||||||||||
| State and local | 73 | 5 | 5 | (26) | 57 | (3) | (3) | (2) | (8) | ||||||||||||||||||||||||||
| International | (46) | 23 | (13) | 54 | 18 | — | (73) | 8 | (65) | ||||||||||||||||||||||||||
| Total | $ | 2,240 | $ | (203) | $ | (272) | $ | (121) | $ | 1,644 | $ | (17) | $ | (81) | $ | (50) | $ | (148) | |||||||||||||||||
| TOTAL INCOME TAX BENEFIT (EXPENSE) | $ | 1,793 | $ | (1,231) | $ | (902) | $ | (473) | $ | (813) | $ | (471) | $ | (467) | $ | (434) | $ | (1,372) | |||||||||||||||||
SCHEDULE 6
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(amounts in millions)
| 2022 | 2023 | ||||||||||||||||||||||||||||
| MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | ||||||||||||||||||||||
| CURRENT ASSETS | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1,909 | $ | 1,362 | $ | 1,233 | $ | 984 | $ | 1,165 | $ | 486 | $ | 611 | |||||||||||||||
| Trade receivables, net | 5,434 | 6,350 | 4,046 | 4,281 | 3,272 | 2,850 | 3,674 | ||||||||||||||||||||||
| Inventories | 1,406 | 1,564 | 1,937 | 2,059 | 2,311 | 2,021 | 1,975 | ||||||||||||||||||||||
| Other current assets | 1,309 | 1,132 | 1,533 | 1,562 | 1,394 | 2,097 | 2,006 | ||||||||||||||||||||||
| Total current assets | 10,058 | 10,408 | 8,749 | 8,886 | 8,142 | 7,454 | 8,266 | ||||||||||||||||||||||
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 3,015 | 3,328 | 3,156 | 3,176 | 3,161 | 3,431 | 3,320 | ||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||||||||
| Gross property, plant and equipment | 117,542 | 118,301 | 119,454 | 120,734 | 122,126 | 123,891 | 124,941 | ||||||||||||||||||||||
| Accumulated depreciation, depletion and amortization | (58,313) | (59,728) | (61,183) | (62,350) | (63,957) | (65,550) | (66,671) | ||||||||||||||||||||||
| Net property, plant and equipment | 59,229 | 58,573 | 58,271 | 58,384 | 58,169 | 58,341 | 58,270 | ||||||||||||||||||||||
| OPERATING LEASE ASSETS | 689 | 721 | 825 | 903 | 852 | 827 | 854 | ||||||||||||||||||||||
| LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 1,231 | 1,191 | 1,143 | 1,260 | 1,276 | 1,146 | 1,117 | ||||||||||||||||||||||
| TOTAL ASSETS | $ | 74,222 | $ | 74,221 | $ | 72,144 | $ | 72,609 | $ | 71,600 | $ | 71,199 | $ | 71,827 | |||||||||||||||
| CURRENT LIABILITIES | |||||||||||||||||||||||||||||
| Current maturities of long-term debt | $ | 507 | $ | 459 | $ | 546 | $ | 165 | $ | 139 | $ | 158 | $ | 1,224 | |||||||||||||||
| Preferred stock redemption payable | — | — | — | — | 712 | 304 | — | ||||||||||||||||||||||
| Current operating lease liabilities | 173 | 178 | 248 | 273 | 287 | 284 | 312 | ||||||||||||||||||||||
| Accounts payable | 4,664 | 5,197 | 3,715 | 4,029 | 3,514 | 3,557 | 3,908 | ||||||||||||||||||||||
| Accrued liabilities | 3,356 | 3,896 | 3,426 | 3,290 | 2,788 | 3,153 | 3,497 | ||||||||||||||||||||||
| Total current liabilities | 8,700 | 9,730 | 7,935 | 7,757 | 7,440 | 7,456 | 8,941 | ||||||||||||||||||||||
| LONG-TERM DEBT, NET | 25,865 | 21,743 | 20,478 | 19,670 | 19,645 | 19,669 | 18,597 | ||||||||||||||||||||||
| DEFERRED CREDITS AND OTHER LIABILITIES | |||||||||||||||||||||||||||||
| Deferred income taxes, net | 4,806 | 5,020 | 5,304 | 5,512 | 5,527 | 5,605 | 5,666 | ||||||||||||||||||||||
| Asset retirement obligations | 3,634 | 3,600 | 3,553 | 3,636 | 3,618 | 3,667 | 3,636 | ||||||||||||||||||||||
| Pension and postretirement obligations | 1,541 | 1,513 | 1,427 | 1,055 | 977 | 978 | 910 | ||||||||||||||||||||||
| Environmental remediation liabilities | 933 | 918 | 893 | 905 | 890 | 867 | 860 | ||||||||||||||||||||||
| Operating lease liabilities | 558 | 589 | 616 | 657 | 595 | 576 | 577 | ||||||||||||||||||||||
| Other | 3,278 | 3,278 | 3,218 | 3,332 | 3,349 | 3,270 | 3,328 | ||||||||||||||||||||||
| Total deferred credits and other liabilities | 14,750 | 14,918 | 15,011 | 15,097 | 14,956 | 14,963 | 14,977 | ||||||||||||||||||||||
| EQUITY | |||||||||||||||||||||||||||||
| Preferred stock, $1.00 per share par value | 9,762 | 9,762 | 9,762 | 9,762 | 9,130 | 8,621 | 8,287 | ||||||||||||||||||||||
| Common stock, $0.20 per share par value | 217 | 218 | 220 | 220 | 221 | 221 | 221 | ||||||||||||||||||||||
| Treasury stock | (10,709) | (11,391) | (13,192) | (13,772) | (14,524) | (14,958) | (15,573) | ||||||||||||||||||||||
| Additional paid-in capital | 16,785 | 16,914 | 17,129 | 17,181 | 17,159 | 17,218 | 17,326 | ||||||||||||||||||||||
| Retained earnings | 9,032 | 12,462 | 14,888 | 16,499 | 17,318 | 17,762 | 18,758 | ||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (180) | (135) | (87) | 195 | 255 | 247 | 293 | ||||||||||||||||||||||
| Total equity | 24,907 | 27,830 | 28,720 | 30,085 | 29,559 | 29,111 | 29,312 | ||||||||||||||||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 74,222 | $ | 74,221 | $ | 72,144 | $ | 72,609 | $ | 71,600 | $ | 71,199 | $ | 71,827 | |||||||||||||||
SCHEDULE 7
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(amounts in millions)
| 2022 | 2023 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| OPERATING CASH FLOW | |||||||||||||||||||||||||||||||||||
| Net income | $ | 4,876 | $ | 3,755 | $ | 2,746 | $ | 1,927 | $ | 13,304 | $ | 1,263 | $ | 860 | $ | 1,375 | $ | 3,498 | |||||||||||||||||
| Depreciation, depletion and amortization (see detail below) | 1,643 | 1,728 | 1,736 | 1,819 | 6,926 | 1,721 | 1,709 | 1,712 | 5,142 | ||||||||||||||||||||||||||
| Deferred income tax provision (benefit) | (2,240) | 203 | 272 | 121 | (1,644) | 17 | 81 | 50 | 148 | ||||||||||||||||||||||||||
| Asset impairments and other non-cash charges, net | (101) | (538) | (54) | 242 | (451) | 152 | 1 | 202 | 355 | ||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) (see below) (a) | 4,178 | 5,148 | 4,700 | 4,109 | 18,135 | 3,153 | 2,651 | 3,339 | 9,143 | ||||||||||||||||||||||||||
| Working capital changes | (939) | 181 | (433) | (134) | (1,325) | (283) | 419 | (210) | (74) | ||||||||||||||||||||||||||
| Operating cash flow (GAAP) | 3,239 | 5,329 | 4,267 | 3,975 | 16,810 | 2,870 | 3,070 | 3,129 | 9,069 | ||||||||||||||||||||||||||
| INVESTING CASH FLOW | |||||||||||||||||||||||||||||||||||
| Capital expenditures (see detail below) | (858) | (972) | (1,147) | (1,520) | (4,497) | (1,461) | (1,646) | (1,619) | (4,726) | ||||||||||||||||||||||||||
| Payments for purchases of assets and businesses | (29) | (280) | (157) | (524) | (990) | (151) | 11 | (80) | (220) | ||||||||||||||||||||||||||
| Sales of assets, net | 267 | 57 | 238 | 22 | 584 | 54 | 26 | 325 | 405 | ||||||||||||||||||||||||||
| Changes in capital accrual | (39) | (29) | 70 | 145 | 147 | (20) | 25 | (53) | (48) | ||||||||||||||||||||||||||
| Other investing activities | (3) | (69) | (23) | (21) | (116) | (20) | (355) | (47) | (422) | ||||||||||||||||||||||||||
| Investing cash flow | (662) | (1,293) | (1,019) | (1,898) | (4,872) | (1,598) | (1,939) | (1,474) | (5,011) | ||||||||||||||||||||||||||
| FINANCING CASH FLOW | |||||||||||||||||||||||||||||||||||
| Cash dividends paid | (216) | (323) | (324) | (321) | (1,184) | (320) | (368) | (347) | (1,035) | ||||||||||||||||||||||||||
| Preferred stock redemption | — | — | — | — | — | — | (982) | (679) | (1,661) | ||||||||||||||||||||||||||
| Purchases of treasury stock | (36) | (532) | (1,899) | (632) | (3,099) | (732) | (445) | (434) | (1,611) | ||||||||||||||||||||||||||
| Payments of debt | (3,259) | (3,849) | (1,217) | (1,159) | (9,484) | (22) | — | — | (22) | ||||||||||||||||||||||||||
| Other financing activities | 82 | 118 | 70 | (218) | 52 | (6) | (21) | (79) | (106) | ||||||||||||||||||||||||||
| Financing cash flow | (3,429) | (4,586) | (3,370) | (2,330) | (13,715) | (1,080) | (1,816) | (1,539) | (4,435) | ||||||||||||||||||||||||||
| Increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | (852) | (550) | (122) | (253) | (1,777) | 192 | (685) | 116 | (377) | ||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and restricted cash equivalents - beginning of period | 2,803 | 1,951 | 1,401 | 1,279 | 2,803 | 1,026 | 1,218 | 533 | 1,026 | ||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and cash equivalents - end of period | $ | 1,951 | $ | 1,401 | $ | 1,279 | $ | 1,026 | $ | 1,026 | $ | 1,218 | $ | 533 | $ | 649 | $ | 649 | |||||||||||||||||
| Capital Expenditures | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Oil & Gas | $ | (753) | $ | (849) | $ | (1,000) | $ | (1,242) | $ | (3,844) | $ | (1,256) | $ | (1,360) | $ | (1,321) | $ | (3,937) | |||||||||||||||||
| Chemical | (37) | (62) | (68) | (155) | (322) | (56) | (123) | (111) | (290) | ||||||||||||||||||||||||||
| Midstream & Marketing | (62) | (47) | (69) | (90) | (268) | (136) | (141) | (151) | (428) | ||||||||||||||||||||||||||
| Corporate | (6) | (14) | (10) | (33) | (63) | (13) | (22) | (36) | (71) | ||||||||||||||||||||||||||
| Total Capital Expenditures | $ | (858) | $ | (972) | $ | (1,147) | $ | (1,520) | $ | (4,497) | $ | (1,461) | $ | (1,646) | $ | (1,619) | $ | (4,726) | |||||||||||||||||
| 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 | $ | 1,347 | $ | 1,403 | $ | 1,406 | $ | 1,452 | $ | 5,608 | $ | 1,390 | $ | 1,371 | $ | 1,393 | $ | 4,154 | |||||||||||||||||
| International | 117 | 143 | 145 | 166 | 571 | 140 | 152 | 132 | 424 | ||||||||||||||||||||||||||
| Chemical | 88 | 89 | 90 | 103 | 370 | 88 | 89 | 89 | 266 | ||||||||||||||||||||||||||
| Midstream & Marketing | 82 | 83 | 82 | 81 | 328 | 83 | 81 | 81 | 245 | ||||||||||||||||||||||||||
| Corporate | 9 | 10 | 13 | 17 | 49 | 20 | 16 | 17 | 53 | ||||||||||||||||||||||||||
| Total Depreciation, Depletion and Amortization | $ | 1,643 | $ | 1,728 | $ | 1,736 | $ | 1,819 | $ | 6,926 | $ | 1,721 | $ | 1,709 | $ | 1,712 | $ | 5,142 | |||||||||||||||||
| Free Cash Flow Before Working Capital (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | |||||||||||||||||||||||||
| Operating cash flow (GAAP) | $ | 3,239 | $ | 5,329 | $ | 4,267 | $ | 3,975 | $ | 16,810 | $ | 2,870 | $ | 3,070 | $ | 3,129 | $ | 9,069 | |||||||||||||||||
| Plus: Working capital and other, net | 939 | (181) | 433 | 134 | 1,325 | 283 | (419) | 210 | 74 | ||||||||||||||||||||||||||
| Operating cash flow before working capital (Non-GAAP) | 4,178 | 5,148 | 4,700 | 4,109 | 18,135 | 3,153 | 2,651 | 3,339 | 9,143 | ||||||||||||||||||||||||||
| Less: Capital Expenditures (GAAP) | (858) | (972) | (1,147) | (1,520) | (4,497) | (1,461) | (1,646) | (1,619) | (4,726) | ||||||||||||||||||||||||||
| Free Cash Flow Before Working Capital (Non-GAAP) | $ | 3,320 | $ | 4,176 | $ | 3,553 | $ | 2,589 | $ | 13,638 | $ | 1,692 | $ | 1,005 | $ | 1,720 | $ | 4,417 | |||||||||||||||||
| (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 flow 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 are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow 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
| 2022 | 2023 | ||||||||||||||||||||||||||||||||||
| 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 | 472 | 493 | 523 | 565 | 513 | 579 | 582 | 588 | 583 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 286 | 279 | 270 | 272 | 277 | 264 | 273 | 263 | 267 | ||||||||||||||||||||||||||
| Gulf of Mexico | 138 | 147 | 151 | 150 | 147 | 171 | 135 | 146 | 150 | ||||||||||||||||||||||||||
| Total | 896 | 919 | 944 | 987 | 937 | 1,014 | 990 | 997 | 1,000 | ||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Algeria & Other International | 36 | 53 | 52 | 48 | 47 | 41 | 34 | 30 | 35 | ||||||||||||||||||||||||||
| Al Hosn | 45 | 76 | 84 | 86 | 73 | 61 | 88 | 88 | 79 | ||||||||||||||||||||||||||
| Dolphin | 34 | 37 | 38 | 39 | 37 | 36 | 39 | 39 | 38 | ||||||||||||||||||||||||||
| Oman | 68 | 62 | 62 | 67 | 65 | 68 | 67 | 66 | 67 | ||||||||||||||||||||||||||
| Total | 183 | 228 | 236 | 240 | 222 | 206 | 228 | 223 | 219 | ||||||||||||||||||||||||||
| TOTAL REPORTED PRODUCTION | 1,079 | 1,147 | 1,180 | 1,227 | 1,159 | 1,220 | 1,218 | 1,220 | 1,219 | ||||||||||||||||||||||||||
| REPORTED NET PRODUCTION | |||||||||||||||||||||||||||||||||||
| VOLUMES PER DAY BY COMMODITY: | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian | 280 | 291 | 303 | 337 | 303 | 337 | 333 | 339 | 337 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 89 | 82 | 79 | 79 | 82 | 73 | 76 | 72 | 73 | ||||||||||||||||||||||||||
| Gulf of Mexico | 114 | 122 | 126 | 126 | 122 | 141 | 112 | 123 | 125 | ||||||||||||||||||||||||||
| Total | 483 | 495 | 508 | 542 | 507 | 551 | 521 | 534 | 535 | ||||||||||||||||||||||||||
| NGL (MBBL) | |||||||||||||||||||||||||||||||||||
| Permian | 108 | 114 | 126 | 130 | 119 | 136 | 141 | 145 | 140 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 92 | 100 | 96 | 97 | 97 | 94 | 100 | 97 | 97 | ||||||||||||||||||||||||||
| Gulf of Mexico | 10 | 11 | 11 | 11 | 11 | 13 | 10 | 10 | 11 | ||||||||||||||||||||||||||
| Total | 210 | 225 | 233 | 238 | 227 | 243 | 251 | 252 | 248 | ||||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Permian | 504 | 528 | 561 | 590 | 545 | 637 | 646 | 625 | 636 | ||||||||||||||||||||||||||
| Rockies & Other Domestic | 632 | 582 | 572 | 575 | 590 | 583 | 586 | 565 | 579 | ||||||||||||||||||||||||||
| Gulf of Mexico | 83 | 81 | 84 | 79 | 81 | 99 | 78 | 77 | 85 | ||||||||||||||||||||||||||
| Total | 1,219 | 1,191 | 1,217 | 1,244 | 1,216 | 1,319 | 1,310 | 1,267 | 1,300 | ||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Oil (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 33 | 47 | 44 | 41 | 42 | 34 | 28 | 25 | 29 | ||||||||||||||||||||||||||
| Al Hosn | 8 | 13 | 14 | 14 | 12 | 10 | 15 | 15 | 14 | ||||||||||||||||||||||||||
| Dolphin | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||||
| Oman | 57 | 50 | 50 | 56 | 53 | 58 | 58 | 57 | 57 | ||||||||||||||||||||||||||
| Total | 103 | 116 | 114 | 117 | 113 | 108 | 107 | 103 | 106 | ||||||||||||||||||||||||||
| NGL (MBBL) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 1 | 4 | 5 | 5 | 4 | 4 | 3 | 2 | 3 | ||||||||||||||||||||||||||
| Al Hosn | 14 | 23 | 26 | 27 | 23 | 18 | 25 | 26 | 23 | ||||||||||||||||||||||||||
| Dolphin | 7 | 8 | 8 | 8 | 7 | 7 | 8 | 8 | 8 | ||||||||||||||||||||||||||
| Total | 22 | 35 | 39 | 40 | 34 | 29 | 36 | 36 | 34 | ||||||||||||||||||||||||||
| Natural Gas (MMCF) | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 10 | 13 | 15 | 14 | 13 | 15 | 15 | 15 | 15 | ||||||||||||||||||||||||||
| Al Hosn | 139 | 237 | 265 | 268 | 227 | 196 | 289 | 284 | 254 | ||||||||||||||||||||||||||
| Dolphin | 130 | 141 | 146 | 148 | 142 | 140 | 152 | 149 | 146 | ||||||||||||||||||||||||||
| Oman | 69 | 71 | 70 | 68 | 69 | 62 | 53 | 53 | 57 | ||||||||||||||||||||||||||
| Total | 348 | 462 | 496 | 498 | 451 | 413 | 509 | 501 | 472 | ||||||||||||||||||||||||||
SCHEDULE 9
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
| 2022 | 2023 | ||||||||||||||||||||||||||||||||||
| 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 | 896 | 919 | 944 | 987 | 937 | 1,014 | 990 | 997 | 1,000 | ||||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Algeria and Other International | 36 | 51 | 53 | 51 | 48 | 36 | 36 | 30 | 35 | ||||||||||||||||||||||||||
| Al Hosn | 46 | 76 | 84 | 85 | 73 | 61 | 88 | 88 | 79 | ||||||||||||||||||||||||||
| Dolphin | 33 | 37 | 38 | 39 | 37 | 35 | 39 | 40 | 38 | ||||||||||||||||||||||||||
| Oman | 63 | 67 | 60 | 68 | 64 | 68 | 69 | 67 | 68 | ||||||||||||||||||||||||||
| Total | 178 | 231 | 235 | 243 | 222 | 200 | 232 | 225 | 220 | ||||||||||||||||||||||||||
| TOTAL REPORTED SALES | 1,074 | 1,150 | 1,179 | 1,230 | 1,159 | 1,214 | 1,222 | 1,222 | 1,220 | ||||||||||||||||||||||||||
| REALIZED PRICES | |||||||||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 93.23 | $ | 108.64 | $ | 93.43 | $ | 82.41 | $ | 94.12 | $ | 73.63 | $ | 72.70 | $ | 81.36 | $ | 75.93 | |||||||||||||||||
| NGL ($/BBL) | $ | 40.60 | $ | 42.80 | $ | 35.04 | $ | 25.43 | $ | 35.69 | $ | 23.39 | $ | 17.80 | $ | 20.22 | $ | 20.43 | |||||||||||||||||
| Natural Gas ($/MCF) | $ | 4.17 | $ | 6.25 | $ | 7.06 | $ | 4.45 | $ | 5.48 | $ | 3.01 | $ | 1.36 | $ | 1.92 | $ | 2.09 | |||||||||||||||||
| International | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 85.42 | $ | 103.99 | $ | 101.46 | $ | 89.23 | $ | 95.46 | $ | 77.42 | $ | 77.76 | $ | 77.32 | $ | 77.50 | |||||||||||||||||
| NGL ($/BBL) | $ | 30.44 | $ | 36.92 | $ | 36.32 | $ | 31.69 | $ | 34.09 | $ | 32.98 | $ | 28.45 | $ | 26.59 | $ | 29.03 | |||||||||||||||||
| Natural Gas ($/MCF) | $ | 1.85 | $ | 1.89 | $ | 1.92 | $ | 1.89 | $ | 1.89 | $ | 1.95 | $ | 1.88 | $ | 1.87 | $ | 1.89 | |||||||||||||||||
| Total Worldwide | |||||||||||||||||||||||||||||||||||
| Oil ($/BBL) | $ | 91.91 | $ | 107.72 | $ | 94.89 | $ | 83.64 | $ | 94.36 | $ | 74.22 | $ | 73.59 | $ | 80.70 | $ | 76.19 | |||||||||||||||||
| NGL ($/BBL) | $ | 39.61 | $ | 42.04 | $ | 35.22 | $ | 26.35 | $ | 35.48 | $ | 24.41 | $ | 19.08 | $ | 21.04 | $ | 21.45 | |||||||||||||||||
| Natural Gas ($/MCF) | $ | 3.66 | $ | 5.03 | $ | 5.57 | $ | 3.72 | $ | 4.51 | $ | 2.76 | $ | 1.50 | $ | 1.90 | $ | 2.04 | |||||||||||||||||
| Index Prices | |||||||||||||||||||||||||||||||||||
| WTI Oil ($/BBL) | $ | 94.29 | $ | 108.41 | $ | 91.55 | $ | 82.65 | $ | 94.23 | $ | 76.13 | $ | 73.83 | $ | 82.26 | $ | 77.41 | |||||||||||||||||
| Brent Oil ($/BBL) | $ | 97.36 | $ | 111.69 | $ | 97.59 | $ | 88.68 | $ | 98.83 | $ | 82.20 | $ | 78.02 | $ | 86.08 | $ | 82.10 | |||||||||||||||||
| NYMEX Natural Gas ($/MCF) | $ | 4.16 | $ | 6.62 | $ | 7.86 | $ | 6.76 | $ | 6.35 | $ | 3.88 | $ | 2.30 | $ | 2.59 | $ | 2.92 | |||||||||||||||||
| Percentage of Index Prices | |||||||||||||||||||||||||||||||||||
| Worldwide Oil as a percentage of WTI | 97 | % | 99 | % | 104 | % | 101 | % | 100 | % | 97 | % | 100 | % | 98 | % | 98 | % | |||||||||||||||||
| Worldwide Oil as a percentage of Brent | 94 | % | 96 | % | 97 | % | 94 | % | 95 | % | 90 | % | 94 | % | 94 | % | 93 | % | |||||||||||||||||
| Worldwide NGL as a percentage of WTI | 42 | % | 39 | % | 38 | % | 32 | % | 38 | % | 32 | % | 26 | % | 26 | % | 28 | % | |||||||||||||||||
| Worldwide NGL as a percentage of Brent | 41 | % | 38 | % | 36 | % | 30 | % | 36 | % | 30 | % | 24 | % | 24 | % | 26 | % | |||||||||||||||||
| Domestic Natural Gas as a percentage of NYMEX | 100 | % | 94 | % | 90 | % | 66 | % | 86 | % | 78 | % | 59 | % | 74 | % | 72 | % | |||||||||||||||||
SCHEDULE 10
Occidental Petroleum Corporation
Oil & Gas Metrics
| 2022 | 2023 | ||||||||||||||||||||||||||||||||||
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD | ||||||||||||||||||||||||||
| Lease operating expenses ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 7.82 | $ | 8.99 | $ | 9.41 | $ | 9.36 | $ | 8.92 | $ | 9.23 | $ | 9.79 | $ | 10.20 | $ | 9.74 | |||||||||||||||||
| International | $ | 14.53 | $ | 12.05 | $ | 11.08 | $ | 11.29 | $ | 12.07 | $ | 13.24 | $ | 11.72 | $ | 12.21 | $ | 12.35 | |||||||||||||||||
| Total Oil and Gas | $ | 8.94 | $ | 9.60 | $ | 9.74 | $ | 9.74 | $ | 9.52 | $ | 9.89 | $ | 10.16 | $ | 10.57 | $ | 10.21 | |||||||||||||||||
| Transportation costs ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 3.87 | $ | 3.90 | $ | 3.90 | $ | 3.82 | $ | 3.87 | $ | 3.81 | $ | 3.75 | $ | 3.74 | $ | 3.76 | |||||||||||||||||
| Total Oil and Gas | $ | 3.38 | $ | 3.28 | $ | 3.30 | $ | 3.23 | $ | 3.29 | $ | 3.33 | $ | 3.18 | $ | 3.19 | $ | 3.23 | |||||||||||||||||
| Taxes other than on income ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 3.43 | $ | 3.97 | $ | 3.97 | $ | 3.11 | $ | 3.61 | $ | 2.63 | $ | 2.59 | $ | 2.97 | $ | 2.73 | |||||||||||||||||
| Total Oil and Gas | $ | 3.43 | $ | 4.05 | $ | 3.90 | $ | 3.15 | $ | 3.63 | $ | 2.71 | $ | 2.53 | $ | 2.47 | $ | 2.57 | |||||||||||||||||
| DD&A expense ($/BOE) | |||||||||||||||||||||||||||||||||||
| United States | $ | 16.71 | $ | 16.79 | $ | 16.17 | $ | 15.99 | $ | 16.40 | $ | 15.24 | $ | 15.21 | $ | 15.18 | $ | 15.21 | |||||||||||||||||
| International | $ | 7.32 | $ | 6.75 | $ | 6.75 | $ | 7.44 | $ | 7.05 | $ | 7.77 | $ | 7.18 | $ | 6.38 | $ | 7.08 | |||||||||||||||||
| Total Oil and Gas | $ | 15.15 | $ | 14.77 | $ | 14.30 | $ | 14.30 | $ | 14.61 | $ | 14.00 | $ | 13.69 | $ | 13.56 | $ | 13.75 | |||||||||||||||||
| G&A and other operating expenses ($/BOE) | $ | 3.05 | $ | 2.67 | $ | 3.03 | $ | 2.77 | $ | 2.88 | $ | 2.80 | $ | 2.48 | $ | 2.58 | $ | 2.62 | |||||||||||||||||
| Exploration Expense ($ millions) | |||||||||||||||||||||||||||||||||||
| United States | $ | 9 | $ | 10 | $ | 23 | $ | 71 | $ | 113 | $ | 90 | $ | 45 | $ | 99 | $ | 234 | |||||||||||||||||
| International | 16 | 16 | 24 | 47 | 103 | 12 | 57 | 26 | 95 | ||||||||||||||||||||||||||
| Total Exploration Expense | $ | 25 | $ | 26 | $ | 47 | $ | 118 | $ | 216 | $ | 102 | $ | 102 | $ | 125 | $ | 329 | |||||||||||||||||
| Capital Expenditures ($ millions) | |||||||||||||||||||||||||||||||||||
| Permian | $ | (381) | $ | (471) | $ | (629) | $ | (769) | $ | (2,250) | $ | (665) | $ | (778) | $ | (678) | $ | (2,121) | |||||||||||||||||
| Rockies & Other Domestic | (87) | (115) | (107) | (117) | (426) | (138) | (199) | (209) | (546) | ||||||||||||||||||||||||||
| Gulf of Mexico | (120) | (86) | (93) | (107) | (406) | (110) | (89) | (110) | (309) | ||||||||||||||||||||||||||
| International | (108) | (108) | (99) | (124) | (439) | (138) | (128) | (109) | (375) | ||||||||||||||||||||||||||
| Exploration Drilling | (57) | (69) | (72) | (125) | (323) | (205) | (166) | (215) | (586) | ||||||||||||||||||||||||||
| Total Oil and Gas | $ | (753) | $ | (849) | $ | (1,000) | $ | (1,242) | $ | (3,844) | $ | (1,256) | $ | (1,360) | $ | (1,321) | $ | (3,937) | |||||||||||||||||