Exhibit 99.3
Information Regarding “Significant Items Affecting Earnings of Occidental Petroleum” extracted from Occidental’s Annual Report on Form 10-K for the year ended December 31, 2013
SIGNIFICANT ITEMS AFFECTING EARNINGS
The following table sets forth, for the years ended December 31, 2013, 2012 and 2011, significant transactions and events affecting Occidental’s earnings that vary widely and unpredictably in nature, timing and amount:
Significant Items Affecting Earnings
Benefit (Charge) (in millions) |
| 2013 |
| 2012 |
| 2011 |
| |||
OIL AND GAS |
|
|
|
|
|
|
| |||
Asset impairments and related items |
| $ | (607 | ) | $ | (1,731 | ) | $ | — |
|
Libya exploration write-off |
| — |
| — |
| (35 | ) | |||
Gains on sale of Colombian pipeline interest |
| — |
| — |
| 22 |
| |||
Foreign tax |
| — |
| — |
| (29 | ) | |||
Total Oil and Gas |
| $ | (607 | ) | $ | (1,731 | ) | $ | (42 | ) |
CHEMICAL |
|
|
|
|
|
|
| |||
Carbocloro sale gain |
| $ | 131 |
| $ | — |
| $ | — |
|
Total Chemical |
| $ | 131 |
| $ | — |
| $ | — |
|
MIDSTREAM AND MARKETING |
|
|
|
|
|
|
| |||
Plains Pipeline sale gain and other |
| $ | 1,030 |
| $ | — |
| $ | — |
|
Total Midstream and Marketing |
| $ | 1,030 |
| $ | — |
| $ | — |
|
CORPORATE |
|
|
|
|
|
|
| |||
Charge for former employees and consultants |
| $ | (55 | ) | $ | — |
| $ | — |
|
Litigation reserves |
| — |
| (20 | ) | — |
| |||
Premium on debt extinguishments |
| — |
| — |
| (163 | ) | |||
State income tax charge |
| — |
| — |
| (33 | ) | |||
Tax effect of pre-tax adjustments |
| (179 | ) | 636 |
| 50 |
| |||
Discontinued operations, net of tax(a) |
| (19 | ) | (37 | ) | 131 |
| |||
Total Corporate |
| $ | (253 | ) | $ | 579 |
| $ | (15 | ) |
(a) The 2011 amount includes a $144 million after-tax gain from the sale of the Argentine operations.
Information Regarding “Basic Earnings Per Common Share of Occidental Petroleum” extracted from Occidental’s Annual Report on Form 10-K for the year ended December 31, 2013
Consolidated Statements of Income |
| Occidental Petroleum Corporation |
In millions, except per-share amounts |
| and Subsidiaries |
For the years ended December 31, |
| 2013 |
| 2012 |
| 2011 |
| |||
REVENUES AND OTHER INCOME |
|
|
|
|
|
|
| |||
Net sales |
| $ | 24,455 |
| $ | 24,172 |
| $ | 23,939 |
|
Interest, dividends and other income |
| 106 |
| 81 |
| 180 |
| |||
Gain on sale of equity investments |
| 1,175 |
| — |
| — |
| |||
|
| 25,736 |
| 24,253 |
| 24,119 |
| |||
|
|
|
|
|
|
|
| |||
COSTS AND OTHER DEDUCTIONS |
|
|
|
|
|
|
| |||
Cost of sales (excludes depreciation, depletion and amortization of $5,341 in 2013, $4,504 in 2012 and $3,584 in 2011) |
| 7,562 |
| 7,844 |
| 7,385 |
| |||
Selling, general and administrative and other operating expenses |
| 1,801 |
| 1,602 |
| 1,523 |
| |||
Depreciation, depletion and amortization |
| 5,347 |
| 4,511 |
| 3,591 |
| |||
Asset impairments and related items |
| 621 |
| 1,751 |
| — |
| |||
Taxes other than on income |
| 749 |
| 680 |
| 605 |
| |||
Exploration expense |
| 256 |
| 345 |
| 258 |
| |||
Interest and debt expense, net |
| 118 |
| 130 |
| 298 |
| |||
|
| 16,454 |
| 16,863 |
| 13,660 |
| |||
INCOME BEFORE INCOME TAXES AND OTHER ITEMS |
| 9,282 |
| 7,390 |
| 10,459 |
| |||
Provision for domestic and foreign income taxes |
| (3,755 | ) | (3,118 | ) | (4,201 | ) | |||
Income from equity investments |
| 395 |
| 363 |
| 382 |
| |||
|
|
|
|
|
|
|
| |||
INCOME FROM CONTINUING OPERATIONS |
| 5,922 |
| 4,635 |
| 6,640 |
| |||
Discontinued operations, net |
| (19 | ) | (37 | ) | 131 |
| |||
|
|
|
|
|
|
|
| |||
NET INCOME |
| $ | 5,903 |
| $ | 4,598 |
| $ | 6,771 |
|
|
|
|
|
|
|
|
| |||
BASIC EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 7.35 |
| $ | 5.72 |
| $ | 8.16 |
|
Discontinued operations, net |
| (0.02 | ) | (0.05 | ) | 0.16 |
| |||
BASIC EARNINGS PER COMMON SHARE |
| $ | 7.33 |
| $ | 5.67 |
| $ | 8.32 |
|
|
|
|
|
|
|
|
| |||
DILUTED EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 7.34 |
| $ | 5.71 |
| $ | 8.16 |
|
Discontinued operations, net |
| (0.02 | ) | (0.04 | ) | 0.16 |
| |||
DILUTED EARNINGS PER COMMON SHARE |
| $ | 7.32 |
| $ | 5.67 |
| $ | 8.32 |
|
DIVIDENDS PER COMMON SHARE |
| $ | 2.56 |
| $ | 2.16 |
| $ | 1.84 |
|