EXHIBIT 99.3
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
2005 Second Quarter | ||||||||||
Net Income (Loss) | ||||||||||
($ millions) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Reported |
|
|
|
|
| Core | ||
|
| Income |
| Significant Items Affecting Income |
| Earnings | ||||
Oil & Gas |
| $ | 1,325 |
| $ | 26 | Contract settlement |
| $ | 1,351 |
|
|
|
|
|
|
|
|
|
|
|
Chemical |
|
| 225 |
|
|
|
|
|
| 225 |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (47) |
|
| 1 | Debt redemption |
|
| (46) |
Other |
|
| 73 |
|
| (140) | Sale of Lyondell shares |
|
| (67) |
Taxes |
|
| (44) |
|
| 51 | Tax effect of adjustments |
|
| (612) |
|
|
|
|
|
| (619) | IRS settlement |
|
|
|
Income from continuing operations |
| 1,532 |
| (681) |
|
| 851 | |||
Discontinued operations, net of tax |
|
| 4 |
|
| (4) | Discontinued operations, net |
|
| - |
Net Income |
| $ | 1,536 |
| $ | (685) |
|
| $ | 851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 3.81 |
|
|
|
|
| $ | 2.12 |
Discontinued operations, net of tax |
|
| 0.01 |
|
|
|
|
|
| - |
Net Income |
| $ | 3.82 |
|
|
|
|
| $ | 2.12 |
1
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
2004 Second Quarter | ||||||||||
Net Income (Loss) | ||||||||||
($ millions) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Reported |
|
|
|
|
| Core | ||
|
| Income |
| Significant Items Affecting Income |
| Earnings | ||||
Oil & Gas |
| $ | 980 |
|
|
|
|
| $ | 980 |
|
|
|
|
|
|
|
|
|
|
|
Chemical |
|
| 92 |
|
|
|
|
|
| 92 |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (60) |
|
|
|
|
|
| (60) |
Other |
|
| (44) |
|
|
|
|
|
| (444) |
Taxes |
|
| (384) |
|
|
|
|
|
| (384) |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| 584 |
| - |
|
| 584 | |||
Discontinued operations, net of tax |
|
| (3) |
|
| 3 | Discontinued operations, net |
|
| - |
Net Income |
| $ | 581 |
| $ | 3 |
|
| $ | 584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 1.48 |
|
|
|
|
| $ | 1.49 |
Discontinued operations, net of tax |
|
| - |
|
|
|
|
|
| - |
Net Income |
| $ | 1.48 |
|
|
|
|
| $ | 1.49 |
2
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
2005 First Six Months | ||||||||||
Net Income (Loss) | ||||||||||
($ millions) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Reported |
|
|
|
|
| Core | ||
|
| Income |
| Significant Items Affecting Income |
| Earnings | ||||
Oil & Gas |
| $ | 2,674 |
| $ | 26 | Contract settlement |
| $ | 2,700 |
|
|
|
|
|
|
|
|
|
|
|
Chemical |
|
| 439 |
|
|
|
|
|
| 439 |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (108) |
|
| 11 | Debt redemption charges |
|
| (97) |
Other |
|
| 22 |
|
| (140) | Sale of Lyondell shares |
|
| (118) |
Taxes |
|
| (645) |
|
| 47 | Tax effect of adjustments |
|
| (1,207) |
|
|
|
|
|
| (619) | IRS settlement |
|
|
|
|
|
|
|
|
| 10 | State tax charge |
|
|
|
Income from continuing operations |
| 2,382 |
| (665) |
|
| 1,717 | |||
Discontinued operations, net of tax |
|
| - |
|
| - | Discontinued operations, net |
|
| - |
Net Income |
| $ | 2,382 |
| $ | (665) |
|
| $ | 1,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 5.94 |
|
|
|
|
| $ | 4.28 |
Discontinued operations, net of tax |
|
| - |
|
|
|
|
|
| - |
Net Income |
| $ | 5.94 |
|
|
|
|
| $ | 4.28 |
3
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
2004 First Six Months | ||||||||||
Net Income (Loss) | ||||||||||
($ millions) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Reported |
|
|
|
|
| Core | ||
|
| Income |
| Significant Items Affecting Income |
| Earnings | ||||
Oil & Gas |
| $ | 1,895 |
|
|
|
|
| $ | 1,895 |
|
|
|
|
|
|
|
|
|
|
|
Chemical |
|
| 148 |
|
|
|
|
|
| 148 |
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (128) |
|
| 11 | Trust preferred redemption |
|
| (117) |
Other |
|
| (95) |
|
|
|
|
|
| (95) |
Taxes |
|
| (747) |
|
| (20) | IRS settlements |
|
| (771) |
|
|
|
|
|
| (4) | Tax effect of adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| 1,073 |
| (13) |
|
| 1,060 | |||
Discontinued operations, net of tax |
|
| (5) |
|
| 5 | Discontinued operations, net |
|
| - |
Net Income |
| $ | 1,068 |
| $ | (8) |
|
| $ | 1,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 2.73 |
|
|
|
|
| $ | 2.70 |
Discontinued operations, net of tax |
|
| (0.01) |
|
|
|
|
|
| - |
Net Income |
| $ | 2.72 |
|
|
|
|
| $ | 2.70 |
4
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||
Items Affecting Comparability of Core Earnings Between Periods | ||||||||
|
|
|
|
|
|
|
|
|
The item(s) below are included in core earnings but are shown in this table | ||||||||
because they affect the comparability of core earnings between periods. | ||||||||
|
|
|
|
|
|
|
|
|
Pre-tax |
|
|
|
|
|
|
|
|
Income / (Expense) |
| Second Quarter |
| Six Months | ||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
|
|
|
|
|
|
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
Exploration impairments |
| (66) |
| (12) |
| (85) |
| (45) |
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
Environmental remediation |
| (10) |
| - |
| (19) |
| - |
5
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
Worldwide Effective Tax Rate | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| QUARTERLY |
| YEAR TO-DATE | ||||||
|
| 2005 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
REPORTED INCOME |
| QTR 2 |
| QTR 1 |
| QTR 2 |
| 6 Months |
| 6 Months |
Oil & Gas (a) |
| 1,325 |
| 1,349 |
| 980 |
| 2,674 |
| 1,895 |
Chemicals |
| 225 |
| 214 |
| 92 |
| 439 |
| 148 |
Corporate & other |
| 26 |
| (112) |
| (104) |
| (86) |
| (223) |
Pre-tax income |
| 1,576 |
| 1,451 |
| 968 |
| 3,027 |
| 1,820 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
Federal and state |
| (256) |
| 349 |
| 214 |
| 93 |
| 407 |
Foreign (a) |
| 300 |
| 252 |
| 170 |
| 552 |
| 340 |
Total |
| 44 |
| 601 |
| 384 |
| 645 |
| 747 |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| 1,532 |
| 850 |
| 584 |
| 2,382 |
| 1,073 |
|
|
|
|
|
|
|
|
|
|
|
Worldwide effective tax rate |
| 3% |
| 41% |
| 40% |
| 21% |
| 41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2005 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
CORE INCOME |
| QTR 2 |
| QTR 1 |
| QTR 2 |
| 6 Months |
| 6 Months |
Oil & Gas (a) |
| 1,351 |
| 1,349 |
| 980 |
| 2,700 |
| 1,895 |
Chemicals |
| 225 |
| 214 |
| 92 |
| 439 |
| 148 |
Corporate & other |
| (113) |
| (102) |
| (104) |
| (215) |
| (212) |
Pre-tax income |
| 1,463 |
| 1,461 |
| 968 |
| 2,924 |
| 1,831 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
Federal and state |
| 312 |
| 343 |
| 214 |
| 655 |
| 431 |
Foreign (a) |
| 300 |
| 252 |
| 170 |
| 552 |
| 340 |
Total |
| 612 |
| 595 |
| 384 |
| 1,207 |
| 771 |
|
|
|
|
|
|
|
|
|
|
|
Core income |
| 851 |
| 866 |
| 584 |
| 1,717 |
| 1,060 |
|
|
|
|
|
|
|
|
|
|
|
Worldwide effective tax rate |
| 42% |
| 41% |
| 40% |
| 41% |
| 42% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Revenues and income tax expense include taxes owed by Occidental but paid by governmental | ||||||||||
entities on its behalf. Oil and gas pre-tax income includes the following revenue amounts by periods. | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 2005 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
| QTR 2 |
| QTR 1 |
| QTR 2 |
| 6 Months |
| 6 Months |
|
| 226 |
| 187 |
| 117 |
| 413 |
| 233 |
6
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||
2005 Second Quarter Net Income (Loss) | |||||||||
Reported Income Comparison | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Second |
| First |
|
|
| ||
|
| Quarter |
| Quarter |
|
|
| ||
|
| 2005 |
| 2005 |
| B / (W) | |||
Oil & Gas |
| $ | 1,325 |
| $ | 1,349 |
| $ | (24) |
Chemical |
|
| 225 |
|
| 214 |
|
| 11 |
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (47) |
|
| (61) |
|
| 14 |
Other |
|
| 73 |
|
| (51) |
|
| 124 |
Taxes |
|
| (44) |
|
| (601) |
|
| 557 |
Income from continuing operations |
|
| 1,532 |
|
| 850 |
|
| 682 |
Discontinued operations, net |
|
| 4 |
|
| (4) |
|
| 8 |
Net Income |
| $ | 1,536 |
| $ | 846 |
| $ | 690 |
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 3.81 |
| $ | 2.12 |
| $ | 1.69 |
Discontinued operations, net |
|
| 0.01 |
|
| (0.01) |
|
| 0.02 |
Net Income |
| $ | 3.82 |
| $ | 2.11 |
| $ | 1.71 |
Worldwide Effective Tax Rate |
|
| 3% |
|
| 41% |
|
| 38% |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
OCCIDENTAL PETROLEUM | |||||||||
2005 Second Quarter Net Income (Loss) | |||||||||
Core Earnings Comparison | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Second |
| First |
|
|
| ||
|
| Quarter |
| Quarter |
|
|
| ||
|
| 2005 |
| 2005 |
| B / (W) | |||
Oil & Gas |
| $ | 1,351 |
| $ | 1,349 |
| $ | 2 |
Chemical |
|
| 225 |
|
| 214 |
|
| 11 |
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (46) |
|
| (51) |
|
| 5 |
Other |
|
| (67) |
|
| (51) |
|
| (16) |
Taxes |
|
| (612) |
|
| (595) |
|
| (17) |
Net Income |
| $ | 851 |
| $ | 886 |
| $ | (15) |
Basic Earnings Per Common Share |
| $ | 2.12 |
| $ | 2.16 |
| $ | (0.04) |
Worldwide Effective Tax Rate |
|
| 42% |
|
| 41% |
|
| -1% |
7
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||
Oil & Gas | ||||
Core Earnings Variance Analysis | ||||
($ millions) | ||||
|
|
|
| |
2005 2nd Quarter |
| $ | 1,351 | |
2005 1st Quarter |
|
| 1,349 | |
|
| $ | 2 | |
|
|
|
| |
|
|
|
| |
Sales Price |
| $ | 128 | |
|
|
|
| |
Sales Volume/Mix |
|
| (24) | |
|
|
|
| |
Exploration Expense |
|
| (65) | |
|
|
|
| |
All Others |
|
| (37) | |
|
|
|
| |
TOTAL VARIANCE |
| $ | 2 | |
|
|
|
| |
| ||||
|
|
|
| |
OCCIDENTAL PETROLEUM | ||||
Chemical | ||||
Core Earnings Variance Analysis | ||||
($ millions) | ||||
|
|
|
| |
2005 2nd Quarter |
| $ | 225 | |
2005 1st Quarter |
|
| 214 | |
|
| $ | 11 | |
|
|
|
| |
|
|
|
| |
Sales Price |
|
| (13) | |
|
|
|
| |
Sales Volume/Mix |
|
| 12 | |
|
|
|
| |
Operations/Manufacturing |
|
| 10 | * |
|
|
|
| |
All Others |
|
| 2 | |
|
|
|
| |
TOTAL VARIANCE |
| $ | 11 | |
|
|
|
| |
* Lower feedstock costs partially offset by higher energy costs |
8
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||
2005 Second Quarter Net Income (Loss) | |||||||||
Reported Income Comparison | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Second |
| Second |
|
|
| ||
|
| Quarter |
| Quarter |
|
|
| ||
|
| 2005 |
| 2004 |
| B / (W) | |||
Oil & Gas |
| $ | 1,325 |
| $ | 980 |
| $ | 345 |
Chemical |
|
| 225 |
|
| 92 |
|
| 133 |
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (47) |
|
| (60) |
|
| 13 |
Other |
|
| 73 |
|
| (44) |
|
| 117 |
Taxes |
|
| (44) |
|
| (384) |
|
| 340 |
Income from continuing operations |
|
| 1,532 |
|
| 584 |
|
| 948 |
Discontinued operations, net |
|
| 4 |
|
| (3) |
|
| 7 |
Net Income |
| $ | 1,536 |
| $ | 581 |
| $ | 955 |
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 3.81 |
| $ | 1.48 |
| $ | 2.33 |
Discontinued operations, net |
|
| 0.01 |
|
| - |
|
| 0.01 |
Net Income |
| $ | 3.82 |
| $ | 1.48 |
| $ | 2.34 |
Worldwide Effective Tax Rate |
|
| 3% |
|
| 40% |
|
| 37% |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
OCCIDENTAL PETROLEUM | |||||||||
2005 Second Quarter Net Income (Loss) | |||||||||
Core Earnings Comparison | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Second |
| Second |
|
|
| ||
|
| Quarter |
| Quarter |
|
|
| ||
|
| 2005 |
| 2004 |
| B / (W) | |||
Oil & Gas |
| $ | 1,351 |
| $ | 980 |
| $ | 371 |
Chemical |
|
| 225 |
|
| 92 |
|
| 133 |
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (46) |
|
| (60) |
|
| 14 |
Other |
|
| (67) |
|
| (44) |
|
| (23) |
Taxes |
|
| (612) |
|
| (384) |
|
| (228) |
Net Income |
| $ | 851 |
| $ | 584 |
| $ | 267 |
Basic Earnings Per Common Share |
| $ | 2.12 |
| $ | 1.49 |
| $ | 0.63 |
Worldwide Effective Tax Rate |
|
| 42% |
|
| 40% |
|
| -2% |
9
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||
Oil & Gas | ||||
Core Earnings Variance Analysis | ||||
($ millions) | ||||
|
|
|
| |
2005 2nd Quarter |
| $ | 1,351 | |
2004 2nd Quarter |
|
| 980 | |
|
| $ | 371 | |
|
|
|
| |
|
|
|
| |
Sales Price |
| $ | 541 | |
|
|
|
| |
Sales Volume/Mix |
|
| (12) | |
|
|
|
| |
Exploration Expense |
|
| (71) | |
|
|
|
| |
All Others |
|
| (87) | |
|
|
|
| |
TOTAL VARIANCE |
| $ | 371 | |
|
|
|
| |
| ||||
|
|
|
| |
OCCIDENTAL PETROLEUM | ||||
Chemical | ||||
Core Earnings Variance Analysis | ||||
($ millions) | ||||
|
|
|
| |
2005 2nd Quarter |
| $ | 225 | |
2004 2nd Quarter |
|
| 92 | |
|
| $ | 133 | |
|
|
|
| |
|
|
|
| |
Sales Price |
|
| 189 | |
|
|
|
| |
Sales Volume/Mix |
|
| (15) | |
|
|
|
| |
Operations/Manufacturing |
|
| (48) | * |
|
|
|
| |
All Others |
|
| 7 | |
|
|
|
| |
TOTAL VARIANCE |
| $ | 133 | |
|
|
|
| |
* Higher energy and feedstock costs |
10
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||
SUMMARY OF OPERATING STATISTICS | ||||||||
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
NET PRODUCTION PER DAY: |
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBL) |
|
|
|
|
|
|
|
|
California |
| 75 |
| 78 |
| 76 |
| 78 |
Permian |
| 156 |
| 156 |
| 152 |
| 155 |
Horn Mountain |
| 11 |
| 23 |
| 14 |
| 23 |
Hugoton |
| 3 |
| 3 |
| 3 |
| 3 |
Total |
| 245 |
| 260 |
| 245 |
| 259 |
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
California |
| 240 |
| 234 |
| 240 |
| 239 |
Hugoton |
| 133 |
| 132 |
| 131 |
| 129 |
Permian |
| 166 |
| 132 |
| 156 |
| 136 |
Horn Mountain |
| 9 |
| 15 |
| 11 |
| 16 |
Total |
| 548 |
| 260 |
| 538 |
| 520 |
Latin America |
|
|
|
|
|
|
|
|
Crude Oil (MBL) |
|
|
|
|
|
|
|
|
Colombia |
| 36 |
| 39 |
| 34 |
| 37 |
Ecuador |
| 39 |
| 47 |
| 41 |
| 45 |
Total |
| 75 |
| 86 |
| 75 |
| 82 |
Middle East |
|
|
|
|
|
|
|
|
Crude Oil (MBL) |
|
|
|
|
|
|
|
|
Oman |
| 19 |
| 12 |
| 21 |
| 12 |
Qatar |
| 43 |
| 44 |
| 43 |
| 43 |
Yemen |
| 28 |
| 30 |
| 31 |
| 35 |
Total |
| 90 |
| 86 |
| 95 |
| 90 |
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
Oman |
| 61 |
| 56 |
| 58 |
| 33 |
|
|
|
|
|
|
|
|
|
Other Eastern Hemisphere |
|
|
|
|
|
|
|
|
Crude Oil (MBL) |
|
|
|
|
|
|
|
|
Pakistan |
| 6 |
| 8 |
| 6 |
| 8 |
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
Pakistan |
| 72 |
| 73 |
| 75 |
| 74 |
|
|
|
|
|
|
|
|
|
Barrels of Oil Equivalent (MBOE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtital consolidated subsidiaries |
| 530 |
| 547 |
| 533 |
| 544 |
Other interests |
|
|
|
|
|
|
|
|
Colombia - minority interest |
| (5) |
| (5) |
| (4) |
| (4) |
Russia - Occidental net interest |
| 28 |
| 31 |
| 29 |
| 30 |
Yemen - Occidental net interest |
| 2 |
| 1 |
| 2 |
| 1 |
Total worldwide production (MBOE) |
| 555 |
| 574 |
| 560 |
| 571 |
11
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||
SUMMARY OF OPERATING STATISTICS | ||||||||
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
OIL & GAS: |
|
|
|
|
|
|
|
|
PRICES |
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
| 46.72 |
| 35.44 |
| 45.47 |
| 34.02 |
Natural Gas ($/MCF) |
| 6.18 |
| 4.90 |
| 6.07 |
| 4.95 |
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
| 42.09 |
| 30.60 |
| 40.99 |
| 29.83 |
|
|
|
|
|
|
|
|
|
Middle East |
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
| 48.72 |
| 34.51 |
| 45.18 |
| 32.18 |
Natural Gas ($/MCF) |
| 0.96 |
| 0.97 |
| 0.96 |
| 0.97 |
|
|
|
|
|
|
|
|
|
Other Eastern Hemisphere |
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
| 46.84 |
| 32.26 |
| 42.76 |
| 30.79 |
Natural Gas ($/MCF) |
| 2.28 |
| 2.47 |
| 2.25 |
| 2.35 |
|
|
|
|
|
|
|
|
|
Total Worldwide |
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
| 45.41 |
| 33.12 |
| 43.53 |
| 31.77 |
Natural Gas ($/MCF) |
| 5.16 |
| 4.26 |
| 5.02 |
| 4.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 | ||||
Exploration Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
| $ | 84 |
| $ | 22 |
| $ | 111 |
| $ | 60 |
Latin America |
|
| 8 |
|
| 2 |
|
| 23 |
|
| 3 |
Middle East |
|
| 4 |
|
| 1 |
|
| 5 |
|
| 14 |
Other Eastern Hemisphere |
|
| 15 |
|
| 15 |
|
| 19 |
|
| 17 |
TOTAL |
| $ | 111 |
| $ | 40 |
| $ | 158 |
| $ | 94 |
12
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||
CHEMICALS | ||||||||
Volume (M Tons, except PVC Resins) | ||||||||
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||
MAJOR PRODUCTS |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
Chlorine |
| 746 |
| 740 |
| 1,451 |
| 1,446 |
Caustic soda |
| 768 |
| 819 |
| 1,482 |
| 1,551 |
Ethylene Dichloride |
| 175 |
| 100 |
| 305 |
| 222 |
PVC Resins (millions of pounds) |
| 985 |
| 1,090 |
| 2,010 |
| 2,161 |
CHEMICALS | ||||||||
Prices (Index) | ||||||||
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||
MAJOR PRODUCTS |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
Chlorine |
| 2.65 |
| 2.00 |
| 2.60 |
| 1.80 |
Caustic soda |
| 1.67 |
| 0.61 |
| 1.59 |
| 0.66 |
Ethylene Dichloride |
| 1.56 |
| 1.51 |
| 1.65 |
| 1.40 |
PVC Resins |
| 1.24 |
| 1.06 |
| 1.27 |
| 1.00 |
1987 through 1990 average price = 1.00
CHLORINE
OxyChem Commentary
• | As contract terms permitted, OxyChem fully implemented the $20 per ton price increase announced in February effective March 24th. No additional price increases were announced in the 2nd quarter. |
• | The industry operating rate of 93% was negatively impacted by prolonged outages, both scheduled and unscheduled, inventory reductions in the vinyls chain and seasonal chlorine demand. |
• | OxyChem anticipates an increase in industry operating rates in the 3rd quarter. The supply/demand balance is expected to tighten as seasonal demand for downstream products improves, including chlorine into the vinyls chain. However, any additional unplanned outages resulting from operating problems, weather or energy curtailments could further tighten the supply/demand balance. |
• | Order control programs for chlorine are still in effect and are expected to remain for the balance of 2005 for OxyChem and other U.S. producers. |
13
Investor Relations Supplemental Schedules
Influencing Factors:
Inventory reductions in the vinyls chain coupled with cooler, wet weather throughout most of the East and Midwest dampened domestic chlorine demand in the 2nd quarter. Although this lessened concerns over chlorine availability, several prolonged outages within the industry kept the supply/demand balance stable, thus preventing the threat of price erosion. Chlorine demand into the vinyls chain is expected to improve in the 3rd quarter.
CAUSTIC
OxyChem Commentary
• | Caustic soda demand improved over 1st quarter sales driven by the bleach, distribution and refining markets. Sales of liquid caustic soda are expected to further improve in the 3rd quarter as demand into the bleach market strengthens. |
• | As contract terms permitted, OxyChem successfully implemented in the 2nd quarter the $40 DST price increase announced in February. An additional increase of $30 DST was announced in May to be implemented in the 3rd quarter. All other major U.S. producers have announced a similar increase. Market conditions are expected to support further price improvement as seasonal demand for caustic soda increases. |
• | OxyChem and other U.S. producers remain on order control programs for liquid caustic soda. Order control is expected to continue in the 3rd quarter. |
Influencing Factors:
Caustic soda demand is anticipated to remain robust in the 3rdquarter as seasonal demand into bleach peaks and the U.S. manufacturing sector shows continued signs of strength. As a result, market conditions are expected to remain favorable for future price improvement. However, the strength of the U.S. manufacturing sector and/or unseasonably cool temperatures throughout the U.S. could impact demand and future price improvement.
EDC
OxyChem Commentary
• | Export demand in the 2nd quarter was limited by planned and unplanned Asian VCM outages coupled with increased Chinese acetylene based VCM production. The lower EDC demand was partially offset by tighter EDC supply in the U.S. |
• | EDC prices dropped significantly during the 2nd quarter. Spot prices declined from a 1st quarter peak of $500 - $520 per metric ton CIF Asia to $260 - $270 per metric ton CIF Asia. |
14
Investor Relations Supplemental Schedules
Influencing Factors:
Prices for EDC in the Far East have stabilized after significant declines in the 2nd quarter. EDC prices are expected to rebound as VCM and PVC pricing improves. Continued VCM outages in Asia have unfavorably impacted the supply/demand balance for EDC. Spot export shipments are expected to be limited out of the U.S. in the 3rd quarter due to lower chlorine values versus other alternatives.
PVC/VCM |
OxyChem Commentary
• | Inventory management and an outage at the Pasadena, Texas PVC plant in June contributed to a 2% decline in OxyChem’s PVC operating rate from the 1st quarter. |
• | Mild domestic demand in the 2nd quarter resulted in reduced operating rates for PVC as producers and consumers operated with minimal inventories. |
• | Domestic PVC resin prices were flat in both April and May, decreasing $0.01 per pound in June. July pricing is flat with June. |
• | Westlake has restarted the Geismar VCM and PVC plants at 50% operating rates. It is expected that the plants will be brought up to capacity by January 2006. The Shintech Addis facility remains idle and is not expected to restart in 2005. |
• | PVC resin export prices ended the quarter at $700 - $720 per metric ton CFR Southeast Asia. Exports for the 2nd quarter increased 60% versus the prior quarter. |
• | VCM supply and demand was balanced in North America as most producers opted to reduce rates, driven by PVC reductions, rather than push VCM into the market at low values. Pemex resumed operation of their Pajaritos plant at reduced rates in late March and ran reasonably steady through the 2nd quarter. |
• | Published VCM spot export prices decreased from $810 per metric ton FOB U.S. Gulf Coast to Latin America to $550 per metric ton by the end of the 2nd quarter. Asian spot prices ended the quarter at $540 per metric ton CFR, which is less than $340 per metric ton FOB U.S. Gulf Coast. There were no shipments from the U.S. to Asia in the 2nd quarter due to the unfavorable economics. |
Influencing Factors:
Increased seasonal domestic demand will result in some margin improvement for VCM and PVC in the 3rdquarter. Inventory reductions, moderate demand and increased energy costs will support continued export price stability with some rebound expected.
15
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
SUMMARY OF OPERATING STATISTICS | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||||||
Capital Expenditures ($MM) |
| 2005 |
| 2004 |
| 2005 |
| 2004 | ||||
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
California |
| $ | 90 |
| $ | 83 |
| $ | 172 |
| $ | 144 |
Permian |
|
| 96 |
|
| 63 |
|
| 159 |
|
| 125 |
Other - U.S. |
|
| 33 |
|
| 8 |
|
| 62 |
|
| 12 |
Latin America |
|
| 48 |
|
| 63 |
|
| 99 |
|
| 83 |
Middle East / North Africa |
|
| 191 |
|
| 191 |
|
| 464 |
|
| 359 |
Other Eastern Hemisphere |
|
| 24 |
|
| 10 |
|
| 32 |
|
| 21 |
Chemicals |
|
| 34 |
|
| 40 |
|
| 62 |
|
| 56 |
Corporate |
|
| 2 |
|
| 3 |
|
| 4 |
|
| 4 |
TOTAL |
| $ | 518 |
| $ | 461 |
| $ | 1,054 |
| $ | 804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion & |
| Second Quarter |
| Six Months | ||||||||
Amortization of Assets ($MM) |
| 2005 |
| 2004 |
| 2005 |
| 2004 | ||||
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
| $ | 170 |
| $ | 157 |
| $ | 324 |
| $ | 313 |
Latin America |
|
| 26 |
|
| 26 |
|
| 51 |
|
| 48 |
Middle East |
|
| 83 |
|
| 65 |
|
| 173 |
|
| 134 |
Other Eastern Hemisphere |
|
| 10 |
|
| 10 |
|
| 20 |
|
| 22 |
Chemicals |
|
| 62 |
|
| 62 |
|
| 121 |
|
| 122 |
Corporate |
|
| 5 |
|
| 4 |
|
| 11 |
|
| 9 |
TOTAL |
| $ | 356 |
| $ | 324 |
| $ | 700 |
| $ | 648 |
16
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||
CORPORATE | ||||||
($ millions) | ||||||
|
|
|
|
|
|
|
|
| 30-Jun-05 |
| 31-Dec-04 | ||
|
|
|
|
|
|
|
CAPITALIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oxy Long-Term Debt (including current maturities) |
| $ | 3,360 |
| $ | 3,804 |
|
|
|
|
|
|
|
Subsidiary Preferred Stock |
|
| 75 |
|
| 75 |
|
|
|
|
|
|
|
Others |
|
| 26 |
|
| 26 |
|
|
|
|
|
|
|
Total Debt |
| $ | 3,461 |
| $ | 3,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
| $ | 12,706 |
| $ | 10,550 |
|
|
|
|
|
|
|
Total Debt to Total Capitalization |
|
| 21% |
|
| 27% |
17
Investor Relations Supplemental Schedules
See the investor relations supplemental schedules for the reconciliation of non-GAAP items. Statements in this presentation that contain words such as "will", "expect" or "estimate", or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause results to differ materially include, but are not limited to: exploration risks, such as drilling of unsuccessful wells; global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher-than-expected costs; political risk; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition, or disposition. Occidental disclaims any obligation to update any forward-looking statements. The United States Securities and Exchange Commission (SEC) permits oil and natural gas companies, in their filings with the SEC, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We use certain terms in this presentation, such as probable, possible and recoverable reserves, that the SEC's guidelines strictly prohibit us from using in filings with the SEC. U.S. investors are urged to consider carefully the disclosure in our Form 10-K, available through the following toll-free telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.
18