EXHIBIT 99.3
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
2005 Fourth Quarter | ||||||||||||
Net Income (Loss) | ||||||||||||
($ millions) | ||||||||||||
Reported | Significant Items Affecting Income | Core | ||||||||||
Oil & Gas | $ | 1,859 | $ | 9 | Hurricane insurance charge | $ | 1,868 | |||||
Chemical |
| 165 |
| 6 | Hurricane insurance charge |
| 171 | |||||
Corporate |
|
|
|
|
|
|
| |||||
Interest expense, net |
| (23 | ) |
| 1 | Debt purchase expense |
| (22 | ) | |||
Other |
| (89 | ) |
|
|
|
|
| (89 | ) | ||
Taxes |
| (764 | ) |
| (6 | ) | Tax effect of adjustments |
| (770 | ) | ||
Income from continuing operations |
| 1,148 |
|
| 10 |
|
|
| 1,158 |
| ||
Discontinued operations, net of tax |
| 4 |
|
| (4 | ) | Discontinued operations, net |
| -- |
| ||
Net Income | $ | 1,152 | $ | 6 |
| $ | 1,158 | |||||
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
| ||
Income from continuing operations | $ | 2.83 |
|
|
| $ | 2.86 | |||||
Discontinued operations, net |
| 0.01 |
|
|
|
| -- | |||||
Net Income | $ | 2.84 |
| $ | 2.86 | |||||||
1
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
2004 Fourth Quarter | ||||||||||||
Net Income (Loss) | ||||||||||||
($ millions) | ||||||||||||
Reported | Significant Items Affecting Income | Core | ||||||||||
Oil & Gas | $ | 1,179 |
|
|
| $ | 1,179 | |||||
Chemical |
| 125 |
|
|
|
| 125 | |||||
Corporate |
|
|
|
|
|
|
| |||||
Interest expense, net |
| (53 | ) |
|
|
|
| (53 | ) | |||
Other |
| (11 | ) |
| (121 | ) | Gain on Lyondell stock issuance |
| (117 | ) | ||
|
|
|
|
| 15 |
| Hurricane Insurance Charge |
|
|
| ||
Taxes |
| (466 | ) |
| (27 | ) | IRS settlements |
| (454 | ) | ||
39 | Tax effect of adjustments | |||||||||||
Income from continuing operations |
| 774 |
|
| (94 | ) |
|
| 680 |
| ||
Discontinued operations, net of tax | (32 | ) | 32 |
| Discontinued operations, net | -- | ||||||
Net Income | $ | 742 | $ | (62 | ) |
| $ | 680 | ||||
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
| ||
Income from continuing operations | $ | 1.94 |
|
|
| $ | 1.70 | |||||
Discontinued operations, net of tax | (0.08 | ) |
|
| -- | |||||||
Net Income | $ | 1.86 |
| $ | 1.70 | |||||||
2
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
2005 Twelve Months | ||||||||||||
Net Income (Loss) | ||||||||||||
($ millions) | ||||||||||||
Reported | Significant Items Affecting Income | Core | ||||||||||
Oil & Gas | $ | 6,293 | $ | 26 | Contract settlement | $ | 6,337 | |||||
|
|
|
| 18 | Hurricane insurance charge |
|
| |||||
Chemical |
| 607 |
| 159 | Write-off of plants |
| 777 | |||||
|
|
|
| 11 | Hurricane insurance charge |
|
| |||||
Corporate |
|
|
|
|
|
|
| |||||
Interest expense, net |
| (201 | ) |
| 42 | Debt purchase expense |
| (159 | ) | |||
Other |
| 593 |
|
| (140 | ) | Sale of Lyondell shares |
| (246 | ) | ||
|
|
|
| (726 | ) | Sale of Premcor / Valero shares |
|
| ||||
|
|
|
| 15 |
| Equity investment impairment |
|
| ||||
|
|
|
| 2 |
| Equity investment hurricane |
|
| ||||
|
|
|
|
|
| insurance charge |
|
| ||||
|
|
|
| 10 |
| Hurricane insurance charge |
|
| ||||
Taxes |
| (2,020 | ) |
| 219 |
| Tax effect of adjustments |
| (2,745 | ) | ||
|
|
|
| (335 | ) | Tax reserve reversal |
|
| ||||
|
|
|
| (619 | ) | Settlement of federal tax issue |
|
| ||||
10 | State tax charge | |||||||||||
Income from continuing operations |
| 5,272 |
|
| (1,308 | ) |
|
| 3,964 |
| ||
Discontinued operations, net |
| 6 |
|
| (6 | ) | Discontinued operations, net |
| -- |
| ||
Cumulative effect of acct changes, net | 3 |
| (3 | ) | Cumulative effect of acct chg | -- | ||||||
Net Income | $ | 5,281 | $ | (1,317 | ) |
| $ | 3,964 | ||||
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
| ||
Income from continuing operations | $ | 13.07 |
|
|
| $ | 9.83 | |||||
Discontinued operations, net |
| 0.01 |
|
|
|
| -- | |||||
Cumulative effect of acct changes, net | 0.01 |
|
| -- | ||||||||
Net Income | $ | 13.09 |
| $ | 9.83 | |||||||
3
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
2004 Twelve Months | ||||||||||||
Net Income (Loss) | ||||||||||||
($ millions) | ||||||||||||
Reported | Significant Items Affecting Income | Core | ||||||||||
Oil & Gas | $ | 4,290 |
|
|
| $ | 4,290 | |||||
Chemical |
| 414 |
|
|
|
| 414 | |||||
Corporate |
|
|
|
|
|
|
| |||||
Interest expense, net |
| (240 | ) |
| 11 | Trust preferred redemption |
| (229 | ) | |||
Other |
| (150 | ) |
| (121 | ) | Gain on Lyondell stock issuance |
| (256 | ) | ||
|
|
|
|
| 15 |
| Hurricane insurance charge |
|
|
| ||
Taxes |
| (1,708 | ) |
| (47 | ) | IRS settlements |
| (1,720 | ) | ||
|
|
|
|
| 35 |
| Tax effects of adjustments |
|
|
| ||
Income from continuing operations |
| 2,606 |
|
| (107 | ) |
|
| 2,499 |
| ||
Discontinued operations, net of tax | (38 | ) | 38 |
| Discontinued operations, net | -- | ||||||
Net Income | $ | 2,568 | $ | (69 | ) |
| $ | 2,499 | ||||
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
| ||
Income from continuing operations | $ | 6.59 |
|
|
| $ | 6.32 | |||||
Discontinued operations, net of tax | (0.10 | ) |
|
| -- | |||||||
Net Income | $ | 6.49 |
| $ | 6.32 | |||||||
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 | Fourth Quarter | Twelve Months | |||||||
| 2005 | 2004 | 2005 | 2004 | |||||
Oil & Gas |
|
|
|
|
|
|
|
| |
Exploration impairments | (32 | ) | (42 | ) | (118 | ) | (101 | ) | |
Insurance and litigation reserves | -- |
| (6 | ) | -- |
| (6 | ) | |
|
|
|
|
|
|
|
|
| |
Chemicals |
|
|
|
|
|
|
|
| |
Production process write-off | -- |
| (12 | ) | -- |
| (12 | ) | |
Insurance and litigation reserves | -- |
| (2 | ) | -- |
| (2 | ) | |
|
|
|
|
|
|
|
|
| |
Corporate |
|
|
|
|
|
|
|
| |
Environmental remediation | (33 | ) | (59 | ) | (62 | ) | (59 | ) | |
Insurance and litigation reserves | -- |
| (16 | ) | -- |
| (16 | ) | |
5
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate
|
| QUARTERLY |
| YEAR-TO-DATE |
| ||||||
|
| 2005 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
Oil & Gas (a) |
| 1,859 |
| 1,760 |
| 1,179 |
| 6,293 |
| 4,290 |
|
Chemicals |
| 165 |
| 3 |
| 125 |
| 607 |
| 414 |
|
Corporate & other |
| (112 | ) | 590 |
| (64 | ) | 392 |
| (390 | ) |
Pre-tax income |
| 1,912 |
| 2,353 |
| 1,240 |
| 7,292 |
| 4,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
Federal and state |
| 393 |
| 185 |
| 261 |
| 671 |
| 946 |
|
Foreign (a) |
| 371 |
| 426 |
| 205 |
| 1,349 |
| 762 |
|
Total |
| 764 |
| 611 |
| 466 |
| 2,020 |
| 1,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| 1,148 |
| 1,742 |
| 774 |
| 5,272 |
| 2,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide effective tax rate |
| 40% |
| 26% |
| 38% |
| 28% |
| 40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2005 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
Oil & Gas (a) |
| 1,868 |
| 1,769 |
| 1,179 |
| 6,337 |
| 4,290 |
|
Chemicals |
| 171 |
| 167 |
| 125 |
| 777 |
| 414 |
|
Corporate & other |
| (111 | ) | (79 | ) | (170 | ) | (405 | ) | (485 | ) |
Pre-tax income |
| 1,928 |
| 1,857 |
| 1,134 |
| 6,709 |
| 4,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
Federal and state |
| 399 |
| 342 |
| 249 |
| 1,396 |
| 958 |
|
Foreign (a) |
| 371 |
| 426 |
| 205 |
| 1,349 |
| 762 |
|
Total |
| 770 |
| 768 |
| 454 |
| 2,745 |
| 1,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Core income |
| 1,158 |
| 1,089 |
| 680 |
| 3,964 |
| 2,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide effective tax rate |
| 40% |
| 41% |
| 40% |
| 41% |
| 41% |
|
(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 |
|
|
| 211 |
| 263 |
| 143 |
| 887 |
| 525 |
|
6
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
|
| Fourth |
| Third |
| B / (W) |
| |||
Oil & Gas |
| $ | 1,859 |
| $ | 1,760 |
| $ | 99 |
|
Chemical |
|
| 165 |
|
| 3 |
|
| 162 |
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (23 | ) |
| (70 | ) |
| 47 |
|
Other |
|
| (89 | ) |
| 660 |
|
| (749 | ) |
Taxes |
| (764 | ) | (611 | ) | (153 | ) | |||
Income from continuing operations |
|
| 1,148 |
|
| 1,742 |
|
| (594 | ) |
Discontinuted operations, net |
|
| 4 |
|
| 2 |
|
| 2 |
|
Cumulative effect of acct changes, net |
| -- |
| 3 |
| (3 | ) | |||
Net Income |
| $ | 1,152 |
| $ | 1,747 |
| $ | (595 | ) |
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 2.83 |
| $ | 4.31 |
| $ | (1.48 | ) |
Discontinued operations, net |
|
| 0.01 |
|
| -- |
|
| 0.01 |
|
Cumulative effect of acct changes, net |
| -- |
| 0.01 |
| (0.01 | ) | |||
Net Income |
| $ | 2.84 |
| $ | 4.32 |
| $ | (1.48 | ) |
|
|
|
|
|
|
|
|
|
|
|
Worldwide Effective Tax Rate |
|
| 40% |
|
| 26% |
|
| -14% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
OCCIDENTAL PETROLEUM | ||||||||||
|
| Fourth |
| Third |
| B / (W) |
| |||
Oil & Gas |
| $ | 1,868 |
| $ | 1,769 |
| $ | 99 |
|
Chemical |
|
| 171 |
|
| 167 |
|
| 4 |
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (22 | ) |
| (40 | ) |
| 18 |
|
Other |
|
| (89 | ) |
| (39 | ) |
| (50 | ) |
Taxes |
| (770 | ) | (768 | ) | (2 | ) | |||
Net Income |
| $ | 1,158 |
| $ | 1,089 |
| $ | 69 |
|
|
|
|
|
|
|
|
|
|
|
|
Core Earnings Per Common Share |
| $ | 2.86 |
| $ | 2.69 |
| $ | 0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Effective Tax Rate |
|
| 40% |
|
| 41% |
|
| 1% |
|
7
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||
2005 4th Quarter |
| $ | 1,868 |
|
2005 3rd Quarter |
| 1,769 |
| |
|
| $ | 99 |
|
Sales Price |
| $ | 146 |
|
Sales Volume/Mix |
|
| 98 |
|
Exploration Expense |
|
| (68 | ) |
All Others |
|
| (77 | ) |
TOTAL VARIANCE |
| $ | 99 |
|
| ||||
OCCIDENTAL PETROLEUM | ||||
2005 4th Quarter |
| $ | 171 |
|
2005 3rd Quarter |
| 167 |
| |
|
| $ | 4 |
|
Sales Price |
|
| 127 |
|
Sales Volume/Mix |
|
| (2 | ) |
Operations/Manufacturing |
|
| (131 | ) * |
All Others |
|
| 10 |
|
TOTAL VARIANCE |
| $ | 4 |
|
* Higher feedstock and energy costs
8
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||
|
| Fourth |
| Fourth |
| B / (W) |
| |||
Oil & Gas |
| $ | 1,859 |
| $ | 1,179 |
| $ | 680 |
|
Chemical |
|
| 165 |
|
| 125 |
|
| 40 |
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (23 | ) |
| (53 | ) |
| 30 |
|
Other |
|
| (89 | ) |
| (11 | ) |
| (78 | ) |
Taxes |
| (764 | ) | (466 | ) | (298 | ) | |||
Income from continuing operations |
|
| 1,148 |
|
| 774 |
|
| 374 |
|
Discontinued operations, net |
| 4 |
| (32 | ) | 36 |
| |||
Net Income |
| $ | 1,152 |
| $ | 742 |
| $ | 410 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
| $ | 2.83 |
| $ | 1.94 |
| $ | 0.89 |
|
Discontinued operations, net |
| 0.01 |
| (0.08 | ) | 0.09 |
| |||
Net Income |
| $ | 2.84 |
| $ | 1.86 |
| $ | 0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Effective Tax Rate |
|
| 40% |
|
| 38% |
|
| -2% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
OCCIDENTAL PETROLEUM | ||||||||||
|
| Fourth |
| Fourth |
| B / (W) |
| |||
Oil & Gas |
| $ | 1,868 |
| $ | 1,179 |
| $ | 689 |
|
Chemical |
|
| 171 |
|
| 125 |
|
| 46 |
|
Corporate |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (22 | ) |
| (53 | ) |
| 31 |
|
Other |
|
| (89 | ) |
| (117 | ) |
| 28 |
|
Taxes |
| (770 | ) | (454 | ) | (316 | ) | |||
Net Income |
| $ | 1,158 |
| $ | 680 |
| $ | 478 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
| $ | 2.86 |
| $ | 1.70 |
| $ | 1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Effective Tax Rate |
|
| 40% |
|
| 40% |
|
| 0% |
|
9
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||
2005 4th Quarter |
| $ | 1,868 |
|
2004 4th Quarter |
| 1,179 |
| |
|
| $ | 689 |
|
Sales Price |
| $ | 759 |
|
Sales Volume/Mix |
|
| 148 |
|
Exploration Expense |
|
| (36 | ) |
All Others |
|
| (182 | ) |
TOTAL VARIANCE |
| $ | 689 |
|
| ||||
OCCIDENTAL PETROLEUM | ||||
2005 4th Quarter |
| $ | 171 |
|
2004 4th Quarter |
| 125 |
| |
|
| $ | 46 |
|
Sales Price |
| $ | 193 |
|
Sales Volume/Mix |
|
| 11 |
|
Operations/Manufacturing |
|
| (182 | ) * |
All Others |
|
| 24 |
|
TOTAL VARIANCE |
| $ | 46 |
|
* Higher feedstock and energy costs
10
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
| |||||||||
| Fourth Quarter | Twelve Months | |||||||
| 2005 | 2004 | 2005 | 2004 | |||||
NET PRODUCTION PER DAY: |
|
|
|
|
|
|
|
| |
United States |
|
|
|
|
|
|
|
| |
Crude Oil and Liquids (MBL) |
|
|
|
|
|
|
|
| |
California | 78 |
| 81 |
| 76 |
| 78 |
| |
Permian | 170 |
| 152 |
| 161 |
| 154 |
| |
Horn Mountain | 14 |
| 13 |
| 13 |
| 19 |
| |
Hugoton and other | 3 |
| 3 |
| 3 |
| 3 |
| |
Total | 265 |
| 249 |
| 253 |
| 254 |
| |
Natural Gas (MMCF) |
|
|
|
|
|
|
|
| |
California | 247 |
| 242 |
| 242 |
| 237 |
| |
Hugoton and other | 139 |
| 125 |
| 133 |
| 127 |
| |
Permian | 180 |
| 125 |
| 170 |
| 130 |
| |
Horn Mountain | 6 |
| 7 |
| 8 |
| 13 |
| |
Total | 572 |
| 499 |
| 553 |
| 507 |
| |
Latin America |
|
|
|
|
|
|
|
| |
Crude Oil (MBL) |
|
|
|
|
|
|
|
| |
Colombia | 36 |
| 37 |
| 36 |
| 37 |
| |
Ecuador | 43 |
| 44 |
| 42 |
| 46 |
| |
Total | 79 |
| 81 |
| 78 |
| 83 |
| |
Middle East and North Africa |
|
|
|
|
|
|
|
| |
Crude Oil (MBL) |
|
|
|
|
|
|
|
| |
Oman | 13 |
| 13 |
| 17 |
| 13 |
| |
Qatar | 42 |
| 48 |
| 42 |
| 45 |
| |
Yemen | 24 |
| 30 |
| 28 |
| 32 |
| |
Libya | 24 |
| -- |
| 8 |
| -- |
| |
Total | 103 |
| 91 |
| 95 |
| 90 |
| |
Natural Gas (MMCF) |
|
|
|
|
|
|
|
| |
Oman | 25 |
| 66 |
| 44 |
| 55 |
| |
|
|
|
|
|
|
|
|
| |
Other Eastern Hemisphere |
|
|
|
|
|
|
|
| |
Crude Oil (MBL) |
|
|
|
|
|
|
|
| |
Pakistan | 5 |
| 6 |
| 5 |
| 7 |
| |
Natural Gas (MMCF) |
|
|
|
|
|
|
|
| |
Pakistan | 77 |
| 79 |
| 77 |
| 75 |
| |
|
|
|
|
|
|
|
|
| |
Barrels of Oil Equivalent (MBOE) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Subtotal consolidated subsidiaries | 564 |
| 534 |
| 543 |
| 540 |
| |
Other interests |
|
|
|
|
|
|
|
| |
Colombia - minority interest | (4 | ) | (5 | ) | (4 | ) | (4 | ) | |
Russia - Occidental net interest | 28 |
| 27 |
| 28 |
| 29 |
| |
Yemen - Occidental net interest | 1 |
| 2 |
| 1 |
| 1 |
| |
Total worldwide production (MBOE) | 589 |
| 558 |
| 568 |
| 566 |
| |
11
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
| |||||||||
| Fourth Quarter | Twelve Months | |||||||
| 2005 | 2004 | 2005 | 2004 | |||||
OIL & GAS: |
|
|
|
|
|
|
|
| |
PRICES |
|
|
|
|
|
|
|
| |
United States |
|
|
|
|
|
|
|
| |
Crude Oil ($/BBL) |
| 52.93 |
| 42.76 |
| 50.21 |
| 37.72 |
|
Natural Gas ($/MCF) |
| 9.81 |
| 5.65 |
| 7.11 |
| 5.35 |
|
|
|
|
|
|
|
|
|
| |
Latin America |
|
|
|
|
|
|
|
| |
Crude Oil ($/BBL) |
| 44.84 |
| 36.47 |
| 45.43 |
| 33.09 |
|
|
|
|
|
|
|
|
|
| |
Middle East / North Africa |
|
|
|
|
|
|
|
| |
Crude Oil ($/BBL) |
| 53.08 |
| 37.44 |
| 49.88 |
| 34.88 |
|
Natural Gas ($/MCF) |
| 0.97 |
| 0.96 |
| 0.96 |
| 0.97 |
|
|
|
|
|
|
|
|
|
| |
Other Eastern Hemisphere |
|
|
|
|
|
|
|
| |
Crude Oil ($/BBL) |
| 51.36 |
| 37.09 |
| 46.84 |
| 33.13 |
|
Natural Gas ($/MCF) |
| 2.50 |
| 2.01 |
| 2.44 |
| 2.25 |
|
|
|
|
|
|
|
|
|
| |
Total Worldwide |
|
|
|
|
|
|
|
| |
Crude Oil ($/BBL) |
| 50.50 |
| 39.11 |
| 48.20 |
| 35.09 |
|
Natural Gas ($/MCF) |
| 8.37 |
| 4.68 |
| 5.98 |
| 4.56 |
|
| Fourth Quarter | Twelve Months | |||||||||||
| 2005 | 2004 | 2005 | 2004 | |||||||||
Exploration Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
| $ | 32 |
| $ | 53 |
| $ | 163 |
| $ | 136 |
|
Latin America |
|
| 37 |
|
| 19 |
|
| 65 |
|
| 23 |
|
Middle East / North Africa |
|
| 38 |
|
| 1 |
|
| 47 |
|
| 16 |
|
Othern Eastern Hemisphere |
|
| 17 |
|
| 15 |
|
| 62 |
|
| 44 |
|
TOTAL |
| $ | 124 |
| $ | 88 |
| $ | 337 |
| $ | 219 |
|
12
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||
| Fourth Quarter | Twelve Months | |||||||
MAJOR PRODUCTS | 2005 | 2004 | 2005 | 2004 | |||||
Chlorine |
| 835 |
| 716 |
| 3,118 |
| 2,892 |
|
Caustic Soda |
| 879 |
| 763 |
| 3,178 |
| 3,109 |
|
Ethylene Dichlorine |
| 192 |
| 134 |
| 682 |
| 458 |
|
PVC Resins (millions of pounds) |
| 885 |
| 1,003 |
| 3,977 |
| 4,208 |
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS | |||||||||
| Fourth Quarter | Twelve Months | |||||||
MAJOR PRODUCTS | 2005 | 2004 | 2005 | 2004 | |||||
Chlorine |
| 2.70 |
| 2.36 |
| 2.65 |
| 2.05 |
|
Caustic Soda |
| 1.83 |
| 1.18 |
| 1.69 |
| 0.84 |
|
Ethylene Dichlorine |
| 1.31 |
| 1.75 |
| 1.44 |
| 1.56 |
|
PVC Resins |
| 1.60 |
| 1.20 |
| 1.32 |
| 1.08 |
|
1987 through 1990 average price = 1.00
CHLORINE
OxyChem Commentary
• | Industry operating problems due to the Gulf Coast hurricanes resulted in a modest improvement in chlorine prices during the 4th quarter. The significant rise in energy prices provided further impetus. |
• | 4th quarter industry operating rates reflect prolonged mechanical outages and reduced chlorine consumption particularly into the vinyl's chain. Limited availability of ethylene coupled with aggressive year-end inventory reductions negatively affected vinyl production. |
• | Lower industry operating rates are expected to continue into the 1st quarter due to normal seasonality. |
• | In the latter portion of the 1st quarter, OxyChem anticipates industry operating rates will improve as seasonal demand increases and Gulf Coast rebuilding efforts begin to impact sales. |
13
Investor Relations Supplemental Schedules
Influencing Factors:
Chlorine availability has greatly improved entering the 1st quarter 2006 as nearly all of the issues related to the hurricanes have been corrected. The return to pre-hurricane operational status for some large chlorine consumers in the U.S. Gulf Coast is not expected until late in the 1st quarter. Increased chlorine demand, influenced by the rebuilding efforts along the Gulf Coast, is anticipated in the latter portion of the 1st quarter, tightening the supply/demand balance as the year progresses.
CAUSTIC
OxyChem Commentary
• | OxyChem's caustic soda demand improved marginally in the 4th quarter as some Gulf Coast producers encountered production problems related to the hurricanes. Sales volume is expected to weaken in the 1st quarter due to normal seasonal weakness. |
• | 4th quarter liquid caustic soda pricing improved as a result of implementation of two price increases announced in the 3rd quarter for 4th quarter. The first increase of $50 per dry short ton (DST) was effective September 28 with a second increase of $75 per DST to be implemented October 28 as contract terms allow. OxyChem expects implementation of the second price increase to continue into the 1st quarter 2006. A third increase announced in late October is not expected to be implemented at this time. |
• | Alumina pricing for the first half of 2006 has settled for North American caustic soda producers at $400 DMT representing an increase of $65 DMT over the alumina price for the second half of 2005. |
• | Order control programs for liquid caustic soda remained in effect through the 4th quarter and are expected to continue into the 1st quarter of 2006. |
Influencing Factors:
The supply of liquid caustic soda along the U.S. Gulf Coast gradually improved in the 4th quarter. Caustic soda availability is expected to increase in the 1st quarter 2006. The increasing supply coupled with the normal seasonal weakness in demand could exert some pressure on 1st quarter pricing.
EDC
OxyChem Commentary
• | Although there was slight improvement in market EDC prices during the 4th quarter, volume from the U.S. was limited to contract shipments due to poor economics and availability of ethylene due to the hurricanes. |
• | EDC prices ended the 4th quarter at $310-$330 per metric ton CFR Asia. |
14
Investor Relations Supplemental Schedules
• | At the end of the 4th quarter, EDC balances were long and market prices were decreasing moving into January. |
Influencing Factors:
Demand for U.S. EDC exports will remain limited due to acetylene based VCM production in China. Furthermore, continued higher ethylene costs and low EDC prices will limit spot export volumes from the U.S. in 1st quarter 2006.
PVC/VCM
OxyChem Commentary
• | Domestic PVC sales volumes remained strong through the first half of the 4th quarter and then began to moderate as the quarter progessed. The 4th quarter ended with seasonally lower sales as buyers reacted to the December price decline and aggressively managed year-end inventory. |
• | Due to the production impact of Hurricane Rita, OxyVinyls declared Force Majeure in the PVC and VCM businesses effective September 23, 2005. The declaration was lifted December 15 as operations returned to normal. |
• | OxyVinyls' PVC operating rates are lower than industry in the 4th quarter due to a scheduled fourteen day outage at the Pasadena, Texas facility. |
• | Domestic PVC resin prices increased $0.12 per pound in October, remained flat in November and then decreased $0.02 per pound in December. |
• | PVC resin export prices ended the quarter at $700-$720 per metric ton CFR Southeast Asia. |
• | The U.S. export contract VCM price to Latin America ended the quarter at $900 per metric ton FOB U.S. Gulf Coast. The low spot price ended at $800 per metric ton FOB U.S. Gulf Coast. |
• | Asian VCM prices ended the quarter at $550 per metric ton CFR. With high freight rates and ethylene cost, this price was not economical for U.S. producers. For the first time, shipments were booked from Asia to Colombia for January delivery at $775 per metric ton CFR. |
Influencing Factors:
PVC demand is expected to remain seasonally slow as we enter the 1st quarter 2006. Slower demand coupled with potentially lower feedstock costs could exert pressure on PVC resin prices. Vinyls demand will gradually improve as the 1st quarter progresses due to the beginning of the spring construction season and Gulf Coast rebuilding efforts. VCM balances could become tighter towards the end of the 1st quarter as PVC demand improves and previously announced VCM capacity is shut down.
15
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fourth Quarter | Twelve Months | |||||||||||
Capital Expenditures ($MM) | 2005 | 2004 | 2005 | 2004 | |||||||||
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
| $ | 110 |
| $ | 84 |
| $ | 380 |
| $ | 315 |
|
Permian |
|
| 137 |
|
| 83 |
|
| 408 |
|
| 289 |
|
Other - U.S. |
|
| 70 |
|
| 25 |
|
| 183 |
|
| 55 |
|
Latin America |
|
| 53 |
|
| 57 |
|
| 197 |
|
| 180 |
|
Middle East / North Africa |
|
| 292 |
|
| 218 |
|
| 982 |
|
| 768 |
|
Other Eastern Hemisphere |
|
| 14 |
|
| 14 |
|
| 86 |
|
| 42 |
|
Chemicals |
|
| 79 |
|
| 60 |
|
| 173 |
|
| 155 |
|
Corporate |
|
| 7 |
|
| 32 |
|
| 14 |
|
| 39 |
|
TOTAL |
| $ | 762 |
| $ | 573 |
| $ | 2,423 |
| $ | 1,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion & | Fourth Quarter | Twelve Months | |||||||||||
Amortization of Assets ($MM) | 2005 | 2004 | 2005 | 2004 | |||||||||
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
| $ | 199 |
| $ | 156 |
| $ | 707 |
| $ | 622 |
|
Latin America |
|
| 40 |
|
| 24 |
|
| 118 |
|
| 96 |
|
Middle East / North Africa |
|
| 90 |
|
| 75 |
|
| 347 |
|
| 276 |
|
Other Eastern Hemisphere |
|
| 12 |
|
| 12 |
|
| 42 |
|
| 47 |
|
Chemicals |
|
| 64 |
|
| 61 |
|
| 251 |
|
| 243 |
|
Corporate |
|
| 4 |
|
| 6 |
|
| 20 |
|
| 19 |
|
TOTAL |
| $ | 409 |
| $ | 334 |
| $ | 1,485 |
| $ | 1,303 |
|
16
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||
|
| 31-Dec-05 |
| 31-Dec-04 | ||
CAPITALIZATION |
|
|
|
|
|
|
Oxy Long-Term Debt (including current maturities) |
| $ | 2,919 |
| $ | 3,804 |
Subsidiary Preferred Stock |
|
| 75 |
|
| 75 |
Others |
|
| 25 |
|
| 26 |
Total Debt |
| $ | 3,019 |
| $ | 3,905 |
EQUITY |
| $ | 15,032 |
| $ | 10,550 |
Total Debt to Total Capitalization |
|
| 17% |
|
| 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