EXHIBIT 99.3
Investor Relations Supplemental Schedules
Investor Relations Supplemental Schedules
2007 First Quarter
Summary
($ Millions)
| | 1Q 2007 | | 1Q 2006 |
Reported Net Income | | $1,212 | | $1,231 |
EPS - Diluted | | $1.43 | | $1.43 |
Core Results | | $831 | | $1,153 |
EPS - Diluted | | $0.98 | | $1.34 |
Total Worldwide Production (mboe/day) | | 587 | | 563 |
Total Worldwide Crude Oil Realizations ($/BBL) | | $51.78 | | $55.38 |
Domestic Natural Gas Realizations ($/MCF) | | $6.38 | | $8.36 |
Wtd. Average Basic Shares O/S (mm) | | 841.0 | | 848.5 |
Wtd. Average Diluted Shares O/S (mm) | | 846.5 | | 860.9 |
Shares Outstanding (mm) | | 833.8 | | 856.5 |
Cash Flow from Operations | | $1,600 | | $2,000 |
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 First Quarter
Net Income (Loss)
($ millions)
| | Reported Income | | Significant Items Affecting Income | | Core Results |
Oil & Gas | | | $ | 2,070 | | | | $ | (412 | ) | | Sale of Russia - Vanyoganneft | | | $ | 1,549 | |
| | | | | | | | | (109 | ) | | Litigation settlements | | | | | |
Chemical | | | | 137 | | | | | | | | | | | | 137 | |
Corporate | | | | | | | | | | | | | | | | | |
Interest expense, net | | | | (181 | ) | | | | 172 | | | Debt tender offer | | | | (9 | ) |
Other | | | | (111 | ) | | | | 47 | | | Plant closure | | | | (64 | ) |
Taxes | | | | (703 | ) | | | | (79 | ) | | Tax effect of adjustments | | | | (782 | ) |
| | | | | | | | | - | | | | | | | | |
Income from continuing operations | | | | 1,212 | | | | | (381 | ) | | | | | | 831 | |
Discontinued operations, net of tax | | | | - | | | | | | | | | | | | - | |
Net Income | | | $ | 1,212 | | | | $ | (381 | ) | | | | | $ | 831 | |
Basic Earnings Per Common Share | | | | | | | | | | | | | | | | | |
Income from continuing operations | | | $ | 1.44 | | | | | | | | | | | | | |
Discontinued operations, net | | | | - | | | | | | | | | | | | | |
Net Income | | | $ | 1.44 | | | | | | | | | | | $ | 0.99 | |
Diluted Earnings Per Common Share | | | | | | | | | | | | | | | | | |
Income from continuing operations | | | $ | 1.43 | | | | | | | | | | | | | |
Discontinued operations, net | | | | - | | | | | | | | | | | | | |
Net Income | | | $ | 1.43 | | | | | | | | | | | $ | 0.98 | |
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2006 First Quarter
Net Income (Loss)
($ millions)
| | Reported Income | | Significant Items Affecting Income | | Core Results |
Oil & Gas | | | $ | 1,910 | | | | | | | | | | | $ | 1,910 | |
Chemical | | | | 250 | | | | | | | | | | | | 250 | |
Corporate | | | | | | | | | | | | | | | | | |
Interest expense, net | | | | (29 | ) | | | | | | | | | | | (29 | ) |
Other | | | | (71 | ) | | | | | | | | | | | (71 | ) |
Taxes | | | | (907 | ) | | | | | | | | | | | (907 | ) |
| | | | | | | | | | | | | | | | | |
Income from continuing operations | | | | 1,153 | | | | | - | | | | | | | 1,153 | |
Discontinued operations, net of tax | | | | 78 | | | | | (78 | ) | | Discontinued operations, net | | | | - | |
Net Income | | | $ | 1,231 | | | | $ | (78 | ) | | | | | $ | 1,153 | |
Basic Earnings Per Common Share | | | | | | | | | | | | | | | | | |
Income from continuing operations | | | $ | 1.36 | | | | | | | | | | | | | |
Discontinued operations, net of tax | | | | 0.09 | | | | | | | | | | | | | |
Net Income | | | $ | 1.45 | | | | | | | | | | | $ | 1.36 | |
Diluted Earnings Per Common Share | | | | | | | | | | | | | | | | | |
Income from continuing operations | | | $ | 1.34 | | | | | | | | | | | | | |
Discontinued operations, net of tax | | | | 0.09 | | | | | | | | | | | | | |
Net Income | | | $ | 1.43 | | | | | | | | | | | $ | 1.34 | |
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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) | First Quarter |
| | 2007 | | 2006 |
| Corporate | | | | | |
| Environmental remediation | (8 | ) | | (7 | ) |
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate
| | | QUARTERLY |
| REPORTED INCOME | | 2007 QTR 1 | | 2006 QTR 4 | | 2006 QTR 1 |
| Oil & Gas (a) | | 2,070 | | | 1,499 | | | 1,910 | |
| Chemicals | | 137 | | | 157 | | | 250 | |
| Corporate & other | | (292 | ) | | 62 | | | (100 | ) |
| Pre-tax income | | 1,915 | | | 1,718 | | | 2,060 | |
| Income tax expense | | | | | | | | | |
| Federal and state | | 281 | | | 393 | | | 461 | |
| Foreign (a) | | 422 | | | 402 | | | 446 | |
| Total | | 703 | | | 795 | | | 907 | |
| | | | | | | | | | |
| Income from continuing operations | | 1,212 | | | 923 | | | 1,153 | |
| Worldwide effective tax rate | | 37% | | 46% | | 44% |
| CORE RESULTS | | 2007 QTR 1 | | 2006 QTR 4 | | 2006 QTR 1 |
| Oil & Gas (a) | | 1,549 | | | 1,499 | | | 1,910 | |
| Chemicals | | 137 | | | 157 | | | 250 | |
| Corporate & other | | (73 | ) | | (105 | ) | | (100 | ) |
| Pre-tax income | | 1,613 | | | 1,551 | | | 2,060 | |
| Income tax expense | | | | | | | | | |
| Federal and state | | 360 | | | 312 | | | 461 | |
| Foreign (a) | | 422 | | | 402 | | | 446 | |
| Total | | 782 | | | 714 | | | 907 | |
| | | | | | | | | | |
| Core results | | 831 | | | 837 | | | 1,153 | |
| Worldwide effective tax rate | | 48% | | 46% | | 44% |
(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.
| | | 2007 QTR 1 | | 2006 QTR 4 | | 2006 QTR 1 |
| | | 288 | | | 252 | | | 290 | |
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 First Quarter Net Income (Loss)
Reported Income Comparison
| | First Quarter 2007 | | Fourth Quarter 2006 | | B / (W) |
Oil & Gas | | | $ | 2,070 | | | | $ | 1,499 | | | | $ | 571 | |
Chemical | | | | 137 | | | | | 157 | | | | | (20 | ) |
Corporate | | | | | | | | | | | | | | | |
Interest expense, net | | | | (181 | ) | | | | (51 | ) | | | | (130 | ) |
Other | | | | (111 | ) | | | | 113 | | | | | (224 | ) |
Taxes | | | | (703 | ) | | | | (795 | ) | | | | 92 | |
Income from continuing operations | | | | 1,212 | | | | | 923 | | | | | 289 | |
Discontinued operations, net | | | | - | | | | | 7 | | | | | (7 | ) |
Net Income | | | $ | 1,212 | | | | $ | 930 | | | | $ | 282 | |
Earnings Per Common Share | | | | | | | | | | | | | | | |
Basic | | | $ | 1.44 | | | | $ | 1.10 | | | | $ | 0.34 | |
Diluted | | | $ | 1.43 | | | | $ | 1.09 | | | | $ | 0.34 | |
Worldwide Effective Tax Rate | | | | 37% | | | | 46% | | | | 9% |
OCCIDENTAL PETROLEUM
2007 First Quarter Net Income (Loss)
Core Results Comparison
| | First Quarter 2007 | | Fourth Quarter 2006 | | B / (W) |
Oil & Gas | | | $ | 1,549 | | | | $ | 1,499 | | | | $ | 50 | |
Chemical | | | | 137 | | | | | 157 | | | | | (20 | ) |
Corporate | | | | | | | | | | | | | | | |
Interest expense, net | | | | (9 | ) | | | | (20 | ) | | | | 11 | |
Other | | | | (64 | ) | | | | (85 | ) | | | | 21 | |
Taxes | | | | (782 | ) | | | | (714 | ) | | | | (68 | ) |
Core Results | | | $ | 831 | | | | $ | 837 | | | | $ | (6 | ) |
Core Results Per Common Share | | | | | | | | | | | | | | | |
Basic | | | $ | 0.99 | | | | $ | 0.99 | | | | $ | - | |
Diluted | | | $ | 0.98 | | | | $ | 0.98 | | | | $ | - | |
Worldwide Effective Tax Rate | | | | 48% | | | | 46% | | | | -2% |
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Oil & Gas
Core Results Variance Analysis 1Q07 vs. 4Q06
($ millions)
OCCIDENTAL PETROLEUM
Chemical
Core Results Variance Analysis 1Q07 vs. 4Q06
($ millions)
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 First Quarter Net Income (Loss)
Reported Income Comparison
| | First Quarter 2007 | | First Quarter 2006 | | B / (W) |
Oil & Gas | | | $ | 2,070 | | | | $ | 1,910 | | | | $ | 160 | |
Chemical | | | | 137 | | | | | 250 | | | | | (113 | ) |
Corporate | | | | | | | | | | | | | | | |
Interest expense, net | | | | (181 | ) | | | | (29 | ) | | | | (152 | ) |
Other | | | | (111 | ) | | | | (71 | ) | | | | (40 | ) |
Taxes | | | | (703 | ) | | | | (907 | ) | | | | 204 | |
Income from continuing operations | | | | 1,212 | | | | | 1,153 | | | | | 59 | |
Discontinued operations, net | | | | - | | | | | 78 | | | | | (78 | ) |
Net Income | | | $ | 1,212 | | | | $ | 1,231 | | | | $ | (19 | ) |
Earnings Per Common Share | | | | | | | | | | | | | | | |
Basic | | | $ | 1.44 | | | | $ | 1.45 | | | | $ | (0.01 | ) |
Diluted | | | $ | 1.43 | | | | $ | 1.43 | | | | $ | - | |
Worldwide Effective Tax Rate | | | | 37% | | | | 44% | | | | 7% |
OCCIDENTAL PETROLEUM
2007 First Quarter Net Income (Loss)
Core Results Comparison
| | First Quarter 2007 | | First Quarter 2006 | | B / (W) |
Oil & Gas | | | $ | 1,549 | | | | $ | 1,910 | | | | $ | (361 | ) |
Chemical | | | | 137 | | | | | 250 | | | | | (113 | ) |
Corporate | | | | | | | | | | | | | | | |
Interest expense, net | | | | (9 | ) | | | | (29 | ) | | | | 20 | |
Other | | | | (64 | ) | | | | (71 | ) | | | | 7 | |
Taxes | | | | (782 | ) | | | | (907 | ) | | | | 125 | |
Core Results | | | $ | 831 | | | | $ | 1,153 | | | | $ | (322 | ) |
Core Results Per Common Share | | | | | | | | | | | | | | | |
Basic | | | $ | 0.99 | | | | $ | 1.36 | | | | $ | (0.37 | ) |
Diluted | | | $ | 0.98 | | | | $ | 1.34 | | | | $ | (0.36 | ) |
Worldwide Effective Tax Rate | | | | 48% | | | | 44% | | | | -4% |
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Oil & Gas
Core Results Variance Analysis 1Q07 vs. 1Q06
($ millions)
OCCIDENTAL PETROLEUM
Chemical
Core Results Variance Analysis 1Q07 vs. 1Q06
($ millions)
9
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
| | | First Quarter |
| | | 2007 | | 2006 |
| NET PRODUCTION PER DAY: | | | | | | | | |
| United States | | | | | | | | |
| Crude Oil and Liquids (MBL) | | | | | | | | |
| California | | | 85 | | | | 82 | |
| Permian | | | 165 | | | | 166 | |
| Horn Mountain | | | 10 | | | | 15 | |
| Hugoton and other | | | 4 | | | | 3 | |
| Total | | | 264 | | | | 266 | |
| Natural Gas (MMCF) | | | | | | | | |
| California | | | 232 | | | | 250 | |
| Hugoton and other | | | 150 | | | | 133 | |
| Permian | | | 198 | | | | 189 | |
| Horn Mountain | | | 5 | | | | 10 | |
| Total | | | 585 | | | | 582 | |
| Latin America | | | | | | | | |
| Crude Oil (MBL) | | | | | | | | |
| Argentina | | | 33 | | | | 24 | |
| Colombia | | | 42 | | | | 39 | |
| Total | | | 75 | | | | 63 | |
| Natural Gas (MMCF) | | | | | | | | |
| Argentina | | | 21 | | | | 13 | |
| Bolivia | | | 14 | | | | 13 | |
| | | | 35 | | | | 26 | |
| Middle East / North Africa | | | | | | | | |
| Crude Oil (MBL) | | | | | | | | |
| Oman | | | 22 | | | | 17 | |
| Qatar | | | 46 | | | | 44 | |
| Yemen | | | 32 | | | | 32 | |
| Libya | | | 26 | | | | 22 | |
| Total | | | 126 | | | | 115 | |
| Natural Gas (MMCF) | | | | | | | | |
| Oman | | | 26 | | | | 25 | |
| Other Eastern Hemisphere | | | | | | | | |
| Crude Oil (MBL) | | | | | | | | |
| Pakistan | | | 4 | | | | 4 | |
| Natural Gas (MMCF) | | | | | | | | |
| Pakistan | | | 73 | | | | 75 | |
| Barrels of Oil Equivalent (MBOE) | | | | | | | | |
| Subtotal consolidated subsidiaries | | | 589 | | | | 566 | |
| Other interests | | | | | | | | |
| Colombia – minority interest | | | (5 | ) | | | (5 | ) |
| Yemen – Occidental net interest | | | 3 | | | | 2 | |
| Total worldwide production (MBOE) (a) | | | 587 | | | | 563 | |
(a) Occidental sold its interest in the Russian Vanyoganneft joint venture in January 2007. Russian production has been excluded for comparability.
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
| | | First Quarter |
| | | 2007 | | 2006 |
| OIL & GAS: | | | | | | | | |
| PRICES | | | | | | | | |
| United States | | | | | | | | |
| Crude Oil ($/BBL) | | | 52.17 | | | | 55.25 | |
| Natural gas ($/MCF) | | | 6.38 | | | | 8.36 | |
| Latin America | | | | | | | | |
| Crude Oil ($/BBL) | | | 45.71 | | | | 51.82 | |
| Natural Gas ($/MCF) | | | 1.94 | | | | 1.76 | |
| Middle East / North Africa | | | | | | | | |
| Crude Oil ($/BBL) | | | 55.31 | | | | 57.94 | |
| Natural Gas ($/MCF) | | | 0.97 | | | | 0.97 | |
| Other Eastern Hemisphere | | | | | | | | |
| Crude Oil ($/BBL) | | | 49.67 | | | | 50.63 | |
| Natural Gas ($/MCF) | | | 2.95 | | | | 2.85 | |
| Total Worldwide (a) | | | | | | | | |
| Crude Oil ($/BBL) | | | 51.78 | | | | 55.38 | |
| Natural Gas ($/MCF) | | | 5.59 | | | | 7.20 | |
| | | First Quarter |
| | | 2007 | | 2006 |
| Exploration Expense | | | | | | | | | | |
| Domestic | | | $ | 18 | | | | $ | 32 | |
| Latin America | | | | 23 | | | | | 3 | |
| Middle East / North Africa | | | | 53 | | | | | 23 | |
| Other Eastern Hemisphere | | | | 8 | | | | | 13 | |
| TOTAL | | | $ | 102 | | | | $ | 71 | |
(a) Occidental sold its interest in the Russian Vanyoganneft joint venture in January 2007. Russian production has been excluded for comparability.
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Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
| | | First Quarter |
| Capital Expenditures ($MM) | | 2007 | | 2006 |
| Oil & Gas | | | | | | | | | | |
| California | | | $ | 132 | | | | $ | 103 | |
| Permian | | | | 164 | | | | | 127 | |
| Other – U.S. | | | | 44 | | | | | 67 | |
| Latin America | | | | 114 | | | | | 47 | |
| Middle East / North Africa | | | | 293 | | | | | 209 | |
| Other Eastern Hemisphere | | | | 4 | | | | | 6 | |
| Chemicals | | | | 27 | | | | | 33 | |
| Corporate | | | | 6 | | | | | 4 | |
| TOTAL | | | $ | 784 | | | | $ | 596 | |
| Depreciation, Depletion & | | First Quarter |
| Amortization of Assets ($MM) | | 2007 | | 2006 |
| Oil & Gas | | | | | | | | | | |
| Domestic | | | $ | 251 | | | | $ | 205 | |
| Latin America | | | | 90 | | | | | 49 | |
| Middle East / North Africa | | | | 153 | | | | | 129 | |
| Other Eastern Hemisphere | | | | 9 | | | | | 9 | |
| Chemicals | | | | 73 | | | | | 66 | |
| Corporate | | | | 12 | | | | | 5 | |
| TOTAL | | | $ | 588 | | | | $ | 463 | |
12
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
CORPORATE
($ millions)
| 31-Mar-07 | | 31-Dec-06 |
CAPITALIZATION | | | | | | | | | | | | | |
Long-Term Debt (including current maturities) | | | $ | 2,140 | | | | | | $ | 2,790 | | |
Subsidiary Preferred Stock | | | | 75 | | | | | | | 75 | | |
Others | | | | 25 | | | | | | | 25 | | |
Total Debt | | | $ | 2,240 | | | | | | $ | 2,890 | | |
EQUITY | | | $ | 20,217 | | | | | | $ | 19,252 | | |
Total Debt To Total Capitalization | | | | 10% | | | | | | 13% | |
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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 materially 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. You should not place undue reliance on these forward-looking statements which speak only as of the date of this filing. Unless legally required, Occidental disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. 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.
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