EXHIBIT 99.3
Investor Relations Supplemental Schedules
Investor Relations Supplemental Schedules
Summary
($ Millions)
| 2Q 2007 | 2Q 2006 |
Reported Net Income | $1,412 | $860 |
EPS - Diluted | $1.68 | $0.99 |
Total Worldwide Production (mboe/day) | 583 | 609 |
Total Worldwide Crude Oil Realizations ($/BBL) | $59.11 | $61.66 |
Domestic Natural Gas Realizations ($/MCF) | $7.07 | $6.23 |
Wtd. Average Basic Shares O/S (mm) | 837.7 | 860.2 |
Wtd. Average Diluted Shares O/S (mm) | 841.8 | 867.7 |
| YTD 2007 | YTD 2006 |
Reported Net Income | $2,624 | $2,091 |
EPS - Diluted | $3.11 | $2.42 |
Total Worldwide Production (mboe/day) | 587 | 601 |
Total Worldwide Crude Oil Realizations ($/BBL) | $55.34 | $58.53 |
Domestic Natural Gas Realizations ($/MCF) | $6.74 | $7.25 |
Wtd. Average Basic Shares O/S (mm) | 839.3 | 854.5 |
Wtd. Average Diluted Shares O/S (mm) | 843.2 | 864.3 |
Shares Outstanding (mm) | 830.7 | 845.3 |
Cash Flow from Operations | $2,900 | $3,100 |
1
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 Second Quarter
Net Income (Loss)
($ millions)
| Reported |
|
|
| Income |
| Significant Items Affecting Income |
|
|
|
|
| Asset |
|
|
|
|
|
|
| Sales |
|
|
Oil & Gas | $ | 1,682 |
|
| $ | (23 | ) |
| Sale of mineral interests |
Chemical |
| 158 |
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
| 6 |
|
|
|
|
|
|
|
Other |
| 470 |
|
|
| (284 | ) |
| Sale of Lyondell shares |
|
|
|
|
|
| (116 | ) |
| Sale of Pakistan assets, net of tax |
|
|
|
|
|
| (107 | ) |
| Sale of Horn Mountain assets, net of tax |
Taxes |
| (904 | ) |
|
| 111 |
|
| Tax effect of adjustments |
|
|
|
|
|
|
|
|
|
|
Net Income | $ | 1,412 |
| * | $ | (419 | ) |
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
Diluted | $ | 1.68 |
|
| $ | (0.50 | ) |
|
|
* The second quarter reported income includes after-tax income for the following: $17 million for Pakistan operations, $27 million for Horn Mountain operations and $6 million for litigation and debt purchases.
2
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2006 Second Quarter
Net Income (Loss)
($ millions)
| Reported |
|
|
| Income |
| Significant Items Affecting Income |
Oil & Gas | $ | 1,857 |
|
|
|
|
|
|
|
Chemical |
| 251 |
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
| (33 | ) |
|
|
|
|
|
|
Other |
| (364 | ) |
|
| 415 |
|
| Ecuador write-off, net of tax |
|
|
|
|
|
| (45 | ) |
| Ecuador operations, net of tax |
|
|
|
|
|
| (23 | ) |
| Vintage held for sale, net of tax |
Taxes |
| (851 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income | $ | 860 |
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
Basic | $ | 1.00 |
|
|
|
|
|
|
|
Diluted | $ | 0.99 |
|
|
|
|
|
|
|
3
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 First Six Months
Net Income (Loss)
($ millions)
| Reported |
|
|
| Income |
| Significant Items Affecting Income |
Oil & Gas | $ | 3,690 |
|
| $ | (412 | ) |
| Sale of Russia – Vanyoganneft |
|
|
|
|
|
| (112 | ) |
| Litigation settlements |
|
|
|
|
|
| (23 | ) |
| Sale of mineral interests |
Chemical |
| 295 |
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
| (175 | ) |
|
| 167 |
|
| Debt purchases |
Other |
| 402 |
|
|
| 47 |
|
| Plant closure |
|
|
|
|
|
| (284 | ) |
| Sale of Lyondell shares |
|
|
|
|
|
| (116 | ) |
| Sale of Pakistan assets, net |
|
|
|
|
|
| (107 | ) |
| Sale of Horn Mountain assets, net |
Taxes |
| (1,588 | ) |
|
| 34 |
|
| Tax effect of adjustments |
|
|
|
|
|
|
|
|
|
|
Net Income | $ | 2,624 |
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
Basic | $ | 3.13 |
|
|
|
|
|
|
|
Diluted | $ | 3.11 |
|
|
|
|
|
|
|
4
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2006 First Six Months
Net Income (Loss)
($ millions)
| Reported |
|
|
| Income |
| Significant Items Affecting Income |
Oil & Gas | $ | 3,668 |
|
|
|
|
|
|
|
Chemical |
| 501 |
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
Interest expense, net |
| (62 | ) |
|
|
|
|
|
|
Other |
| (291 | ) |
|
| 415 |
|
| Ecuador write-off, net of tax |
|
|
|
|
|
| (109 | ) |
| Ecuador operations, net of tax |
|
|
|
|
|
| (36 | ) |
| Vintage held for sale, net of tax |
Taxes |
| (1,725 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income | $ | 2,091 |
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
Basic | $ | 2.45 |
|
|
|
|
|
|
|
Diluted | $ | 2.42 |
|
|
|
|
|
|
|
5
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Worldwide Effective Tax Rate
| QUARTERLY |
| YEAR-TO-DATE | |||||||||||
| 2007 |
| 2007 |
| 2006 |
| 2007 |
| 2006 | |||||
REPORTED INCOME | QTR 2 |
| QTR 1 |
| QTR 2 |
| 6 Months |
| 6 Months | |||||
Oil & Gas (a) | 1,682 |
|
| 2,008 |
|
| 1,857 |
|
| 3,690 |
|
| 3,668 |
|
Chemicals | 158 |
|
| 137 |
|
| 251 |
|
| 295 |
|
| 501 |
|
Corporate & other | 209 |
|
| (292 | ) |
| (115 | ) |
| (83 | ) |
| (215 | ) |
Pre-tax income | 2,049 |
|
| 1,853 |
|
| 1,993 |
|
| 3,902 |
|
| 3,954 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal and state | 456 |
|
| 266 |
|
| 402 |
|
| 722 |
|
| 835 |
|
Foreign (a) | 448 |
|
| 418 |
|
| 449 |
|
| 866 |
|
| 890 |
|
Total | 904 |
|
| 684 |
|
| 851 |
|
| 1,588 |
|
| 1,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations | 1,145 |
|
| 1,169 |
|
| 1,142 |
|
| 2,314 |
|
| 2,229 |
|
Worldwide effective tax rate | 44% |
| 37% |
| 43% |
| 41% |
| 44% | |||||
INCOME EXCLUDING ASSET SALES | 2007 |
| 2007 |
| 2006 |
| 2007 |
| 2006 | |||||
AND OTHER SIGNIFICANT ITEMS | QTR 2 |
| QTR 1 |
| QTR 2 |
| 6 Months |
| 6 Months | |||||
Oil & Gas (a) | 1,656 |
|
| 1,487 |
|
| 1,857 |
|
| 3,143 |
|
| 3,668 |
|
Chemicals | 158 |
|
| 137 |
|
| 251 |
|
| 295 |
|
| 501 |
|
Corporate & other | (80 | ) |
| (73 | ) |
| (115 | ) |
| (153 | ) |
| (215 | ) |
Pre-tax income | 1,734 |
|
| 1,551 |
|
| 1,993 |
|
| 3,285 |
|
| 3,954 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal and state | 343 |
|
| 345 |
|
| 402 |
|
| 688 |
|
| 835 |
|
Foreign (a) | 448 |
|
| 418 |
|
| 449 |
|
| 866 |
|
| 890 |
|
Total | 791 |
|
| 763 |
|
| 851 |
|
| 1,554 |
|
| 1,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core results | 943 |
|
| 788 |
|
| 1,142 |
|
| 1,731 |
|
| 2,229 |
|
Worldwide effective tax rate | 46% |
| 49% |
| 43% |
| 47% |
| 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 |
| 2007 |
| 2006 |
| 2007 |
| 2006 | |||||
| QTR 2 |
| QTR 1 |
| QTR 2 |
| 6 Months |
| 6 Months | |||||
| 300 |
|
| 288 |
|
| 282 |
|
| 588 |
|
| 572 |
|
6
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 Second Quarter Net Income (Loss)
Reported Income Comparison
| Second |
| First |
|
|
|
| ||||
| Quarter |
| Quarter |
|
|
|
| ||||
| 2007 |
| 2007 |
| B / (W) | ||||||
Oil & Gas | $ | 1,682 |
|
| $ | 2,008 |
|
| $ | (326 | ) |
Chemical |
| 158 |
|
|
| 137 |
|
|
| 21 |
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
| 6 |
|
|
| (181 | ) |
|
| 187 |
|
Other |
| 470 |
|
|
| (68 | ) |
|
| 538 |
|
Taxes |
| (904 | ) |
|
| (684 | ) |
|
| (220 | ) |
Net Income | $ | 1,412 |
|
| $ | 1,212 |
|
| $ | 200 |
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | 1.68 |
|
| $ | 1.44 |
|
| $ | 0.24 |
|
Diluted | $ | 1.68 |
|
| $ | 1.43 |
|
| $ | 0.25 |
|
Worldwide Effective Tax Rate | 44% |
| 37% |
| -7% | ||||||
Tax Rate Excluding Asset Sales |
|
|
|
|
|
|
|
|
|
|
|
and Other Significant Items | 46% |
| 49% |
| 3% |
7
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Oil & Gas
Variance Analysis 2Q07 vs. 1Q07
($ millions)
OCCIDENTAL PETROLEUM
Chemical
Variance Analysis 2Q07 vs. 1Q07
($ millions)
* Higher energy and feedstock cost
8
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
2007 Second Quarter Net Income (Loss)
Reported Income Comparison
| Second |
| Second |
|
|
|
| ||||
| Quarter |
| Quarter |
|
|
|
| ||||
| 2007 |
| 2006 |
| B / (W) | ||||||
Oil & Gas | $ | 1,682 |
|
| $ | 1,857 |
|
| $ | (175 | ) |
Chemical |
| 158 |
|
|
| 251 |
|
|
| (93 | ) |
Corporate |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
| 6 |
|
|
| (33 | ) |
|
| 39 |
|
Other |
| 470 |
|
|
| (364 | ) |
|
| 834 |
|
Taxes |
| (904 | ) |
|
| (851 | ) |
|
| (53 | ) |
Net Income | $ | 1,412 |
|
| $ | 860 |
|
| $ | 552 |
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
Basic | $ | 1.68 |
|
| $ | 1.00 |
|
| $ | 0.68 |
|
Diluted | $ | 1.68 |
|
| $ | 0.99 |
|
| $ | 0.69 |
|
Worldwide Effective Tax Rate | 44% |
| 43% |
| -1% | ||||||
Tax Rate Excluding Asset Sales | 46% |
| 43% |
| -3% |
9
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
Oil & Gas
Variance Analysis 2Q07 vs. 2Q06
($ millions)
* DD&A rate increase (46) and higher operating expenses
OCCIDENTAL PETROLEUM
Chemical
Variance Analysis 2Q07 vs. 2Q06
($ millions)
10
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
|
| Second Quarter |
| Six Months | ||||||||
|
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||
NET PRODUCTION PER DAY: |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Liquids (MBL) |
|
|
|
|
|
|
|
|
|
|
|
|
California |
| 93 |
|
| 82 |
|
| 89 |
|
| 83 |
|
Permian |
| 163 |
|
| 168 |
|
| 164 |
|
| 167 |
|
Hugoton and other |
| 3 |
|
| 3 |
|
| 4 |
|
| 3 |
|
Total |
| 259 |
|
| 253 |
|
| 257 |
|
| 253 |
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
California |
| 268 |
|
| 258 |
|
| 250 |
|
| 255 |
|
Hugoton and other |
| 154 |
|
| 136 |
|
| 152 |
|
| 134 |
|
Permian |
| 187 |
|
| 199 |
|
| 192 |
|
| 194 |
|
Total |
| 609 |
|
| 593 |
|
| 594 |
|
| 583 |
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBL) |
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
| 34 |
|
| 38 |
|
| 33 |
|
| 31 |
|
Colombia |
| 44 |
|
| 34 |
|
| 43 |
|
| 36 |
|
Total |
| 78 |
|
| 72 |
|
| 76 |
|
| 67 |
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
| 28 |
|
| 21 |
|
| 25 |
|
| 17 |
|
Bolivia |
| 18 |
|
| 20 |
|
| 16 |
|
| 17 |
|
|
| 46 |
|
| 41 |
|
| 41 |
|
| 34 |
|
Middle East / North Africa |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil (MBL) |
|
|
|
|
|
|
|
|
|
|
|
|
Oman |
| 19 |
|
| 17 |
|
| 21 |
|
| 17 |
|
Qatar |
| 47 |
|
| 44 |
|
| 46 |
|
| 44 |
|
Yemen |
| 25 |
|
| 30 |
|
| 28 |
|
| 31 |
|
Libya |
| 19 |
|
| 27 |
|
| 23 |
|
| 25 |
|
Total |
| 110 |
|
| 118 |
|
| 118 |
|
| 117 |
|
Natural Gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
Oman |
| 32 |
|
| 35 |
|
| 29 |
|
| 30 |
|
Barrels of Oil Equivalent (MBOE) |
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal consolidated subsidiaries |
| 561 |
|
| 555 |
|
| 562 |
|
| 545 |
|
Other interests |
|
|
|
|
|
|
|
|
|
|
|
|
Colombia - minority interest |
| (6 | ) |
| (5 | ) |
| (6 | ) |
| (5 | ) |
Yemen - Occidental net interest |
| 3 |
|
| 1 |
|
| 3 |
|
| 2 |
|
Worldwide production - continuing operations |
| 558 |
|
| 551 |
|
| 559 |
|
| 542 |
|
Sold operations |
|
|
|
|
|
|
|
|
|
|
|
|
Horn Mountain |
| 9 |
|
| 13 |
|
| 9 |
|
| 14 |
|
Pakistan |
| 16 |
|
| 18 |
|
| 16 |
|
| 17 |
|
Russia |
| - |
|
| 27 |
|
| 3 |
|
| 28 |
|
Total worldwide production - MBOE |
| 583 |
|
| 609 |
|
| 587 |
|
| 601 |
|
11
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
|
| Second Quarter |
| Six Months | ||||||||
|
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||
OIL & GAS: |
|
|
|
|
|
|
|
|
|
|
|
|
PRICES |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
|
| 58.19 |
|
| 61.78 |
|
| 55.09 |
|
| 58.40 |
Natural gas ($/MCF) |
|
| 7.07 |
|
| 6.23 |
|
| 6.74 |
|
| 7.25 |
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
|
| 52.57 |
|
| 56.47 |
|
| 49.19 |
|
| 54.28 |
Natural Gas ($/MCF) |
|
| 2.26 |
|
| 1.87 |
|
| 2.12 |
|
| 1.82 |
Middle East / North Africa |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
|
| 66.21 |
|
| 65.08 |
|
| 60.42 |
|
| 61.57 |
Natural Gas ($/MCF) |
|
| 0.97 |
|
| 0.97 |
|
| 0.96 |
|
| 0.96 |
Total Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil ($/BBL) |
|
| 59.11 |
|
| 61.66 |
|
| 55.34 |
|
| 58.53 |
Natural Gas ($/MCF) |
|
| 6.46 |
|
| 5.69 |
|
| 6.20 |
|
| 6.68 |
Excludes Horn Mountain and Pakistan |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second Quarter |
| Six Months | ||||||||
|
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||
Exploration Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
| $ | 9 |
| $ | 16 |
| $ | 27 |
| $ | 48 |
Latin America |
|
| 8 |
|
| 3 |
|
| 31 |
|
| 6 |
Middle East / North Africa |
|
| 61 |
|
| 30 |
|
| 114 |
|
| 53 |
Other Eastern Hemisphere |
|
| 15 |
|
| 1 |
|
| 23 |
|
| 14 |
TOTAL |
| $ | 93 |
| $ | 50 |
| $ | 195 |
| $ | 121 |
12
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
SUMMARY OF OPERATING STATISTICS
|
| Second Quarter |
| Six Months | ||||||||||||
Capital Expenditures ($MM) |
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||||||
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
| $ | 153 |
|
| $ | 123 |
|
| $ | 285 |
| $ | $ | 226 |
|
Permian |
|
| 153 |
|
|
| 138 |
|
|
| 317 |
|
|
| 265 |
|
Other - U.S. |
|
| 57 |
|
|
| 64 |
|
|
| 100 |
|
|
| 127 |
|
Latin America |
|
| 109 |
|
|
| 78 |
|
|
| 223 |
|
|
| 125 |
|
Middle East / North Africa |
|
| 316 |
|
|
| 188 |
|
|
| 609 |
|
|
| 397 |
|
Other Eastern Hemisphere |
|
| 6 |
|
|
| (2 | ) |
|
| 7 |
|
|
| - |
|
Chemicals |
|
| 48 |
|
|
| 47 |
|
|
| 75 |
|
|
| 80 |
|
Corporate |
|
| 8 |
|
|
| 6 |
|
|
| 14 |
|
|
| 10 |
|
TOTAL |
| $ | 850 |
|
| $ | 642 |
|
| $ | 1,630 |
|
| $ | 1,230 |
|
Depreciation, Depletion & |
| Second Quarter |
| Six Months | ||||||||||||
Amortization of Assets ($MM) |
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||||||
Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
| $ | 255 |
|
| $ | 209 |
|
| $ | 501 |
|
| $ | 407 |
|
Latin America |
|
| 88 |
|
|
| 70 |
|
|
| 178 |
|
|
| 119 |
|
Middle East / North Africa |
|
| 132 |
|
|
| 129 |
|
|
| 285 |
|
|
| 258 |
|
Chemicals |
|
| 77 |
|
|
| 70 |
|
|
| 150 |
|
|
| 136 |
|
Corporate |
|
| 12 |
|
|
| 5 |
|
|
| 24 |
|
|
| 10 |
|
TOTAL |
| $ | 564 |
|
| $ | 483 |
|
| $ | 1,138 |
|
| $ | 930 |
|
13
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM
CORPORATE
($ millions)
|
| 30-Jun-07 |
| 31-Dec-06 | ||||||
CAPITALIZATION |
|
|
|
|
|
|
|
|
|
|
Long-Term Debt (including current maturities) |
|
| $ | 1,880 |
|
|
| $ | 2,790 |
|
Subsidiary Preferred Stock |
|
|
| 75 |
|
|
|
| 75 |
|
Others |
|
|
| 25 |
|
|
|
| 25 |
|
Total Debt |
|
| $ | 1,980 |
|
|
| $ | 2,890 |
|
EQUITY |
|
| $ | 21,111 |
|
|
| $ | 19,252 |
|
Total Debt To Total Capitalization |
|
| 9% |
|
|
| 13% |
|
14
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.
15