EXHIBIT 99.3
Investor Relations Supplemental Schedules
Investor Relations Supplemental Schedules | |||
Summary | |||
($ Millions) | |||
2Q 2012 | 2Q 2011 | ||
Core Results | $1,332 | $1,819 | |
EPS - Diluted | $1.64 | $2.23 | |
Reported Net Income | $1,328 | $1,817 | |
EPS - Diluted | $1.64 | $2.23 | |
Total Worldwide Sales Volumes (mboe/day) | 759 | 705 | |
Total Worldwide Production Volumes (mboe/day) | 766 | 715 | |
Total Worldwide Crude Oil Realizations ($/BBL) | $99.34 | $103.12 | |
Total Worldwide NGL Realizations ($/BBL) | $42.06 | $57.67 | |
Domestic Natural Gas Realizations ($/MCF) | $2.09 | $4.27 | |
Wtd. Average Basic Shares O/S (mm) | 810.3 | 812.5 | |
Wtd. Average Diluted Shares O/S (mm) | 811.0 | 813.3 | |
YTD 2012 | YTD 2011 | ||
Core Results | $2,892 | $3,412 | |
EPS - Diluted | $3.56 | $4.19 | |
Reported Net Income | $2,887 | $3,366 | |
EPS - Diluted | $3.55 | $4.13 | |
Total Worldwide Sales Volumes (mboe/day) | 752 | 717 | |
Total Worldwide Production Volumes (mboe/day) | 760 | 723 | |
Total Worldwide Crude Oil Realizations ($/BBL) | $103.63 | $97.38 | |
Total Worldwide NGL Realizations ($/BBL) | $47.52 | $55.38 | |
Domestic Natural Gas Realizations ($/MCF) | $2.46 | $4.24 | |
Wtd. Average Basic Shares O/S (mm) | 810.4 | 812.5 | |
Wtd. Average Diluted Shares O/S (mm) | 811.2 | 813.3 | |
Shares Outstanding (mm) | 809.9 | 812.8 | |
Cash Flow from Operations | $ 6,000 | $ 5,600 |
1
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||||||
2012 Second Quarter | |||||||||||||
Net Income (Loss) | |||||||||||||
($ millions) | |||||||||||||
Reported | Core | ||||||||||||
Income | Significant Items Affecting Income | Results | |||||||||||
Oil & Gas | $ | 2,043 | $ | 2,043 | |||||||||
Chemical | 194 | 194 | |||||||||||
Midstream, marketing and other | 77 | 77 | |||||||||||
Corporate | |||||||||||||
Interest expense, net | (25 | ) | (25 | ) | |||||||||
Other | (82 | ) | (82 | ) | |||||||||
Taxes | (875 | ) | (875 | ) | |||||||||
Income from continuing operations | 1,332 | - | 1,332 | ||||||||||
Discontinued operations, net of tax | (4 | ) | 4 | Discontinued operations, net | - | ||||||||
Net Income | $ | 1,328 | $ | 4 | $ | 1,332 | |||||||
Basic Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 1.64 | |||||||||||
Discontinued operations, net | - | ||||||||||||
Net Income | $ | 1.64 | $ | 1.64 | |||||||||
Diluted Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 1.64 | |||||||||||
Discontinued operations, net | - | ||||||||||||
Net Income | $ | 1.64 | $ | 1.64 |
2
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||||||
2011 Second Quarter | |||||||||||||
Net Income (Loss) | |||||||||||||
($ millions) | |||||||||||||
Reported | Core | ||||||||||||
Income | Significant Items Affecting Income | Results | |||||||||||
Oil & Gas | $ | 2,624 | $ | 2,624 | |||||||||
Chemical | 253 | 253 | |||||||||||
Midstream, marketing and other | 187 | 187 | |||||||||||
Corporate | |||||||||||||
Interest expense, net | (22 | ) | (22 | ) | |||||||||
Other | (112 | ) | (112 | ) | |||||||||
Taxes | (1,111 | ) | (1,111 | ) | |||||||||
Income from continuing operations | 1,819 | - | 1,819 | ||||||||||
Discontinued operations, net of tax | (2 | ) | 2 | Discontinued operations, net | - | ||||||||
Net Income | $ | 1,817 | $ | 2 | $ | 1,819 | |||||||
Basic Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 2.23 | |||||||||||
Discontinued operations, net | - | ||||||||||||
Net Income | $ | 2.23 | $ | 2.23 | |||||||||
Diluted Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 2.23 | |||||||||||
Discontinued operations, net | - | ||||||||||||
Net Income | $ | 2.23 | $ | 2.23 |
3
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||||||
2012 Six Months | |||||||||||||
Net Income (Loss) | |||||||||||||
($ millions) | |||||||||||||
Reported | Core | ||||||||||||
Income | Significant Items Affecting Income | Results | |||||||||||
Oil & Gas | $ | 4,547 | $ | 4,547 | |||||||||
Chemical | 378 | 378 | |||||||||||
Midstream, marketing and other | 208 | 208 | |||||||||||
Corporate | |||||||||||||
Interest expense, net | (53 | ) | (53 | ) | |||||||||
Other | (174 | ) | (174 | ) | |||||||||
Taxes | (2,014 | ) | (2,014 | ) | |||||||||
Income from continuing operations | 2,892 | - | 2,892 | ||||||||||
Discontinued operations, net of tax | (5 | ) | 5 | Discontinued operations, net | - | ||||||||
Net Income | $ | 2,887 | $ | 5 | $ | 2,892 | |||||||
Basic Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 3.56 | |||||||||||
Discontinued operations, net | (0.01 | ) | |||||||||||
Net Income | $ | 3.55 | $ | 3.56 | |||||||||
Diluted Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 3.56 | |||||||||||
Discontinued operations, net | (0.01 | ) | |||||||||||
Net Income | $ | 3.55 | $ | 3.56 |
4
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||||||
2011 Six Months | |||||||||||||
Net Income (Loss) | |||||||||||||
($ millions) | |||||||||||||
Reported | Core | ||||||||||||
Income | Significant Items Affecting Income | Results | |||||||||||
Oil & Gas | $ | 5,092 | $ | 35 | Libya exploration write-off | $ | 5,134 | ||||||
(22 | ) | Gain on sale of Colombia pipeline interest | |||||||||||
29 | Foreign tax | ||||||||||||
Chemical | 472 | 472 | |||||||||||
Midstream, marketing and other | 301 | 301 | |||||||||||
Corporate | |||||||||||||
Interest expense, net | (236 | ) | 163 | Premium on debt extinguishments | (73 | ) | |||||||
Other | (240 | ) | (240 | ) | |||||||||
Taxes | (2,165 | ) | (50 | ) | Tax effect of adjustments | (2,182 | ) | ||||||
33 | State income tax charge | ||||||||||||
Income from continuing operations | 3,224 | 188 | 3,412 | ||||||||||
Discontinued operations, net of tax | 142 | (142 | ) | Discontinued operations, net | - | ||||||||
Net Income | $ | 3,366 | $ | 46 | $ | 3,412 | |||||||
Basic Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 3.96 | |||||||||||
Discontinued operations, net | 0.18 | ||||||||||||
Net Income | $ | 4.14 | $ | 4.19 | |||||||||
Diluted Earnings Per Common Share | |||||||||||||
Income from continuing operations | $ | 3.96 | |||||||||||
Discontinued operations, net | 0.17 | ||||||||||||
Net Income | $ | 4.13 | $ | 4.19 |
5
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||||
Worldwide Effective Tax Rate | ||||||||||||||
QUARTERLY | YEAR-TO-DATE | |||||||||||||
2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||
REPORTED INCOME | QTR 2 | QTR 1 | QTR 2 | 6 Months | 6 Months | |||||||||
Oil & Gas | 2,043 | 2,504 | 2,624 | 4,547 | 5,092 | |||||||||
Chemicals | 194 | 184 | 253 | 378 | 472 | |||||||||
Midstream, marketing and other | 77 | 131 | 187 | 208 | 301 | |||||||||
Corporate & other | (107 | ) | (120 | ) | (134 | ) | (227 | ) | (476 | ) | ||||
Pre-tax income | 2,207 | 2,699 | 2,930 | 4,906 | 5,389 | |||||||||
Income tax expense | ||||||||||||||
Federal and state | 254 | 446 | 557 | 700 | 927 | |||||||||
Foreign | 621 | 693 | 554 | 1,314 | 1,238 | |||||||||
Total | 875 | 1,139 | 1,111 | 2,014 | 2,165 | |||||||||
Income from continuing operations | 1,332 | 1,560 | 1,819 | 2,892 | 3,224 | |||||||||
Worldwide effective tax rate | 40% | 42% | 38% | 41% | 40% | |||||||||
2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||
CORE RESULTS | QTR 2 | QTR 1 | QTR 2 | 6 Months | 6 Months | |||||||||
Oil & Gas | 2,043 | 2,504 | 2,624 | 4,547 | 5,134 | |||||||||
Chemicals | 194 | 184 | 253 | 378 | 472 | |||||||||
Midstream, marketing and other | 77 | 131 | 187 | 208 | 301 | |||||||||
Corporate & other | (107 | ) | (120 | ) | (134 | ) | (227 | ) | (313 | ) | ||||
Pre-tax income | 2,207 | 2,699 | 2,930 | 4,906 | 5,594 | |||||||||
Income tax expense | ||||||||||||||
Federal and state | 254 | 446 | 557 | 700 | 957 | |||||||||
Foreign | 621 | 693 | 554 | 1,314 | 1,225 | |||||||||
Total | 875 | 1,139 | 1,111 | 2,014 | 2,182 | |||||||||
Core results | 1,332 | 1,560 | 1,819 | 2,892 | 3,412 | |||||||||
Worldwide effective tax rate | 40% | 42% | 38% | 41% | 39% |
6
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
2012 Second Quarter Net Income (Loss) | ||||||||||||
Reported Income Comparison | ||||||||||||
Second | First | |||||||||||
Quarter | Quarter | |||||||||||
2012 | 2012 | B / (W) | ||||||||||
Oil & Gas | $ | 2,043 | $ | 2,504 | $ | (461 | ) | |||||
Chemical | 194 | 184 | 10 | |||||||||
Midstream, marketing and other | 77 | 131 | (54 | ) | ||||||||
Corporate | ||||||||||||
Interest expense, net | (25 | ) | (28 | ) | 3 | |||||||
Other | (82 | ) | (92 | ) | 10 | |||||||
Taxes | (875 | ) | (1,139 | ) | 264 | |||||||
Income from continuing operations | 1,332 | 1,560 | (228 | ) | ||||||||
Discontinued operations, net | (4 | ) | (1 | ) | (3 | ) | ||||||
Net Income | $ | 1,328 | $ | 1,559 | $ | (231 | ) | |||||
Earnings Per Common Share | ||||||||||||
Basic | $ | 1.64 | $ | 1.92 | $ | (0.28 | ) | |||||
Diluted | $ | 1.64 | $ | 1.92 | $ | (0.28 | ) | |||||
Worldwide Effective Tax Rate | 40% | 42% | 2% | |||||||||
OCCIDENTAL PETROLEUM | ||||||||||||
2012 Second Quarter Net Income (Loss) | ||||||||||||
Core Results Comparison | ||||||||||||
Second | First | |||||||||||
Quarter | Quarter | |||||||||||
2012 | 2012 | B / (W) | ||||||||||
Oil & Gas | $ | 2,043 | $ | 2,504 | $ | (461 | ) | |||||
Chemical | 194 | 184 | 10 | |||||||||
Midstream, marketing and other | 77 | 131 | (54 | ) | ||||||||
Corporate | ||||||||||||
Interest expense, net | (25 | ) | (28 | ) | 3 | |||||||
Other | (82 | ) | (92 | ) | 10 | |||||||
Taxes | (875 | ) | (1,139 | ) | 264 | |||||||
Core Results | $ | 1,332 | $ | 1,560 | $ | (228 | ) | |||||
Core Results Per Common Share | ||||||||||||
Basic | $ | 1.64 | $ | 1.92 | $ | (0.28 | ) | |||||
Diluted | $ | 1.64 | $ | 1.92 | $ | (0.28 | ) | |||||
Worldwide Effective Tax Rate | 40% | 42% | 2% |
7
Investor Relations Supplemental Schedules
8
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
2012 Second Quarter Net Income (Loss) | ||||||||||||
Reported Income Comparison | ||||||||||||
Second | Second | |||||||||||
Quarter | Quarter | |||||||||||
2012 | 2011 | B / (W) | ||||||||||
Oil & Gas | $ | 2,043 | $ | 2,624 | $ | (581 | ) | |||||
Chemical | 194 | 253 | (59 | ) | ||||||||
Midstream, marketing and other | 77 | 187 | (110 | ) | ||||||||
Corporate | ||||||||||||
Interest expense, net | (25 | ) | (22 | ) | (3 | ) | ||||||
Other | (82 | ) | (112 | ) | 30 | |||||||
Taxes | (875 | ) | (1,111 | ) | 236 | |||||||
Income from continuing operations | 1,332 | 1,819 | (487 | ) | ||||||||
Discontinued operations, net | (4 | ) | (2 | ) | (2 | ) | ||||||
Net Income | $ | 1,328 | $ | 1,817 | $ | (489 | ) | |||||
Earnings Per Common Share | ||||||||||||
Basic | $ | 1.64 | $ | 2.23 | $ | (0.59 | ) | |||||
Diluted | $ | 1.64 | $ | 2.23 | $ | (0.59 | ) | |||||
Worldwide Effective Tax Rate | 40% | 38% | -2% | |||||||||
OCCIDENTAL PETROLEUM | ||||||||||||
2012 Second Quarter Net Income (Loss) | ||||||||||||
Core Results Comparison | ||||||||||||
Second | Second | |||||||||||
Quarter | Quarter | |||||||||||
2012 | 2011 | B / (W) | ||||||||||
Oil & Gas | $ | 2,043 | $ | 2,624 | $ | (581 | ) | |||||
Chemical | 194 | 253 | (59 | ) | ||||||||
Midstream, marketing and other | 77 | 187 | (110 | ) | ||||||||
Corporate | ||||||||||||
Interest expense, net | (25 | ) | (22 | ) | (3 | ) | ||||||
Other | (82 | ) | (112 | ) | 30 | |||||||
Taxes | (875 | ) | (1,111 | ) | 236 | |||||||
Core Results | $ | 1,332 | $ | 1,819 | $ | (487 | ) | |||||
Core Results Per Common Share | ||||||||||||
Basic | $ | 1.64 | $ | 2.23 | $ | (0.59 | ) | |||||
Diluted | $ | 1.64 | $ | 2.23 | $ | (0.59 | ) | |||||
Worldwide Effective Tax Rate | 40% | 38% | -2% |
9
Investor Relations Supplemental Schedules
10
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||||
SUMMARY OF OPERATING STATISTICS | ||||||||||||||
Second Quarter | Six Months | |||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||
NET PRODUCTION PER DAY: | ||||||||||||||
United States | ||||||||||||||
Crude Oil (MBBL) | ||||||||||||||
California | 88 | 78 | 87 | 77 | ||||||||||
Permian | 138 | 132 | 139 | 132 | ||||||||||
Midcontinent and other | 23 | 16 | 20 | 15 | ||||||||||
Total | 249 | 226 | 246 | 224 | ||||||||||
NGL (MBBL) | ||||||||||||||
California | 15 | 15 | 15 | 15 | ||||||||||
Permian | 39 | 40 | 39 | 38 | ||||||||||
Midcontinent and other | 19 | 16 | 19 | 12 | ||||||||||
Total | 73 | 71 | 73 | 65 | ||||||||||
Natural Gas (MMCF) | ||||||||||||||
California | 269 | 252 | 268 | 247 | ||||||||||
Permian | 151 | 143 | 153 | 154 | ||||||||||
Midcontinent and other | 420 | 366 | 416 | 347 | ||||||||||
Total | 840 | 761 | 837 | 748 | ||||||||||
Latin America | ||||||||||||||
Crude Oil (MBBL) | Colombia | 31 | 30 | 27 | 31 | |||||||||
Natural Gas (MMCF) | Bolivia | 14 | 16 | 14 | 16 | |||||||||
Middle East / North Africa | ||||||||||||||
Crude Oil (MBBL) | ||||||||||||||
Bahrain | 4 | 3 | 4 | 3 | ||||||||||
Dolphin | 9 | 10 | 9 | 10 | ||||||||||
Oman | 62 | 68 | 63 | 67 | ||||||||||
Qatar | 74 | 68 | 73 | 72 | ||||||||||
Other | 32 | 28 | 37 | 43 | ||||||||||
Total | 181 | 177 | 186 | 195 | ||||||||||
NGL (MBBL) | Dolphin | 9 | 11 | 9 | 10 | |||||||||
Natural Gas (MMCF) | ||||||||||||||
Bahrain | 230 | 172 | 224 | 172 | ||||||||||
Dolphin | 194 | 203 | 183 | 199 | ||||||||||
Oman | 57 | 49 | 57 | 50 | ||||||||||
Total | 481 | 424 | 464 | 421 | ||||||||||
Barrels of Oil Equivalent (MBOE) | 766 | 715 | 760 | 723 |
11
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||||
SUMMARY OF OPERATING STATISTICS | ||||||||||||||
Second Quarter | Six Months | |||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||
NET SALES VOLUMES PER DAY: | ||||||||||||||
United States | ||||||||||||||
Crude Oil (MBBL) | 249 | 226 | 246 | 224 | ||||||||||
NGL (MBBL) | 73 | 71 | 73 | 65 | ||||||||||
Natural Gas (MMCF) | 835 | 761 | 835 | 748 | ||||||||||
Latin America | ||||||||||||||
Crude Oil (MBBL) | 31 | 30 | 27 | 31 | ||||||||||
Natural Gas (MMCF) | 14 | 16 | 14 | 16 | ||||||||||
Middle East / North Africa | ||||||||||||||
Crude Oil (MBBL) | ||||||||||||||
Bahrain | 4 | 3 | 4 | 3 | ||||||||||
Dolphin | 8 | 10 | 8 | 10 | ||||||||||
Oman | 60 | 66 | 63 | 69 | ||||||||||
Qatar | 73 | 65 | 71 | 71 | ||||||||||
Other | 30 | 23 | 32 | 36 | ||||||||||
Total | 175 | 167 | 178 | 189 | ||||||||||
NGL (MBBL) | Dolphin | 9 | 11 | 9 | 10 | |||||||||
Natural Gas (MMCF) | 481 | 424 | 464 | 421 | ||||||||||
Barrels of Oil Equivalent (MBOE) | 759 | 705 | 752 | 717 |
12
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | |||||||||||||||||
SUMMARY OF OPERATING STATISTICS | |||||||||||||||||
Second Quarter | Six Months | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
OIL & GAS: | |||||||||||||||||
PRICES | |||||||||||||||||
United States | |||||||||||||||||
Crude Oil ($/BBL) | 92.34 | 98.74 | 97.88 | 93.45 | |||||||||||||
NGL ($/BBL) | 43.75 | 61.30 | 49.14 | 58.87 | |||||||||||||
Natural gas ($/MCF) | 2.09 | 4.27 | 2.46 | 4.24 | |||||||||||||
Latin America | |||||||||||||||||
Crude Oil ($/BBL) | 98.15 | 103.22 | 100.40 | 97.75 | |||||||||||||
Natural Gas ($/MCF) | 12.06 | 9.55 | 11.84 | 8.88 | |||||||||||||
Middle East / North Africa | |||||||||||||||||
Crude Oil ($/BBL) | 109.70 | 109.11 | 112.28 | 102.05 | |||||||||||||
NGL ($/BBL) | 29.32 | 33.50 | 34.76 | 33.71 | |||||||||||||
Total Worldwide | |||||||||||||||||
Crude Oil ($/BBL) | 99.34 | 103.12 | 103.63 | 97.38 | |||||||||||||
NGL ($/BBL) | 42.06 | 57.67 | 47.52 | 55.38 | |||||||||||||
Natural Gas ($/MCF) | 1.72 | 3.12 | 1.97 | 3.08 | |||||||||||||
Second Quarter | Six Months | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Exploration Expense | |||||||||||||||||
United States | $ | 80 | $ | 59 | $ | 141 | $ | 99 | |||||||||
Latin America | - | - | - | - | |||||||||||||
Middle East / North Africa | 16 | 3 | 53 | 47 | |||||||||||||
TOTAL REPORTED | $ | 96 | $ | 62 | $ | 194 | $ | 146 | |||||||||
Less - non-core impairments | - | - | - | (35 | ) | ||||||||||||
TOTAL CORE | $ | 96 | $ | 62 | $ | 194 | $ | 111 |
13
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||||||
SUMMARY OF OPERATING STATISTICS | ||||||||||||||||
Second Quarter | Six Months | |||||||||||||||
Capital Expenditures ($MM) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Oil & Gas | ||||||||||||||||
California | $ | 580 | $ | 413 | $ | 1,103 | $ | 721 | ||||||||
Permian | 508 | 237 | 937 | 453 | ||||||||||||
Midcontinent and other | 418 | 234 | 842 | 414 | ||||||||||||
Latin America | 67 | 45 | 109 | 87 | ||||||||||||
Middle East / North Africa | 430 | 303 | 858 | 655 | ||||||||||||
Exploration | 183 | 111 | 354 | 176 | ||||||||||||
Chemicals | 75 | 37 | 117 | 59 | ||||||||||||
Midstream, marketing and other | 422 | 243 | 754 | 370 | ||||||||||||
Corporate | 30 | 10 | 51 | 23 | ||||||||||||
TOTAL | $ | 2,713 | $ | 1,633 | $ | 5,125 | $ | 2,958 | ||||||||
Depreciation, Depletion & | Second Quarter | Six Months | ||||||||||||||
Amortization of Assets ($MM) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Oil & Gas | ||||||||||||||||
Domestic | $ | 582 | $ | 410 | $ | 1,170 | $ | 817 | ||||||||
Latin America | 31 | 21 | 56 | 49 | ||||||||||||
Middle East / North Africa | 328 | 274 | 663 | 596 | ||||||||||||
Chemicals | 86 | 85 | 171 | 167 | ||||||||||||
Midstream, marketing and other | 54 | 44 | 100 | 89 | ||||||||||||
Corporate | 6 | 5 | 12 | 11 | ||||||||||||
TOTAL | $ | 1,087 | $ | 839 | $ | 2,172 | $ | 1,729 |
14
Investor Relations Supplemental Schedules
OCCIDENTAL PETROLEUM | ||||||||||||
CORPORATE | ||||||||||||
($ millions) | ||||||||||||
30-Jun-12 | 31-Dec-11 | |||||||||||
CAPITALIZATION | ||||||||||||
Long-Term Debt (including short-term borrowings) | $ | 7,620 | $ | 5,871 | ||||||||
EQUITY | $ | 39,550 | $ | 37,620 | ||||||||
Total Debt To Total Capitalization | 16% | 13% |
15