Occidental Announces 3rd Quarter 2021 Results
•Cash flow from continuing operations of $2.9 billion and cash flow from continuing operations before working capital of $3.0 billion
•Efficient deployment of capital spending of $656 million, resulting in free cash flow excluding working capital of over $2.3 billion
•Completed large-scale divestiture program with the sale of Ghana in October
•Repaid $4.3 billion of long-term debt and retired $750 million of interest rate swaps
•Earnings per share of $0.65 per diluted share and adjusted earnings per share of $0.87 per diluted share
•OxyChem generated record earnings and increased total year pre-tax guidance to $1.45 billion
•Exceeded production guidance midpoint by 15 Mboed, despite impact of Hurricane Ida, with production of 1,160 Mboed from continuing operations
HOUSTON — November 4, 2021 — Occidental (NYSE:OXY) today announced net income attributable to common stockholders for the third quarter of 2021 of $628 million, or $0.65 per diluted share, and adjusted income attributable to common stockholders of $836 million, or $0.87 per diluted share, compared to a net loss attributable to common stockholders for the prior quarter of $97 million, or $0.10 per diluted share, and adjusted income attributable to common stockholders of $311 million, or $0.32 per diluted share. Third quarter after-tax items affecting comparability of $208 million included $102 million of net derivative mark-to-market losses and $69 million of debt tender premiums.
“Our strong operational and financial performance continued in the third quarter," said President and Chief Executive Officer Vicki Hollub. "Our teams' focus on efficiency has generated record free cash flow before working capital in each quarter this year, allowing us to reduce debt and strengthen our balance sheet.”
QUARTERLY RESULTS
Oil and Gas
Oil and gas pre-tax income on continuing operations for the third quarter of 2021 was $1.5 billion, compared to pre-tax income of $631 million in the prior quarter. The third quarter results included pre-tax charges of $112 million, primarily related to derivative mark-to-market losses. Excluding items affecting comparability, third quarter 2021 oil and gas income improved over the prior quarter due to higher crude oil, natural gas liquids (NGL) and gas prices and lower depreciation, depletion and amortization (DD&A) rates, which were partially offset by lower crude sales volumes and higher operating expenses. For the third quarter of 2021, average WTI and Brent marker prices were $70.56 per barrel and $73.23 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 7 percent from the prior quarter to $68.74 per barrel. Average worldwide realized NGL prices increased by approximately 36 percent from the prior quarter to $34.01 per barrel of oil equivalent. Average domestic realized gas prices increased by approximately 29 percent from the prior quarter to $3.35 per Mcf.
Total average global production from continuing operations of 1,160 thousand of barrels of oil equivalent per day (Mboed) for the third quarter exceeded the midpoint of guidance by 15 Mboed, with Permian and Rockies exceeding guidance with production of 499 Mboed and 292 Mboed, respectively. International average daily production volumes came within guidance at 242 Mboed.
OxyChem
Chemical pre-tax income of $407 million for the third quarter of 2021 exceeded guidance by $17 million. Compared to prior quarter pre-tax income of $312 million, the increase in the third quarter of 2021 income was driven primarily by stronger realized pricing across most product lines along with improved vinyl sales volumes as planned vinyl plant maintenance restricted second quarter production rates. Higher prices for raw materials partially offset the improved income.
Midstream and Marketing
Midstream and marketing's third quarter pre-tax income, excluding WES equity income, exceeded guidance. WES equity income for the third quarter of 2021 was $120 million. Midstream and marketing pre-tax income for the third quarter of 2021 was $20 million, compared to a pre-tax loss of $30 million in the prior quarter. Third quarter income included pre-tax net derivative mark-to-market losses of $11 million. Excluding items affecting comparability, third quarter of 2021 midstream and marketing income decreased compared to the prior quarter, primarily due to lower margins on waterborne sales in marketing, partially offset by higher NGL prices in domestic gas processing, higher sulfur sales volumes and prices at Al Hosn Gas, and higher production and fewer planned outages in power generation.
Supplemental Non-GAAP Measures
This press release refers to adjusted income (loss), cash flow from continuing operations before working capital and free cash flow, supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with cash flow from continuing operations before working capital and free cash flow and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release. Occidental’s definition of adjusted income (loss), cash flow from continuing operations before working capital and free cash flow may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.
About Occidental
Occidental is an international energy company with assets in the United States, Middle East, Africa, and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, and they include, but are not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,”
“goal,” “target,” “objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.
Although Occidental believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: the scope and duration of the COVID-19 pandemic and on-going actions taken by governmental authorities and other third parties in response to the pandemic; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of our proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other governmental approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or dispositions; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections, projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; general economic conditions, including slowdowns, domestically or internationally, and volatility in the securities, capital or credit markets; inflation; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate
benchmark; governmental actions and political conditions and events; legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, deepwater and onshore drilling and permitting regulations, and environmental regulation (including regulations related to climate change); environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Oxy Low Carbon Ventures or announced greenhouse gas reduction targets; potential liability resulting from pending or future litigation; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks or insurgent activity; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.
Additional information concerning these and other factors can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contacts
| | | | | |
Media | Investors |
| Eric Moses | Jeff Alvarez |
| 713-497-2017 | 713-215-7864 |
| eric_moses@oxy.com | jeff_alvarez@oxy.com |
| | |
| Occidental Petroleum Corporation |
| 3rd Quarter 2021 |
| Earnings Release Schedules Index |
Schedule # and Description
•Before Tax Allocations
•After Tax Allocations
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reported Results
•Items Affecting Comparability
•Adjusted Results (non-GAAP)
•Reconciliation - Diluted EPS
•Detail of Capital Expenditures and Depreciation, Depletion and Amortization
•MBOE/D
•By Commodity
•MBOE/D
•Realized Prices and Related Index Prices
Occidental Petroleum Corporation
Summary Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2020 | | 2021 |
| Quarterly | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
Net Income (Loss) ($ millions) | | | | | | | | | | | | |
| Reported income (loss) attributable to common stockholders | | $ | (2,232) | | $ | (8,353) | | $ | (3,778) | | $ | (1,312) | | $ | (15,675) | | | $ | (346) | | $ | (97) | | $ | 628 | | | $ | 185 | |
| Reported EPS - Diluted ($/share) | | $ | (2.49) | | $ | (9.12) | | $ | (4.07) | | $ | (1.41) | | $ | (17.06) | | | $ | (0.36) | | $ | (0.10) | | $ | 0.65 | | | $ | 0.19 | |
| Effective tax rate on reported income (loss) (%) | | 1 | % | 18 | % | 10 | % | 19 | % | 14 | % | | 5 | % | 30 | % | 32 | % | | 27 | % |
| | | | | | | | | | | | |
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | | $ | (1,692) | | $ | (788) | | $ | (610) | | $ | (3,688) | | | $ | (136) | | $ | 311 | | $ | 836 | | | $ | 1,011 | |
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | | $ | (1.85) | | $ | (0.85) | | $ | (0.65) | | $ | (4.01) | | | $ | (0.15) | | $ | 0.32 | | $ | 0.87 | | | $ | 1.05 | |
| Effective tax rate on adjusted income (loss) (%) | | 2 | % | 15 | % | 8 | % | 8 | % | 11 | % | | (327) | % | 31 | % | 30 | % | | 28 | % |
| | | | | | | | | | | | |
| Average Shares Outstanding - Reported Income (Loss) | | | | | | | | | | | | |
| Basic (millions) | | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 933.1 | 934.2 | 935.4 | | 934.4 |
| Diluted (millions) | | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 947.9 | 934.2 | 957.7 | | 954.2 |
| | | | | | | | | | | | |
| Average Shares Outstanding - Adjusted Income (Loss) | (b) | | | | | | | | | | | |
| Basic (millions) | | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 933.1 | 934.2 | 935.4 | | 934.4 |
| Diluted (millions) | | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 933.1 | 956.8 | 957.7 | | 954.2 |
| | | | | | | | | | | | |
| Daily Production Volumes | | | | | | | | | | | | |
| Total US (MBOE/D) | | 1,175 | | 1,116 | | 960 | | 900 | | 1,037 | | | 904 | | 961 | | 918 | | | 927 | |
| US Oil (MBBL/D) | | 662 | | 603 | | 508 | | 477 | | 561 | | | 488 | | 517 | | 483 | | | 496 | |
| Worldwide - Reported (MBOE/D) | | 1,497 | | 1,434 | | 1,265 | | 1,195 | | 1,347 | | | 1,139 | | 1,225 | | 1,176 | | | 1,180 | |
| Worldwide - Continuing Operations (MBOE/D) | | 1,437 | | 1,373 | | 1,204 | | 1,143 | | 1,289 | | | 1,117 | | 1,203 | | 1,160 | | | 1,160 | |
| Worldwide Sales - Continuing Operations (MBOE/D) | | 1,432 | | 1,386 | | 1,192 | | 1,158 | | 1,291 | | | 1,113 | | 1,199 | | 1,158 | | | 1,157 | |
| | | | | | | | | | | | |
| Commodity Price Realizations | | | | | | | | | | | | |
| Worldwide oil ($/BBL) | | $ | 46.96 | | $ | 23.14 | | $ | 38.51 | | $ | 40.76 | | $ | 37.34 | | | $ | 55.65 | | $ | 64.18 | | $ | 68.74 | | | $ | 62.94 | |
| Worldwide NGL ($/BOE) | | $ | 13.09 | | $ | 7.79 | | $ | 14.85 | | $ | 14.95 | | $ | 12.58 | | | $ | 23.44 | | $ | 25.06 | | $ | 34.01 | | | $ | 27.68 | |
| Domestic gas ($/MCF) | | $ | 1.18 | | $ | 0.90 | | $ | 1.18 | | $ | 1.55 | | $ | 1.18 | | | $ | 2.56 | | $ | 2.59 | | $ | 3.35 | | | $ | 2.84 | |
| | | | | | | | | | | | |
| Cash Flows - Continuing Operations ($ millions) | | | | | | | | | | | | |
| Operating cash flow before working capital (Non-GAAP) | (c) | $ | 1,484 | | $ | 587 | | $ | 1,644 | | $ | 1,405 | | $ | 5,120 | | | $ | 2,135 | | $ | 2,710 | | $ | 2,967 | | | $ | 7,812 | |
| Working capital changes | | (189) | | (222) | | (829) | | (38) | | (1,278) | | | (1,347) | | 614 | | (57) | | | (790) | |
| Operating cash flow | | $ | 1,295 | | $ | 365 | | $ | 815 | | $ | 1,367 | | $ | 3,842 | | | $ | 788 | | $ | 3,324 | | $ | 2,910 | | | $ | 7,022 | |
| Capital expenditures | | $ | (1,300) | | $ | (375) | | $ | (246) | | $ | (614) | | $ | (2,535) | | | $ | (579) | | $ | (698) | | $ | (656) | | | $ | (1,933) | |
| | | | | | | | | | | | |
| | 2020 | | | 2021 | |
| Year-to-date | | Mar | Jun | Sep | Dec | | | Mar | Jun | Sep | Dec | |
| Net Income (Loss) ($ millions) | | | | | | | | | | | | |
| Reported income (loss) attributable to common stockholders | | $ | (2,232) | | $ | (10,585) | | $ | (14,363) | | $ | (15,675) | | | | $ | (346) | | $ | (443) | | $ | 185 | | | |
| Reported EPS - Diluted ($/share) | | $ | (2.49) | | $ | (11.68) | | $ | (15.72) | | $ | (17.06) | | | | $ | (0.36) | | $ | (0.47) | | $ | 0.19 | | | |
| Effective tax rate on reported income (loss) (%) | | 1 | % | 15 % | 14 % | 14 % | | | 5 | % | 13 | % | 27 | % | | |
| | | | | | | | | | | | |
| Adjusted income (loss) attributable to common stockholders (Non-GAAP) | (a) | $ | (598) | | $ | (2,290) | | $ | (3,078) | | $ | (3,688) | | | | $ | (136) | | $ | 175 | | $ | 1,011 | | | |
| Adjusted EPS - Diluted (Non-GAAP) ($/share) | (b) | $ | (0.67) | | $ | (2.53) | | $ | (3.37) | | $ | (4.01) | | | | $ | (0.15) | | $ | 0.18 | | $ | 1.05 | | | |
| Effective tax rate on adjusted income (loss) (%) | | 2 | % | 13 | % | 12 | % | 11 % | | | (327) | % | 24 | % | 28 | % | | |
| | | | | | | | | | | | |
| Average Shares Outstanding - Reported Loss | | | | | | | | | | | | |
| Basic (millions) | | 896.7 | 906.2 | 913.9 | 918.7 | | | 933.1 | 933.8 | 934.4 | | |
| Diluted (millions) | | 896.7 | 906.2 | 913.9 | 918.7 | | | 947.9 | 933.8 | 954.2 | | |
| | | | | | | | | | | | |
| Average Shares Outstanding - Adjusted Income (Loss) | (b) | | | | | | | | | | | |
| Basic (millions) | | 896.7 | 906.2 | 913.9 | 918.7 | | | 933.1 | 933.8 | 934.4 | | |
| Diluted (millions) | | 896.7 | 906.2 | 913.9 | 918.7 | | | 933.1 | 952.4 | 954.2 | | |
| | | | | | | | | | | | |
| Daily Production Volumes | | | | | | | | | | | | |
| Total US (MBOE/D) | | 1,175 | | 1,146 | | 1,083 | | 1,037 | | | | 904 | | 932 | | 927 | | | |
| US Oil (MBBL/D) | | 662 | | 633 | | 591 | | 561 | | | | 488 | | 502 | | 496 | | | |
| Worldwide - Reported (MBOE/D) | | 1,497 | | 1,466 | | 1,398 | | 1,347 | | | | 1,139 | | 1,182 | | 1,180 | | | |
| Worldwide - Continuing Operations (MBOE/D) | | 1,437 | | 1,405 | | 1,337 | | 1,289 | | | | 1,117 | | 1,160 | | 1,160 | | | |
| Worldwide Sales - Continuing Operations (MBOE/D) | | 1,432 | | 1,409 | | 1,336 | | 1,291 | | | | 1,113 | | 1,156 | | 1,157 | | | |
| | | | | | | | | | | | |
| Commodity Price Realizations | | | | | | | | | | | | |
| Worldwide oil ($/BBL) | | $ | 46.96 | | $ | 35.52 | | $ | 36.44 | | $ | 37.34 | | | | $ | 55.65 | | $ | 60.05 | | $ | 62.94 | | | |
| Worldwide NGL ($/BOE) | | $ | 13.09 | | $ | 10.43 | | $ | 11.84 | | $ | 12.58 | | | | $ | 23.44 | | $ | 24.31 | | $ | 27.68 | | | |
| Domestic gas ($/MCF) | | $ | 1.18 | | $ | 1.04 | | $ | 1.09 | | $ | 1.18 | | | | $ | 2.56 | | $ | 2.58 | | $ | 2.84 | | | |
| | | | | | | | | | | | |
Cash Flows - Continuing Operations ($ millions) | | | | | | | | | | | | |
| Operating cash flows before working capital (Non-GAAP) | (c) | $ | 1,484 | | $ | 2,071 | | $ | 3,715 | | $ | 5,120 | | | | $ | 2,135 | | $ | 4,845 | | $ | 7,812 | | | |
| Working capital changes | | (189) | | (411) | | (1,240) | | (1,278) | | | | (1,347) | | (733) | | (790) | | | |
| Operating cash flow | | $ | 1,295 | | $ | 1,660 | | $ | 2,475 | | $ | 3,842 | | | | $ | 788 | | $ | 4,112 | | $ | 7,022 | | | |
| Capital expenditures | | $ | (1,300) | | $ | (1,675) | | $ | (1,921) | | $ | (2,535) | | | | $ | (579) | | $ | (1,277) | | $ | (1,933) | | | |
| | | | | | | | | | | | |
| (a) See schedule 3 for non-GAAP reconciliation. | | | | | | | | | | | | |
| (b) See schedule 4 for non-GAAP reconciliation. The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations. |
| (c) See schedule 7 for non-GAAP reconciliation. | | | | | | | | | | | | |
Occidental Petroleum Corporation
Items Affecting Comparability Detail
(Amounts in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2020 | | 2021 |
| Before Tax Allocations | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | | |
| Domestic | | | | | | | | | | | | |
| Asset impairments | | $ | (282) | | $ | (5,514) | | $ | (21) | | $ | (87) | | $ | (5,904) | | | $ | (135) | | $ | (21) | | $ | (17) | | | $ | (173) | |
| Asset sales gains (losses), net | | — | | 14 | | (439) | | (850) | | (1,275) | | | — | | — | | 14 | | | 14 | |
| Rig termination and others | | (35) | | (3) | | (23) | | 2 | | (59) | | | — | | — | | — | | | — | |
| Oil, gas and CO2 derivative gains (losses), net | | 870 | | 53 | | 136 | | 31 | | 1,090 | | | (40) | | (140) | | (97) | | | (277) | |
| Total Domestic | | 553 | | (5,450) | | (347) | | (904) | | (6,148) | | | (175) | | (161) | | (100) | | | (436) | |
| International | | | | | | | | | | | | |
| Asset impairments | | (264) | | (931) | | — | | — | | (1,195) | | | — | | — | | — | | | — | |
| Asset sales gains (losses), net | | — | | — | | (356) | | 3 | | (353) | | | — | | — | | (12) | | | (12) | |
| Rig termination and others | | — | | (6) | | (4) | | (3) | | (13) | | | — | | — | | — | | | — | |
| Total International | | (264) | | (937) | | (360) | | — | | (1,561) | | | — | | — | | (12) | | | (12) | |
| Total Oil and Gas | | 289 | | (6,387) | | (707) | | (904) | | (7,709) | | | (175) | | (161) | | (112) | | | (448) | |
| | | | | | | | | | | | |
| Chemical | | | | | | | | | | | | |
| No items affecting comparability | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Total Chemical | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| | | | | | | | | | | | |
| Midstream & Marketing | | | | | | | | | | | | |
| Asset sales gains (losses) and others, net | | — | | — | | (46) | | — | | (46) | | | 102 | | 22 | | — | | | 124 | |
| Goodwill impairment and equity losses | | (1,458) | | (7) | | (2,729) | | — | | (4,194) | | | — | | — | | — | | | — | |
| Derivative gains (losses), net | | 251 | | 54 | | (20) | | (188) | | 97 | | | 15 | | (180) | | (11) | | | (176) | |
| Total Midstream & Marketing | | (1,207) | | 47 | | (2,795) | | (188) | | (4,143) | | | 117 | | (158) | | (11) | | | (52) | |
| | | | | | | | | | | | |
| Corporate | | | | | | | | | | | | |
| Anadarko acquisition-related costs | | (148) | | (149) | | (5) | | (37) | | (339) | | | (41) | | (52) | | (29) | | | (122) | |
| Acquisition-related pension & termination benefits | | — | | 114 | | — | | — | | 114 | | | — | | — | | — | | | — | |
| Interest rate swap gains (losses), net | | (669) | | 4 | | 88 | | 149 | | (428) | | | 399 | | (223) | | (26) | | | 150 | |
| Debt tender premium and related items, net | | — | | — | | — | | — | | — | | | — | | — | | (88) | | | (88) | |
| Warrants gains (losses), net | | 84 | | (79) | | — | | — | | 5 | | | — | | — | | — | | | — | |
| Total Corporate | | (733) | | (110) | | 83 | | 112 | | (648) | | | 358 | | (275) | | (143) | | | (60) | |
| | | | | | | | | | | | |
| Valuation allowance on tax assets | | — | | — | | (37) | | 2 | | (35) | | | — | | — | | — | | | — | |
| State tax rate revaluation | | — | | — | | — | | — | | — | | | — | | 55 | | — | | | 55 | |
| Income taxes | | 17 | | 1,204 | | 386 | | 239 | | 1,846 | | | (65) | | 128 | | 60 | | | 123 | |
| Income (loss) from continuing operations | | (1,634) | | (5,246) | | (3,070) | | (739) | | (10,689) | | | 235 | | (411) | | (206) | | | (382) | |
| Discontinued operations, net of taxes (a) | | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| Total | | $ | (1,634) | | $ | (6,661) | | $ | (2,990) | | $ | (702) | | $ | (11,987) | | | $ | (210) | | $ | (408) | | $ | (208) | | | $ | (826) | |
| | | | | | | | | | | | |
| After Tax Allocations | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | | |
| Domestic | | | | | | | | | | | | |
| Asset impairments | | $ | (219) | | $ | (4,299) | | $ | (17) | | $ | (67) | | $ | (4,602) | | | $ | (106) | | $ | (16) | | $ | (12) | | | $ | (134) | |
| Asset sales gains (losses), net | | — | | 11 | | (342) | | (663) | | (994) | | | — | | — | | 11 | | | 11 | |
| Rig termination and others | | (27) | | 5 | | (18) | | 2 | | (38) | | | — | | — | | — | | | — | |
| Oil, gas and CO2 derivative gains (losses), net | | 677 | | 42 | | 105 | | 24 | | 848 | | | (31) | | (110) | | (75) | | | (216) | |
| Total Domestic | | 431 | | (4,241) | | (272) | | (704) | | (4,786) | | | (137) | | (126) | | (76) | | | (339) | |
| International | | | | | | | | | | | | |
| Asset impairments | | (264) | | (931) | | — | | — | | (1,195) | | | — | | — | | — | | | — | |
| Asset sales gains (losses), net | | — | | — | | (356) | | 3 | | (353) | | | — | | — | | (12) | | | (12) | |
| Rig termination and others | | — | | (6) | | (4) | | (3) | | (13) | | | — | | — | | — | | | — | |
| Total International | | (264) | | (937) | | (360) | | — | | (1,561) | | | — | | — | | (12) | | | (12) | |
| Total Oil and Gas | | 167 | | (5,178) | | (632) | | (704) | | (6,347) | | | (137) | | (126) | | (88) | | | (351) | |
| | | | | | | | | | | | |
| Chemical | | | | | | | | | | | | |
| No items affecting comparability | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Total Chemical | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| | | | | | | | | | | | |
| Midstream & Marketing | | | | | | | | | | | | |
| Asset sales gains (losses), net | | — | | — | | (50) | | — | | (50) | | | 79 | | 17 | | 1 | | | 97 | |
| Goodwill impairment and equity losses | | (1,443) | | (6) | | (2,402) | | 23 | | (3,828) | | | — | | — | | — | | | — | |
| Derivative gains (losses), net | | 195 | | 42 | | (15) | | (147) | | 75 | | | 12 | | (141) | | (8) | | | (137) | |
| Total Midstream & Marketing | | (1,248) | | 36 | | (2,467) | | (124) | | (3,803) | | | 91 | | (124) | | (7) | | | (40) | |
| | | | | | | | | | | | |
| Corporate | | | | | | | | | | | | |
| Anadarko acquisition-related costs | | (115) | | (117) | | (3) | | (29) | | (264) | | | (31) | | (41) | | (23) | | | (95) | |
| Acquisition-related pension & termination benefits | | — | | 89 | | — | | — | | 89 | | | — | | — | | — | | | — | |
| Interest rate swap gains (losses), net | | (522) | | 3 | | 69 | | 116 | | (334) | | | 312 | | (175) | | (19) | | | 118 | |
| Debt tender premium and related items, net | | — | | — | | — | | — | | — | | | — | | — | | (69) | | | (69) | |
| Warrants gains (losses), net | | 84 | | (79) | | — | | — | | 5 | | | — | | — | | — | | | — | |
| Total Corporate | | (553) | | (104) | | 66 | | 87 | | (504) | | | 281 | | (216) | | (111) | | | (46) | |
| | | | | | | | | | | | |
| Valuation allowance on tax assets | | — | | — | | (37) | | 2 | | (35) | | | — | | — | | — | | | — | |
| State tax rate revaluation | | — | | — | | — | | — | | — | | | — | | 55 | | — | | | 55 | |
| Income (loss) from continuing operations | | (1,634) | | (5,246) | | (3,070) | | (739) | | (10,689) | | | 235 | | (411) | | (206) | | | (382) | |
| Discontinued operations, net of taxes (a) | | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| Total | | $ | (1,634) | | $ | (6,661) | | $ | (2,990) | | $ | (702) | | $ | (11,987) | | | $ | (210) | | $ | (408) | | $ | (208) | | | $ | (826) | |
(a) The pre-tax impairment for the second quarter of 2020 was $2.2 billion.
Occidental Petroleum Corporation
Segment Results Before Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| Reported Income (Loss) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | |
| Domestic | $ | 233 | | $ | (6,841) | | $ | (885) | | $ | (1,265) | | $ | (8,758) | | | $ | (214) | | $ | 367 | | $ | 1,078 | | | $ | 1,231 | |
| International | 40 | | (860) | | (158) | | 236 | | (742) | | | 180 | | 350 | | 420 | | | 950 | |
| Exploration | (37) | | (33) | | (29) | | (33) | | (132) | | | (28) | | (86) | | (31) | | | (145) | |
| Total Oil & Gas | 236 | | (7,734) | | (1,072) | | (1,062) | | (9,632) | | | (62) | | 631 | | 1,467 | | | 2,036 | |
| Chemical | 186 | | 108 | | 178 | | 192 | | 664 | | | 251 | | 312 | | 407 | | | 970 | |
| Midstream & Marketing | (1,287) | | (7) | | (2,791) | | (90) | | (4,175) | | | 282 | | (30) | | 20 | | | 272 | |
| Segment income (loss) | (865) | | (7,633) | | (3,685) | | (960) | | (13,143) | | | 471 | | 913 | | 1,894 | | | 3,278 | |
| Corporate | | | | | | | | | | | |
| Interest | (352) | | (310) | | (353) | | (409) | | (1,424) | | | (395) | | (385) | | (449) | | | (1,229) | |
| Other | (821) | | (241) | | (20) | | (56) | | (1,138) | | | 239 | | (385) | | (228) | | | (374) | |
| Income (loss) from continuing operations before taxes | (2,038) | | (8,184) | | (4,058) | | (1,425) | | (15,705) | | | 315 | | 143 | | 1,217 | | | 1,675 | |
| Taxes | | | | | | | | | | | |
| Federal and state | 90 | | 1,577 | | 511 | | 429 | | 2,607 | | | 102 | | 8 | | (151) | | | (41) | |
| International | (65) | | (109) | | (108) | | (153) | | (435) | | | (118) | | (51) | | (236) | | | (405) | |
| Income (loss) from continuing operations | (2,013) | | (6,716) | | (3,655) | | (1,149) | | (13,533) | | | 299 | | 100 | | 830 | | | 1,229 | |
| Discontinued operations, net of taxes | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| Net income (loss) | (2,013) | | (8,131) | | (3,575) | | (1,112) | | (14,831) | | | (146) | | 103 | | 828 | | | 785 | |
| Less: Preferred stock dividends | (219) | | (222) | | (203) | | (200) | | (844) | | | (200) | | (200) | | (200) | | | (600) | |
| Net income (loss) attributable to common stockholders | $ | (2,232) | | $ | (8,353) | | $ | (3,778) | | $ | (1,312) | | $ | (15,675) | | | $ | (346) | | $ | (97) | | $ | 628 | | | $ | 185 | |
| Reported diluted income (loss) per share | $ | (2.49) | | $ | (9.12) | | $ | (4.07) | | $ | (1.41) | | $ | (17.06) | | | $ | (0.36) | | $ | (0.10) | | $ | 0.65 | | | $ | 0.19 | |
| Effective Tax Rate | 1 | % | 18 | % | 10 | % | 19 | % | 14 | % | | 5 | % | 30 | % | 32 | % | | 27 | % |
| | | | | | | | | | | |
| Items Affecting Comparability | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | |
| Domestic | $ | 553 | | $ | (5,450) | | $ | (347) | | $ | (904) | | $ | (6,148) | | | $ | (175) | | $ | (161) | | $ | (100) | | | $ | (436) | |
| International | (264) | | (937) | | (360) | | — | | (1,561) | | | — | | — | | (12) | | | (12) | |
| Exploration | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Total Oil & Gas | 289 | | (6,387) | | (707) | | (904) | | (7,709) | | | (175) | | (161) | | (112) | | | (448) | |
| Chemical | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Midstream & Marketing | (1,207) | | 47 | | (2,795) | | (188) | | (4,143) | | | 117 | | (158) | | (11) | | | (52) | |
| Segment income (loss) | (918) | | (6,340) | | (3,502) | | (1,092) | | (11,852) | | | (58) | | (319) | | (123) | | | (500) | |
| Corporate | | | | | | | | | | | |
| Interest | — | | — | | — | | — | | — | | | — | | — | | (88) | | | (88) | |
| Other | (733) | | (110) | | 83 | | 112 | | (648) | | | 358 | | (275) | | (55) | | | 28 | |
| Income (loss) from continuing operations before taxes | (1,651) | | (6,450) | | (3,419) | | (980) | | (12,500) | | | 300 | | (594) | | (266) | | | (560) | |
| Taxes | | | | | | | | | | | |
| Federal and state | 17 | | 1,204 | | 349 | | 241 | | 1,811 | | | (65) | | 183 | | 60 | | | 178 | |
| International | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Income (loss) from continuing operations | (1,634) | | (5,246) | | (3,070) | | (739) | | (10,689) | | | 235 | | (411) | | (206) | | | (382) | |
| Discontinued operations, net of taxes | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| Net loss | (1,634) | | (6,661) | | (2,990) | | (702) | | (11,987) | | | (210) | | (408) | | (208) | | | (826) | |
| Less: Preferred stock dividends | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Net loss attributable to common stockholders | $ | (1,634) | | $ | (6,661) | | $ | (2,990) | | $ | (702) | | $ | (11,987) | | | $ | (210) | | $ | (408) | | $ | (208) | | | $ | (826) | |
| | | | | | | | | | | |
| Adjusted Income (Loss) (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | |
| Domestic | $ | (320) | | $ | (1,391) | | $ | (538) | | $ | (361) | | $ | (2,610) | | | $ | (39) | | $ | 528 | | $ | 1,178 | | | $ | 1,667 | |
| International | 304 | | 77 | | 202 | | 236 | | 819 | | | 180 | | 350 | | 432 | | | 962 | |
| Exploration | (37) | | (33) | | (29) | | (33) | | (132) | | | (28) | | (86) | | (31) | | | (145) | |
| Total Oil & Gas | (53) | | (1,347) | | (365) | | (158) | | (1,923) | | | 113 | | 792 | | 1,579 | | | 2,484 | |
| Chemical | 186 | | 108 | | 178 | | 192 | | 664 | | | 251 | | 312 | | 407 | | | 970 | |
| Midstream & Marketing | (80) | | (54) | | 4 | | 98 | | (32) | | | 165 | | 128 | | 31 | | | 324 | |
| Adjusted segment income (loss) | 53 | | (1,293) | | (183) | | 132 | | (1,291) | | | 529 | | 1,232 | | 2,017 | | | 3,778 | |
| Corporate | | | | | | | | | | | |
| Interest | (352) | | (310) | | (353) | | (409) | | (1,424) | | | (395) | | (385) | | (361) | | | (1,141) | |
| Other | (88) | | (131) | | (103) | | (168) | | (490) | | | (119) | | (110) | | (173) | | | (402) | |
| Adjusted income (loss) from continuing operations before taxes | (387) | | (1,734) | | (639) | | (445) | | (3,205) | | | 15 | | 737 | | 1,483 | | | 2,235 | |
| Taxes | | | | | | | | | | | |
| Federal and state | 73 | | 373 | | 162 | | 188 | | 796 | | | 167 | | (175) | | (211) | | | (219) | |
| International | (65) | | (109) | | (108) | | (153) | | (435) | | | (118) | | (51) | | (236) | | | (405) | |
| Adjusted income (loss) | (379) | | (1,470) | | (585) | | (410) | | (2,844) | | | 64 | | 511 | | 1,036 | | | 1,611 | |
| Less: Preferred stock dividends | (219) | | (222) | | (203) | | (200) | | (844) | | | (200) | | (200) | | (200) | | | (600) | |
| Adjusted income (loss) attributable to common stockholders | $ | (598) | | $ | (1,692) | | $ | (788) | | $ | (610) | | $ | (3,688) | | | $ | (136) | | $ | 311 | | $ | 836 | | | $ | 1,011 | |
| Adjusted diluted earnings (loss) per share (Non-GAAP) | $ | (0.67) | | $ | (1.85) | | $ | (0.85) | | $ | (0.65) | | $ | (4.01) | | | $ | (0.15) | | $ | 0.32 | | $ | 0.87 | | | $ | 1.05 | |
| Effective Tax Rate | 2 | % | 15 | % | 8 | % | 8 | % | 11 | % | | (327) | % | 31 | % | 30 | % | | 28 | % |
| | | | | | | | | | | |
(a) Non-GAAP Measure Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP. |
.
Occidental Petroleum Corporation
Segment Results After Tax Allocations
(Amounts in millions, except per share and effective tax rate amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2020 | | 2021 |
| Reported Income (Loss) | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | | |
| Domestic | | $ | 182 | | $ | (5,336) | | $ | (690) | | $ | (987) | | $ | (6,831) | | | $ | (167) | | $ | 286 | | $ | 841 | | | $ | 960 | |
| International | | (85) | | (926) | | (233) | | 98 | | (1,146) | | | 69 | | 193 | | 252 | | | 514 | |
| Exploration | | (32) | | (26) | | (26) | | (29) | | (113) | | | (23) | | (72) | | (26) | | | (121) | |
| Total Oil & Gas | | 65 | | (6,288) | | (949) | | (918) | | (8,090) | | | (121) | | 407 | | 1,067 | | | 1,353 | |
| Chemical | | 142 | | 82 | | 137 | | 146 | | 507 | | | 193 | | 240 | | 314 | | | 747 | |
| Midstream & Marketing | | (1,306) | | 2 | | (2,455) | | (64) | | (3,823) | | | 251 | | (3) | | 35 | | | 283 | |
| Segment income (loss) | | (1,099) | | (6,204) | | (3,267) | | (836) | | (11,406) | | | 323 | | 644 | | 1,416 | | | 2,383 | |
| Corporate | | | | | | | | | | | | |
| Interest | | (352) | | (310) | | (353) | | (409) | | (1,424) | | | (395) | | (385) | | (449) | | | (1,229) | |
| Other | | (641) | | (235) | | (20) | | (56) | | (952) | | | 162 | | (271) | | (228) | | | (337) | |
| Taxes | | 79 | | 33 | | (15) | | 152 | | 249 | | | 209 | | 112 | | 91 | | | 412 | |
| Income (loss) from continuing operations | | (2,013) | | (6,716) | | (3,655) | | (1,149) | | (13,533) | | | 299 | | 100 | | 830 | | | 1,229 | |
| Discontinued operations, net of taxes | | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| Net income (loss) | | (2,013) | | (8,131) | | (3,575) | | (1,112) | | (14,831) | | | (146) | | 103 | | 828 | | | 785 | |
| Less: Preferred stock dividends | | (219) | | (222) | | (203) | | (200) | | (844) | | | (200) | | (200) | | (200) | | | (600) | |
| Net income (loss) attributable to common stockholders | | $ | (2,232) | | $ | (8,353) | | $ | (3,778) | | $ | (1,312) | | $ | (15,675) | | | $ | (346) | | $ | (97) | | $ | 628 | | | $ | 185 | |
| Reported diluted income (loss) per share | | $ | (2.49) | | $ | (9.12) | | $ | (4.07) | | $ | (1.41) | | $ | (17.06) | | | $ | (0.36) | | $ | (0.10) | | $ | 0.65 | | | $ | 0.19 | |
| | | | | | | | | | | | |
| Items Affecting Comparability | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | | |
| Domestic | | $ | 431 | | $ | (4,241) | | $ | (272) | | $ | (704) | | $ | (4,786) | | | $ | (137) | | $ | (126) | | $ | (76) | | | $ | (339) | |
| International | | (264) | | (937) | | (360) | | — | | (1,561) | | | — | | — | | (12) | | | (12) | |
| Exploration | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Total Oil & Gas | | 167 | | (5,178) | | (632) | | (704) | | (6,347) | | | (137) | | (126) | | (88) | | | (351) | |
| Chemical | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Midstream & Marketing | | (1,248) | | 36 | | (2,467) | | (124) | | (3,803) | | | 91 | | (124) | | (7) | | | (40) | |
| Segment loss | | (1,081) | | (5,142) | | (3,099) | | (828) | | (10,150) | | | (46) | | (250) | | (95) | | | (391) | |
| Corporate | | | | | | | | | | | | |
| Interest | | — | | — | | — | | — | | — | | | — | | — | | (69) | | | (69) | |
| Other | | (553) | | (104) | | 66 | | 87 | | (504) | | | 281 | | (216) | | (42) | | | 23 | |
| Taxes | | — | | — | | (37) | | 2 | | (35) | | | — | | 55 | | — | | | 55 | |
| Income (loss) from continuing operations | | (1,634) | | (5,246) | | (3,070) | | (739) | | (10,689) | | | 235 | | (411) | | (206) | | | (382) | |
| Discontinued operations, net of taxes | | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| Net loss | | (1,634) | | (6,661) | | (2,990) | | (702) | | (11,987) | | | (210) | | (408) | | (208) | | | (826) | |
| Less: Preferred stock dividends | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Net loss attributable to common stockholders | | $ | (1,634) | | $ | (6,661) | | $ | (2,990) | | $ | (702) | | $ | (11,987) | | | $ | (210) | | $ | (408) | | $ | (208) | | | $ | (826) | |
| | | | | | | | | | | | |
| Adjusted Income (Loss) (Non-GAAP) | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | | |
| Domestic | | $ | (249) | | $ | (1,095) | | $ | (418) | | $ | (283) | | $ | (2,045) | | | $ | (30) | | $ | 412 | | $ | 917 | | | $ | 1,299 | |
| International | | 179 | | 11 | | 127 | | 98 | | 415 | | | 69 | | 193 | | 264 | | | 526 | |
| Exploration | | (32) | | (26) | | (26) | | (29) | | (113) | | | (23) | | (72) | | (26) | | | (121) | |
| Total Oil & Gas | | (102) | | (1,110) | | (317) | | (214) | | (1,743) | | | 16 | | 533 | | 1,155 | | | 1,704 | |
| Chemical | | 142 | | 82 | | 137 | | 146 | | 507 | | | 193 | | 240 | | 314 | | | 747 | |
| Midstream & Marketing | | (58) | | (34) | | 12 | | 60 | | (20) | | | 160 | | 121 | | 42 | | | 323 | |
| Segment income | | (18) | | (1,062) | | (168) | | (8) | | (1,256) | | | 369 | | 894 | | 1,511 | | | 2,774 | |
| Corporate | | | | | | | | | | | | |
| Interest | | (352) | | (310) | | (353) | | (409) | | (1,424) | | | (395) | | (385) | | (380) | | | (1,160) | |
| Other | | (88) | | (131) | | (86) | | (143) | | (448) | | | (119) | | (55) | | (186) | | | (360) | |
| Taxes | | 79 | | 33 | | 22 | | 150 | | 284 | | | 209 | | 57 | | 91 | | | 357 | |
| Income (loss) from continuing operations | | (379) | | (1,470) | | (585) | | (410) | | (2,844) | | | 64 | | 511 | | 1,036 | | | 1,611 | |
| Less: Preferred stock dividends | | (219) | | (222) | | (203) | | (200) | | (844) | | | (200) | | (200) | | (200) | | | (600) | |
| Adjusted income (loss) attributable to common stockholders | | $ | (598) | | $ | (1,692) | | $ | (788) | | $ | (610) | | $ | (3,688) | | | $ | (136) | | $ | 311 | | $ | 836 | | | $ | 1,011 | |
| Adjusted diluted earnings (loss) per share (Non-GAAP) | | $ | (0.67) | | $ | (1.85) | | $ | (0.85) | | $ | (0.65) | | $ | (4.01) | | | $ | (0.15) | | $ | 0.32 | | $ | 0.87 | | | $ | 1.05 | |
| | | | | | | | | | | | |
| Reconciliation - Diluted Earnings Per Share (a) | | | | | | | | | | | | |
| Reported Diluted Loss Per Share (GAAP) | | $ | (2.49) | | $ | (9.12) | | $ | (4.07) | | $ | (1.41) | | $ | (17.06) | | | $ | (0.36) | | $ | (0.10) | | $ | 0.65 | | | $ | 0.19 | |
| After-Tax Adjustments for Items Affecting Comparability | | | | | | | | | | | | |
| Oil & Gas | | | | | | | | | | | | |
| Domestic | | $ | 0.48 | | $ | (4.63) | | $ | (0.30) | | $ | (0.76) | | $ | (5.21) | | | $ | (0.14) | | $ | (0.13) | | $ | (0.08) | | | $ | (0.36) | |
| International | | (0.29) | | (1.02) | | (0.39) | | — | | (1.70) | | | — | | — | | (0.01) | | | (0.01) | |
| Exploration | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Chemical | | — | | — | | — | | — | | — | | | — | | — | | — | | | — | |
| Midstream & Marketing | | (1.39) | | 0.04 | | (2.65) | | (0.13) | | (4.14) | | | 0.10 | | (0.13) | | (0.01) | | | (0.04) | |
| Corporate | | | | | | | | | | | | |
| Interest | | — | | — | | — | | — | | — | | | — | | — | | (0.07) | | | (0.07) | |
| Other | | (0.62) | | (0.11) | | 0.07 | | 0.09 | | (0.55) | | | 0.30 | | (0.22) | | (0.04) | | | 0.02 | |
| Taxes | | — | | — | | (0.04) | | — | | (0.04) | | | — | | 0.06 | | — | | | 0.06 | |
| Discontinued Operations | | — | | (1.55) | | 0.09 | | 0.04 | | (1.41) | | | (0.47) | | — | | (0.01) | | | (0.46) | |
| Total After-Tax Adjustments for Items Affecting Comparability | | $ | (1.82) | | $ | (7.27) | | $ | (3.22) | | $ | (0.76) | | $ | (13.05) | | | $ | (0.21) | | $ | (0.42) | | $ | (0.22) | | | $ | (0.86) | |
| | | | | | | | | | | | |
| Adjusted Diluted Earnings (Loss) Per Share (Non-GAAP) | | $ | (0.67) | | $ | (1.85) | | $ | (0.85) | | $ | (0.65) | | $ | (4.01) | | | $ | (0.15) | | $ | 0.32 | | $ | 0.87 | | | $ | 1.05 | |
| | | | | | | | | | | | |
| Average Diluted Shares Outstanding -Reported (millions) | | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 947.9 | 934.2 | 957.7 | | 954.2 |
| (a) The adjusted diluted EPS (Non-GAAP) calculations include the dilutive effect of potential common stocks since Occidental generated adjusted income for the three and six months ended June 30, 2021. For the three and six months ended June 30, 2021, dilutive securities for adjusted diluted EPS were 22.6 million and 18.6 million, respectively, resulting in total dilutive weighted-average shares of 956.8 million and 952.4 million shares, respectively. The reported EPS (GAAP) calculations do not include dilutive effect of potential common stocks as their effect is anti-dilutive since Occidental generated net losses from continuing operations. |
Occidental Petroleum Corporation
Consolidated Condensed Statements of Operations
(Amounts in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| REVENUES AND OTHER INCOME | | | | | | | | | | | |
| Net sales | | | | | | | | | | | |
| Oil & Gas | $ | 5,060 | | $ | 2,040 | | $ | 2,989 | | $ | 2,977 | | $ | 13,066 | | | $ | 3,664 | | $ | 4,505 | | $ | 4,955 | | | $ | 13,124 | |
| Chemical | 962 | | 846 | | 937 | | 988 | | 3,733 | | | 1,088 | | 1,187 | | 1,396 | | | 3,671 | |
| Midstream & Marketing | 790 | | 204 | | 364 | | 410 | | 1,768 | | | 807 | | 497 | | 702 | | | 2,006 | |
| Eliminations | (199) | | (162) | | (182) | | (215) | | (758) | | | (266) | | (231) | | (261) | | | (758) | |
| Total | 6,613 | | 2,928 | | 4,108 | | 4,160 | | 17,809 | | | 5,293 | | 5,958 | | 6,792 | | | 18,043 | |
| Interest, dividends and other income | 34 | | 33 | | 21 | | 30 | | 118 | | | 75 | | 49 | | 18 | | | 142 | |
| Gains (losses) on sale of assets, net | 7 | | 15 | | (846) | | (842) | | (1,666) | | | 111 | | 3 | | 5 | | | 119 | |
| Total | 6,654 | | 2,976 | | 3,283 | | 3,348 | | 16,261 | | | 5,479 | | 6,010 | | 6,815 | | | 18,304 | |
| | | | | | | | | | | |
| COSTS AND OTHER DEDUCTIONS | | | | | | | | | | | |
| Oil and gas operating expense | 1,069 | | 631 | | 656 | | 709 | | 3,065 | | | 776 | | 712 | | 829 | | | 2,317 | |
| Transportation and gathering expense | 565 | | 367 | | 343 | | 325 | | 1,600 | | | 329 | | 364 | | 360 | | | 1,053 | |
| Chemical and midstream costs of sales | 612 | | 577 | | 618 | | 601 | | 2,408 | | | 594 | | 676 | | 731 | | | 2,001 | |
| Purchased commodities | 393 | | 214 | | 333 | | 455 | | 1,395 | | | 558 | | 487 | | 588 | | | 1,633 | |
| Selling, general and administrative | 264 | | 225 | | 166 | | 209 | | 864 | | | 166 | | 177 | | 240 | | | 583 | |
| Other operating and non-operating expense | 197 | | 114 | | 231 | | 342 | | 884 | | | 258 | | 248 | | 256 | | | 762 | |
| Taxes other than on income | 225 | | 68 | | 180 | | 149 | | 622 | | | 210 | | 244 | | 289 | | | 743 | |
| Depreciation, depletion and amortization | 2,309 | | 2,119 | | 1,915 | | 1,754 | | 8,097 | | | 2,194 | | 2,371 | | 1,916 | | | 6,481 | |
| Asset impairments and other charges | 1,803 | | 6,470 | | 2,723 | | 87 | | 11,083 | | | 135 | | 21 | | 17 | | | 173 | |
| Anadarko acquisition-related costs | 148 | | 149 | | 5 | | 37 | | 339 | | | 41 | | 52 | | 29 | | | 122 | |
| Exploration expense | 37 | | 33 | | 29 | | 33 | | 132 | | | 28 | | 86 | | 31 | | | 145 | |
| Interest and debt expense, net | 352 | | 310 | | 353 | | 409 | | 1,424 | | | 395 | | 385 | | 449 | | | 1,229 | |
| Total | 7,974 | | 11,277 | | 7,552 | | 5,110 | | 31,913 | | | 5,684 | | 5,823 | | 5,735 | | | 17,242 | |
| INCOME (LOSS) BEFORE INCOME TAXES AND OTHER ITEMS | (1,320) | | (8,301) | | (4,269) | | (1,762) | | (15,652) | | | (205) | | 187 | | 1,080 | | | 1,062 | |
| OTHER ITEMS | | | | | | | | | | | |
| Gains (losses) on interest rate swaps and warrants, net | (585) | | (76) | | 88 | | 150 | | (423) | | | 399 | | (223) | | (26) | | | 150 | |
| Income (loss) from equity investments | (133) | | 193 | | 123 | | 187 | | 370 | | | 121 | | 179 | | 163 | | | 463 | |
| Total | (718) | | 117 | | 211 | | 337 | | (53) | | | 520 | | (44) | | 137 | | | 613 | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2,038) | | (8,184) | | (4,058) | | (1,425) | | (15,705) | | | 315 | | 143 | | 1,217 | | | 1,675 | |
| Income tax benefit (expense) | 25 | | 1,468 | | 403 | | 276 | | 2,172 | | | (16) | | (43) | | (387) | | | (446) | |
| INCOME (LOSS) FROM CONTINUING OPERATIONS | (2,013) | | (6,716) | | (3,655) | | (1,149) | | (13,533) | | | 299 | | 100 | | 830 | | | 1,229 | |
| Discontinued operations, net of taxes | — | | (1,415) | | 80 | | 37 | | (1,298) | | | (445) | | 3 | | (2) | | | (444) | |
| NET INCOME (LOSS) | (2,013) | | (8,131) | | (3,575) | | (1,112) | | (14,831) | | | (146) | | 103 | | 828 | | | 785 | |
| Less: Preferred stock dividend | (219) | | (222) | | (203) | | (200) | | (844) | | | (200) | | (200) | | (200) | | | (600) | |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (2,232) | | $ | (8,353) | | $ | (3,778) | | $ | (1,312) | | $ | (15,675) | | | $ | (346) | | $ | (97) | | $ | 628 | | | $ | 185 | |
| | | | | | | | | | | |
| EARNINGS PER SHARE | | | | | | | | | | | |
| BASIC EARNINGS PER COMMON SHARE | | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (2.49) | | $ | (7.58) | | $ | (4.16) | | $ | (1.45) | | $ | (15.65) | | | $ | 0.11 | | $ | (0.11) | | $ | 0.67 | | | $ | 0.67 | |
| Discontinued operations, net | — | | (1.54) | | 0.09 | | 0.04 | | (1.41) | | | (0.48) | | 0.01 | | — | | | (0.47) | |
| BASIC EARNINGS PER COMMON SHARE | $ | (2.49) | | $ | (9.12) | | $ | (4.07) | | $ | (1.41) | | $ | (17.06) | | | $ | (0.37) | | $ | (0.10) | | $ | 0.67 | | | $ | 0.20 | |
| | | | | | | | | | | |
| DILUTED EARNINGS PER COMMON SHARE | $ | (2.49) | | $ | (9.12) | | $ | (4.07) | | $ | (1.41) | | $ | (17.06) | | | $ | (0.36) | | $ | (0.10) | | $ | 0.65 | | | $ | 0.19 | |
| | | | | | | | | | | |
| DIVIDENDS PER COMMON SHARE | $ | 0.79 | | $ | 0.01 | | $ | 0.01 | | $ | 0.01 | | $ | 0.82 | | | $ | 0.01 | | $ | 0.01 | | $ | 0.01 | | | $ | 0.03 | |
| | | | | | | | | | | |
| AVERAGE COMMON SHARES OUTSTANDING | | | | | | | | | | | |
| BASIC | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 933.1 | 934.2 | 935.4 | | 934.4 |
| DILUTED | 896.7 | 915.5 | 929.3 | 933.0 | 918.7 | | 947.9 | 934.2 | 957.7 | | 954.2 |
Occidental Petroleum Corporation
Consolidated Condensed Balance Sheets
(Amounts in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| MAR | JUN | SEP | DEC | | MAR | JUN | SEP | DEC |
| CURRENT ASSETS | | | | | | | | | |
| Cash and cash equivalents | $ | 2,021 | | $ | 1,011 | | $ | 1,896 | | $ | 2,008 | | | $ | 2,270 | | $ | 4,569 | | $ | 2,059 | | |
| Restricted cash and restricted cash equivalents | 269 | | 124 | | 51 | | 170 | | | 183 | | 180 | | 220 | | |
| Trade receivables, net | 2,458 | | 2,359 | | 2,083 | | 2,115 | | | 3,046 | | 3,288 | | 3,477 | | |
| Inventories | 1,567 | | 1,477 | | 1,660 | | 1,898 | | | 2,173 | | 1,837 | | 1,773 | | |
| Assets held for sale | 3,606 | | 1,412 | | 3,559 | | 1,433 | | | 1,249 | | 1,774 | | 1,098 | | |
| Other current assets | 2,398 | | 2,054 | | 1,445 | | 1,195 | | | 1,153 | | 1,196 | | 1,272 | | |
| Total current assets | 12,319 | | 8,437 | | 10,694 | | 8,819 | | | 10,074 | | 12,844 | | 9,899 | | |
| | | | | | | | | |
| INVESTMENTS IN UNCONSOLIDATED ENTITIES | 6,050 | | 6,128 | | 3,125 | | 3,250 | | | 3,170 | | 3,249 | | 3,266 | | |
| | | | | | | | | |
| PROPERTY, PLANT AND EQUIPMENT | | | | | | | | | |
| Gross property, plant and equipment | 125,388 | | 125,523 | | 120,459 | | 118,964 | | | 119,278 | | 116,566 | | 117,192 | | |
| Accumulated depreciation, depletion and amortization | (44,615) | | (52,919) | | (52,038) | | (53,075) | | | (55,205) | | (54,720) | | (56,548) | | |
| Net property, plant and equipment | 80,773 | | 72,604 | | 68,421 | | 65,889 | | | 64,073 | | 61,846 | | 60,644 | | |
| | | | | | | | | |
| OPERATING LEASE ASSETS | 1,216 | | 1,129 | | 1,196 | | 1,062 | | | 949 | | 860 | | 804 | | |
| LONG-TERM RECEIVABLES AND OTHER ASSETS, NET | 1,285 | | 1,154 | | 998 | | 1,044 | | | 1,089 | | 1,138 | | 1,145 | | |
| TOTAL ASSETS | $ | 101,643 | | $ | 89,452 | | $ | 84,434 | | $ | 80,064 | | | $ | 79,355 | | $ | 79,937 | | $ | 75,758 | | |
| | | | | | | | | |
| CURRENT LIABILITIES | | | | | | | | | |
| Current maturities of long-term debt | $ | 2,464 | | $ | 2,460 | | $ | 2,558 | | $ | 440 | | | $ | 559 | | $ | 651 | | $ | 780 | | |
| Current operating lease liabilities | 461 | | 420 | | 459 | | 473 | | | 369 | | 331 | | 265 | | |
| Accounts payable | 3,888 | | 3,034 | | 2,682 | | 2,987 | | | 3,416 | | 3,544 | | 3,713 | | |
| Accrued liabilities | 3,504 | | 3,215 | | 3,470 | | 3,570 | | | 3,566 | | 4,325 | | 3,654 | | |
| Liabilities of assets held for sale | 1,589 | | 790 | | 1,331 | | 753 | | | 721 | | 735 | | 714 | | |
| Total current liabilities | 11,906 | | 9,919 | | 10,500 | | 8,223 | | | 8,631 | | 9,586 | | 9,126 | | |
| | | | | | | | | |
| LONG-TERM DEBT, NET | 36,058 | | 36,034 | | 35,899 | | 35,745 | | | 35,466 | | 35,352 | | 30,915 | | |
| | | | | | | | | |
| DEFERRED CREDITS AND OTHER LIABILITIES | | | | | | | | | |
| Deferred income taxes,net | 9,403 | | 7,887 | | 7,508 | | 7,113 | | | 6,941 | | 6,808 | | 6,825 | | |
| Asset retirement obligations | 4,454 | | 4,316 | | 4,135 | | 3,977 | | | 4,030 | | 3,949 | | 3,942 | | |
| Pension and postretirement obligations | 1,983 | | 1,816 | | 1,728 | | 1,763 | | | 1,553 | | 1,551 | | 1,595 | | |
| Environmental remediation liabilities | 1,017 | | 1,000 | | 975 | | 1,028 | | | 1,029 | | 1,020 | | 1,000 | | |
| Operating lease liabilities | 784 | | 740 | | 786 | | 641 | | | 628 | | 583 | | 593 | | |
| Other | 4,743 | | 4,394 | | 3,043 | | 3,001 | | | 2,777 | | 2,844 | | 2,889 | | |
| Total deferred credits and other liabilities | 22,384 | | 20,153 | | 18,175 | | 17,523 | | | 16,958 | | 16,755 | | 16,844 | | |
| EQUITY | | | | | | | | | |
| Preferred stock, $1.00 per share par value | 9,762 | | 9,762 | | 9,762 | | 9,762 | | | 9,762 | | 9,762 | | 9,762 | | |
| Common stock, $0.20 per share par value | 210 | | 213 | | 216 | | 216 | | | 217 | | 217 | | 217 | | |
| Treasury stock | (10,653) | | (10,657) | | (10,657) | | (10,665) | | | (10,668) | | (10,668) | | (10,668) | | |
| Additional paid-in capital | 15,081 | | 16,235 | | 16,505 | | 16,552 | | | 16,585 | | 16,638 | | 16,692 | | |
| Retained earnings | 17,229 | | 8,105 | | 4,317 | | 2,996 | | | 2,639 | | 2,533 | | 3,152 | | |
| Accumulated other comprehensive loss | (334) | | (312) | | (283) | | (288) | | | (235) | | (238) | | (282) | | |
| Total equity | 31,295 | | 23,346 | | 19,860 | | 18,573 | | | 18,300 | | 18,244 | | 18,873 | | |
| | | | | | | | | |
| TOTAL LIABILITIES AND EQUITY | $ | 101,643 | | $ | 89,452 | | $ | 84,434 | | $ | 80,064 | | | $ | 79,355 | | $ | 79,937 | | $ | 75,758 | | |
| | | | | | | | | |
Occidental Petroleum Corporation
Consolidated Condensed Statements of Cash Flows and Detail of CAPEX and DD&A
(Amounts in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| OPERATING CASH FLOW FROM CONTINUING OPERATIONS | | | | | | | | | | | |
| Net income (loss) | $ | (2,013) | | $ | (8,131) | | $ | (3,575) | | $ | (1,112) | | $ | (14,831) | | | $ | (146) | | $ | 103 | | $ | 828 | | | $ | 785 | |
| Depreciation, depletion and amortization (see detail below) | 2,309 | | 2,119 | | 1,915 | | 1,754 | | 8,097 | | | 2,194 | | 2,371 | | 1,916 | | | 6,481 | |
| Deferred income tax provision (benefit) | (218) | | (1,525) | | (374) | | (400) | | (2,517) | | | (81) | | (131) | | 20 | | | (192) | |
| Asset impairments and other non-cash charges, net | 1,406 | | 8,124 | | 3,678 | | 1,163 | | 14,371 | | | 168 | | 367 | | 203 | | | 738 | |
Operating cash flow from continuing operations before
working capital (Non-GAAP) (see below) (a) | 1,484 | | 587 | | 1,644 | | 1,405 | | 5,120 | | | 2,135 | | 2,710 | | 2,967 | | | 7,812 | |
| Working capital changes | (189) | | (222) | | (829) | | (38) | | (1,278) | | | (1,347) | | 614 | | (57) | | | (790) | |
| Operating cash flow from continuing operations (GAAP) | 1,295 | | 365 | | 815 | | 1,367 | | 3,842 | | | 788 | | 3,324 | | 2,910 | | | 7,022 | |
| | | | | | | | | | | |
| INVESTING CASH FLOW FROM CONTINUING OPERATIONS | | | | | | | | | | | |
| Capital expenditures (see detail below) | (1,300) | | (375) | | (246) | | (614) | | (2,535) | | | (579) | | (698) | | (656) | | | (1,933) | |
| Payments for purchases of assets and businesses | (35) | | (13) | | (54) | | (12) | | (114) | | | (105) | | (8) | | (9) | | | (122) | |
| Sales of assets, net | 112 | | 69 | | 12 | | 2,088 | | 2,281 | | | 496 | | 7 | | 502 | | | 1,005 | |
| Changes in capital accrual | (435) | | (307) | | 17 | | 206 | | (519) | | | (75) | | (19) | | 11 | | | (83) | |
| Other investing activities | 142 | | 61 | | (15) | | (79) | | 109 | | | (10) | | (17) | | 6 | | | (21) | |
| Investing cash flow from continuing operations | (1,516) | | (565) | | (286) | | 1,589 | | (778) | | | (273) | | (735) | | (146) | | | (1,154) | |
| | | | | | | | | | | |
| FINANCING CASH FLOW FROM CONTINUING OPERATIONS | | | | | | | | | | | |
| Cash dividends paid | (913) | | (714) | | (7) | | (211) | | (1,845) | | | (211) | | (209) | | (210) | | | (630) | |
| Purchases of treasury stock | — | | — | | (4) | | (8) | | (12) | | | (3) | | — | | — | | | (3) | |
| Proceeds from debt | — | | — | | 4,956 | | 1,980 | | 6,936 | | | — | | — | | — | | | — | |
| Payments of debt | — | | — | | (4,615) | | (4,301) | | (8,916) | | | (174) | | — | | (4,381) | | | (4,555) | |
| Other financing activities | (106) | | (217) | | (27) | | (321) | | (671) | | | 36 | | (50) | | (831) | | | (845) | |
| Financing cash flow from continuing operations | (1,019) | | (931) | | 303 | | (2,861) | | (4,508) | | | (352) | | (259) | | (5,422) | | | (6,033) | |
| | | | | | | | | | | |
| Cash Flow From Discontinued Operations | 30 | | (20) | | 29 | | 25 | | 64 | | | 111 | | (32) | | 186 | | | 265 | |
| | | | | | | | | | | |
Increase (decrease) in cash and cash equivalents and
restricted cash and restricted cash equivalents | (1,210) | | (1,151) | | 861 | | 120 | | (1,380) | | | 274 | | 2,298 | | (2,472) | | | 100 | |
Cash and cash equivalents and restricted cash and
restricted cash equivalents - beginning of period | 3,574 | | 2,364 | | 1,213 | | 2,074 | | 3,574 | | | 2,194 | | 2,468 | | 4,766 | | | 2,194 | |
Cash and cash equivalents and restricted cash and
cash equivalents - end of period | $ | 2,364 | | $ | 1,213 | | $ | 2,074 | | $ | 2,194 | | $ | 2,194 | | | $ | 2,468 | | $ | 4,766 | | $ | 2,294 | | | $ | 2,294 | |
| | | | | | | | | | | |
| Capital Expenditures | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | $ | (1,244) | | $ | (317) | | $ | (186) | | $ | (461) | | $ | (2,208) | | | $ | (513) | | $ | (599) | | $ | (561) | | | $ | (1,673) | |
| Chemical | (41) | | (41) | | (55) | | (118) | | (255) | | | (47) | | (67) | | (60) | | | (174) | |
| Midstream & Marketing | (13) | | (16) | | (2) | | (19) | | (50) | | | (17) | | (24) | | (26) | | | (67) | |
| Corporate | (2) | | (1) | | (3) | | (16) | | (22) | | | (2) | | (8) | | (9) | | | (19) | |
| Total Capital Expenditures | $ | (1,300) | | $ | (375) | | $ | (246) | | $ | (614) | | $ | (2,535) | | | $ | (579) | | $ | (698) | | $ | (656) | | | $ | (1,933) | |
| | | | | | | | | | | |
| Depreciation, Depletion and Amortization | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Oil & Gas | | | | | | | | | | | |
| United States | $ | 1,881 | | $ | 1,764 | | $ | 1,563 | | $ | 1,403 | | $ | 6,611 | | | $ | 1,852 | | $ | 2,024 | | $ | 1,561 | | | $ | 5,437 | |
| International | 242 | | 206 | | 182 | | 173 | | 803 | | | 166 | | 174 | | 173 | | | 513 | |
| Chemical | 90 | | 86 | | 90 | | 90 | | 356 | | | 84 | | 84 | | 91 | | | 259 | |
| Midstream & Marketing | 80 | | 74 | | 78 | | 80 | | 312 | | | 82 | | 80 | | 81 | | | 243 | |
| Corporate | 16 | | (11) | | 2 | | 8 | | 15 | | | 10 | | 9 | | 10 | | | 29 | |
| Total Depreciation, Depletion and Amortization | $ | 2,309 | | $ | 2,119 | | $ | 1,915 | | $ | 1,754 | | $ | 8,097 | | | $ | 2,194 | | $ | 2,371 | | $ | 1,916 | | | $ | 6,481 | |
| | | | | | | | | | | |
| Free Cash Flow (Non-GAAP) (a) | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| Operating cash flow from continuing operations (GAAP) | $ | 1,295 | | $ | 365 | | $ | 815 | | $ | 1,367 | | $ | 3,842 | | | $ | 788 | | $ | 3,324 | | $ | 2,910 | | $ | — | | $ | 7,022 | |
| Plus: Working capital and other, net | 189 | | 222 | | 829 | | 38 | | 1,278 | | | 1,347 | | (614) | | 57 | | — | | 790 | |
Operating cash flow from continuing operations
before working capital (Non-GAAP) | 1,484 | | 587 | | 1,644 | | 1,405 | | 5,120 | | | 2,135 | | 2,710 | | 2,967 | | — | | 7,812 | |
| Less: Capital Expenditures (GAAP) | (1,300) | | (375) | | (246) | | (614) | | (2,535) | | | (579) | | (698) | | (656) | | — | | (1,933) | |
| Free Cash Flow (Non-GAAP) | $ | 184 | | $ | 212 | | $ | 1,398 | | $ | 791 | | $ | 2,585 | | | $ | 1,556 | | $ | 2,012 | | $ | 2,311 | | $ | — | | $ | 5,879 | |
| | | | | | | | | | | |
(a) Non-GAAP Measures. Operating cash flow before working capital and free cash flow are non-GAAP measures. Occidental defines operating cash flow before working capital as operating cash from continuing operations less working capital and free cash flow as operating cash flow before working capital less capital expenditures. These non-GAAP measures are not meant to disassociate those items from management's performance, but rather are meant to provide useful information to investors interested in comparing Occidental's performance between periods. Reported operating cash flow from continuing operations is considered representative of management's performance over the long term, and operating cash flow before working capital and free cash flow are not considered to be alternatives to reported operating cash flow in accordance with GAAP. |
Occidental Petroleum Corporation
Oil & Gas Net Production Volumes Per Day by Geographical Locations
TOTAL REPORTED PRODUCTION
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| REPORTED NET MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| United States | | | | | | | | | | | |
| Permian | 625 | | 606 | | 554 | | 517 | | 575 | | | 457 | | 504 | | 499 | | | 487 | |
| Rockies & Other Domestic | 387 | | 368 | | 297 | | 278 | | 332 | | | 296 | | 308 | | 292 | | | 298 | |
| Gulf of Mexico | 163 | | 142 | | 109 | | 105 | | 130 | | | 151 | | 149 | | 127 | | | 142 | |
| Total | 1,175 | | 1,116 | | 960 | | 900 | | 1,037 | | | 904 | | 961 | | 918 | | | 927 | |
| | | | | | | | | | | |
| International | | | | | | | | | | | |
| Algeria & Other International | 55 | | 41 | | 42 | | 39 | | 45 | | | 39 | | 43 | | 46 | | | 43 | |
| Al Hosn | 77 | | 80 | | 76 | | 79 | | 78 | | | 57 | | 81 | | 83 | | | 74 | |
| Dolphin | 40 | | 49 | | 46 | | 43 | | 44 | | | 38 | | 42 | | 40 | | | 40 | |
| Oman | 90 | | 87 | | 80 | | 82 | | 85 | | | 79 | | 76 | | 73 | | | 76 | |
| Total | 262 | | 257 | | 244 | | 243 | | 252 | | | 213 | | 242 | | 242 | | | 233 | |
| | | | | | | | | | | |
| TOTAL CONTINUING OPERATIONS PRODUCTION | 1,437 | | 1,373 | | 1,204 | | 1,143 | | 1,289 | | | 1,117 | | 1,203 | | 1,160 | | | 1,160 | |
| | | | | | | | | | | |
| OPERATIONS EXITED OR EXITING | 60 | | 61 | | 61 | | 52 | | 58 | | | 22 | | 22 | | 16 | | | 20 | |
| | | | | | | | | | | |
| TOTAL REPORTED PRODUCTION | 1,497 | | 1,434 | | 1,265 | | 1,195 | | 1,347 | | | 1,139 | | 1,225 | | 1,176 | | | 1,180 | |
| | | | | | | | | | | |
| REPORTED NET PRODUCTION | | | | | | | | | | | |
| VOLUMES PER DAY BY COMMODITY: | | | | | | | | | | | |
| United States | | | | | | | | | | | |
| Oil (MBBL) | | | | | | | | | | | |
| Permian | 388 | | 363 | | 324 | | 303 | | 343 | | | 271 | | 297 | | 292 | | | 287 | |
| Rockies & Other Domestic | 138 | | 122 | | 93 | | 85 | | 109 | | | 92 | | 96 | | 85 | | | 91 | |
| Gulf of Mexico | 136 | | 118 | | 91 | | 89 | | 109 | | | 125 | | 124 | | 106 | | | 118 | |
| Total | 662 | | 603 | | 508 | | 477 | | 561 | | | 488 | | 517 | | 483 | | | 496 | |
| NGL (MBOE) | | | | | | | | | | | |
| Permian | 131 | | 135 | | 126 | | 117 | | 129 | | | 97 | | 113 | | 116 | | | 109 | |
| Rockies & Other Domestic | 87 | | 85 | | 78 | | 84 | | 83 | | | 92 | | 100 | | 94 | | | 95 | |
| Gulf of Mexico | 12 | | 10 | | 8 | | 7 | | 9 | | | 11 | | 11 | | 9 | | | 10 | |
| Total | 230 | | 230 | | 212 | | 208 | | 221 | | | 200 | | 224 | | 219 | | | 214 | |
| Natural Gas (MMCF) | | | | | | | | | | | |
| Permian | 633 | | 647 | | 625 | | 579 | | 620 | | | 531 | | 563 | | 548 | | | 547 | |
| Rockies & Other Domestic | 972 | | 967 | | 757 | | 656 | | 838 | | | 673 | | 674 | | 675 | | | 674 | |
| Gulf of Mexico | 90 | | 83 | | 57 | | 54 | | 71 | | | 90 | | 85 | | 72 | | | 82 | |
| Total | 1,695 | | 1,697 | | 1,439 | | 1,289 | | 1,529 | | | 1,294 | | 1,322 | | 1,295 | | | 1,303 | |
| | | | | | | | | | | |
| International | | | | | | | | | | | |
| Oil (MBBL) | | | | | | | | | | | |
| Algeria and Other International | 50 | | 37 | | 38 | | 37 | | 41 | | | 36 | | 39 | | 42 | | | 39 | |
| Al Hosn | 13 | | 14 | | 13 | | 14 | | 14 | | | 10 | | 14 | | 14 | | | 13 | |
| Dolphin | 6 | | 8 | | 8 | | 7 | | 7 | | | 6 | | 7 | | 6 | | | 6 | |
| Oman | 67 | | 65 | | 61 | | 66 | | 65 | | | 64 | | 62 | | 61 | | | 62 | |
| Total | 136 | | 124 | | 120 | | 124 | | 127 | | | 116 | | 122 | | 123 | | | 120 | |
| NGL (MBOE) | | | | | | | | | | | |
| Algeria and Other International | 4 | | 3 | | 3 | | 1 | | 3 | | | 2 | | 3 | | 3 | | | 3 | |
| Al Hosn | 25 | | 25 | | 24 | | 25 | | 24 | | | 18 | | 25 | | 26 | | | 23 | |
| Dolphin | 8 | | 10 | | 9 | | 8 | | 9 | | | 8 | | 8 | | 8 | | | 8 | |
| Total | 37 | | 38 | | 36 | | 34 | | 36 | | | 28 | | 36 | | 37 | | | 34 | |
| Natural Gas (MMCF) | | | | | | | | | | | |
| Algeria and Other International | 8 | | 7 | | 7 | | 7 | | 7 | | | 7 | | 7 | | 7 | | | 7 | |
| Al Hosn | 234 | | 244 | | 233 | | 240 | | 238 | | | 174 | | 252 | | 255 | | | 228 | |
| Dolphin | 155 | | 188 | | 176 | | 167 | | 170 | | | 146 | | 160 | | 154 | | | 154 | |
| Oman | 139 | | 132 | | 111 | | 98 | | 120 | | | 89 | | 83 | | 77 | | | 83 | |
| Total | 536 | | 571 | | 527 | | 512 | | 535 | | | 416 | | 502 | | 493 | | | 472 | |
Occidental Petroleum Corporation
Oil & Gas Net Sales Volumes Per Day and Realized Prices by Geographical Locations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| NET SALES MBOE VOLUMES PER DAY: | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| | | | | | | | | | | |
| United States | 1,175 | | 1,116 | | 960 | | 900 | | 1,037 | | | 904 | | 961 | | 918 | | | 927 | |
| | | | | | | | | | | |
| International | | | | | | | | | | | |
| Algeria & Other International | 51 | | 51 | | 32 | | 51 | | 46 | | | 36 | | 39 | | 45 | | | 40 | |
| Al Hosn | 77 | | 80 | | 76 | | 79 | | 78 | | | 57 | | 81 | | 82 | | | 74 | |
| Dolphin | 40 | | 49 | | 46 | | 43 | | 45 | | | 37 | | 42 | | 40 | | | 40 | |
| Oman | 89 | | 90 | | 78 | | 85 | | 85 | | | 79 | | 76 | | 73 | | | 76 | |
| Total | 257 | | 270 | | 232 | | 258 | | 254 | | | 209 | | 238 | | 240 | | | 230 | |
| | | | | | | | | | | |
| TOTAL CONTINUING OPERATIONS SALES | 1,432 | | 1,386 | | 1,192 | | 1,158 | | 1,291 | | | 1,113 | | 1,199 | | 1,158 | | | 1,157 | |
| | | | | | | | | | | |
| OPERATIONS EXITED OR EXITING | 63 | | 58 | | 64 | | 54 | | 60 | | | 28 | | 9 | | 36 | | | 24 | |
| | | | | | | | | | | |
| TOTAL REPORTED SALES | 1,495 | | 1,444 | | 1,256 | | 1,212 | | 1,351 | | | 1,141 | | 1,208 | | 1,194 | | | 1,181 | |
| | | | | | | | | | | |
| REALIZED PRICES | | | | | | | | | | | |
| United States | | | | | | | | | | | |
| Oil ($/BBL) | $ | 45.71 | | $ | 21.27 | | $ | 38.22 | | $ | 40.54 | | $ | 36.39 | | | $ | 56.18 | | $ | 64.39 | | $ | 68.76 | | | $ | 63.16 | |
| NGL ($/BOE) | $ | 11.98 | | $ | 7.22 | | $ | 14.62 | | $ | 14.50 | | $ | 11.98 | | | $ | 23.62 | | $ | 25.33 | | $ | 35.20 | | | $ | 28.20 | |
| Natural Gas ($/MCF) | $ | 1.18 | | $ | 0.90 | | $ | 1.18 | | $ | 1.55 | | $ | 1.18 | | | $ | 2.56 | | $ | 2.59 | | $ | 3.35 | | | $ | 2.84 | |
| | | | | | | | | | | |
| International | | | | | | | | | | | |
| Oil ($/BBL) | $ | 53.24 | | $ | 31.42 | | $ | 39.86 | | $ | 41.52 | | $ | 41.50 | | | $ | 53.39 | | $ | 63.26 | | $ | 68.65 | | | $ | 61.98 | |
| NGL ($/BOE) | $ | 20.32 | | $ | 11.23 | | $ | 16.24 | | $ | 17.51 | | $ | 16.22 | | | $ | 22.11 | | $ | 23.36 | | $ | 26.85 | | | $ | 24.32 | |
| Natural Gas ($/MCF) | $ | 1.73 | | $ | 1.67 | | $ | 1.64 | | $ | 1.62 | | $ | 1.67 | | | $ | 1.70 | | $ | 1.68 | | $ | 1.68 | | | $ | 1.68 | |
| | | | | | | | | | | |
| Total Worldwide | | | | | | | | | | | |
| Oil ($/BBL) | $ | 46.96 | | $ | 23.14 | | $ | 38.51 | | $ | 40.76 | | $ | 37.34 | | | $ | 55.65 | | $ | 64.18 | | $ | 68.74 | | | $ | 62.94 | |
| NGL ($/BOE) | $ | 13.09 | | $ | 7.79 | | $ | 14.85 | | $ | 14.95 | | $ | 12.58 | | | $ | 23.44 | | $ | 25.06 | | $ | 34.01 | | | $ | 27.68 | |
| Natural Gas ($/MCF) | $ | 1.31 | | $ | 1.10 | | $ | 1.31 | | $ | 1.57 | | $ | 1.31 | | | $ | 2.36 | | $ | 2.34 | | $ | 2.89 | | | $ | 2.53 | |
| | | | | | | | | | | |
| Index Prices | | | | | | | | | | | |
| WTI Oil ($/BBL) | $ | 46.17 | | $ | 27.85 | | $ | 40.93 | | $ | 42.66 | | $ | 39.40 | | | $ | 57.84 | | $ | 66.07 | | $ | 70.56 | | | $ | 64.82 | |
| Brent Oil ($/BBL) | $ | 50.95 | | $ | 33.26 | | $ | 43.37 | | $ | 45.24 | | $ | 43.21 | | | $ | 61.10 | | $ | 69.02 | | $ | 73.23 | | | $ | 67.78 | |
| NYMEX Natural Gas ($/MCF) | $ | 2.05 | | $ | 1.77 | | $ | 1.94 | | $ | 2.66 | | $ | 2.11 | | | $ | 2.72 | | $ | 2.76 | | $ | 3.71 | | | $ | 3.06 | |
| | | | | | | | | | | |
| Percentage of Index Prices | | | | | | | | | | | |
| Worldwide oil as a percentage of WTI | 102 | % | 83 | % | 94 | % | 96 | % | 95 | % | | 96 | % | 97 | % | 97 | % | | 97 | % |
| Worldwide oil as a percentage of Brent | 92 | % | 70 | % | 89 | % | 90 | % | 87 | % | | 91 | % | 93 | % | 94 | % | | 93 | % |
| Worldwide NGL as a percentage of WTI | 28 | % | 28 | % | 36 | % | 35 | % | 32 | % | | 41 | % | 38 | % | 48 | % | | 43 | % |
| Worldwide NGL as a percentage of Brent | 26 | % | 23 | % | 34 | % | 33 | % | 29 | % | | 38 | % | 36 | % | 46 | % | | 41 | % |
| Domestic gas as a percentage of NYMEX | 58 | % | 51 | % | 61 | % | 58 | % | 56 | % | | 94 | % | 94 | % | 90 | % | | 93 | % |
Occidental Petroleum Corporation
Oil & Gas Metrics
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2020 | | 2021 |
| Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | TY | | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | YTD |
| | | | | | | | | | | |
| Lease operating expenses ($/BOE) | | | | | | | | | | | |
| United States | $ | 6.70 | | $ | 4.69 | | $ | 5.38 | | $ | 6.05 | | $ | 5.71 | | | $ | 7.20 | | $ | 6.00 | | $ | 7.37 | | | $ | 6.84 | |
| International | $ | 10.18 | | $ | 7.42 | | $ | 8.40 | | $ | 9.20 | | $ | 8.80�� | | | $ | 11.83 | | $ | 9.81 | | $ | 9.53 | | | $ | 10.32 | |
| Total Oil and Gas | $ | 7.39 | | $ | 5.27 | | $ | 6.04 | | $ | 6.80 | | $ | 6.38 | | | $ | 8.07 | | $ | 6.76 | | $ | 7.82 | | | $ | 7.53 | |
| | | | | | | | | | | |
| Transportation costs ($/BOE) | | | | | | | | | | | |
| United States | $ | 4.21 | | $ | 3.41 | | $ | 3.66 | | $ | 3.70 | | $ | 3.75 | | | $ | 3.81 | | $ | 3.96 | | $ | 3.71 | | | $ | 3.83 | |
| Total Oil and Gas | $ | 3.52 | | $ | 2.83 | | $ | 3.02 | | $ | 2.95 | | $ | 3.09 | | | $ | 3.24 | | $ | 3.31 | | $ | 3.10 | | | $ | 3.22 | |
| | | | | | | | | | | |
| Taxes other than on income ($/BOE) | | | | | | | | | | | |
| United States | $ | 1.65 | | $ | 0.63 | | $ | 1.70 | | $ | 1.36 | | $ | 1.32 | | | $ | 2.11 | | $ | 2.24 | | $ | 2.72 | | | $ | 2.36 | |
| Total Oil and Gas | $ | 1.66 | | $ | 0.54 | | $ | 1.56 | | $ | 1.35 | | $ | 1.27 | | | $ | 2.06 | | $ | 2.21 | | $ | 2.68 | | | $ | 2.32 | |
| | | | | | | | | | | |
| DD&A expense ($/BOE) | | | | | | | | | | | |
| United States | $ | 17.72 | | $ | 17.23 | | $ | 17.73 | | $ | 16.91 | | $ | 17.41 | | | $ | 22.77 | | $ | 23.16 | | $ | 18.50 | | | $ | 21.48 | |
| International | $ | 9.13 | | $ | 7.52 | | $ | 7.40 | | $ | 6.57 | | $ | 7.66 | | | $ | 8.82 | | $ | 7.98 | | $ | 7.83 | | | $ | 8.18 | |
| Total Oil and Gas | $ | 16.01 | | $ | 15.17 | | $ | 15.48 | | $ | 14.42 | | $ | 15.31 | | | $ | 20.14 | | $ | 20.14 | | $ | 16.29 | | | $ | 18.84 | |
| | | | | | | | | | | |
| G&A and other operating expenses ($/BOE) | $ | 2.34 | | $ | 2.14 | | $ | 2.33 | | $ | 2.98 | | $ | 2.44 | | | $ | 2.41 | | $ | 2.37 | | $ | 2.47 | | | $ | 2.42 | |
| | | | | | | | | | | |
| Exploration Expense ($ millions) | | | | | | | | | | | |
| United States | $ | 16 | | $ | 22 | | $ | 23 | | $ | 7 | | $ | 68 | | | $ | 22 | | $ | 64 | | $ | 24 | | | $ | 110 | |
| International | 21 | | 11 | | 6 | | 26 | | 64 | | | 6 | | 22 | | 7 | | | 35 | |
| Total Exploration Expense | $ | 37 | | $ | 33 | | $ | 29 | | $ | 33 | | $ | 132 | | | $ | 28 | | $ | 86 | | $ | 31 | | | $ | 145 | |
| | | | | | | | | | | |
| Capital Expenditures ($ millions) | | | | | | | | | | | |
| Permian | $ | (696) | | $ | (122) | | $ | (65) | | $ | (159) | | $ | (1,042) | | | $ | (223) | | $ | (277) | | $ | (257) | | | $ | (757) | |
| Rockies & Other Domestic | (194) | | (20) | | (25) | | (109) | | (348) | | | (122) | | (112) | | (108) | | | (342) | |
| Gulf of Mexico | (102) | | (40) | | (21) | | (82) | | (245) | | | (73) | | (66) | | (66) | | | (205) | |
| International | (152) | | (107) | | (77) | | (108) | | (444) | | | (84) | | (88) | | (103) | | | (275) | |
| Exploration Drilling | (100) | | (28) | | 2 | | (3) | | (129) | | | (11) | | (56) | | (27) | | | (94) | |
| Total Oil and Gas | $ | (1,244) | | $ | (317) | | $ | (186) | | $ | (461) | | $ | (2,208) | | | $ | (513) | | $ | (599) | | $ | (561) | | | $ | (1,673) | |
